This is not the same as making profit. Your upfront cost is realized immediately when purchasing your share of the pool of risked capital, the same as purchasing mining equipment.
No, it is not. Not even nearly. Yes, it is. The only practical difference is the speed of delivery and the depreciation of the mining hardware <other crap skipped> So, you admit that it it isn't the same. This difference makes difference for me. |
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Sure - you *might* make profit 'immediately' - but you might make a loss immediately.
Thank you for reminder, Capitan Obvious. Let me in turn remind you, that this is true for almost any investment. |
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When you send BTC to just-dice, you start to take risk immediately.
Yeah, I know that. I also risk much more when I gamble. This is not the same as making profit. Your upfront cost is realized immediately when purchasing your share of the pool of risked capital, the same as purchasing mining equipment.
No, it is not. Not even nearly. |
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Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.
And how will this "non-premined" thing is going to happen? Creators of a clone will give away 100% of the coins. This is not that simple to do. This issue was discussed on ripple forum. It is not easy to come up with automated way to distribute coins which guarantees a fair distribution. So, evidently OpenCoin gave up on this problem, and decided to do it centralized way. If you come up with a good distribution method, go ahead, make a ripple clone, I will switch to it. |
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You won't deny that ASIC mining have been *extremely* profitable for the very few lucky owners of early ASIC.
Everybody is trying to catch the small profitability window, so they enter in the arms race. Its true that the vast majority of newbie miners are blinded by *impossible* returns, but that does not mean that ASICminer or Avalon batch #1 customers didn't do an excellent ROI.
Investing in mining right now? Pretty much pointless IMO, I agree.
Yes, this is what I am talking about. |
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Mmmm... Did you know that you can get returns on bank deposits? Still, the risk is very low and thus the return is lowish too, and you still have to commit X amount for X time. The potential profit in mining is *supposed* to be higher, if done right.
Yes, I have bank accounts. Profit is piece of shit there. Problems with mining are a) upfront costs; b) you need to deal with guzzling electricity, heating your house, noisy hardware; c) a window in time since new mining hardware is released until mining with this hardware is not profitable anymore, is damn short. |
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Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.
And how will this "non-premined" thing is going to happen? |
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Only via forum posts basically. I am not looking to get some special foot in the door of a closed source system, what I had been about to do was to modify the gateway code per each of several coin types as free open source gateway code for a bunch of coins, based on the free open source gateway code already available in the samples collection.
However in addition to learning that people would not be able to use the gateway code due to unavailability of the rippled code, I also was told that actually the gateway code itself isn't suitable for real use, so all in all it seemed it was too early yet for people to start putting up gateways.
It also turned out that using other people's rippled means revealing your 'secret' to them, that was the biggest reason in fact for the absolute need to run a rippled of one's own.
So all in all it was a long way from being ready for people to start realistically using.
Before starting to adapt the gateway to more currencies for example, it needs to be robust enough for real production use.
Presumably the gateways online so far are either flaky code, not suitable for use, or had failed to submit pull requests of their fixes, or were straight-out proprietary systems from the get-go.
-MarkM-
Ripple was extremely unstable just few month ago. But it is rapidly improving. Hopefully, when it is open sourced, it will be stable enough for use by business. |
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Those (mining/investing) are two very different things, which are not incompatible, and each one carries their own risks/benefits set.
Specifically: by investing in just-dice, you get a reasonable 1% profit (aprox.), but you need to hold your money for some time in there too, and you are trusting it to a third party.
I know for sure I have more trust in dooglus than in most other "online casinos" around.
Of course, I understand all the risks.  |
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Sure you do - it's just that the costs are hidden from you in the form of commissions on profit taken by doog. Don't kid yourself - you are paying for upkeep in that you do not get a cut of gross profits, but instead you get a percentage of net.
Commission is applied to profit, not to investment. One universal truth exists in commerce: All costs are passed along. This is true either in prepaid costs from a subscription, or a set fee per transaction, or from a percentage deducted on the back end, or from the fact that you're getting a smaller percentage than you would be getting if costs were not a factor in the calculation of the owner's take. It doesn't matter how you think you're getting paid, you are not receiving as much as you would if costs were not factored in. Just because you can't see the costs deducted doesn't mean they aren't a factor. Investment does not cost me anything except microbitcoin transaction fee. Nothing compared to multi-thousand $ mining rigs.
The cost of running a website is not comparable to the cost of running an ASIC manufacturing and farming system. Then again, the profits are not comparable, either. Dude, don't try to bulshit me. I am not interested in your theoretical insinuations My point is simple: you submit btc to just-dice, you start make profit immediately. No upfront costs. I am not going to run neither a web site nor ASIC manufacturing and farming system. I am just happy that my bitcoins not only grow in value, but in number too, and that is almost for free. |
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Sure you do - it's just that the costs are hidden from you in the form of commissions on profit taken by doog. Don't kid yourself - you are paying for upkeep in that you do not get a cut of gross profits, but instead you get a percentage of net.
Commission is applied to profit, not to investment. Investment does not cost me anything except microbitcoin transaction fee. Nothing compared to multi-thousand $ mining rigs. |
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That means the owner of the site has complete control of your password and account.
No, he doesn't. No account is created anywhere on the web. Ripple client creates a wallet on your pc. Wallet name and password encrypt/decrypt it. You have an option to back up your wallet in a cloud. The owner of the cloud does not have access to you password either. |
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They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.
After they publish the sources we'll see hundreds thousands millions clones of Ripple. So they won't do it. Bitcoin source is published. We have dozens clones of bitcoin. So what? |
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Just PR. They r not that crazy to publish sources of the server. They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead. |
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This game is great!
Why bother with mining if you can invest into gambling and make profit instantly?
Invest Instant profit Pick one. I mean, in contrast to mining, you start to make profit immediately. You do not need to return equipment and electricity costs. |
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Bitcoin and RSA are protected by economical laws (resources are limited). See the difference?
By the way, with 1Ghash/sec for $50, it will take about $25M to hack bitcoin network which is worth over $1B with 51% attack. |
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Is there any normal ripple exchange? Not a forum.
Ripple is currency exchange. |
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"Too many" is the assumption that validators are unlikely to collude. Bitcoin mining is also based on the assumption that it is unlikely that somebody will have enough computing power to break the blockchain.
RSA security based on assumption that it is unlikely that somebody can factorize a big number. Bitcoin and RSA are protected by economical laws (resources are limited). See the difference? Yes I know the difference. Both approaches have pros and cons. Both are fine to me as long as they work. |
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This consensus has too many assumptions and its description uses "unlikely" word too often. BS IMO. "Too many" is the assumption that validators are unlikely to collude. Bitcoin mining is also based on the assumption that it is unlikely that somebody will have enough computing power to break the blockchain. |
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I wanted to plug in various currencies, or as it were permit various currencies to plug in by making gateways for various currencies, but so far that still is being put off seemingly indefinitely.
-MarkM-
Did you contact OpenCoin on that matter? Providing assistance for new gateways is among their highest priority tasks. |
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