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Author Topic: Google funding Ripple  (Read 8556 times)
lysr
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May 14, 2013, 08:43:27 PM
 #1

source:
http://gigaom.com/2013/05/14/google-ventures-invests-in-opencoin-the-firm-behind-bitcoin-exchange-ripple

I hate to be the bearer of bad news but Google involvement in Ripple or digital currencies is an alarming signal to the future of Bitcoin. With its global dominance in internet businesses, Google and Ripple funded by it might drive Bitcoin out of business.
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May 14, 2013, 08:52:07 PM
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Google Ventures only putting in $200k iirc.... can't even call that a drop in the bucket. Anyway, in the mid term, I'm not sure that what is good for ripple is bad for bitcoin.
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May 14, 2013, 08:54:00 PM
 #3

source:
http://gigaom.com/2013/05/14/google-ventures-invests-in-opencoin-the-firm-behind-bitcoin-exchange-ripple

I hate to be the bearer of bad news but Google involvement in Ripple or digital currencies is an alarming signal to the future of Bitcoin. With its global dominance in internet businesses, Google and Ripple funded by it might drive Bitcoin out of business.

Ripple focuses on credit, bitcoin focuses of assets, they are not really competing. What is good for Ripple is good for Bitcoin because Ripple is complimentary to Bitcoin.

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May 14, 2013, 09:20:00 PM
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It may not be necessarily a bad news, at the very least Ripple will kick Mt Gox out of business, this alone should be the greatest news to Bitcoin in a decade. Angry

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May 14, 2013, 09:28:37 PM
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It may not be necessarily a bad news, at the very least Ripple will kick Mt Gox out of business, this alone should be the greatest news to Bitcoin in a decade. Angry

not even funny to joke about that

bitcoin is hugely dependent upon MtGox right now.
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May 14, 2013, 09:29:16 PM
 #6

source:
http://gigaom.com/2013/05/14/google-ventures-invests-in-opencoin-the-firm-behind-bitcoin-exchange-ripple

I hate to be the bearer of bad news but Google involvement in Ripple or digital currencies is an alarming signal to the future of Bitcoin. With its global dominance in internet businesses, Google and Ripple funded by it might drive Bitcoin out of business.

Ripple focuses on credit, bitcoin focuses of assets, they are not really competing. What is good for Ripple is good for Bitcoin because Ripple is complimentary to Bitcoin.
Are you a Ripple/OpenCoin shill or did you just swallow their deception? I have noticed that this is their tactic for silently getting Bitcoiners to switch and then growing like a parasite side by side with its host to suck it dry. They downplay the role of XRP (Ripples) as mere "tokens" and "not a currency" while it is the only asset in the Ripple system that is not subject to counterparty risk. Furthermore, OpenCoin holds 50% of Ripples hoping to make a profit off them (this is what they stated in public), partly to fund development. I presume the same goes for the VC investors in Ripple.

Any Ripple adoption will threaten Bitcoin because the Ripple currency is the only one without counterparty risk within the Ripple system. All other currencies have to be held with gateways. Furthermore, Ripples are required for opening accounts and performing transactions. In the longer term, there is absolutely no reason to prefer Bitcoins to Ripples if used within Ripple.

Ripples are not credit. They are an asset in its own right, with no counterparty risk and no inflation.
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May 14, 2013, 09:31:53 PM
 #7

source:
http://gigaom.com/2013/05/14/google-ventures-invests-in-opencoin-the-firm-behind-bitcoin-exchange-ripple

I hate to be the bearer of bad news but Google involvement in Ripple or digital currencies is an alarming signal to the future of Bitcoin. With its global dominance in internet businesses, Google and Ripple funded by it might drive Bitcoin out of business.

Ripple focuses on credit, bitcoin focuses of assets, they are not really competing. What is good for Ripple is good for Bitcoin because Ripple is complimentary to Bitcoin.
Are you a Ripple shill or did you just swallow their deception? I have noticed that this is their tactic for silently getting Bitcoiners to switch and then growing like a parasite side by side with its host to suck it dry. They downplay the role of XRP (Ripples) as mere "tokens" and "not a currency" while it is the only asset in the Ripple system that is not subject to counterparty risk. Furthermore, OpenCoin holds 50% of Ripples hoping to make a profit off them (this is what they stated in public), partly to fund development. I presume the same goes for the VC investors in Ripple.

