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

[hdbuck]

Ok so I hear you all, thx for the concern. I basically understood the pros and cons.
Nontheless i'm going to go for it.
Imho, the only way Ripple could make it would be if it somehow undertaken by Banks (not that i am a fan of Banks, but hey, i guess they'll figure something).
And since I believe Banks like JPM, Citi etc are actively investigating cryptocurrencies, I figure they are likely to go with the simplest/cheapest/whatever dumbest way to attract/keep masses in their nets..
ergo ripple it is

edit: @mah87 care to donate some XRPs to a new ripplefellow??

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[Chalkbot]

Ripple is the worst currency I've ever seen. Attacking Bitcoin in any way won't change that. The correct value of XRP is zero and I'm neither exaggerating nor kidding.

I shouldn't even try to react here (because it's useless anyway) but it just ticks me off that you're trying to get people to burn their money.

Pretty much. I finally did my homework on it, just in case. Read the description of how everything worked on the official website, and as a bitcoin user, there were a lot of unanswered questions and red flags left in my mind that I couldn't get any further clarity on from the site. I ventured off the site to read some outside perspectives, and eventually stumbled upon http://ripplescam.org/ which explained the things I had questions about succinctly, and exactly how I feared they might work.

To be honest, I don't see any advantage to ripple, as a currency. It exists on an infrastructure that reduces currency exchange fees as a result of replacing middleman institutions with distributed consumer risk (all the while collecting fees for "gateways"). It's still a debt based system, and a centralized one, at that. "Distributed" does not mean "decentralized", people. Please be very aware of that fact. If the government decides to shut down the company, then it's shut down. XRP goes to 0. If the company decides to close it's own doors, you have the same problem. They are also verifying their own transactions. Transactions that are based on a trust system.

While there are many flaws to ripple as a store of value, it still manages to market itself from the angle of seamless trades between currencies. Be careful with that idea though, it's something that is not unique to ripple at all. There is literally nothing standing in the way of a web service doing the exact same thing with bitcoin instead of XRP. Just connecting people and "gateways" on a trust network of mutual currency trade. That's not an exclusive feature of XRP, as they might lead you to believe.

[mah87]

... or something like that ... it confused me ... it started sounding like bogus to me and I quickly lost interest.

So, ok this is too complicated for you. It doesn't mean the technology behind ripple is not better than bitcoin... Damn , anyone who read what ripple is about and understand how it works ?

[mah87]

Ripple is the worst currency I've ever seen. Attacking Bitcoin in any way won't change that. The correct value of XRP is zero and I'm neither exaggerating nor kidding.

I shouldn't even try to react here (because it's useless anyway) but it just ticks me off that you're trying to get people to burn their money.

Pretty much. I finally did my homework on it, just in case. Read the description of how everything worked on the official website, and as a bitcoin user, there were a lot of unanswered questions and red flags left in my mind that I couldn't get any further clarity on from the site. I ventured off the site to read some outside perspectives, and eventually stumbled upon http://ripplescam.org/ which explained the things I had questions about succinctly, and exactly how I feared they might work.

To be honest, I don't see any advantage to ripple, as a currency. It exists on an infrastructure that reduces currency exchange fees as a result of replacing middleman institutions with distributed consumer risk (all the while collecting fees for "gateways"). It's still a debt based system, and a centralized one, at that. "Distributed" does not mean "decentralized", people. Please be very aware of that fact. If the government decides to shut down the company, then it's shut down. XRP goes to 0. If the company decides to close it's own doors, you have the same problem. They are also verifying their own transactions. Transactions that are based on a trust system.

While there are many flaws to ripple as a store of value, it still manages to market itself from the angle of seamless trades between currencies. Be careful with that idea though, it's something that is not unique to ripple at all. There is literally nothing standing in the way of a web service doing the exact same thing with bitcoin instead of XRP. Just connecting people and "gateways" on a trust network of mutual currency trade. That's not an exclusive feature of XRP, as they might lead you to believe.

ripplescam.org doesn't explain how ripple works AT ALL. This is crazy how people eat bullshit.... Seriously, ripplescam.org is 100% wrong about ripple, this is JUST NOT WORKING THE WAY IT IS DESCRIBED... damn... anyone thinking instead of eating propaganda ?

