Ripple: A Distributed Exchange for Bitcoin

[mmeijeri]

Feel free to correct me if I'm wrong, but I suspect this is why a lot of people don't like Ripple.

I think it is both this and, more importantly, the fact that Ripple doesn't need miners. I think that is where the real resistance comes from. The first concern can be removed by simply releasing the code, which I'm confident they'll do. But the second objection is permanent. Personally I don't think it's an argument against Ripple, but in favour of it, provided it is sufficiently safe, which we don't know yet.

[1714821259]

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[1714821259]

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[aceking]

ripple is the definition of the ponzi scheme , early adopters will be paid the rest will lose their money

[Sukrim]

Ponzi schemes pay interest out of deposited money instead of what they claim to earn money from.
You probably mean pyramid scheme.

Still these accusations are far from new: 2-3 years ago I heard nearly all arguments against ripple already in other threads. They were warning people to get into bitcoin...

[Sukrim]

Something different:

The official Ripple client is wonky at best and unreliable at worst when it comes to actual trading - offers that are displayed under "My offers" are not integrated into the order book or randomly disappear from there when you reload the client. There is no mention of transfer fees until they actually hit you (WTF WeExchange!). Issuers of IOUs are rarely displayed, so if you deal in several BTC IOUs, you don't know which ones you just traded.

These are mostly interface and maybe connectivity issues, but these were the more annoying things that immediately struck me. Trading itself went quite smooth and quick and I made quite some nice deals so far. Let's see how this develops.

[wiggi]

Let's see how this develops.

It's packed with suspense... what will happen first?
-server code gets open-sourced
-OpenCoin shut down by authorities
-server successfully reverse engineered (like World of Warcraft
-a ripple clone starts and is the hit of the day

Given the current XRP market cap (if market is right)
it will get finally decentralized and fixed rather than hacked or busted.

[kneim]

If the source-code becomes open, there will be a lot of filled wallets in the system. What if somebody finds a flaw in the code? My question is, can it ever be opened with a lot of assets inside?

[ShadowOfHarbringer]

Why do I see so many calls for implementing distributed Bitcoin exchanges or putting up more robust/centralized Bitcoin exchanges when we will soon have Ripple, which perfectly provides distributed order books?

Oh, maybe because ripple is a scam ? [check my signature]
Also, latest posts of yours are a pretty straightforward proof that you work for them. How much do they pay you per post ?

Also, did i mention that RIPPLE IS A SCAM ?. If not, then I am saying it now: RIPPLE IS A SCAM. It is neither "decentralized" or "open source". It also does not base on the same underlying cryptography as Bitcoin. Rules can be also changed at will, and they can print more XRP at will.

All the stuff on their site & wiki - It is all bullshit & lies.

----
In other news: Ripple is a scam.

[Sukrim]

The only people I know of in this forum that get paid to deliver a certain message are the ones with this link in their signature...

Could we please get back to topic and focus on the viability of ripple as an exchange? There are enough threads out there where you can endlessly discuss your scam theories.

As far as I understand it, they actually are based on the same crypto, what's the thing that makes you doubt it? Also they can print more xrp only with some serious effort and would risk their reputation. I tried placing a bet that this won't happen on bitbet but it wasn't accepted. I'm willing to bet with you (escrowed of course) however privately if you like - put your money where your mouth is!

[redwraith]

Why do I see so many calls for implementing distributed Bitcoin exchanges or putting up more robust/centralized Bitcoin exchanges when we will soon have Ripple, which perfectly provides distributed order books?

Oh, maybe because ripple is a scam ? [check my signature]
Also, latest posts of yours are a pretty straightforward proof that you work for them. How much do they pay you per post ?

Also, did i mention that RIPPLE IS A SCAM ?. If not, then I am saying it now: RIPPLE IS A SCAM. It is neither "decentralized" or "open source". It also does not base on the same underlying cryptography as Bitcoin. Rules can be also changed at will, and they can print more XRP at will.

All the stuff on their site & wiki - It is all bullshit & lies.

----
In other news: Ripple is a scam.

Give it rest, it's old and tired.  You're gonna look like a fool in a few years, after it 's proven that ripple was in no way a threat to bitcoin.  Both will still be around, despite your FUD.

[ShadowOfHarbringer]

Why do I see so many calls for implementing distributed Bitcoin exchanges or putting up more robust/centralized Bitcoin exchanges when we will soon have Ripple, which perfectly provides distributed order books?

Oh, maybe because ripple is a scam ? [check my signature]
Also, latest posts of yours are a pretty straightforward proof that you work for them. How much do they pay you per post ?

Also, did i mention that RIPPLE IS A SCAM ?. If not, then I am saying it now: RIPPLE IS A SCAM. It is neither "decentralized" or "open source". It also does not base on the same underlying cryptography as Bitcoin. Rules can be also changed at will, and they can print more XRP at will.

All the stuff on their site & wiki - It is all bullshit & lies.

----
In other news: Ripple is a scam.

Give it rest, it's old and tired.  You're gonna look like a fool in a few years, after it 's proven that ripple was in no way a threat to bitcoin.  Both will still be around, despite your FUD.

