Say bye to ripple, prepare to say bye to litecoin

[Rawted]

The problem with Ripple is that OpenCoin could be raided by the feds and then XRP are worth NOTHING.

Also, it isnt mined - and it isnt even close to being scarce. Its made by a FOR_PROFIT_PRIVATE_COMPANY. They have one goal. MAKE MONEY.

BTC and LTC dont have these problems...

You forgot it was developed by a for profit company, and they have held onto 25% of all XRP for themselves.

[dancupid]

But you can't use ripple unless you have xrp - they have to give it away. You can't buy ripples unless you have ripples already.
No average Joe will use ripple if Ripple don't give them free xrp.

Yes and no, yes they will give away quite a bunch, but at which rate?
I agree that current market prices are influenced by the sub sequential reduction of the rate they are given away on the forum. And once there is another giveaway prices might drop.

Now the assumption that the average joe won't use ripple unless it's gratis is flawed.
Think of this of how Second Life works: Linden Dollars are both traded on the market and supplied by Linden labs, the most straight-forward way to do this is for opencoin to sell XRP via credit card.
There would also be third party sites which sell them at a semi-fixed rate just like coinlab does.

They clearly have a long term business model - and I don't doubt the price of xrp plays a big role in this - but they have to reach a point of critical mass, where a good portion of the world's population have enough ripples to do business on ripple.
They are currently taking advantage of bitcoin users who are used to these cryptocurrencies (we enjoy playing this game) - they are using us as guinea pigs (and it's costing us more than a guinea).
Once we build their system with our involvement, and attract more users into an increasingly useful money transfer system, they will start to impart pressure on the value of xrp in order to make it trivial for Joe to enter this payment system.
They will manipulate the currency supply to their hearts content so as to maximize their long term profits.

(I've just persuaded myself that ripple is a scam. But a very useful scam that may change everything.)

[ple]

They will manipulate the currency supply to their hearts content so as to maximize their long term profits.

(I've just persuaded myself that ripple is a scam. But a very useful scam that may change everything.)

It's a scam if they manipulate the currency supply or for something else?

[ElectricMucus]

It's a scam the same way Bitcoin is a scam, depending of how you look at it, either all the way or not at all.

[chrono.v]

The problem with Ripple is that OpenCoin could be raided by the feds and then XRP are worth NOTHING.

Also, it isnt mined - and it isnt even close to being scarce. Its made by a FOR_PROFIT_PRIVATE_COMPANY. They have one goal. MAKE MONEY.

BTC and LTC dont have these problems...

You forgot it was developed by a for profit company, and they have held onto 25% of all XRP for themselves.

The problem is even worse, as the founders, employees, and investors are going to hold at least 50% of all XRPs.

Quite frankly I view such a business model as being disgusting. If they wanted so desperately to make money they should have created a distribution method based on misterbigg's idea, https://bitcointalk.org/index.php?topic=147700.0, or something better, and invested and mined it early on while not trying to monopolize it, instead of premining it and trying to convince the rest of the people that this is a great idea.

I sincerely hope that once it is open sourced, a competitor with a better distribution method is going to be developed.

Also, the argument that Bitcoin is just as centralized doesn't hold. Ripple is significantly more centrally held than Bitcoin when comparing the founders, employees, and investors of OpenCoin with the early adopters of Bitcoin.

[dancupid]

The problem with Ripple is that OpenCoin could be raided by the feds and then XRP are worth NOTHING.

Also, it isnt mined - and it isnt even close to being scarce. Its made by a FOR_PROFIT_PRIVATE_COMPANY. They have one goal. MAKE MONEY.

BTC and LTC dont have these problems...

You forgot it was developed by a for profit company, and they have held onto 25% of all XRP for themselves.

The problem is even worse, as the founders, employees, and investors are going to hold at least 50% of all XRPs.

Quite frankly I view such a business model as being disgusting. If they wanted so desperately to make money they should have created a distribution method based on misterbigg's idea, https://bitcointalk.org/index.php?topic=147700.0, or something better, and invested and mined it early on while not trying to monopolize it, instead of premining it and trying to convince the rest of the people that this is a great idea.

I sincerely hope that once it is open sourced, a competitor with a better distribution method is going to be developed.

Also, the argument that Bitcoin is just as centralized doesn't hold. Ripple is significantly more centrally held than Bitcoin when comparing the founders, employees, and investors of OpenCoin with the early adopters of Bitcoin.

You can use your analysis to make an investment decision - it's a free market. You have all the facts, as does everyone else.

[chrono.v]

The problem with Ripple is that OpenCoin could be raided by the feds and then XRP are worth NOTHING.

Also, it isnt mined - and it isnt even close to being scarce. Its made by a FOR_PROFIT_PRIVATE_COMPANY. They have one goal. MAKE MONEY.

BTC and LTC dont have these problems...

You forgot it was developed by a for profit company, and they have held onto 25% of all XRP for themselves.

The problem is even worse, as the founders, employees, and investors are going to hold at least 50% of all XRPs.

Quite frankly I view such a business model as being disgusting. If they wanted so desperately to make money they should have created a distribution method based on misterbigg's idea, https://bitcointalk.org/index.php?topic=147700.0, or something better, and invested and mined it early on while not trying to monopolize it, instead of premining it and trying to convince the rest of the people that this is a great idea.

I sincerely hope that once it is open sourced, a competitor with a better distribution method is going to be developed.

Also, the argument that Bitcoin is just as centralized doesn't hold. Ripple is significantly more centrally held than Bitcoin when comparing the founders, employees, and investors of OpenCoin with the early adopters of Bitcoin.

You can use your analysis to make an investment decision - it's a free market. You have all the facts, as does everyone else.

There is no doubt that Ripple is going to be succesful despite its drawback, but I still believe that a competitor will come, and that both currencies are going to compete against each other.

Ripple in many ways does seem as the perfect cryptocurrency, except for its distribution method and its supply, which should be multiplied by 100, so as to be usable up to the smallest transactions with a market capitalization of greater than 70 trillion current US dollars, given that the world is undergoing the phase of searching for the most ideal currency, a significant portion of the world still needs to industrialize, productivity can further increase by allowing unlike now for the free market to work, and productivity can increase even further through technology improvements.

[PeercoinEnthusiast]

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.

Great prediction.

[Boxman90]

Great prediction.

YOU make a rational prediciton upon the future of LTC then, right the fuck now, with current knowledge.

I'll be there in half a year to call you out on it and laugh at you.

Yawn.