The DHS Can Seize All Your Ripple Balances With One Court Order

[🏰 TradeFortress 🏰]

Seen the news earlier about Mt Gox and Dwolla?

It takes one court order from the DHS to seize all your Ripple balances - because Ripple is centralized, and it's closed source. Joel isn't going to go to prison for 10 years just so you can have your XRPs and imaginary BTCs.


If you haven't, read RippleScam.org - and listen to it now until when the crackdown on cryptocurrencies happen.

[MrWizard]

The DHS can have them.  POS what ever they are.

[🏰 TradeFortress 🏰]

The DHS can have them.  POS what ever they are.

Funny when Ripple guys are discussing POS (proof of stake) 

[dchapes]

It takes one court order from the DHS to seize all your Ripple balances - because Ripple is centralized, and it's closed source.

More ridiculous fear mongering and FUD from you.
They can no more seize Ripple then they can Bitcoin.

At least one developer has a clause in their contract that the full source code can be released if anything should happen to OpenCoin. Since several developers and other parties currently have the source code outside of OpenCoin (presumably under NDA right now), it's almost certain that the source would appear shortly after any such shutdown attempt and that new rippled servers would pop up quickly. It'd be messy no doubt but not what you'd like to have people believe.

[TheSwede75]

It takes one court order from the DHS to seize all your Ripple balances - because Ripple is centralized, and it's closed source.

More ridiculous fear mongering and FUD from you.
They can no more seize Ripple then they can Bitcoin.

At least one developer has a clause in their contract that the full source code can be released if anything should happen to OpenCoin. Since several developers and other parties currently have the source code outside of OpenCoin (presumably under NDA right now), it's almost certain that the source would appear shortly after any such shutdown attempt and that new rippled servers would pop up quickly. It'd be messy no doubt but not what you'd like to have people believe.

Sorry dude, Ripple is a scam. You should have read up on them before you invested. Value is zero and they will not survive. Hell, the only money the 'company' makes is dumping Ripples for BTC on noobs.

[mmeijeri]

Things like this is part of the reason we need Ripple. It is to existing exchanges like Mt Gox as Bittorrent was to Napster. Rippling IOUs between private individuals will be impossible to repress, and that will allow an electronic market between fiat and crypto to persist even in the face of government repression.

[tclo]

The DHS can seize your fiat bank account too.  The DHS can also seize your bitcoin account.   They can do whatever they want.  They can break into your house and take you to Guantanomo and waterboard you until they have your passwords and everything else.  Wake up and the Ripple thing is no big deal.    They can get whatever they want with a court order and some stormtroopers to back it up.

[fenican]

Why on earth would anyone buy Ripple?  Write that shit off as a tax loss and move on ...

[mmeijeri]

Ripple can work with periodic cash settlement between acquaintances of netted transactions between strangers on the internet. Banks need not be involved. It is hugely important. The survival of Bitcoin may depend on it or systems like it.

[Francesco]

because Ripple is centralized, and it's closed source.

Will you stop, when Ripple is open-sourced, and more independent servers show up?

[TheSwede75]

because Ripple is centralized, and it's closed source.

Will you stop, when Ripple is open-sourced, and more independent servers show up?

Considering they have handed out 100 BILLION ripples as free gifts to developers and investors that they are free to dump on N00bs heads at any point.. hell no. It was, is and will always be a scam to convert worthless 'service currency' to BTC.

[//v]

because Ripple is centralized, and it's closed source.

Will you stop, when Ripple is open-sourced, and more independent servers show up?

Considering they have handed out 100 BILLION ripples as free gifts to developers and investors that they are free to dump on N00bs heads at any point.. hell no. It was, is and will always be a scam to convert worthless 'service currency' to BTC.

So do you think that is how they pitched it to their investors? Their entire business model relies on dumping billions of made up "coins" to naive forum-goers in exchange for bitcoins? I'm not sure I understand how that could work. How does one just dump tens of billions of XRP into a market with only a few million to a few billion in circulation? Somebody has to buy them, after all. It doesn't seem like there are enough "N00bs" out there buying XRP to make it worthwhile. There are very large corporations investing in OpenCoin. The potential returns would have to be fairly sizable to attract such investors.

[🏰 TradeFortress 🏰]

LMAO I just saw this and that site, LMAO you really think ripple is a scam, I would tend to disagree and google ventures would disagree. Plus you misunderstood what ripple is, while it has properties of a currency that isn't it's main goals. Also if DH want to kill ripple, which is a company, and has the backing of google ventures which also means that opencoin has access to a huge legal team now, would be difficult, because google does a very well done check of the companies, they invest in.

