Why Ripple is Superior to Bitcoin...

[yvv]

You don't seem to understand that debt equals to slavery.

This  is a stupidest statement I'v ever heard. If you was born in human society, you are in debt. No matter if you are slave or a king, you are in debt. This is how nature works. Human species live in herd since a birth of humanity. If you want to be free, go live in desert alone, eat peyotes.

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[yvv]

I understand debt just as well as anyone else.  I don't have any.

You, lucky bustard.

[nyusternie]

What page are you referring to?

It only matters that it's closed-source if they don't open the source to the public after it's out of Beta like they promised.

But, because you guys can't seem to get your brains off the little details (or even the big details) that are irrelevant to the big picture...

Imagine for a moment that Opencoin keeps their server software closed for YEARS.  That's right YEARS.   And during those years they manage to get all kinds of financial providers to use their system.  They help them create custom front-ends so that it works seamlessly with the current banking system, people have apps on their computers, etc. etc.

Then once a critical mass of adoption as a payment system has been reached, they release the code to the public... and the code reviewers find that XRP is just as secure as Bitcoin.    At that point, does it matter?  I think not.   I think xrp would rapidly become the most valuable virtual currency simply because the payment system ecosystem would make it the most trust-free asset to have within that system.

It doesn't matter if Ripple is the system that makes this happen or some other system.  The important thing is (IMHO), is that PAYMENT SYSTEM adoption must come first and must be inclusive of existing legal tender, and that payment system adoption will lead to better widespread adoption of the virtual currency vs. doing it the way Bitcoin (backwards).  The thing is - all Bitcoiners think that every currency must come up the same way.   That is not the case.

lmfao .. oh man! i have just been waiting for anyone to claim this. and no; i don't believe you speak FOR open coin inc, but its still good to hear someone FINALLY just say it.

furthermore; what kind of a masochist must you be to step into a crypto-community board and argue in favor of, "TRUST US! we PROMISE! we'll do the right thing EVENTUALLY"? this thread made my stomach hurt, but i haven't had a good laugh like that in quite a while.

thanx op
 

[Exoskeleton]

You don't seem to understand that debt equals to slavery.

This  is a stupidest statement I'v ever heard. If you was born in human society, you are in debt. No matter if you are slave or a king, you are in debt. This is how nature works. Human species live in herd since a birth of humanity. If you want to be free, go live in desert alone, eat peyotes.

Im not one to go to war on an internet forum, but really? Born into debt? There is a documentary about life in Jamaica I saw as a teen that I think was called "Life and Debt". That is real life in debt my friend. That is a situation that is unfair in every way, shape, and form to those born into it. Most people in the US, most of Europe, and developed Asia (most of us with internet access lets say) have the free will to get into legal debt after the age of 18. I know in the US no debt you get before the age of 18 counts because you were a minor and it won't stick as lifetime debt.

I worked through college while 90% of people I knew surfed on loans and their parents money. I did this because I didn't want to pay some odd % every year on money that I never had forever. I saw the long term future goal was worth working harder for today. I worked while they slept. This was my choice alone and I suffered for it, but now I gain in a big way because I paid what I could every month with the money I made as a teen/college student.

Debt can be very close to slavery depending on the conditions. It can actually be the same thing as was the case with the indentured servant concept that was almost as good as slavery after slaves were "freed" in the US. While this is no longer the case in "developed nations" this is very much the case in "3rd world contries" that we have helped to perpetuate into a death spiral of debt in parts of south america, asia, africa, ect.

If we are going to let a large part of the world suffer in unspeakable conditions we should at least be honest with our own privilage to choose to take on debt because we want more than we can afford. We have such a strange capacity to look at our own situations as sooooo bad when people around the world have it 10x worse. I knew a girl that had a fit and cried because the new BMW she got on her 16th birthday had a mismatched "ugly" roof color. Case in point.

[yvv]

Debt can be very close to slavery depending on the conditions.

This is true. When you borrow some money from your neighbor it is not a slavery. I did this a lot when I was a student. I borrowed from my friends when I needed to survive to next scholarship, and gave loans to my friends when they were in need. Slavery begins when your debt becomes somebody's income.

[Rampion]

Debt can be very close to slavery depending on the conditions.

This is true. When you borrow some money from your neighbor it is not a slavery. I did this a lot when I was a student. I borrowed from my friends when I needed to survive to next scholarship, and gave loans to my friends when they were in need. Slavery begins when your debt becomes somebody's income.