Any Ripple adoption will threaten Bitcoin because the Ripple currency is the only one without counterparty risk within the Ripple system. All other currencies have to be held with gateways. Furthermore, Ripples are required for opening accounts and performing transactions. In the longer term, there is absolutely no reason to prefer Bitcoins to Ripples if used within Ripple.

As long as OpenCoin continues to hold a significant chunk of XRP, that will be a good reason to prefer Bitcoin.

https://www.bitcoin.org/bitcoin.pdf
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May 14, 2013, 09:33:57 PM
 #8

They plan to distribute 50%. If the market would accept them holding 50% I don't know. Satoshi holds nearly 10% currently, so I guess it will come down to personal preference.

Either way. Within the Ripple ecosystem, Ripples are inherently superior to Bitcoins BY DESIGN. That's my point.
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May 14, 2013, 09:37:56 PM
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They plan to distribute 50%. If the market would accept them holding 50% I don't know. Satoshi holds nearly 10% currently, so I guess it will come down to personal preference.

Either way. Within the Ripple ecosystem, Ripples are inherently superior to Bitcoins BY DESIGN. That's my point.

I'm not sure how it could be designed so that Ripples weren't superior to bitcoin unless we had a methodology for moving coins across chains, which would be doable, but would require fundamental protocol changes for every coin that wanted to be supported.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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May 14, 2013, 09:53:18 PM
 #10

No ripple will not drive Bitcoin out of Business, this is good 'ol paranoia.

Sure I think XRP will eat some substantial speculative investment out of Bitcoin prices, but that is only a mid-term thing. This has also more to with this years hype than fundamental relationships between the two.
This is good news for Bitcoin long term.
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May 14, 2013, 09:56:10 PM
 #11

They plan to distribute 50%. If the market would accept them holding 50% I don't know. Satoshi holds nearly 10% currently, so I guess it will come down to personal preference.

Either way. Within the Ripple ecosystem, Ripples are inherently superior to Bitcoins BY DESIGN. That's my point.

I'm not sure how it could be designed so that Ripples weren't superior to bitcoin unless we had a methodology for moving coins across chains, which would be doable, but would require fundamental protocol changes for every coin that wanted to be supported.

Why are ripples superior to bitcoins? Like bitcoins, ripples have no underlying value. Unlike bitcoins, nobody is claiming that ripples have value.

Put two and two together... As value is determined by markets anyways, it simply makes sense that the market will reject that ripples have any value.
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May 14, 2013, 09:57:57 PM
 #12

They plan to distribute 50%. If the market would accept them holding 50% I don't know. Satoshi holds nearly 10% currently, so I guess it will come down to personal preference.

Either way. Within the Ripple ecosystem, Ripples are inherently superior to Bitcoins BY DESIGN. That's my point.

I'm not sure how it could be designed so that Ripples weren't superior to bitcoin unless we had a methodology for moving coins across chains, which would be doable, but would require fundamental protocol changes for every coin that wanted to be supported.

Why are ripples superior to bitcoins? Like bitcoins, ripples have no underlying value. Unlike bitcoins, nobody is claiming that ripples have value.

Put two and two together... As value is determined by markets anyways, it simply makes sense that the market will reject that ripples have any value.

Ripples are superior to bitcoins INSIDE the Ripple ecosystem.

A bitcoin in the Ripple ecosystem is just a promise of a bitcoin.
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May 14, 2013, 09:58:45 PM
 #13

They plan to distribute 50%. If the market would accept them holding 50% I don't know. Satoshi holds nearly 10% currently, so I guess it will come down to personal preference.

Either way. Within the Ripple ecosystem, Ripples are inherently superior to Bitcoins BY DESIGN. That's my point.

I'm not sure how it could be designed so that Ripples weren't superior to bitcoin unless we had a methodology for moving coins across chains, which would be doable, but would require fundamental protocol changes for every coin that wanted to be supported.

