Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

[wonkytonky]

I really wish transfer between BTCe and Gox was easier.

Never though I would say this, but I really wish somebody could create Pegcoin, all the advantages of instant, decentralized transfer of bitcoin, but pegged to fiat currency value.  Obviously I prefer something with a limited supply like bitcoin, but for now it would certainly make arbitraging a lot easier...  Probably not a viable idea to implement though (not to mention the legal issues).

Ripple?

I haven't really looked into Ripple decently, but isn't it a lending system? 

Not really. Money is held by ripple gateways in the same way that money is held by bitcoin exchanges. So when you send Bitstamp $1000 and move it to your Ripple wallet, they "owe" you $1000 the same way they'd owe you if you kept in on Bitstamp.

Ripple is great, IMO. It has incredible potential as a payment system and is far more versatile than bitcoin in that regard. In that way, since you can move in and out of so many currencies and IOU issuers, Ripple could be very useful for arbitraging. Too early at this point, though.

I dont care if people use ripple or not.. 
aslong as bitcoin exchanges use it. i'm happy..

Arbitrage the shit  out of it

[Richy_T]

I take it you sold your ripples early? Sour Grapes?

No. I'm keeping hold of them. Right now, they're not worth much and there's a reasonable possibility that I'm wrong.

Who knows, they might even be worth quite a lot before they implode.

[MAbtc]

Ripple is great, IMO. It has incredible potential as a payment system and is far more versatile than bitcoin in that regard. In that way, since you can move in and out of so many currencies and IOU issuers, Ripple could be very useful for arbitraging. Too early at this point, though.

Ripple will either end with a whimper, as people realize what a bad idea it is, or with a bang, as people find out what a bad idea it is.

Bad idea, why? Do tell. If, like most detractors, you base this on the debt/trust system's potential for collapse, you should probably stay away from bitcoin exchanges as well.

[notme]

Ripple is great, IMO. It has incredible potential as a payment system and is far more versatile than bitcoin in that regard. In that way, since you can move in and out of so many currencies and IOU issuers, Ripple could be very useful for arbitraging. Too early at this point, though.

Ripple will either end with a whimper, as people realize what a bad idea it is, or with a bang, as people find out what a bad idea it is.

Bad idea, why? Do tell. If, like most detractors, you base this on the debt/trust system's potential for collapse, you should probably stay away from bitcoin exchanges as well.

So trusting a registered, established business is just as risky as trusting someone you don't know anything about who happens to be a friend of a friend of a friend?

[Richy_T]

Bad idea, why? Do tell. If, like most detractors, you base this on the debt/trust system's potential for collapse, you should probably stay away from bitcoin exchanges as well.

Possibly not a bad idea. I certainly found out that leaving funds in an exchange can be less than ideal. But I think Tradefortress has adequately exposed the issues with Ripple. It's a debt based system that relies on trusting people to a degree that's not really safe.

[Richy_T]

So trusting a registered, established business is just as risky as trusting someone you don't know anything about who happens to be a friend of a friend of a friend?

Heck, even your best friend may not be a good person to trust compared to a well established business. Family is typically even worse. A well established business depends on reputation to continue trading. Your brother? He'll always be your brother.

[ChartBuddy]

[nmersulypnem]

I really wish transfer between BTCe and Gox was easier.

Never though I would say this, but I really wish somebody could create Pegcoin, all the advantages of instant, decentralized transfer of bitcoin, but pegged to fiat currency value.  Obviously I prefer something with a limited supply like bitcoin, but for now it would certainly make arbitraging a lot easier...  Probably not a viable idea to implement though (not to mention the legal issues).

There's no way to peg a virtual currency to a fiat currency without a central "bank".  It defeats the whole purpose of a cryptocurrency, and it would require a central authority with a lot of money to keep the price pegged.

Makes no sense / not reasonably possible.

[QuestionAuthority]

I really wish transfer between BTCe and Gox was easier.

Never though I would say this, but I really wish somebody could create Pegcoin, all the advantages of instant, decentralized transfer of bitcoin, but pegged to fiat currency value.  Obviously I prefer something with a limited supply like bitcoin, but for now it would certainly make arbitraging a lot easier...  Probably not a viable idea to implement though (not to mention the legal issues).