You are describing ripples business model in your last sentence

[yvv]

Debt can be very close to slavery depending on the conditions.

This is true. When you borrow some money from your neighbor it is not a slavery. I did this a lot when I was a student. I borrowed from my friends when I needed to survive to next scholarship, and gave loans to my friends when they were in need. Slavery begins when your debt becomes somebody's income.

You are describing ripples business model in your last sentence

No. If I use ripple, I owe noting to Open Coin. The only way they can get your money is if you buy xrp from them.

[erk]

Ripples (XRP) - http://ripple.com , no mining - all coins available at start 80% foundation, and 20% develeopers. centralized, not opensource. not designed to be a currency, but an IOU exchange. Very innovative and usefull, but "not a coin"

Taken straight from the description of the various coins in the stick of this forum.

[bitaccumulation]

Ripples (XRP) - http://ripple.com , no mining - all coins available at start 80% foundation, and 20% develeopers. centralized, not opensource. not designed to be a currency, but an IOU exchange. Very innovative and usefull, but "not a coin"

Taken straight from the description of the various coins in the stick of this forum.

Who cares if it was taken from the description of various coins in the stick of this forum?  It's partially right and partially wrong - the source of the information is irrelevant.

ripples (xrp) ARE designed to be a currency.   ripples (XRP) are different than Ripple.  Ripple is a distributed payment system, ripples are the Bitcoin like currency within the Ripple system.

ripples (xrp) ARE a type of coin.

Someone should edit the thread that you got that from.

[autodidactic]

Most of the transactions we currently do in the financial realm of our lives rely on trust based systems.

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

Bitcoin is a sort of digital gold with a built in transaction system.  Awesome and very useful.

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.

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."

This is the MAIN problem with Bitcoin.  It is not useful as a transaction system to purchase every day items and does not fit well into the current system.   Would you exchange your dollars for euros to buy a pizza in the USA?   Then why would you do that with Bitcoin?  You wouldn't unless you already had a bunch of Bitcoin or you were living your ideology.

Ripple on the other hand, is first and foremost a PAYMENT AND TRANSACTION SYSTEM.   It can handle trust based transactions that people currently use and will therefore be readily accepted into everyday use (unlike Bitcoin).

So where does XRP and ripples (the currency in Ripple) fit in this equation?

I'm guessing but...

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.

Anyone can make a Facebook clone even though Facebook isn't open source. The software isn't what makes Facebook worth something. It's the network of people and the infrastructure possible because of it. I think Opencoin is attempting to reach the critical mass needed to make sure that their instance of the server is looked at more favorably because of the network adoption vs. a clone.

If they succeed then their xrp will be worth quite a bit, in my opinion. If they don't they can still make money consulting with people running or implementing the software. The former would be preferable I would think.

So Ripple is taking the exact opposite approach of Bitcoin to gain adoption of xrp.   Bitcoin people have to convince others to use Bitcoin in situations where they would normally use their regular currency.   Ripple will merely need to get people to use their payment network for currencies they are already used to (by partnering with banks and other financial services) and xrp will become valuable as a result of that (it being the only trust-free currency in Ripple).

Your post betrays your ignorance of simple economics. I recommend a crashcourse; look up Fredrick Bisait, Rothbard, and Mieses.

[bitaccumulation]

Your post betrays your ignorance of simple economics. I recommend a crashcourse; look up Fredrick Bisait, Rothbard, and Mieses.

You've said.... ABSOLUTELY NOTHING OF SUBSTANCE.

I have read all of Mises' and Rothbard's books (including Rothbard's long but awesome history of the USA).    Not sure what this has to do with my OP, but that's simply because you haven't made ANY argument at all.   Should you decide to do so, I'd be happy to retort.

[Chainsaw]

Ripple makes me uneasy for a few reasons, chiefly the volume of its currency pre-allocated to its innovators, and the risk associated with its centralization.

I took a stab at identifying a payment layer that could ease the barrier to entry for merchants to accept bitcoin.

https://bitcointalk.org/index.php?topic=204140.msg2137867#msg2137867

My take is that for Bitcoin to jump to the next level of adoption, tools such as these will need to be designed to reduce friction when trying to initially fund bitcoins, find merchants willing to pay, etc.

Something like this needs to be designed soon, IMHO, or companies will begin inventing their own virtual currencies, much as Amazon most recently announced.

