Ripple bubble

[Bimmerhead]

Currently the best bitstamp ASK on XRP (ripples) is 47,500:1btc.

At 100,000,000,000 XRP minted and a BTC:USD rate of $28.25 that's a total market value of $59,473,684.

Seems a little pricey.


The best BID is 12,501 XRP:BTC.  That gives a market value of $225,981,921.

[moocowpong1]

I think people are assuming this is the next Bitcoin, and they want to get in at the ground floor... without realizing that XRP is one reserve change away from flooding the market at any point in the forseeable future, even after all the OpenCoin giveaways are over. No reasonable person would ever want to use XRP as a store of value under those conditions.

[nethead]

i love it, it gonna be the "APPLE" of coins

[Ignore@YourPeril]

Then you will be investing heavily in FreiCoin also, I presume? The freicoin foundation has a timeline for when all (or most) of their coins are given away as charitable grants. Not the same thing as Ripple, with the IOU functionality, i know. But still: FreiCoin is also a non-miner initial distribution coin the same way Ripple is.

[suppp]

where I can see current XRP bid/ask?

[debianlinux]

As far as I am concerned the Ripple giveaway is a scam unless everyone else is also not seeing any balance after more than 48 hours of posting their wallet address. I posted again just in case the script magically skipped me.

[Trading]

Many people, including me, received the promised 50.000 XRPs. It wasn't a scam (and breaking a promise is wrong, but isn't necessarily a scam).

[debianlinux]

Right, giving to a select group while promising that you're actually giving to all is in no way a scam.

[Meizirkki]

I also received my 50k XRP. I was #181

Not a scam

[magnebit]

Ripples seem to be bootstrapped in that you have to have them to pay a transaction fee for a ripple transaction.  That's it.  All it's used for.  Current transaction fee for a Ripple transaction is 1/10,000 of a ripple.

So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing.  Until there is sufficient transaction load to cause a higher transaction fee.

Am I missing something?  I don't understand paying BTC for them at this point.

[Melbustus]

Got my 50k XRP yesterday. Used one today.

[debianlinux]

Saying you got yours doesn't make it not a scam.  Saying you didn't when the promise was they were to be given to all does, however.  I'd accept being told I am impatient but no one seems to think waiting 48 hours was impatient.

[tacotime]

Ripples seem to be bootstrapped in that you have to have them to pay a transaction fee for a ripple transaction.  That's it.  All it's used for.  Current transaction fee for a Ripple transaction is 1/10,000 of a ripple.

So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing.  Until there is sufficient transaction load to cause a higher transaction fee.

Am I missing something?  I don't understand paying BTC for them at this point.

Ripple may be the coin for you if you:
- Want to rely on trust nodes
- Want a centralized currency that is given to people at random; imagine your bank down the street throwing money at whoever walked by on the sidewalk!
- Want a network vulnerable to sybil attacks from bot nets that also expose validation nodes to DDoS attacks
- Want a blockchain that contains transaction fees that go to the network creator rather than the userbase that supports its security and are based on the whim of the distributor?


Ripple is more or less Solidcoin2 if Solidcoin2 were only mining by trust nodes instead of trust nodes and users and RealSolid was throwing money at everyone on the forum

[wachtwoord]

Currently the best bitstamp ASK on XRP (ripples) is 47,500:1btc.

At 100,000,000,000 XRP minted and a BTC:USD rate of $28.25 that's a total market value of $59,473,684.

Seems a little pricey.


The best BID is 12,501 XRP:BTC.  That gives a market value of $225,981,921.

I cannot find anywhere on Bitstamp.com a XRP order book.  Can you point me in the right direction. At those prices I am likely to be game.

[nethead]

Then you will be investing heavily in FreiCoin also, I presume? The freicoin foundation has a timeline for when all (or most) of their coins are given away as charitable grants. Not the same thing as Ripple, with the IOU functionality, i know. But still: FreiCoin is also a non-miner initial distribution coin the same way Ripple is.

No way Ripple is the same as Frei's. Did galambo (for example) made a 50k giveaway thread? NO
in a week or two we will have another splash of FRC threads when the diff goes down, and then they all will go silent again when diff goes to 9k
How is is the same??

[Bimmerhead]

where I can see current XRP bid/ask?

See here: https://bitcointalk.org/index.php?topic=145876.msg1551457#msg1551457

[Prattler]

At 100,000,000,000 XRP minted and a BTC:USD rate of $28.25 that's a total market value of $59,473,684.

Seems a little pricey.

I agree with the original poster. Ripple has a long way to go before it becomes useful. It's a lot more complicated than bitcoin, IMHO. No way it can be worth so much today.

Oh and thanks for the thread! I didn't think the free XRP were worth $30 (and at the time of writing, still are).

[Peter Lambert]

As far as I am concerned the Ripple giveaway is a scam unless everyone else is also not seeing any balance after more than 48 hours of posting their wallet address. I posted again just in case the script magically skipped me.

Did you make sure you followed the posting rules: no other text in the post, no formating?

[moocowpong1]

As long as we're throwing words like "scam" around, we should be aware that the Ripple account debianlinux posted currently has 50,000 XRP in it...

[kokojie]

Ripples seem to be bootstrapped in that you have to have them to pay a transaction fee for a ripple transaction.  That's it.  All it's used for.  Current transaction fee for a Ripple transaction is 1/10,000 of a ripple.

So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing.  Until there is sufficient transaction load to cause a higher transaction fee.

Am I missing something?  I don't understand paying BTC for them at this point.

Ripple may be the coin for you if you:
- Want to rely on trust nodes
- Want a centralized currency that is given to people at random; imagine your bank down the street throwing money at whoever walked by on the sidewalk!
- Want a network vulnerable to sybil attacks from bot nets that also expose validation nodes to DDoS attacks
- Want a blockchain that contains transaction fees that go to the network creator rather than the userbase that supports its security and are based on the whim of the distributor?


Ripple is more or less Solidcoin2 if Solidcoin2 were only mining by trust nodes instead of trust nodes and users and RealSolid was throwing money at everyone on the forum

Except Ripple isn't a coin, but an exchange, pretty much the same as mtgox. You pay a fee to mtgox's admin per trade, yes? not much different from Ripple then. Ripple's fee is actually extremely cheap compared to mtgox.