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Author Topic: Why Ripple is Superior to Bitcoin...  (Read 5303 times)
bitaccumulation
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May 10, 2013, 09:22:24 PM
 #61

Ok, so if I want to do a payment or move some money - why should I use Ripple, when I already have Visa and PayPal, and perhaps also bitcoin?

The end user most likely won't be the one to choose this intially.  Most likely you will end up using Ripple because a company is using the system and you'll have a custom app to access it.

I think that Bitcoin users are having a hard time wrapping their head around this, because they are trying to fit the way Bitcoin got adopted to the way Ripple will be adopted and the two will not be the same.

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wingding
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May 10, 2013, 09:25:24 PM
 #62

Ok, so if I want to do a payment or move some money - why should I use Ripple, when I already have Visa and PayPal, and perhaps also bitcoin?

The end user most likely won't be the one to choose this intially.  Most likely you will end up using Ripple because a company is using the system and you'll have a custom app to access it.
Well, If I actually am the company, why do I use Ripple for my payments rather than the alternatives?

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May 10, 2013, 09:36:17 PM
 #63

Ok, so if I want to do a payment or move some money - why should I use Ripple, when I already have Visa and PayPal, and perhaps also bitcoin?
too bad you only have Visa and PayPal in the US.
In Europe many webshops have some online-banking connection to quickly transfer some money. instantly and free.  
(like IDEAL and Giropay). They solve the same issues as Ripple wants to solve, but with more security and protection (by banks, ironically.. Wink

(Paypall and Visa have never been that popular in Europe. personally I refuse to use it.)

... also SEPA (Single European Payment Area) seems to have been designed for all this.
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May 10, 2013, 09:40:16 PM
 #64

I apologize if someone has pointed this out already, but...OP, you do realize that Bitcoin and Ripple are entirely different virtual transaction utilities, right? Saying one is better than the other is like trying to explain why apples are better than oranges.


Bitcoin, brilliant in design, sidesteps the need for most of this trust.

Correct, for the most part anyway. Bitcoin was designed as an anonymous P2P system. Anything where a real world identity is unknown or otherwise obfuscated has a greater likelihood for a compromise of trust.

Bitcoin's base value comes from fanboys, folks willing to take a stand for their monetary ideology, but most importantly its usefulness in transactions that can't be done online for legal reasons or when a person would prefer not to reveal their identity.  Due to this base value, it has attracted speculators who have driven up its price way beyond its value based on its base uses.

Partially true. Bitcoin (as well as any niche item/product/tool) starts off as entirely "fanboy" based. As the virtual economy grows, and assuming it gathers attention along the way, so does the community around it. Growth in any financial area (whether commodities, currencies, company stock, etc) always attracts speculators...the same applies to Ripple. People are buying and selling XRP for BTC. Not sure if you knew this or not, but this is called speculation.

That said, in every day transactions, is it useful or practical for people to exchange their dollars (or other currency), pay 4% to move it to Bitinstant so they can get it into MTGOX, so that they can buy some Bitcoin (another 1/2 % fee), so that they can buy a pizza at their corner store?    I'm going to go out on a limb and say "no."

I'm going to go out on a limb here, but that scenario isn't intended for Bitcoin. However, if you change [a pizza] to [any non-perishable item] and [at their corner store] to [from anywhere in the world, and all anonymously], then I'd say "yes" it is worth it.

Opencoin, Inc., is smart in that they have printed up the currency in their instance of the pre-open source server almost like a stock issue. They have a certain number of shares that they are banking will increase in value, since xrp is the Bitcoin/gold in the Ripple system. They can hand out these "shares" like an IPO without the usual regulatory rigmorole and without having banks in between each transaction. Ingenious in my opinion. However, as mainly a transaction system, the value of the xrp will only increase and be worth something if Opencoin Inc. gains an early mover advantage in the market with their version of Ripple.

I think I have a better system, though it's along the same lines. Hear me out, I promise it's worth while:

What if we had sort of a paper currency..something we could hold in our hands and see with our own eyes? It would have to be distributed though, so I propose some sort of central agency that has all of the currency on reserve, and then from there they distribute it out to various nodes, which in turn come to us. It's an incredible "trust based" system, since trading the currency requires you to have an in-person interaction. In order to keep the currency flowing, we could do favors for each other (like mowing lawns, fixing cars, building computer systems, etc) and we would use this currency to compensate the person doing the work. If we get enough people to jump on this bandwagon, we could create an enormous economy seemingly overnight!

If they succeed then their xrp will be worth quite a bit, in my opinion.

Could be true. I happen to have a few XRP lying around not being used for anything...interested in buying?


Open-source, closed-source.  Who cares? 

