OpenCoin Inc Will Debase Ripples For Wealth Transfer To Themselves

[🏰 TradeFortress 🏰]

You got 40,000 ripples from a giveaway script, congratulations! Maybe you spent 0.4 bitcoins to buy another 40,000 ripples.

What you don't know is that massive currency debasement with ripple is coming. How much? 100% of the amount floated to the public.

OpenCoin Inc promises to giveaway 50 billion Ripples. What they don't tell you is they are keeping 50 billion ripples for themselves and their friends, playing the central bank.

Rate fetching too high? Dump some on the market, just like interest rate manipulation by the Fed and central banks.

Need to buy another mansion for the developers? Dump some on the market, while reducing YOUR wealth to everyone who brought or hold ripples.

Need to bribe yet another exchange to touch a currency that's absolutely not used for anything of value?

[...]

The point is, OpenScamCoin Inc is made a well crafted and carefully disguised wealth transfer scheme.

Your 100,000 ripples can buy a chicken now?

You won't be able to when OpenScamCoin Inc debases their currency by 100% with their 50 billion ripples they gave to themselves.

Where does half of your chicken go to?

To the developers, and the exchanges, and the services, and the forum posters they bribed.

[RoadTrain]

You never get tired of complaining and whining. Just another smoothie.

[🏰 TradeFortress 🏰]

You never get tired of complaining and whining. Just another smoothie.

Oh the irony.

Let's not stop warning people about scam alt coins, should we?

[RoadTrain]

You got it

No we shouldn't (stop people warning about the possibility of currency being a scam). But creating a dozen of threads and bitching in them. C'mon.

[neotrix]

I will say Im agree with this analyse tradefortress but seem Ripple is The new baby (prophet) we cannot complaint about...

Big money, big stuff, big team, Big poster team veteran = dont fight just look with pop corn  but dont expect a lot as each forum user here get his 50k or 40k XRP and its also daily, tens of new lovers easily corrupted.

When I tried to understand Ripple I just thought...wow that's genious and machiavelic...Last time was the FED I was not born now today I can finally see from my eyes how money which the creation and management should be public can be easily put in hands of private entity and individual.

At least I'm happy to follow that in live this time

[Akka]

I don't get why is this such a big deal for everyone. They are intended to have near zero value.

Why must you guys start speculating with every Coin that comes along and than complain if it losses it's value (that it never had).

Just use Ripple as intended. It's a pretty neat system.

[Zangelbert Bingledack]

They are intended to have near zero value, but they are keeping 20% to pay the devs? PR101: Pick a story and stick to it!

[jwzguy]

I don't get why is this such a big deal for everyone. They are intended to have near zero value.

Why must you guys start speculating with every Coin that comes along and than complain if it losses it's value (that it never had).

Just use Ripple as intended. It's a pretty neat system.

I agree. I don't understand the outrage here. No one can get "scammed" if they just USE the XRP for transactions instead of trying to cash out for a few bitcents. 200 XRP = 20,000,000 transactions. Do you think you'll run out?

If your only problem was having to pay for it, then don't pay for it. Ask for 200 to start an account. If no one will don't give it to you, then opt out. Problem solved.

[HostFat]

I agree. I don't understand the outrage here. No one can get "scammed" if they just USE the XRP for transactions instead of trying to cash out for a few bitcents. 200 XRP = 20,000,000 transactions. Do you think you'll run out?

If your only problem was having to pay for it, then don't pay for it. Ask for 200 to start an account. If no one will don't give it to you, then opt out. Problem solved.

I agree

[Zangelbert Bingledack]

200 XRP = 20,000,000 transactions. Do you think you'll run out?

If there is no concern about running out, this cannot serve as spam prevention. You can't have it both ways.

Yes, no one can get scammed as long as OpenCoin doesn't secretly try to profit by selling into the open market, but it is not a matter of being scammed; it is a matter of whether people will want to support such a centrally controlled currency. If they don't, this co-opting of Ripple could easily set the project back a few years. That is irking.

