You guys gonna become paranoid about Ripple

[TTBit]

I can only imagine how I would implement a ripple system myself, and am very excited at the possibilities. I plan on using the system from day 1 of launch. Waiting for the initial discussion thread.

[2_Thumbs_Up]

So it's a credit system. How will it manage interest rates? Or are you just assumed to lend money without compensation?

[TTBit]

So it's a credit system. How will it manage interest rates? Or are you just assumed to lend money without compensation?

Whatever lender and borrower agree to I guess.

[lebing]

its still very much alpha, not even beta yet (though thats what they are calling it and i am in it). But from what I can see so far, if it does take off, this will be the catalyst which takes both ripple and bitcoin over the moon leaving fiat behind. They both complement each other using this system.

[Odalv]

If I want move $1M from MtGox to my bank account can Ripple do this. NO ! Will anytime Ripple be able do this ? NEVER!  Bitcoin is future not Ripple. :-)

EDIT: but maybe you will able to buy coffe with Ripple. :-)

[ElectricMucus]

Oh right this thread, as it seems we are on track.

Right now you idiots want to pay upto a Bitcoin for the 50K XRP you got in the giveaway thread. At this rate XRP has already the same theoretical market cap as BTC....

[XxionxX]

I am just sitting here with my ripples. Not knowing what the hell they are for Like a G+ user and their ghost town of friends. Trade debt? With who!? I think you must be mistaking me with another nerd who has friends

[cypherdoc]

Ripple certainly looks interesting...but its no bitcoin. It looks like a fairly difficult thing to get off the ground anyway. Which is I guess why they're trying to use this community and bitcoin in general as a launching pad.

Sounds right to me.

[oakpacific]

Even if they did, their money would hardly matter.

[cypherdoc]

Whats this I hear about destroying XRP's after usage?

Quite convenient for the founders.

I'll also ask again.   How many have ever been betrayed by a family member?   Answer,  more than you think.

[JoelKatz]

So it's a credit system. How will it manage interest rates? Or are you just assumed to lend money without compensation?

You can lend under any terms you want. Ripple doesn't compel any particular terms. The actual agreements are outside the scope of the system.

Gateways typically lend against 100% collateral, which makes it pointless to charge interest. If I hold $100 of your money and loan you $100, there's no reason for me to charge you interest because that interest equals the interest on the $100 I hold. That's the best way to build a payment system.

But Ripple fully supports other terms. You could charge someone interest instead of holding cash as collateral. You could charge an issue fee and make it settle on demand. You could allow the balance to float in either direction for mutual paying convenience and not settle. Whatever.

Ultimately, we don't know what model will win out or whether different lending models will co-exist for different circumstances.

[XxionxX]

So it's a credit system. How will it manage interest rates? Or are you just assumed to lend money without compensation?

You can lend under any terms you want. Ripple doesn't compel any particular terms. The actual agreements are outside the scope of the system.

Gateways typically lend against 100% collateral, which makes it pointless to charge interest. If I hold $100 of your money and loan you $100, there's no reason for me to charge you interest because that interest equals the interest on the $100 I hold. That's the best way to build a payment system.

But Ripple fully supports other terms. You could charge someone interest instead of holding cash as collateral. You could charge an issue fee and make it settle on demand. You could allow the balance to float in either direction for mutual paying convenience and not settle. Whatever.

Ultimately, we don't know what model will win out or whether different lending models will co-exist for different circumstances.

You want to know what I think? Scam or not, your system desperately needs help. I have spent hours trying to understand why I would ever use your system. As far as I can tell, there is literally no reason for me to use your system over btcjam.com or bitcoin-otc.com. In fact there is less of a reason because you seem to be hellbent on making your system as complex to use as possible, and you seem to have a chokehold on a majority of the xrp. Is this the truth? How in the world would I know!? You don't address any of these things on the wiki or your website.

You can loan other people money through the net, so what? Why in the world would I buy xrp? They seem to have no value, even as a debt trading instrument. I understood bitcoin right away after reading their wiki and I was able to resolve all of my questions without having to ask for the help of others. Your system is explained in circles.

Ripple is good because you can trade debt! Trading debt is valuable. So because trading debt is valuable, Ripple is valuable. QUICK, BUY RIPPLES BEFORE YOU UNDERSTAND!

Wut!?

I have been watching quietly for months, and I haven't seen a single person give a good explanation as to why people should use/buy ripples. Not here, not on reddit, not on your forum, not on your website, and not on your wiki. Where in the heck are you hiding the positive aspects of this system? I am starting to think people are purposefully withholding information.

Heck, at least the litecoin people make sense! Someone wanted to try and compete with bitcoin and get into a cryptocurrency early to be like the early adopters of bitcoin. Good for them.

Is there some key piece of information which has passed me by? Because by all means, please share.

The interface is so bad that I do not even know how to loan any type of money, bitcoin or otherwise, to anyone!

The thing which boggles my mind the most is that lots of energy seems to be being put forth to get people to use the system, but no energy is being put forth to explain the system to the masses!

Just use it. xrp are valuable. The system will change the way debt is exchanged. It is revolutionary.

What in billions of blue blistering barnacles is revolutionary!? No one seems to know! No one can explain! Am I the only one who is massively confused by this system!? I was interested because someone told me that Ripple might help take the load off the blockchain in the near future. Sounds great! Now what?

