Ripple: 100% premine

[SgtSpike]

Is there reason to be concerned that Ripple controls 100% (or very close to it) of its own currency?

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[dree12]

Is there reason to be concerned that Ripple controls 100% (or very close to it) of its own currency?

XRP are not intended to be a currency, AFAIK. They are more of a spam prevention tool.

[ElectricMucus]

Ripple isn't mined. Your argument is invalid.

But I wouldn't be surprised if Ripple surpasses Bitcoin both in distribution and usefulness.

[SgtSpike]

Is there reason to be concerned that Ripple controls 100% (or very close to it) of its own currency?

XRP are not intended to be a currency, AFAIK. They are more of a spam prevention tool.

Interesting... I guess I still don't understand Ripple very well then.

Ripple isn't mined. Your argument is invalid.

But I wouldn't be surprised if Ripple surpasses Bitcoin both in distribution and usefulness.

Yeah, I realize that premine isn't technically correct.  It still equates to the Ripple founders sitting on a pile of cash if XRP are traded for real money and they can sell them.  Is there going to be some kind of specific exchange rate or promised buy-back?

[Mike Christ]

I'm still trying to figure out ripple myself.  Website isn't helping much, it's too vague on what the ripples actually do.

Is it like this: Joe in America wants to send Mod in Thailand some money.  So his USD gets transformed into ripples, ripples get sent to Mod, and then the ripples can be translated into Baht?

[Ripple Labs]

We are working on some videos that should hopefully explain the concept more clearly.

[Mike Christ]

We are working on some videos that should hopefully explain the concept more clearly.

Thank you!  That would be great

[jonitas]

XRP are not intended to be a currency, AFAIK. They are more of a spam prevention tool.

But they are already being traded as a currency on this very forum...

[FlipPro]

Is there reason to be concerned that Ripple controls 100% (or very close to it) of its own currency?

They are giving most of the XRP away.