There's no way to peg a virtual currency to a fiat currency without a central "bank".  It defeats the whole purpose of a cryptocurrency, and it would require a central authority with a lot of money to keep the price pegged.

Makes no sense / not reasonably possible.

Shut up! No one wants logic and reason here. This place is for speculation. lol

[MAbtc]

Ripple is great, IMO. It has incredible potential as a payment system and is far more versatile than bitcoin in that regard. In that way, since you can move in and out of so many currencies and IOU issuers, Ripple could be very useful for arbitraging. Too early at this point, though.

Ripple will either end with a whimper, as people realize what a bad idea it is, or with a bang, as people find out what a bad idea it is.

Bad idea, why? Do tell. If, like most detractors, you base this on the debt/trust system's potential for collapse, you should probably stay away from bitcoin exchanges as well.

So trusting a registered, established business is just as risky as trusting someone you don't know anything about who happens to be a friend of a friend of a friend?

No. But only foolish people who care so little about money not to do a basic level of research will fall into this. If someone is careless enough to simply assume that extending trust is meaningless, without doing a modicum of research, he shouldn't be using Ripple. My advice to newbies: if you aren't willing to learn about Ripple, don't use it. Same goes for bitcoin -- lots of lost coins out there due to very careless people.

You should only trust an established business. If you want to trust your friend, just like IRL, he may never pay you back. I don't understand this idea that people need to trust everyone they know. That's just part of a marketing scheme to make Ripple more relevant to the average user. If my friends or family needed money, we'd figure out a way to get it to them. I don't need to extend trust to every single person (so that I never know whether or not my funds are liquid). If someone needs BTC, I can get them where they need to go easily and without any risk via Ripple.

I would agree insofar that people will make mistakes and get burned. Just like with everything else.

[Nightowlace]

I didn't realize this was the ripple thread. Excuse me while I go look for the MtGox thread.

[notme]

No. But only foolish people who care so little about money not to do a basic level of research will fall into this. If someone is careless enough to simply assume that extending trust is meaningless, without doing a modicum of research, he shouldn't be using Ripple. My advice to newbies: if you aren't willing to learn about Ripple, don't use it. Same goes for bitcoin -- lots of lost coins out there due to very careless people.

You should only trust an established business. If you want to trust your friend, just like IRL, he may never pay you back. I don't understand this idea that people need to trust everyone they know. That's just part of a marketing scheme to make Ripple more relevant to the average user. If my friends or family needed money, we'd figure out a way to get it to them. I don't need to extend trust to every single person (so that I never know whether or not my funds are liquid). If someone needs BTC, I can get them where they need to go easily and without any risk via Ripple.

I would agree insofar that people will make mistakes and get burned. Just like with everything else.

But that's just it.  Ripple is being marketed as a social network not a trusted exchange backbone system.

[pheaonix]

Ripple is great, IMO. It has incredible potential as a payment system and is far more versatile than bitcoin in that regard. In that way, since you can move in and out of so many currencies and IOU issuers, Ripple could be very useful for arbitraging. Too early at this point, though.

Ripple will either end with a whimper, as people realize what a bad idea it is, or with a bang, as people find out what a bad idea it is.

Bad idea, why? Do tell. If, like most detractors, you base this on the debt/trust system's potential for collapse, you should probably stay away from bitcoin exchanges as well.

So trusting a registered, established business is just as risky as trusting someone you don't know anything about who happens to be a friend of a friend of a friend?

No. But only foolish people who care so little about money not to do a basic level of research will fall into this. If someone is careless enough to simply assume that extending trust is meaningless, without doing a modicum of research, he shouldn't be using Ripple. My advice to newbies: if you aren't willing to learn about Ripple, don't use it. Same goes for bitcoin -- lots of lost coins out there due to very careless people.

You should only trust an established business. If you want to trust your friend, just like IRL, he may never pay you back. I don't understand this idea that people need to trust everyone they know. That's just part of a marketing scheme to make Ripple more relevant to the average user. If my friends or family needed money, we'd figure out a way to get it to them. I don't need to extend trust to every single person (so that I never know whether or not my funds are liquid). If someone needs BTC, I can get them where they need to go easily and without any risk via Ripple.