[autodidactic]

Your post betrays your ignorance of simple economics. I recommend a crashcourse; look up Fredrick Bisait, Rothbard, and Mieses.

You've said.... ABSOLUTELY NOTHING OF SUBSTANCE.

I have read all of Mises' and Rothbard's books (including Rothbard's long but awesome history of the USA).    Not sure what this has to do with my OP, but that's simply because you haven't made ANY argument at all.   Should you decide to do so, I'd be happy to retort.

Well then you didn't learn a damn thing, because ripple is a CENTRALIZED CURRENCY.

[bitaccumulation]

Well then you didn't learn a damn thing, because ripple is a CENTRALIZED CURRENCY.

You still haven't made an argument that has ANYTHING TO DO WITH MY ORIGINAL POST.  You're parroting the same shit you've heard from 10 other people without thinking anything through or actually reading the words. 

Go back to drooling in your fruit loops, idiot.  Don't want you to have to put any effort into thinking through and typing up a reasonable argument or response.

[autodidactic]

There is no other argument that needs to be made. If you want a centralized currency stick to the USD, and the EURO. The whole idea powerhousing alternate currencies and bitcoins is the fact that they are tied to FREE EXCHANGE AND DECENTRALIZATION. If you still don't understand the strength of these arguments alone triumphing any bullshit centralized system+currency I can break it down further for you.

[bitaccumulation]

There is no other argument that needs to be made. If you want a centralized currency stick to the USD, and the EURO. The whole idea powerhousing alternate currencies and bitcoins is the fact that they are tied to FREE EXCHANGE AND DECENTRALIZATION. If you still don't understand the strength of these arguments alone triumphing any bullshit centralized system+currency I can break it down further for you.

If you still don't understand that you're responding to shit in your head, rather than my original post, then there is nothing more to say.

If something in my original post relates to something that an Austrian economist said, then quote that part and then explain your argument.   Referring to authors as an argument without making an argument yourself or tying the author's argument to yours is ignorant and is merely an appeal to authority.

Either respond to my OP and not the imaginary dragons in your head, or shut up already.

[spartacus_]

Opencoin says Ripple is open-source, but there are no sources in public. They should replace all "open" with "close", until that Ripple is scam.

Another "brilliant" reply that doesn't address anything I've written about in my original post.  Good job genius.

I will try to answer directly.
Question: 'Why Ripple is Superior to Bitcoin...'
Answer: 'They are superior in lying because they pay 1 million Ripples for each professional scammer which is lying for them.'

[bitaccumulation]

I will try to answer directly.
Question: 'Why Ripple is Superior to Bitcoin...'
Answer: 'They are superior in lying because they pay 1 million Ripples for each professional scammer which is lying for them.'

 .  I think about 80% of the repliers in this thread haven't read past the subject line, another 15% read the first post but still responded as if they didn't and the other 5% actually read and responded.  Maybe this thread IS the IQ test I was looking for.

[ondratra]

Opencoin says Ripple is open-source, but there are no sources in public. They should replace all "open" with "close", until that Ripple is scam.

Open-source, closed-source.  Who cares? 

:D:D the most funny post i have seen so far.. it's like: "War, peace. Who Cares?"


I dont want to take dreams from any of you, but please wait until any real service exists(that means it works) and then we can talk about its pros and cons. Until that point any topics like "ripple is better than bitcoins" are nonsense.

[bitaccumulation]

Opencoin says Ripple is open-source, but there are no sources in public. They should replace all "open" with "close", until that Ripple is scam.

Open-source, closed-source.  Who cares? 

:D:D the most funny post i have seen so far.. it's like: "War, peace. Who Cares?"


I dont want to take dreams from any of you, but please wait until any real service exists(that means it works) and then we can talk about its pros and cons. Until that point any topics like "ripple is better than bitcoins" are nonsense.

Let me paste the whole quote, that way the people that aren't reading impaired like yourself, can read the entire paragraph rather than just the part that offended your dainty sensibilities...

Open-source, closed-source.  Who cares?  If someone makes a duplicate of Ripple that starts as open-source, it will still be the fact that it's a PAYMENT SYSTEM FIRST that makes it successful.  That's the point of my post and that's what makes Ripple superior.  But hey, keep knee-jerking with your answers, that always works when some disruptive tech is about to disrupt the thing you're married to.