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Author Topic: So what do I do with my ripples?  (Read 683 times)
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April 21, 2013, 02:56:31 PM
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The question is serious. I still don't understand how or why you would use it, where you can use it etc.

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April 21, 2013, 02:59:05 PM
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I thought originally the idea was that they were supposed to be like "postage stamps" for doing transactions - but it seems a clever bit of social engineering has changed all that.

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April 21, 2013, 04:09:36 PM
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I still don't understand how or why you would use it, where you can use it etc.
Personally, I'd suggest only getting enough XRP to be above the reserve requirements and then ignoring XRP. The only things you might want/need an excess of XRP for are things like:
  • helping start friends out with new Ripple accounts
  • if someone is selling something priced in XRP
  • if you're doing advanced  cross currency arbitrage between more than three currencies
  • speculating on the price (I wouldn't, but of course anything that can be speculated on will be)
  • ??
For the first two I'd just buy them as needed. For the second, I'd recommend people generally not price things in XRP unless they have a special reason to. The third and forth are for advanced traders that presumably know what their getting into.

If instead of "what do I do with my ripples" (lowercase 'r' ripples is XRP), you meant "What can I do with Ripple" that's a whole different question. Until there are more people/merchants accepting payments via Ripple (at which point that will likely be the main use of it) the biggest uses are for currency exchange (including non-fiat like SSL, TRC, etc) in any combination, trading things that have no other convenient market (e.g.TTBit's DYM, pre1964 silver US dimes), moving USD between gateways/exchanges cheaply and fast, handling small payments/debts between friends and co-workers, etc.

IMO, Ripple questions are best asked (and answered) on the Ripple forum and/or StackExchange
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April 21, 2013, 06:12:08 PM
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The question is serious. I still don't understand how or why you would use it, where you can use it etc.

There are two purposes for ripples:*
1 - Use them to move debt around just like banks do, so you can take part in "real" finance and literally be your own bank.
2 - Exchange your Bitcoins for more ripples to move more debt around. You buy more from (opencoin)+(users that got free ripples) selling them on the open market, I think its a "sell as many ripples for Bitcoins as we can before people find out and stop buying these closed source premined coins for extreme prices" type of deal.

Everyone who gets their free ripples thinks they are a winner, the real winner is opencoin who hold over a million Bitcoins worth of these ripples that they generated and exist solely in a closed source network.

I continue to congratulate Opencoin. Good job on getting suckers to give you free Bitcoins, I wish I was as smart as you!


*I admit there is a 0.01% chance I am wrong and opencoin isn't a Bitcoin land grab scam. (You have to admit its rather weird that the main activity taking place on the closed source centralized ripples network is people exchanging ripple for Bitcoins.)
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April 21, 2013, 06:13:24 PM
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The question is serious. I still don't understand how or why you would use it, where you can use it etc.

There are two purposes for ripples:*
1 - Use them to move debt around just like banks do, so you can take part in "real" finance and literally be your own bank.
2 - Exchange your Bitcoins for more ripples to move more debt around. You buy more from (opencoin)+(users that got free ripples) selling them on the open market, I think its a "sell as many ripples for Bitcoins as we can before people find out and stop buying these closed source premined coins for extreme prices" type of deal.

Everyone who gets their free ripples thinks they are a winner, the real winner is opencoin who hold over a million Bitcoins worth of these ripples that they generated and exist solely in a closed source network.

I continue to congratulate Opencoin. Good job on getting suckers to give you free Bitcoins, I wish I was as smart as you!


*I admit there is a 0.01% chance I am wrong and opencoin isn't a Bitcoin land grab scam. (You have to admit its rather weird that the main activity taking place on the closed source centralized ripples network is people exchanging ripple for Bitcoins.)
Debt of what? Debt to who? As far as I'm concerned, I don't owe anyone anything.

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April 21, 2013, 07:50:18 PM
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For now, I'm just sitting on mine, which is pretty much what anyone else is doing since it doesn't seem like the system is fully up and running yet. That seems to be the case with ANY cryptocurrency until some sort of infrastructure and economy are built for them.... back in 2009 or 2010, what could you REALLY do with Bitcoins? Not nearly as much as today.