[HostFat]

If there is no concern about running out, this cannot serve as spam prevention. You can't have it both ways.

If there will be a high demand, I mean ... too high, than the consensus system will come to help by adding as many decimals as needed to make XRP avvailable again to common users.

[Zangelbert Bingledack]

You're engaging in doublethink, believing two mutually contradicting conclusions at the same time. If the supply is increased enough not to be scarce anymore, it must for the very same reason become useless for spam prevention. There is simply no way around this.

Thus the claim that XRP are just worthless chits for spam prevention is either misguided or deliberately deceptive.

[HostFat]

You're engaging in doublethink, believing two mutually contradicting conclusions at the same time. If the supply is increased enough not to be scarce anymore, it must for the very same reason be useless for spam prevention. There is simply no way around this. Thus the claim that XRP are for spam prevention is either misguided or deliberately deceptive.

At now I understood that there are other fees on the network.
Fees are higher as the network lags / have less clients/servers. (I hope that some devs correct me if I'm wrong)
So the users want to have lower fees and/or lower spam. Ripple users need to have more servers/client and/or scarse XRP enough to avoid spam BUT still available/cheaper for common users/transactions.
As I understood the consensus system will be moved from this market (supply and demand)

I'll wait for a better and(if) convincing explaination from JoelKatz.

[Zangelbert Bingledack]

So the final word is that they do have value and are scarce (otherwise cannot be traded on a market).

[jwzguy]

200 XRP = 20,000,000 transactions. Do you think you'll run out?

If there is no concern about running out, this cannot serve as spam prevention. You can't have it both ways.

It's not spam prevention, it's spam-attack effectiveness limitation. "Concern" about running out for a normal user is absolutely different than "impossibility" of running out for an attacker.

[misterbigg]

It's not spam prevention, it's spam-attack effectiveness limitation. "Concern" about running out for a normal user is absolutely different than "impossibility" of running out for an attacker.

Eventually, either new Ripple users will have to "buy" an account to participate, or else spammers can cheaply make new accounts and use the XRPs inside to spam the network.

Like ZB said you can't have it both ways.

[jwzguy]

It's not spam prevention, it's spam-attack effectiveness limitation. "Concern" about running out for a normal user is absolutely different than "impossibility" of running out for an attacker.

Eventually, either new Ripple users will have to "buy" an account to participate, or else spammers can cheaply make new accounts and use the XRPs inside to spam the network.

Like ZB said you can't have it both ways.

It's customary to read what you're quoting and respond to it, instead of ignoring it and repeating someone else's incorrect statements.

[RoadTrain]

I don't understand the drama as well.
Ripple is a payment system, designed to effectively route payments across the network. It look like the next logical step in the evolution of payments, unlike Bitcoin which is completely different and was more of a revolution.
Why the hell care about these XRP if you only need them to make payments in other currencies? Like there are no other currencies to invest in.

I'll only be watching Ripple evolve as a payment system.

[Monster Tent]

As long as the source code is closed you have no idea whether the developers can simply print more coins out like the federal reserve.

[Zangelbert Bingledack]

200 XRP = 20,000,000 transactions. Do you think you'll run out?

If there is no concern about running out, this cannot serve as spam prevention. You can't have it both ways.

It's not spam prevention, it's spam-attack effectiveness limitation. "Concern" about running out for a normal user is absolutely different than "impossibility" of running out for an attacker.

If there is no concern about running out, people won't mind giving up their excess XRP for a pittance, meaning spammers can acquire those XRP and use them to spam for a pittance as well. It's not like there is a happy medium. Pick any actual price and it becomes obvious. If XRP cost $0.000001 on the market that's a million spams for a dollar - too cheap to prevent spam. Hence spammers will bid up the price until it is no longer worth it for them. This works the same way even if there are a quadrillion XRP.

Any way you slice it, 1 XRP represents the ability to spam one time, and hence will tend toward the market price of however much the ability to spam once is worth to a spammer (as a bare minimum).