[TERA]

... or something like that ... it confused me ... it started sounding like bogus to me and I quickly lost interest.

So, ok this is too complicated for you. It doesn't mean the technology behind ripple is not better than bitcoin... Damn , anyone who read what ripple is about and understand how it works ?

I understood how the original ripple worked. XRP is what confused me and sounded like bogus. I didn't bother reading into 'XRP' that much.

[mah87]

... or something like that ... it confused me ... it started sounding like bogus to me and I quickly lost interest.

So, ok this is too complicated for you. It doesn't mean the technology behind ripple is not better than bitcoin... Damn , anyone who read what ripple is about and understand how it works ?

I understood how the original ripple worked. XRP is what confused me and sounded like bogus. I didn't bother reading into 'XRP' that much.

you'll follow when it's mainstream.

[TERA]

What was wrong with the original model of ripple which was debt-based and didn't have a unit with a volatile value which could be pumped and dumped?

[hdbuck]

yeayyy here is my ripple adress :
rKpFzneC3hpuz4H6JfUqEnqDNgqZ2i5g7a

[Chalkbot]

if ripplescam.org is misrepresenting facts, and the official ripple site is omitting them, then where are users expected to get the info?

[600watt]

Ripple sounded like a great idea. Until I looked into it.

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[MNDan]

The only thing I want rippled are my potato chips.

[podyx]

spread ur ripple propganda shit somewhere else

[chessnut]

Ripple sounded like a great idea. Until I looked into it.

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[mah87]

What was wrong with the original model of ripple which was debt-based and didn't have a unit with a volatile value which could be pumped and dumped?

XRP's value is like a postage stamp, a transaction fee. It could be a good stepping stone to integrate with banking but its already getting left behind in that and many of its features can be handled with Bitcoin contracts.

except that bitcoin contracts don't exists and ripple is actually implementing contracts and features that ethereum are still trying to define ...

[mah87]

if ripplescam.org is misrepresenting facts, and the official ripple site is omitting them, then where are users expected to get the info?

everything is on the official website and wiki... The point is that ripple is not aiming the dumb bitcoin community anymore... People like pump and dump and that's it.

If you want to understand ripple you need to make some efforts, otherwise you just wait few months that it goes mainstream then some bloomberg guy will explain it to you the same way you learned about bitcoin...

[hdbuck]

What was wrong with the original model of ripple which was debt-based and didn't have a unit with a volatile value which could be pumped and dumped?

XRP's value is like a postage stamp, a transaction fee. It could be a good stepping stone to integrate with banking but its already getting left behind in that and many of its features can be handled with Bitcoin contracts.

except that bitcoin contracts don't exists and ripple is actually implementing contracts and features that ethereum are still trying to define ...

thats exactly what im betting on

edit: thx for the tip mah87

[TERA]

if ripplescam.org is misrepresenting facts, and the official ripple site is omitting them, then where are users expected to get the info?

then some bloomberg guy will explain it to you the same way you learned about bitcoin...

I don't think that's how most people here learned about Bitcoin. 

[bitjoint]

Ripple sounded like a great idea. Until I looked into it.

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[mah87]

if ripplescam.org is misrepresenting facts, and the official ripple site is omitting them, then where are users expected to get the info?

then some bloomberg guy will explain it to you the same way you learned about bitcoin...

I don't think that's how most people here learned about Bitcoin. 

yeah you learned through silkroad... so "underground" dude...

[mah87]

Ripple sounded like a great idea. Until I looked into it.

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5 people waiting for mainstream media to tell them they are wrong. This is crazy how people are reluctant to see innovation... You are reacting the same that people rejecting and mocking bitcoin in 2011-2012