LMAO because everything Google Ventures did was a success and didn't fail

[c4n10]

The DHS can have them.  POS what ever they are.

Funny when Ripple guys are discussing POS (proof of stake) 

...

In this situation I am quite certain POS = "Piece of Shit" not "proof of stake"...

[c4n10]

Also, LMAO @ everyone who came to crypto-currencies seeking an open-source, anonymous and de-centralized currency (which is the ENTIRE point of crypto-currencies) and then defends Ripple which is not open-source, is entirely centralized and far from anonymous (unless you register using VPN/TOR and a disposable email address that's been set-up using VPN/TOR and then you have to access your wallet using VPN/TOR).

Also, defending Ripple and saying "it's backed by a REAL company" (making it closed-source, non-anonymous, centralized AND a corporate product) like that's a good thing...

 

[c4n10]

But your treating it as a currency, which is not what it aims to be. So I don't see how being backed by a "REAL company" as you put it could be a bad thing? Bitpay isn't open sourced and has funding from "REAL companies" should we all think they aren't doing a good thing? I think bitpay is one of the companies that help bitcoin be what it is today.

Actually, I am NOT treating it as a currency because I see no value in XRP's. How can you say that Ripple doesn't aim to be a currency when they offer currency trading for BTC and other crypto-CURRENCIES right inside their "client" (which is really just a website that you are relying on to keep your "funds").

People trade money for products, services and other types of money. Am I to believe that Ripple falls under the category of "product" or "service"...?

Another question, if the devs for any of the other coins just gave up and quit tomorrow then somebody else could pick up where they left off (or not) and people would still have access to all their coins.

If the owners of Ripple.com decide to stop paying for their domain or web hosting, what happens to your thousands of XRPs...?

[c4n10]

I see all the time how ripple can be confused as a currency, people give it a value. People can trade it for other currencies. I believe Ripple is a weird way of taking wealth and translating it between other mediums of wealth. It also makes sending currencies between your web of trust really easy, and keeps track of your trust for you. Remember Ripple has no properties of a currency. In reality I still don't have a full grasp on what exactly ripple is but I can tell you it isn't a currency and once people figure that out, the exchange rate will fall.

I think you may have misunderstood my comment, I don't believe it's a currency either, I see it as worthless crap.

There's no need for a "medium" to translate between other "mediums of wealth", this is what a currency exchange is for.

If Ripple is not trying to pass itself off as a currency, and it is not a product or a service, then it is completely useless as it's "purposes" are better fulfilled by existing products, services and currencies.

I don't need a "web of trust" when I can just go to a currency exchange and know for a fact that when I place a buy/sell order that the coins I intend to buy or gain from selling already exist in the exchange's wallet and are as good as guaranteed to be delivered when the order is filled.

[xyu]

Another question, if the devs for any of the other coins just gave up and quit tomorrow then somebody else could pick up where they left off (or not) and people would still have access to all their coins.

If the owners of Ripple.com decide to stop paying for their domain or web hosting, what happens to your thousands of XRPs...?

What if owners of Google.com decide to stop paying for their domain or web hosting?

[c4n10]

What if owners of Google.com decide to stop paying for their domain or web hosting, what happens to your thousands of emails?

I could really give a fuck less what happens to all my emails, I'm not trading my emails for currency. If the emails disappear I've lost little more than text and pictures which are pretty much irrelevant to me.

A smart person would download all emails/attachments that they care about or consider important immediately upon receiving them.

Anyone who leaves something of personal or physical value in the complete trust and care of another is either completely ignorant, completely stupid or completely naive.

[c4n10]

There is a need for translation between mediums, otherwise Mt Gox and every other forex exchange wouldn't be around.

I know, hence why I specifically said "this is what a currency exchange is for."

This is also another issue Ripple has is it hard to explain it, but you do need a web of trust. You trust a bitcoin exchange and you trust your bank (This is going to be a bad example). So what if you wanted to buy 100 BTCs @ $100, you transfer the money from your bank to Mt Gox. Now think, what if your bank told Mt Gox, that they have $10,000 from you. Since you trust the bank and Mt Gox trust the bank, they instantly credit your account, but never withdraw that money from the bank. This would basically create an IOU in your name that you can now trade, for other IOU's from people that you trust. Now when you want to withdraw you go back to the person that created the IOU and collect, this where the wait for transfer of wealth begins.

...?

Do you not understand how exchanges work...? Exchanges don't let you trade on "IOUs". If the money hasn't been transferred from your bank to Mt. Gox's wallet, they are not going to let you trade. Hence there is no need for a convoluted "web of trust".