I actually cringed when I read this, and I can tell others did as well. I wasn't cringing so much at the statement, but more at the thought of you losing about 90% of any credibility you had  Undecided

bitaccumulation
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May 10, 2013, 09:40:49 PM
 #65

Ok, so if I want to do a payment or move some money - why should I use Ripple, when I already have Visa and PayPal, and perhaps also bitcoin?

The end user most likely won't be the one to choose this intially.  Most likely you will end up using Ripple because a company is using the system and you'll have a custom app to access it.
Well, If I actually am the company, why do I use Ripple for my payments rather than the alternatives?

I should be more clear... these companies will most likely be financial type companies that are involved in money moving already.   Why would they use this?  Low to no cost of implementation and maintenance while simultaneously allowing your customers more services.  There might be other reasons too.   But those would be the top one's I would think.   Through this interface you could send $120 US to someone by sending BTC,  or 300 EU by sending an equivalent in LTC.   If two banks you deal with are on the system you could send your money from one to the other account instantly.   A merchant would be able to accept 100's of currencies if they wanted to without using different merchant providers, you could send $100 from your bank account to your friend in Italy without having the extra step of sending it to a Paypal. etc. etc.  

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bitaccumulation
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May 10, 2013, 09:51:42 PM
 #66

Could be true. I happen to have a few XRP lying around not being used for anything...interested in buying?

Sure.  How much do you have and what do want for it?


Open-source, closed-source.  Who cares?

I actually cringed when I read this, and I can tell others did as well. I wasn't cringing so much at the statement, but more at the thought of you losing about 90% of any credibility you had  Undecided


Yeah, the issue here isn't whether it's open or closed source.  The issue is that the Ripple payment system has a better chance of making alternative currencies (including Bitcoin) more mainstream than Bitcoin does.  However, it's hard to get you guys to think of anything other than the currency side of all this.  That said, Opencoin said they'll be releasing the open source after Ripple comes out of Beta and I imagine if they don't then the project would end up failing.  

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May 10, 2013, 09:52:23 PM
 #67

Ok, so if I want to do a payment or move some money - why should I use Ripple, when I already have Visa and PayPal, and perhaps also bitcoin?

This ^^^ and the fact that I use cash all the time too. I never bought the hype about cash being a pain in the ass. I love using cash.

The real problem is that I can get cash back already using various credit cards and debit cards. I know plenty of people who get free flights or other perks from using something other than cash that already exists. Why would they want to switch to "ripple".

Bitcoin has its place for sure and always, but ripples place was filled by Credit in the 80's, and Debit in the 90's. Once you add the perks for these cards and the fact that people are so used to using them you can see why most people will never switch out of what they already have today for most small and quick purchases.
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May 10, 2013, 09:57:59 PM
 #68

Ok, so if I want to do a payment or move some money - why should I use Ripple, when I already have Visa and PayPal, and perhaps also bitcoin?

The end user most likely won't be the one to choose this intially.  Most likely you will end up using Ripple because a company is using the system and you'll have a custom app to access it.
Well, If I actually am the company, why do I use Ripple for my payments rather than the alternatives?

I should be more clear... these companies will most likely be financial type companies that are involved in money moving already.   Why would they use this?  Low to no cost of implementation and maintenance while simultaneously allowing your customers more services.  There might be other reasons too.   But those would be the top one's I would think.   Through this interface you could send $120 US to someone by sending BTC,  or 300 EU by sending an equivalent in LTC.   If two banks you deal with are on the system you could send your money from one to the other account instantly.   A merchant would be able to accept 100's of currencies if they wanted to without using different merchant providers, you could send $100 from your bank account to your friend in Italy without having the extra step of sending it to a Paypal. etc. etc.  
Low cost and easy implementation are sound arguments. But exchange between currencies is really not a problem with credit cards either. It is no problem to do online purchase in a different currency than your own with a credit card. The card company do the exchange for you. (and their exchange rates are not bad)

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May 10, 2013, 10:01:08 PM
 #69

Sure.  How much do you have and what do want for it?

50,000 XRP on hand ..since it's a revolutionary system and clearly superior to Bitcoin, I'd be willing part with it for a mere BTC500. Should be a steal once XRP takes off.

Naturally I'm willing to negotiate.

bitaccumulation
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May 10, 2013, 10:02:35 PM
 #70

Low cost and easy implementation are sound arguments. But exchange between currencies is really not a problem with credit cards either. It is no problem to do online purchase in a different currency than your own with a credit card. The card company do the exchange for you. (and their exchange rates are not bad)

I was just giving some end use examples.  These type of things could be done with or without your bank.  Once something is in Ripple you can work with anyone else in Ripple.  So if someone gets in through their bank and I get in through my bank, we can do transactions with each other that don't involve either of our banks.   I could pay you BTC and never have touched a Bitcoin, if that's all you take when we do a transaction (and no banks need to be involved).  This is why I am saying that I think reaching a critical mass of users is important in Opencoin's business plan (my opinion only - I don't have anything to do with Opencoin Inc.) before they release the open source code.   Users are what will make Ripple powerful as a payment system - not the price of xrp (or even xrp at all).

