After testing Ripple...

[annette786]

It is safe to say it is just another alt that will fail.  Despite what others say, it IS an alt.  The currency units are XRP (ripple credits) and here is the order book to trade them:



"When the Ripple network was created, 100 billion XRP was created. The founders gave 80 billion XRP to the OpenCoin Inc. OpenCoin Inc. is tasked with promoting the Ripple payment system, giving away XRP, and selling XRP."  


Opencoin, Inc filed for the service mark for "Ripple" and "Ripple Communications."  So, everything is pre-mined and owned by themselves.

While I applaud the developers for trying to create something disruptive, it will never gain traction.  The trust network is too complicated and the amount of XRP and its mechanism of dispersal (or lack of) doesn't encourage people to value the currency.

*Moderators should move this thread and the others into the alt category.*


-----------------------

Most of us know of the 2 pizzas for 10,000 BTC...

https://bitcointalk.org/?topic=137.0

Well... I'll sell you my 10,000 XRP for 2 BTC!!  

First one to PM me gets them along with my ripple login.

Sent to xiangfu!  Good Luck

[1714743231]

1714743231

[1714743231]

1714743231

[HostFat]

There are XRP and IOU.
XRP are needed to avoid spam/ddos.
You aren't forced to use them as currency.

[ShadowOfHarbringer]

So far i keep reading lots of vague information & buzzwords on the net about Ripple, and I still cannot figure what it exactly is and what it will actually do.

Would somebody care to explain it to me in few simple words ?

[annette786]

There are XRP and IOU.
XRP are needed to avoid spam/ddos.
You aren't forced to use them as currency.

Then they should peg them and not let them fluctuate.

[HostFat]

Then they should peg them and not let them fluctuate.

Are you saying that they should go against the market?

[annette786]

Then they should peg them and not let them fluctuate.

Are you saying that they should go against the market?

If they are an IOU, why would their value change against what they borrowed against?

[HostFat]

If they are an IOU, why would their value change against what they borrowed against?

I repeat, there are XRP and IOU. They aren't the same thing.
You should give a better look at the interface.

[Spekulatius]

Everything on the net (especially on their website ripple.com) is very opaque.

@ OP:  Mind telling us a little bit more on how the new dev team implemented the idea of ripple?

[annette786]

If they are an IOU, why would their value change against what they borrowed against?

I repeat, there are XRP and IOU. They aren't the same thing.
You should give a better look at the interface.

Where?

- I see no mention of IOU in the order book, but the first 7 currency pairs are XRP. 
- I see no mention of IOU in the Trust tab.
- I see no mention of IOU in the Trade tab.  The first entry there is XRP.
- I can't send IOU either... only currencies and like XRP (the default currency).

Everthing I see pushes ownership of XRP.  Please correct me if I am wrong.

[annette786]

Everything on the net (especially on their website ripple.com) is very opaque.

@ OP:  Mind telling us a little bit more on how the new dev team implemented the idea of ripple?

I honestly have no idea.  I've only watched the videos and tested the website.  I have to say I was fascinated by the trust concept (and still am), but the whole 100 Billion XPR thing is a real turn off. 

[annette786]

Ripple touts itself as...

"truly open" -- "no one owns the ripple network"

Yet, here is the literal view of the ripple network:

https://ripple.com/examples/graph.html

Notice it is denominated in XRP.... now notice the guy that has "total coins" of over 17 billion!

rJYMACXJd1eejwzZA53VncYmiK2kZSBxyD

I strongly challenge their characterization of the term ownership.

[Bendur]

So is ripple a competitor or friend to bitcoin? Still having trouble getting my head around it.

[hazek]

So far i keep reading lots of vague information & buzzwords on the net about Ripple, and I still cannot figure what it exactly is and what it will actually do.

Would somebody care to explain it to me in few simple words ?

It's a payment system like paypal that supports any money anyone would want to accept through it but it's open source, more decentralized and essentially free.

[ElectricMucus]

Ahh fresh hypocrisy.  That smell!
Just waiting to watch somebody shooting oneself in the foot.

[JoelKatz]

Where?

- I see no mention of IOU in the order book, but the first 7 currency pairs are XRP.  
- I see no mention of IOU in the Trust tab.
- I see no mention of IOU in the Trade tab.  The first entry there is XRP.
- I can't send IOU either... only currencies and like XRP (the default currency).

Everthing I see pushes ownership of XRP.  Please correct me if I am wrong.

Fiat currencies only exist as either physical currency or IOUs (arguably, with exceptions such as MintChip). When someone says "I have $1,000", they mean either that they have dollar bills totaling $1,000 or, more likely in the modern world, that a bank owes them $1,000. If I pay you $100 without delivering physical dollar bills to you (whether by check, PayPal, wire transfer, Western Union, or Ripple), what I've actually done is switched from someone owing me $100 to someone owing you $100 (someone you have specifically chosen to use for this purpose). Modern electronic finance systems handle fiat currencies as IOUs. We don't have to think of them this way because it's behind the scenes.

It's as if we explained paying $100 for something with PayPal this way: You give your credit card issuer a $100 IOU, promising to pay them back later (outside the PayPal system). They then give a $100 IOU to PayPal. PayPal then gives a $100 IOU to the seller. The seller gives this IOU to their bank and now their bank owes them $100. They can withdraw this money from their bank by showing up at a branch (again, outside the PayPal system). So you can think of PayPal working by moving IOUs around. You don't have to think of it this way, but it's sometimes helpful. The net result is that the buyer owes his credit card issuer $100, the seller's bank owes them $100, and the seller considers the buyer to have paid them $100.

Ripple got its name because of the way these IOUs "ripple" through the system.

[markm]

In other words banks already use Ripple, but they use a chickenscratches in clay / inkblots / pencil and paper era implementation of it...

-MarkM-

[hazek]

I think ripple best compares to the SWIFT system except there's no central control.

[sron]

Is it possible to download the client for testing purposes?

It seems to request a password to log in first.

[kjlimo]

I think I made a Ripple account many months back and someone asked me to join their trust circle or network or something... perhaps they've added a new XRP currency to their website/system.

Or perhaps I'm recalling some other trust website IOU system... I'll have to brainstorm and search my records to see what I'm recalling....

[JoelKatz]

I think I made a Ripple account many months back and someone asked me to join their trust circle or network or something...

That was probably Ryan Fugger's original ripple system. The new Ripple system takes a lot from the original Ripple but also takes a lot of ideas from Bitcoin.