As for that infrastructure thing, I just saw today that ABitBack.com is "soon" going to be offering Ripples among their rewards, in addition to Bitcoin and Litecoin (thread here: https://bitcointalk.org/index.php?topic=173660.0). ABitBack is one of those sites where you complete offers (watch a movie, fill out a survey, download a game, etc) and earn points which convert to Bitcoins when you cash them out. I've had pretty good luck with them (339 points in about a week, and I wasn't even trying that hard), so if you dig that sort of thing, you might want to check them out.

I'm more excited by the fact that they offer Litecoin as a reward, since there's so few ways to get them right now other than mining (compared to Bitcoin, that is). Once the Ripple reward is up and running, I MIGHT cash in for them, too.... who knows?

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April 21, 2013, 07:53:25 PM
 #7

The question is serious. I still don't understand how or why you would use it, where you can use it etc.

There are two purposes for ripples:*
1 - Use them to move debt around just like banks do, so you can take part in "real" finance and literally be your own bank.
2 - Exchange your Bitcoins for more ripples to move more debt around. You buy more from (opencoin)+(users that got free ripples) selling them on the open market, I think its a "sell as many ripples for Bitcoins as we can before people find out and stop buying these closed source premined coins for extreme prices" type of deal.

Everyone who gets their free ripples thinks they are a winner, the real winner is opencoin who hold over a million Bitcoins worth of these ripples that they generated and exist solely in a closed source network.

I continue to congratulate Opencoin. Good job on getting suckers to give you free Bitcoins, I wish I was as smart as you!


*I admit there is a 0.01% chance I am wrong and opencoin isn't a Bitcoin land grab scam. (You have to admit its rather weird that the main activity taking place on the closed source centralized ripples network is people exchanging ripple for Bitcoins.)
Debt of what? Debt to who? As far as I'm concerned, I don't owe anyone anything.

I'm with you. That's not MY debt.... I didn't sign any contract ("social contract" be damned!)

As for this mention of getting people to pay Bitcoins for Ripples.... who did THAT? They're giving away 20,000 XRP for FREE right now, so why pay for any?

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April 22, 2013, 03:15:02 AM
 #8

The question is serious. I still don't understand how or why you would use it, where you can use it etc.

There are two purposes for ripples:*
1 - Use them to move debt around just like banks do, so you can take part in "real" finance and literally be your own bank.
2 - Exchange your Bitcoins for more ripples to move more debt around. You buy more from (opencoin)+(users that got free ripples) selling them on the open market, I think its a "sell as many ripples for Bitcoins as we can before people find out and stop buying these closed source premined coins for extreme prices" type of deal.

Everyone who gets their free ripples thinks they are a winner, the real winner is opencoin who hold over a million Bitcoins worth of these ripples that they generated and exist solely in a closed source network.

I continue to congratulate Opencoin. Good job on getting suckers to give you free Bitcoins, I wish I was as smart as you!


*I admit there is a 0.01% chance I am wrong and opencoin isn't a Bitcoin land grab scam. (You have to admit its rather weird that the main activity taking place on the closed source centralized ripples network is people exchanging ripple for Bitcoins.)
Debt of what? Debt to who? As far as I'm concerned, I don't owe anyone anything.

I'm with you. That's not MY debt.... I didn't sign any contract ("social contract" be damned!)

As for this mention of getting people to pay Bitcoins for Ripples.... who did THAT? They're giving away 20,000 XRP for FREE right now, so why pay for any?

If people were not selling ripples for Bitcoin then the exchange on the ripple network that has people actively trading ripple for Bitcoin wouldn't exist, would it?
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April 22, 2013, 03:24:20 AM
 #9

I... just.... don't... get.... it.


Is it like special drawing rights on the IMF?

Is it like dollars as a reserve currency after Bretton Woods?

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April 22, 2013, 03:25:13 AM
 #10

If anyone is willing to sell me 300 ripples let me know

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April 22, 2013, 03:27:00 AM
 #11

You'll need XRP for trust connections.

Yeah I thought XRP didn't neccessarily need to have value.  But, everyone seems to think so.  And then they get angry that Opencoin "premined" so many coins.  Huh
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