Say bye to ripple, prepare to say bye to litecoin

[RationalSpeculator]

My opinion on Ripple is that it's not needed. When you lend bitcoins or fiat, you are also creating debt out of thin air, and when the debt is repaid, it vanishes. Sure a system that allows you to lend/borrow bitcoins based on reputation might have it's use but such system does not need it's own kind of currency like ripple. The market value of ripples is crashing and for good reason I believe. Litecoin shares the same faith in my opinion. I remember a book I read at the time from Sony or Philips and there the mantra is, a new technology needs to have at least 7 big innovations for it to have a chance to succeed. Bitcoin has that over fiat and gold, Litecoin does not have that over bitcoin. Litecoin is a copycat with very few innovations over bitcoin. In a network environment where the value comes from the amount of participants, copycats do not have a chance.

From an investor's perspective the altcoins are like low end real estate. In a real estate boom it goes up even more than quality real estate, but it loses much more value when the inevitable crash comes. And chances are that it will never recover but will be bulldozered down, as no one needs it anymore. Whereas the quality real estate, although highly undervalued, will continue to stand as there continues to be a need for it. I might be totally wrong so counterarguments are very welcome.


Ps: Also note that the analogy made for litecoin that it is silver versus bitcoin gold is not valid. When gold was money, there was not enough of it, so silver was also used as money. There are enough bitcoins to serve the whole world.

[thep33t]

My opinion on Ripple is that it's not needed. When you lend bitcoins or fiat, you are also creating debt out of thin air, and when the debt is repaid, it vanishes. Sure a system that allows you to lend/borrow bitcoins based on reputation might have it's use but such system does not need it's own kind of currency like ripple. The market value of ripples is crashing and for good reason I believe. Litecoin shares the same faith in my opinion. I remember a book I read at the time from Sony or Philips and there the mantra is, a new technology needs to have at least 7 big innovations for it to have a chance to succeed. Bitcoin has that over fiat and gold, Litecoin does not have that over bitcoin. Litecoin is a copycat with very few innovations over bitcoin. In a network environment where the value comes from the amount of participants, copycats do not have a chance.

From an investor's perspective the altcoins are like low end real estate. In a real estate boom it goes up even more than quality real estate, but it loses much more value when the inevitable crash comes. And chances are there that it will never recover but will be bulldozered down, as no one needs it anymore. Whereas the quality real estate, although highly undervalued, will continue to stand as there continues to be a need for it. I might be totally wrong so counterarguments are very welcome.


Ps: Also note that the analogy made for litecoin that it is silver versus bitcoin gold is not valid. When gold was money, there was not enough of it, so silver was also used as money. There are enough bitcoins to serve the whole world.

Really now? That would only be true for a largescale adoption is BTC price was in the millions. Of course, 'early adopters' would be happy, but little sally would have to be content with her $1 satashi.

[TTBit]

Debt, lending, creating out of thin air? Don't deal with those gateways. The gateway dividendrippler.com backs all IOUs with specie BTC/LTC/TRC 1:1 ratio. No BTC are created. While not supported yet, we can easily prove we control all BTC/LTC/TRC and the amount of IOUs are public information. It would be 1:1 ratio at all times.


Why does one need ripple?

What if you trust Bitstamp or DividendRippler more than the guy paying you in BTC? No need to wait for confirms, as all IOUs have gone through the process of confirmation.

Think how exchanges work: Bitstamp, MtGox, Btc-e, etc.. All have their own trading software, their own matching algos, and their own IOU system in place. All have their own rules for depositing and withdrawing. Little redundant, dont you think? Why not have a decentralized system that everyone can use? Now you only need a gateway to specialize in accepting and redeeming IOUs.

[EuroTrash]

Uhmm.

7000 accounts on ripple.com right now. Yesterday when I checked they were 6700. (Source: ripplecharts.com)
Doesn't look to me like they are dying. Not yet at the very least. If that's a bubble it's still expanding not collapsing.

[RationalSpeculator]

Ps: Also note that the analogy made for litecoin that it is silver versus bitcoin gold is not valid. When gold was money, there was not enough of it, so silver was also used as money. There are enough bitcoins to serve the whole world.

Really now? That would only be true for a largescale adoption is BTC price was in the millions. Of course, 'early adopters' would be happy, but little sally would have to be content with her $1 satashi.

Little sally is perfectly happy with her $1 today too. Or what's the smallest $ today?

[oakpacific]

My opinion on Ripple is that it's not needed. When you lend bitcoins or fiat, you are also creating debt out of thin air, and when the debt is repaid, it vanishes. Sure a system that allows you to lend/borrow bitcoins based on reputation might have it's use but such system does not need it's own kind of currency like ripple. The market value of ripples is crashing and for good reason I believe. Litecoin shares the same faith in my opinion. I remember a book I read at the time from Sony or Philips and there the mantra is, a new technology needs to have at least 7 big innovations for it to have a chance to succeed. Bitcoin has that over fiat and gold, Litecoin does not have that over bitcoin. Litecoin is a copycat with very few innovations over bitcoin. In a network environment where the value comes from the amount of participants, copycats do not have a chance.

From an investor's perspective the altcoins are like low end real estate. In a real estate boom it goes up even more than quality real estate, but it loses much more value when the inevitable crash comes. And chances are there that it will never recover but will be bulldozered down, as no one needs it anymore. Whereas the quality real estate, although highly undervalued, will continue to stand as there continues to be a need for it. I might be totally wrong so counterarguments are very welcome.


Ps: Also note that the analogy made for litecoin that it is silver versus bitcoin gold is not valid. When gold was money, there was not enough of it, so silver was also used as money. There are enough bitcoins to serve the whole world.

