Does Ripple/XRP compete with Mt. Gox???? effectively

[jubalix]

Does XRP compete with Mt. Gox? effectively

it seems to me the Ripple is a system to make multi currency transfer any > any as broad based as possible and lowest margin....

does this mean it is Mt. Gox 2.0 / Forex trading house/system 2.0

which may expalin my Mr.CEo of Gox is doing this, because some one else will if he does not...?

[Stephen Gornick]

which may expalin my Mr.CEo of Gox is doing this

I'm not following.  What is it that you believe the CEO of Mt. Gox is doing?

[jed]

I don't run mtgox any more.

[🏰 TradeFortress 🏰]

Sure, but you got to trust the gateways. Because your 1 USD on Ripple is NOT USD, it is an IOU (debt) that is under 100% of circumstances worth less than 1 USD.

[jubalix]

which may expalin my Mr.CEo of Gox is doing this

I'm not following.  What is it that you believe the CEO of Mt. Gox is doing?

isn't some high profile Mt Gox person backing/ the force behind / start up person for Ripple?

[justusranvier]

isn't some high profile Mt Gox person backing/ the force behind / start up person for Ripple?

Look two posts above yours.

[Ripple Labs]

Sure, but you got to trust the gateways. Because your 1 USD on Ripple is NOT USD, it is an IOU (debt) that is under 100% of circumstances worth less than 1 USD.

Yes in the same way that 1 USD on paypal or dwolla or mtgox is worth less than 1 USD.

[justusranvier]

Because your 1 USD on Ripple is NOT USD, it is an IOU (debt) that is under 100% of circumstances worth less than 1 USD.

It is true that counterparty risk reduces the value of the IOU, but the ability to transfer dollars IOUs as easily as one can transfer bitcoins increases the value.

Personally I would be willing to keep all my dollars in the Ripple system because I see the combined effect as net positive.

I would never keep bitcoins in the Ripple system though, because that just adds counterparty risk without adding any compensating benefit.

Unless, of course, certain people are successful at keeping Bitcoin limited to a cripplingly low transaction rate to artificially make blockchain transfers slower and more expensive.

tl;dr:

Ripple makes dollars more useful.
Ripple makes bitcoins less valuable.

[jubalix]

isn't some high profile Mt Gox person backing/ the force behind / start up person for Ripple?

Look two posts above yours.

yes this Jed guy....but why and how then did he jump/goto/get pushed out of Mt gox, left of own accord/why? etc

to ripple???

[jubalix]

Because your 1 USD on Ripple is NOT USD, it is an IOU (debt) that is under 100% of circumstances worth less than 1 USD.

It is true that counterparty risk reduces the value of the IOU, but the ability to transfer dollars IOUs as easily as one can transfer bitcoins increases the value.

Personally I would be willing to keep all my dollars in the Ripple system because I see the combined effect as net positive.

I would never keep bitcoins in the Ripple system though, because that just adds counterparty risk without adding any compensating benefit.

Unless, of course, certain people are successful at keeping Bitcoin limited to a cripplingly low transaction rate to artificially make blockchain transfers slower and more expensive.

tl;dr:

Ripple makes dollars more useful.
Ripple makes bitcoins less valuable.

if (Ripple makes dollars more useful.
Ripple makes bitcoins less valuable= true);

then
{what does XRP do?)