Am I paranoid about Ripple? Hell no, I am frustrated as all heck by it!

/rant

I apologize to all who have been caught in the crossfire. This has been bugging me for days.

[cypherdoc]

So it's a credit system. How will it manage interest rates? Or iare you just assumed to lend money without compensation?

You can lend under any terms you want. Ripple doesn't compel any particular terms. The actual agreements are outside the scope of the system.

Gateways typically lend against 100% collateral, which makes it pointless to charge interest. If I hold $100 of your money and loan you $100, there's no reason for me to charge you interest because that interest equals the interest on the $100 I hold. That's the best way to build a payment system.

But Ripple fully supports other terms. You could charge someone interest instead of holding cash as collateral. You could charge an issue fee and make it settle on demand. You could allow the balance to float in either direction for mutual paying convenience and not settle. Whatever.

Ultimately, we don't know what model will win out or whether different lending models will co-exist for different circumstances.

You want to know what I think? Scam or not, your system desperately needs help. I have spent hours trying to understand why I would ever use your system. As far as I can tell, there is literally no reason for me to use your system over btcjam.com or bitcoin-otc.com. In fact there is less of a reason because you seem to be hellbent on making your system as complex to use as possible, and you seem to have a chokehold on a majority of the xrp. Is this the truth? How in the world would I know!? You don't address any of these things on the wiki or your website.

You can loan other people money through the net, so what? Why in the world would I buy xrp? They seem to have no value, even as a debt trading instrument. I understood bitcoin right away after reading their wiki and I was able to resolve all of my questions without having to ask for the help of others. Your system is explained in circles.

Ripple is good because you can trade debt! Trading debt is valuable. So because trading debt is valuable, Ripple is valuable. QUICK, BUY RIPPLES BEFORE YOU UNDERSTAND!

Wut!?

I have been watching quietly for months, and I haven't seen a single person give a good explanation as to why people should use/buy ripples. Not here, not on reddit, not on your forum, not on your website, and not on your wiki. Where in the heck are you hiding the positive aspects of this system? I am starting to think people are purposefully withholding information.

Heck, at least the litecoin people make sense! Someone wanted to try and compete with bitcoin and get into a cryptocurrency early to be like the early adopters of bitcoin. Good for them.

Is there some key piece of information which has passed me by? Because by all means, please share.

The interface is so bad that I do not even know how to loan any type of money, bitcoin or otherwise, to anyone!

The thing which boggles my mind the most is that lots of energy seems to be being put forth to get people to use the system, but no energy is being put forth to explain the system to the masses!

Just use it. xrp are valuable. The system will change the way debt is exchanged. It is revolutionary.

What in billions of blue blistering barnacles is revolutionary!? No one seems to know! No one can explain! Am I the only one who is massively confused by this system!? I was interested because someone told me that Ripple might help take the load off the blockchain in the near future. Sounds great! Now what?

Am I paranoid about Ripple? Hell no, I am frustrated as all heck by it!

/rant

I apologize to all who have been caught in the crossfire. This has been bugging me for days.

Very well said.   I concur.   I usually catch on quickly to concepts when explained well.

Ripple is not.   And what I do understand I don't like.

[Mike Christ]

I'll pitch in and say, ripple is very confusing.

That's about the best I can say about it.

That is all.

[JoelKatz]

Is there some key piece of information which has passed me by? Because by all means, please share.

Yes, you missed the whole point! Ripple is a *payment* system that allows you to pay people in fiat currencies like dollars in much the same way you can currently pay people with Bitcoins.

The interface is so bad that I do not even know how to loan any type of money, bitcoin or otherwise, to anyone!

We're not promoting Ripple as a lending platform.

[byronbb]

Ya hard to understand this. It IS in alpha stage so..... My interest in it revolves around the (possible?) potential to electrify silver or gold bullion. The problem I can't get over is it requires a very high % of population to use it to be really viable, and if a bunch of nerds are confused.....

[oakpacific]

Bitcoin is not easy to understand, but Satoshi published a paper of academic standard to explain the mechanism, before the  implementation is available. People who are not willing to open source their code could do this, and they have been doing this all the time.

Could the people behind Ripple do the same thing as well? Bitcoin forum is by no means the best place to distribute information about Ripple, and nobody who wants to do peer-review of the system should be expected to come here to read the threads.

[JoelKatz]

Bitcoin is not easy to understand, but Satoshi published a paper of academic standard to explain the mechanism, people who are not willing to open source their code could do this, and they have been doing this all the time.

Could the people behind Ripple do the same thing as well? Bitcoin forum is by no means the best place to distribute information about Ripple, and nobody who wants to do peer-review of the system should be expected to come here to read the threads.

You are 100% right. We do need to do this. Explaining bits and pieces of understanding that people are missing is no substitute for laying the entire system out in a clear and organized way.

[Zangelbert Bingledack]

Until more information is forthcoming, I'm going to assume OpenCoin's so-called "Ripple" implementation is just another pre-mined alt-coin (XRP), but this time with corporate backing and using Ripple as its mask to get in good with the Bitcoin community. What does OpenCoin care if the debt features of the system never take off and everyone just uses XRP like BTC? They just profit all the more, providing no one notices the bait-and-switch until after the system has reached critical mass.

[Monster Tent]

Ripple is the facebook of cryptocurrencies.