I would agree insofar that people will make mistakes and get burned. Just like with everything else.

www.ripplescam.org

also tradefort's btc giveaway

ripple is a long term scam with serious problems. i could steal over 100 btc today if i wanted to, using its flawed system to trade fake ious with legit ones seamlessly out of peoples wallets. to compare ripple to bitcoin is like comparing unicycles to ferraris.

[notme]

www.ripplescam.org

also tradefort's btc giveaway

ripple is a long term scam with serious problems. i could steal over 100 btc today if i wanted to, using its flawed system to trade fake ious with legit ones seamlessly out of peoples wallets. to compare ripple to bitcoin is like comparing unicycles to ferraris.

You can only replace the legit ones with fake ones in the accounts of people who granted you trust.  It would be up to them to cover their losses or let it "ripple".

[notme]

I didn't realize this was the ripple thread. Excuse me while I go look for the MtGox thread.

We all treat this as the lounge thread.  If you want to talk about MtGox, bring up an interesting point.

[Rampion]

I really wish transfer between BTCe and Gox was easier.

Never though I would say this, but I really wish somebody could create Pegcoin, all the advantages of instant, decentralized transfer of bitcoin, but pegged to fiat currency value.  Obviously I prefer something with a limited supply like bitcoin, but for now it would certainly make arbitraging a lot easier...  Probably not a viable idea to implement though (not to mention the legal issues).

Ripple?

I haven't really looked into Ripple decently, but isn't it a lending system? 

Yes, like fiat itself.

[QuestionAuthority]

Christ it's op_eval, BIP 16-17 all over again. Every thread is going to be about Ripple now.

[MAbtc]

I didn't realize this was the ripple thread. Excuse me while I go look for the MtGox thread.

No. But only foolish people who care so little about money not to do a basic level of research will fall into this. If someone is careless enough to simply assume that extending trust is meaningless, without doing a modicum of research, he shouldn't be using Ripple. My advice to newbies: if you aren't willing to learn about Ripple, don't use it. Same goes for bitcoin -- lots of lost coins out there due to very careless people.

You should only trust an established business. If you want to trust your friend, just like IRL, he may never pay you back. I don't understand this idea that people need to trust everyone they know. That's just part of a marketing scheme to make Ripple more relevant to the average user. If my friends or family needed money, we'd figure out a way to get it to them. I don't need to extend trust to every single person (so that I never know whether or not my funds are liquid). If someone needs BTC, I can get them where they need to go easily and without any risk via Ripple.

I would agree insofar that people will make mistakes and get burned. Just like with everything else.

But that's just it.  Ripple is being marketed as a social network not a trusted exchange backbone system.

Totally. I don't advocate for how it is being marketed. I don't like OpenCoin and I think the way Ripple was rolled out was pretty scummy.

Still, I see great potential.

www.ripplescam.org

also tradefort's btc giveaway

ripple is a long term scam with serious problems. i could steal over 100 btc today if i wanted to, using its flawed system to trade fake ious with legit ones seamlessly out of peoples wallets. to compare ripple to bitcoin is like comparing unicycles to ferraris.

Well aware of ripplescam.org and tradefortress. Nothing new there. With the former, again, I disagree with many aspects of Ripple's launch, but I don't see the issues outlined as exhibiting inherent flaws in the protocol -- not at all. And what about tradefortress? If users would take a few minutes to learn the basics of Ripple, they won't be scammed like morons.

And I am quite sure that you couldn't steal "over 100 btc today" through a trust scam. Make me a wager! You couldn't get anywhere close.

The only reason more than a negligible amount of BTC were stolen in the tradefortress fiasco was because a user offered up over 9 BTC, announced it on the forum, and told tradefortress to make his point. Hence, the IOUs were stolen.

[ChartBuddy]

[Richy_T]

If users would take a few minutes to learn the basics of Ripple, they won't be scammed like morons.

People *are* morons. And assholes too. And greedy.