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bitaccumulation
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May 10, 2013, 10:14:02 PM
 #71

Sure.  How much do you have and what do want for it?

50,000 XRP on hand ..since it's a revolutionary system and clearly superior to Bitcoin, I'd be willing part with it for a mere BTC500. Should be a steal once XRP takes off.

Naturally I'm willing to negotiate.

I'll give you BTC4 for the 50,000 XRP.

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May 10, 2013, 10:20:16 PM
 #72

Sure.  How much do you have and what do want for it?

50,000 XRP on hand ..since it's a revolutionary system and clearly superior to Bitcoin, I'd be willing part with it for a mere BTC500. Should be a steal once XRP takes off.

Naturally I'm willing to negotiate.

I'll give you BTC4 for the 50,000 XRP.

How many XRP do you need to get to the next level?   Smiley

Seriously, I was hoping for a retort to my post asking why people would give up free airline tickets and 1% cash back from debit cards. Cards they already have in their wallets.
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May 10, 2013, 10:24:42 PM
 #73



How many XRP do you need to get to the next level?   Smiley

Smiley

Quote
Seriously, I was hoping for a retort to my post asking why people would give up free airline tickets and 1% cash back from debit cards. Cards they already have in their wallets.

No retort.  I imagine these things would end up in Ripple too.  Either directly through the card companies or through 3rd parties.   You'd get your airline points or credit card points or whatever (which are essentially another currency), and these could be paid by the company directly into your Ripple account which you could then trade for BTC or do whatever you wanted with them.  I could pay for my pizza in airline points. Smiley  Seriously.  The merchant would get US dollars (if that's what they sold pizza in) and I could pay with my AA frequent flyer miles.  Can your bank do that?

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May 10, 2013, 10:27:26 PM
 #74

Ok, so if I want to do a payment or move some money - why should I use Ripple, when I already have Visa and PayPal, and perhaps also bitcoin?

I think, for exchange of your bitcoins into other currencies. Distributed exchange is built in into ripple.

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May 10, 2013, 10:32:38 PM
 #75

Sure.  How much do you have and what do want for it?

50,000 XRP on hand ..since it's a revolutionary system and clearly superior to Bitcoin, I'd be willing part with it for a mere BTC500. Should be a steal once XRP takes off.

Naturally I'm willing to negotiate.

I'll give you BTC4 for the 50,000 XRP.

Ha, way to low ball it. A quick look at the Currency Exchange subforum and I've found 4 threads with better offers.

Seems somebody doesn't have as much faith in Ripple as they claim Wink

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May 10, 2013, 10:34:52 PM
 #76

I think the hardest part for people when they approach Ripple, is that they are approaching it like a currency start-up (like Bitcoin).   A new Bitcoin-like currency could be released open-source and no specific amount of users would be required to have it be used as a currency (in fact this happens every day on this sub-forum).   However, when you are looking at something as a payment system that includes all currencies then adoption of the payment system is a priority and a requirement for it to be a success.   And until that happens the currency inside that system is essentially worthless (it's only worth right now is speculative and for transaction fees for the small number of Beta testers).

The successful approach to each of these two scenarios is not the same.

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May 10, 2013, 10:41:59 PM
 #77

There is no way Ripple is better than Bitcoin, I doubt if it will even make a ripple in the crypto-coin market.

It's nothing but a scam from the developers to get noobs to buy into a coin that the devs have a massive stash of which took little effort to mine.

It's the massive mining effort from countless people, that gives Bitcoin it's value.

 
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May 10, 2013, 10:42:03 PM
 #78


50,000 XRP on hand ..since it's a revolutionary system and clearly superior to Bitcoin, I'd be willing part with it for a mere BTC500. Should be a steal once XRP takes off.


Get off. Ripple is a piece of crap. Why don't you send me your 50,000 XRP and I send you 0.1 of my precious BTC?

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May 10, 2013, 10:44:26 PM
 #79

Sure.  How much do you have and what do want for it?

50,000 XRP on hand ..since it's a revolutionary system and clearly superior to Bitcoin, I'd be willing part with it for a mere BTC500. Should be a steal once XRP takes off.

Naturally I'm willing to negotiate.

I'll give you BTC4 for the 50,000 XRP.

I curse you. You are destroying the market Smiley
 

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May 10, 2013, 10:46:57 PM
 #80

So how does it work? If I want to transfer 1 BTC to my friend John Doe - do I need to buy some XRP or pay a fee of the transaction?

............It's never late to buy BTC for $1.........
........Services-backed cryptocurrency of $1 000 000 000 000 market .........
..............
...........PRE ICO            Sep.27 – Oct.04............
       ............ICO            Oct.10 – Nov.07............
...................ANN thread      Bounty....................

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