Ripple: A Distributed Exchange for Bitcoin

[themusicgod1]

So you call Ripple a scam but you NEVER tell reason why. If there are some problems inside the Ripple Labs company, it doesn't make Ripple protocol a scam. If someone dumps 9% of all XRPs, it's still not a scam. Could someone explain me why Ripple is a scam?

Bitcoin taught us a few things:

1. don't do a premine or IPO
2. Open source the code from day 1
3. Anything based on debt is going to have a hard time at this point of evolution in the virtual currency space.
4. the importance of being first to market

1. You don't need much XRP. You only need a maximum of 50 XRP (costs 0,00034 BTC which is about 0.18 USD) to use the Ripple network for the rest of your life.
2. The source wasn't ready to be published. They were doing major developing back then so it'd be stupid to publish the source and let people set up nodes which need updating like daily due to hard forks.
3. Ripple doesn't compete with Bitcoin really. Ripple is another kind of system.
4. Ripple was first of its kind afaik.

If you don't like that Ripple took all the XRP to themselves at the start, fork it and make alt-Ripple. I wonder why nobody has done this yet, though there were a lot of people saying they will immediately fork Ripple (to remove the "premine") when possible.

Actually typically you need more xrp than that.  My reserve is like ~600.  Still, that's like 0.006 BTC...it's not going to break the bank.

[themusicgod1]

Ripple is finally dead. How wonderful.

Still works for me. 

[ShadowOfHarbringer]

Ripple is finally dead. How wonderful.

Still works for me. 

You and the only other guy using it. Have fun.

[themusicgod1]

Ripple is finally dead. How wonderful.

Still works for me. 

You and the only other guy using it. Have fun.

According to RippleCharts over 1M$ of transactions happened within the last 24 hours.  In the last 24 hours I mostly did math by myself, slept and looked at some dirty pictures.  It's impossible for it to have been me & humandalas trading; obviously there's a larger network of activity going on.  ie you're wrong.

[smoothie]

Ripple was destined to fail.

The premise of how it was begun was flawed with premining all of the XRP and distributing them in an unfair way.

[slothbag]

Ripple was destined to fail.

The premise of how it was begun was flawed with premining all of the XRP and distributing them in an unfair way.

You guys are still bitching about the XRP premine.. get over it already! It was a strategy, it had pro's and cons.. Personally I liked the idea of having a well funded company putting quality resources into furthering the crypto-currency space.

I probably agree with you that Ripple faces some big challenges though, its complexity being the biggest IMO.

[Sukrim]

What's complex about "You hand stuff to an escrower (aka. 'gateway') of your choice and can then trade for other stuff from the same or a different escrower (aka. 'gateway') of your choice"?

Everything else is just additional sugar on top and you can go deeper in understanding if you wish to, just like you can try to view Bitcoin as "digital gold that can be transacted fast between people who agree to use the same network" or start to discuss that the last round of SHA256 calculations is generally not even done by miners, since it does not change the beginning of the hash which is all they care about...

[mmeijeri]

This thread remains a reliable source of people to block.

[Sukrim]

I usually just tag people (mostly mentally, this forum here does not support this kinda stuff unfortunately) instead of blocking them unless they are 100% spamming accounts anyways. Removing critics from your world view will not make them go away and there are some concerns that are worth addressing, even if they are re-iterated for the 1000th time (e.g. Ripple != XRP...).

[removebeforeflight]

Is any company actually using ripple?
Thought that I read that a German bank
was using it for internal transfers?
Is this actually a transmission protocol
(like tcpip) versus a crypto currency?

[PodBayDoors]

I think people are missing a central point with Ripple.

It's sold as a way to transfer USD or JPY or BTC or any store of value. It's not.

It is a way to trade IOU's, that rely on your trust in the entity that issued them. Those IOUs could be called RippleUSD or RippleJPY...but they are not real USDs or JPYs. Those real-world currencies are fungible: "freely exchangeable in whole or in part for another of like nature". One gateway's USD IOU will be better quality than another's; they are not interchangeable. They are not fungible.

Could be useful for internal purposes for banks, corps etc, where of course both ends of the transaction already trust each other.

[mmeijeri]

It's sold as a way to transfer USD or JPY or BTC or any store of value. It's not.

It is a way to trade IOU's, that rely on your trust in the entity that issued them.

The same is true for wire transfers.

[Sukrim]

It's sold as a way to transfer USD or JPY or BTC or any store of value. It's not.

It is a way to trade IOU's, that rely on your trust in the entity that issued them.

The same is true for wire transfers.

And every single Bitcoin exchange listed here: http://bitcoincharts.com/markets/

[hitchcoin]

Still it could be a nice feature of some types of client or clients for some types of people to have the client watch such things and point them out to you.

-MarkM-

Simple answer for that question. It seems that Ripple can do something, but reality is oposite to it. As we can see, it does nothing for now

[johnwoodworth598]

Who started the largest centralized exchange for bitcoin? And where it is still unclear if he is directly responsible for the database leak?

Well MtGox needed to be created at the time. I don't know about the database leak, however. I wouldn't assume anyone intentionally compromised the integrity of MtGox. Usually, there is more reward from success than failure, at least that has been my experience.