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Author Topic: Ripple & XRP: a potential successor to BitCoin?  (Read 1806 times)
sp4cem0nkey
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April 12, 2013, 05:16:35 AM
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I recently learned about Ripple and its crypto-currency, XRP.
At first I thought XRP could potentially outclass bitcoin with Ripple's efficient alternative to proof-of-work (Consensus).
But recent reading has lead me to believe that XRP will never become anything more than a mechanism for limiting abusive transactions.
It seems they (Ripple) are marketing themselves as some kind of virtual decentralized Western Union, where the primary currencies being transferred are fiat (or Bitcoin for now).

I guess my question is: Does Ripple present the same opportunity to compete against central banks as Bitcoin does, or is it just trying to be the next PayPal?  Also: Will XRP ever be traded the same way bitcoin is?
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drhobomanxxiii
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April 12, 2013, 05:58:04 AM
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Let me first give a disclaimer here... I'm still learning about Ripple and its underlying algorithm.

I think you're probably right to say that ripples (XRP) probably won't become a store of value, but that being said, it doesn't need to be a store of value to be a medium of exchange. I think it's very possible that ripples will be an incredibly good cross-currency means of exchange (through its distributed exchange platform,) and that may enable it as an incredible "floating price currency" that no one actually holds for very long (except the gateways, I believe.)

Under these circumstances, something like Bitcoin may be the unit of accounting (everything priced in Bitcoins, profits, losses, etc.) and everyone may hold their value in Bitcoins, but if they want to exchange, they may send it along a Ripple based payment system. Even if it isn't exchanging out of Bitcoins, it looks like Ripple is a great exchange platform.

Perhaps another way to think about it is that Ripple may be a way to make Paypal, Mt. Gox, and even stock exchanges into a P2P system. That all being said, there seems to be a lot that OpenCoin (the developers behind Ripple,) haven't actually created yet... So many parts seem to just be promises that may be much more difficult to implement than they believe.

We shall see, but I am very interested myself, that's for certain.

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btcmind
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April 12, 2013, 09:01:06 PM
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Why would anyone use the system if they keep half the XRPs for themselves?
pixel75
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April 12, 2013, 09:10:20 PM
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Hi guys. I try to add my Ripple address to the forum but I can't. Anyone know why?

thanks.

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danyy
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April 12, 2013, 09:21:31 PM
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maybe in the future it will be more than this

tommereith
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April 12, 2013, 09:55:51 PM
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I'm curious about Ripple too.
ivanc
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April 12, 2013, 11:02:26 PM
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Ripple can't be a store of value like Bitcoin.

Ripple algorithm is also a joke. The consensus is based on a reputation system.
Given enough time, any reputation system can be abused. You create one billion fake nodes (which is inexpensive), and let them behave nice for a month. Then you attack.
Bitcoin consensus is based on computing power. Very few people/organization have the computing power to abuse its reputation system.
ivanc
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April 12, 2013, 11:10:43 PM
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Additionnally, Ripple enforces the consensus policy by giving some preferred nodes a validation role ("validator"). If you want to add a real validator, you need to know who this validator is (you cannot add a random node, since random nodes can be poisoned, ie fake validators). Thus harming two core values of a true decentralized currency:
- anonymity (to be trusted, validators need to reveal information about them)
- decentralization (a set of limited validators owns the power on the network)
callmefretch
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April 17, 2013, 02:01:38 PM
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I can see ripple being a big success. For people who aren't savvy with tech especially. I think the mystery of Bitcoin can a be a turnoff for some. Because Ripple is not created anonymously and has a company behind it I can see more average Joes trusting it—for better or worse.
digicoin
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April 17, 2013, 02:20:59 PM
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I can see ripple being a big success. For people who aren't savvy with tech especially. I think the mystery of Bitcoin can a be a turnoff for some. Because Ripple is not created anonymously and has a company behind it I can see more average Joes trusting it—for better or worse.

Trusting Ripple? Or wait, I don't think so. Such a company can go bankruptcy tomorrow like millions of start-ups in the world
painintheneck
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April 17, 2013, 03:20:08 PM
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Why would anyone use the system if they keep half the XRPs for themselves?

people that dont know this fact Smiley

or people who just don't care

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biskup123
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April 17, 2013, 04:31:09 PM
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I guess my question is: Does Ripple present the same opportunity to compete against central banks as Bitcoin does, or is it just trying to be the next PayPal?  Also: Will XRP ever be traded the same way bitcoin is?

I think, all is true. XRP has potential for becoming currency alternative to Bitcoin, even better one, as intergated with its own payment system. Hence, it may become more popular among retailers than BTC.
Anyway, I think we can expect explosion of newly created cryptocurrencies in the next year time, some are going to be better than BTC, the others worse. The point is, the whole process may lead to marginalization of BTC and depreciation of its value.
DieselQ9
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April 17, 2013, 05:26:41 PM
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I am new to learning about Ripple.  My question is that with 100 Billion potentially in circulation, how high could they potentially be valued assuming the company is successful?  Bitcoin max is supposed to be 21 million I believe.  Also, I am still confused about the role of Ripple.  Can someone put it into the simplest of terms?  Is it more of a facilator than a competitor to Bitcoin?  Thanks.
ericwt
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April 17, 2013, 05:30:20 PM
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I think the power in Ripple is not to succeed Bitcoin, it is to bypass SWIFT.

It is a SWIFT alternative.

digicoin
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April 17, 2013, 05:40:59 PM
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Ripple is all about traceable, centralized payment system which is opposite to BitCoin which enables decentralized, anonymous P2P payment.

There are many Ripple-like payment systems in the past (e.x eGold). I don't really know what is the point here.
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April 17, 2013, 06:41:43 PM
 #16

XRP is a silly name and Ripple will fail partly because of that. Sounds like something a 12 year old came up with.

balcksilver
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April 17, 2013, 06:43:55 PM
 #17

i THink ripple may be a successor as they offer instant money transfer as well compared to bitcoin.
biskup
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April 17, 2013, 06:59:09 PM
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I am new to learning about Ripple.  My question is that with 100 Billion potentially in circulation, how high could they potentially be valued assuming the company is successful?

It doesn't really matter if it's 21 million, 100 billion or 10 trillion as long as it can be subdivided. For instance, AFAIK each Bitcoin can be subdivided to 100 million smaller units to ensure the currency is useful for low value payments even if it value grows to, say 1000 dollar per BTC. With 100 billion XRP such subdivision is simply not necessary but appreciation of this currency is same possible.

bitcoinscanada
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April 17, 2013, 07:00:17 PM
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I am new to learning about Ripple.  My question is that with 100 Billion potentially in circulation, how high could they potentially be valued assuming the company is successful?

It doesn't really matter if it's 21 million, 100 billion or 10 trillion as long as it can be subdivided. For instance, AFAIK each Bitcoin can be subdivided to 100 million smaller units to ensure the currency is useful for low value payments even if it value grows to, say 1000 dollar per BTC. With 100 billion XRP such subdivision is simply not necessary but appreciation of this currency is same possible.



Exactly!
JoelKatz
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April 17, 2013, 07:03:11 PM
 #20

XRP is a silly name and Ripple will fail partly because of that. Sounds like something a 12 year old came up with.
ISO 4217 requires that currency designators be three-letter codes and that designators not issued by a country start with the letter 'X'. http://en.wikipedia.org/wiki/ISO_4217

I am an employee of Ripple. Follow me on Twitter @JoelKatz
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