Why are ripples superior to bitcoins? Like bitcoins, ripples have no underlying value. Unlike bitcoins, nobody is claiming that ripples have value.

Put two and two together... As value is determined by markets anyways, it simply makes sense that the market will reject that ripples have any value.

They aren't. It is only their truely deflationary nature which makes them appealing to Bitcoin "investors".
Brushan
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May 14, 2013, 10:02:00 PM
 #14

They plan to distribute 50%. If the market would accept them holding 50% I don't know. Satoshi holds nearly 10% currently, so I guess it will come down to personal preference.

Either way. Within the Ripple ecosystem, Ripples are inherently superior to Bitcoins BY DESIGN. That's my point.

I'm not sure how it could be designed so that Ripples weren't superior to bitcoin unless we had a methodology for moving coins across chains, which would be doable, but would require fundamental protocol changes for every coin that wanted to be supported.

Why are ripples superior to bitcoins? Like bitcoins, ripples have no underlying value. Unlike bitcoins, nobody is claiming that ripples have value.

Put two and two together... As value is determined by markets anyways, it simply makes sense that the market will reject that ripples have any value.

Nobody is saying that XRP has any value? So all the people buying XRP for BTC and all those XRP charts are just jokes? Opencoin will do everything they can for XRP to rise in value. That is their business plan. But i also think that it has very big flaws. I read somewhere that you pay with XRP when doing transactions on the Ripple network and that those XRP get destroyed. That means that for every year there will be less of them. If Opencoin holds 50%, how much will they hold after a few years?
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May 14, 2013, 10:14:46 PM
 #15

I don't understand this sentiment that Ripple has no underlying value. How is that any different than bitcoin? Seems to be an entirely subjective valuation in either case. I certainly didn't mind making a few coins off the free ripple giveaway.  Wink
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May 14, 2013, 10:20:41 PM
 #16

Interesting. However, plenty of google projects fail so this means very little today

ok
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May 14, 2013, 10:25:51 PM
 #17

I don't understand this sentiment that Ripple has no underlying value. How is that any different than bitcoin? Seems to be an entirely subjective valuation in either case. I certainly didn't mind making a few coins off the free ripple giveaway.  Wink

Value is based on value. It sounds stupid, but it's true. I can make an exact copy of Bitcoin and it would not be any different from Bitcoin, but the currency would have a vastly different value.

Bitcoins only have value because people believe it has value. People believe it has value because that's what it was intended as. If Satoshi said Bitcoins should be used as reputation points, then I venture a guess that they would have far lower value.

Ripples are not intended to store value. They are intended to facilitate transfer of things with actual value. Therefore, the market will not assign much value to ripples.
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May 14, 2013, 10:35:02 PM
 #18

Ripples are not intended to store value. They are intended to facilitate transfer of things with actual value. Therefore, the market will not assign much value to ripples.
One Bitcoin buys you 10k Ripples currently. There are 100 billion Ripples in existence. You calculate the implied market capitalization.

I wish people would stop falling for the OpenCoin propaganda that it's not a competitor.

OpenCoin's business model consists of holding 50% Ripples and hoping they appreciate in value.
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May 14, 2013, 10:47:01 PM
 #19

Ripples are not intended to store value. They are intended to facilitate transfer of things with actual value. Therefore, the market will not assign much value to ripples.
One Bitcoin buys you 10k Ripples currently. There are 100 billion Ripples in existence. You calculate the implied market capitalization.

I wish people would stop falling for the OpenCoin propaganda that it's not a competitor.

OpenCoin's business model consists of holding 50% Ripples and hoping they appreciate in value.

The market capitalization is based on the promise that only half of all ripples will be distributed, with the rest owned by OpenCoin. So divide your implied market cap is only 5000000BTC, less than half of all BTC in existence.
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May 14, 2013, 10:53:16 PM
 #20

also, ripples current cap is outrageous given the fact that nothing has been done with it yet at all.
it's like investing in an early stage company with a 5% success rate and valuing it at 500,000,000
crazy

ok
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