This is the altcoin subforum so I am not expecting balanced opinions on replies, but I want to expound a bit on the "copycats do not have a chance" thing.

The way I look at it is, that the digital currency world is actually much more cruel than that of PMs， as there is an inherent risk associated with copying Bitcoin's model of blockchain-you need to survive at the mercy of the Bitcoin network, some Bitcoiners can conduct a 51% attack on your network either with their big GPU farms or through botnets if they really feel the need to protect their stash, the most powerful network always wins, and the smaller ones could fail because no one will be interested in a unusable network.

As for Ripple, it's essentially a centralized network, and if I want to process my transaction centrally, I would rather go to some certified pros to do it in a legally enforceable way.

[RationalSpeculator]

Debt, lending, creating out of thin air? Don't deal with those gateways. The gateway dividendrippler.com backs all IOUs with specie BTC/LTC/TRC 1:1 ratio. No BTC are created. While not supported yet, we can easily prove we control all BTC/LTC/TRC and the amount of IOUs are public information. It would be 1:1 ratio at all times.


Why does one need ripple?

What if you trust Bitstamp or DividendRippler more than the guy paying you in BTC? No need to wait for confirms, as all IOUs have gone through the process of confirmation.

Think how exchanges work: Bitstamp, MtGox, Btc-e, etc.. All have their own trading software, their own matching algos, and their own IOU system in place. All have their own rules for depositing and withdrawing. Little redundant, dont you think? Why not have a decentralized system that everyone can use? Now you only need a gateway to specialize in accepting and redeeming IOUs.

I don't understand. I'm sorry.

That's another problem of ripple: complicated.

Please explain like I am a 5 year old.

[RationalSpeculator]

Uhmm.

7000 accounts on ripple.com right now. Yesterday when I checked they were 6700. (Source: ripplecharts.com)
Doesn't look to me like they are dying. Not yet at the very least. If that's a bubble it's still expanding not collapsing.

I was referring to the value of the ripple currency.

Thanks for sharing that the amount of accounts is expanding rapidly.

From a critical perspective though it's very low considering the amount of exposure it has had on bitcoin forum and reddit.

In contrast to Litecoin, Ripple looks to me deadborn as the numbers you quote are negligible.

So I'm thinking, most also don't get it, like me.

Again, I might be totally wrong. Just my impressions.

[freequant]

The market value of ripples is crashing and for good reason I believe.

Crashing as in "rocketing up big time" you mean?

[scotjam]

Litecoin has value over and above bitcoin because transfers are faster. In fact, there isn't really a reason for bitcoin to exist (sacrilege I know) once litecoin becomes mainstream, because it's the same but slower.

Feathercoin, CHNCoin etc offer no benefit over litecoin, however...

[Deafboy]

transfers are faster

As far as I know, this is a misconception of how blockchain works. Correct me if I'm wrong.

edit: Litecoin block-rate is 2.5 minutes on average. My point is: Try to make successfull double-spend on Bitcoin network after 2.5 minutes. (excl. "dust" outputs)

[Notanon]

What it boils down to at the end of the day is that there needs to be a fairly standardised and easy to use interface to allow goods to be purchased electronically using altcoins (either one type or a combination of several in one payment) and be able to convert them into fiat at the merchant end fairly quickly to pay suppliers, rent and so forth, or else all cryptocurrencies will become follies. Whether that be Ripple or something else coming up on the horizon, something will be needed and soon. No interface = GAME OVER.

[237]

iPhone and iPad are both copycats. Enough said.

[mc_lovin]

Litecoin isn't governed by "the Foundation" therefore it has something that Bitcoin doesn't.

[dancupid]

The market value of ripples is crashing and for good reason I believe.

It's the value of Bitcoin that is crashing.
Last week 20,000 xrp could buy 1 bitcoin, now you need less than 10,000 - the value of xrp has doubled against bitcoin.
You need to swap the axes.

(NB - I think these prices are completely irrational  - 7000 people trading their gifted xrp ignoring the other 99.7billion yet to be released to the public).

But Ripple isn't worthless.

[ElectricMucus]

I told you XRP gonna take off.

1 BTC is currently worth between 8750 and 5000 XRP. No end in sight....

[RationalSpeculator]

Litecoin has value over and above bitcoin because transfers are faster. In fact, there isn't really a reason for bitcoin to exist (sacrilege I know) once litecoin becomes mainstream, because it's the same but slower.

Feathercoin, CHNCoin etc offer no benefit over litecoin, however...

Did you even read my post? Please try to refute the argument.

[RationalSpeculator]

The market value of ripples is crashing and for good reason I believe.

Crashing as in "rocketing up big time" you mean?

Oeps, thanks for correcting.

Still my argument stands. The market is also valuing Litecoin mostly up until now.

[RationalSpeculator]

iPhone and iPad are both copycats. Enough said.

Copycats, as in copying a successful product?

If yes, what successful product did they copy?

[RationalSpeculator]

This is the altcoin subforum so I am not expecting balanced opinions on replies, but I want to expound a bit on the "copycats do not have a chance" thing.

The way I look at it is, that the digital currency world is actually much more cruel than that of PMs， as there is an inherent risk associated with copying Bitcoin's model of blockchain-you need to survive at the mercy of the Bitcoin network, some Bitcoiners can conduct a 51% attack on your network either with their big GPU farms or through botnets if they really feel the need to protect their stash, the most powerful network always wins, and the smaller ones could fail because no one will be interested in a unusable network.

As for Ripple, it's essentially a centralized network, and if I want to process my transaction centrally, I would rather go to some certified pros to do it in a legally enforceable way.

Good arguments. Thanks for adding these.