You are not listening. I wasn't saying that Ripple is a threat to Bitcoin anywhere.
I just want to warn people so they don't get scammed.

I also do not care what Ripple will be in the future, after (if ?) they open the sources. I only care what Ripple is now. And it is a SCAM.

[ShadowOfHarbringer]

The only people I know of in this forum that get paid to deliver a certain message are the ones with this link in their signature...

I never asked for it and i didn't get PAID, i got DONATED. It is a significant difference. For once, I didn't ask for it and i put the link in my signature long BEFORE i was paid.
I don't sell my views for money, you know because I understand what "honour" means.

Could we please get back to topic and focus on the viability of ripple as an exchange? There are enough threads out there where you can endlessly discuss your scam theories.

No, we cannot. I am on topic. The OP was asking why are people producing new Ripple clones when there is original Ripple avaiable. I am answering. It is because RIPPLE IS A SCAM. Period.

As far as I understand it, they actually are based on the same crypto, what's the thing that makes you doubt it?

It is not the same algorithm so it is not "the same crypto". Some (more or less) parts of it are similiar. So this is a lie.

Also they can print more xrp only with some serious effort and would risk their reputation. I tried placing a bet that this won't happen on bitbet but it wasn't accepted. I'm willing to bet with you (escrowed of course) however privately if you like - put your money where your mouth is!

I am not really into betting - I do not care.

[TimJBenham]

Give it rest, it's old and tired. 

Quite. I don't know whether Ripple will succeed, and I have concerns about how the founders plan to cash in. However it is too complicated to be a scam. Moreover it is hard to take seriously someone who cannot spell "harbinger" correctly.

[misterbigg]

The official Ripple client is wonky at best and unreliable at worst when it comes to actual trading - offers that are displayed under "My offers" are not integrated into the order book or randomly disappear from there when you reload the client. There is no mention of transfer fees until they actually hit you (WTF WeExchange!). Issuers of IOUs are rarely displayed, so if you deal in several BTC IOUs, you don't know which ones you just traded.

These are mostly interface and maybe connectivity issues, but these were the more annoying things that immediately struck me. Trading itself went quite smooth and quick and I made quite some nice deals so far. Let's see how this develops.

Totally agree..the client needs work!!!

[Coinseeker]

I am not really into betting - I do not care.

   This speaks volumes. 

[smoothie]

I listened to Chris Larsen today in the alt chain panel and I can say that after all the questions posed about ripple were asked I was not convinced by Chris' that ripple is a trustworthy decentralized system.

Many claims and not much proof given it is STILL closed source.

Ripple / OpenCoin Inc had a booth at the conference. Now what for?

None of the other alt coins need a booth to promote the chain. This shows that ripple is centralized and you must trust the ripple devs and the OpenCoin owners that they will not screw you or get shut down by regulators.

[SGExodus]

Give it rest, it's old and tired.  You're gonna look like a fool in a few years, after it 's proven that ripple was in no way a threat to bitcoin.  Both will still be around, despite your FUD.

If Ripple wants to be taken seriously, they need to revamp their website and wiki to remove all the misleading information and to clearly articulate their value.

Provide concrete use case examples on how it is beneficial to end-users, merchants, and gateways.   Don't use fluffy words like "revolutionary", "cheap", "fast" without qualifying and quantifying with facts and figures.

And if it is not planning to open source the system, remove it from the site, don't continue to lie.

Finally, provide true transparency on how the initial XRP are distributed.      

[cypherdoc]

i learned a lot more about Ripple this weekend too.

the economic assumptions behind the concept are highly dubious imo. 

[TimJBenham]

i learned a lot more about Ripple this weekend too.

the economic assumptions behind the concept are highly dubious imo. 

Why not let us in on the secret?

[justusranvier]

i learned a lot more about Ripple this weekend too.

the economic assumptions behind the concept are highly dubious imo. 

Why not let us in on the secret?

Trust in Ripple consists of (potentially) infinitely leveraged, indefinite duration revolving credit lines.

Those are very powerful financial tools, and with great power comes great potential to shoot your own foot off. I suspect the programmers building Ripple have not fully thought through all the financial implications of the code they writing because they are thinking at a different level of abstraction.

I think Ripple has a lot of potential applications and can be used safely if the people who start building on this platform take the time to really understand the tools they are playing with. It will also help if they can implement a non-revolving form of credit to handle use cases where revolving credit is not appropriate.

[themusicgod1]

I listened to Chris Larsen today in the alt chain panel and I can say that after all the questions posed about ripple were asked I was not convinced by Chris' that ripple is a trustworthy decentralized system.

Many claims and not much proof given it is STILL closed source.

Ripple / OpenCoin Inc had a booth at the conference. Now what for?

None of the other alt coins need a booth to promote the chain. This shows that ripple is centralized and you must trust the ripple devs and the OpenCoin owners that they will not screw you or get shut down by regulators.

As mentioned in the other thread - OpenCoin has a contingency plan in effect saying that if they do get shut down by regulators, the source (which is open source, just not released) will be released, and plans for the network to continue will be executed.  Regulators will not kill Ripple, though apathy and other things might.