Ripple is not a scam

[nameface]

One of the top guys at Ripple gave media interview recently and he said XRP could well be competitor to Bitcoin. Do they think we are stupid? Tell us one thing on the forum - oh it's just a complement to Bitcoin it will never replace it; yet tell their investors and the media another?

So someone in OpenCoin said XRP could be a competitor to Bitcoin. What's your point? You have a link btw?

Ripple have also said on record their business model is based on making the value of XRP increase. That makes them profit because they plan to keep a big chunk of XRP for themselves.

Yes. However, their plan is that over time the XRP will enter the eco-system. Time will tell what happens.

It's a profit driven enterprise, they will go wherever the profit takes them. It's centralised, the owners have most of the money, it's closed source... it goes against everything most people in the Bitcoin community believe in.

Why not withhold judgement until it is open sourced?

Once Ripple is open source the opportunity to create a different protocol based on Ripple will exist. Just like many people have created alt-coins based on Bitcoin. It's my personal opinion that it will be even harder to displace Ripple than it has been for any other cryptocurrency to displace Bitcoin up until now. The Ripple devs have a " I could care less about this risk " attitude, but I'm sure it's a concern to OpenCoin.

[wachtwoord]

I love these guys who just repeat over and over again how Ripple is a scam, yet don't have the balls or the intellect to back up their parroting with an argument. It is my understanding there were a lot of those in the early days of Bitcoin.

The company behind Ripple pre-created all the XRPs. They own them all and hand them out at will. If still don't comprehend just holler

[TheSwede75]

One of the top guys at Ripple gave media interview recently and he said XRP could well be competitor to Bitcoin.

Ripple is a payment protocol meant to facilitate transactions in any currency around the world. Bitcoin is an amazing currency. They are complimentary.

If you think Bitcoin will very shortly replace every other currency and dominate all the world's transactions (I think this would be friggin' amazing FTR), then theoretically Ripple isn't necessary. I'm skeptical about this being possible in the short term, and I'm skeptical of the scalability of the number of transactions allowable in the network. Major changes will need to occur in Bitcoin around this, like off-chain transactions.

The incentive for developers to keep working on the sorts of amazing things that Bitcoin needs from now until global domination just isn't there, imho. If you build amazing Bitcoin stuff and make it grow, and make the price rise, you're mostly just enriching someone other than yourself (unless you're an early adopter, and most smart capable people on the planet obviously aren't). But let's wait and see where the VC money goes and see if we can find opportunity there..? Oh wait, it's starting to go to OpenCoin... hm.... Maybe Google Ventures and Lightspeed are idiots? Maybe the price of BTC will cruise by 24x every year from now on? Keep dreaming.

I see Bitcoin as the ultimate store of value so long as the network continues to grow. In terms of global ubiquity as a payment standard, there is some serious heavy lifting needed, heavy-lifting that is in a sense already being done/has been done by Ripple devs.

Remember that the global transactional currency market is MASSIVE (est. 60 trillion dollars). If you think that Bitcoin's problem is Ripple, you're delusional about what the scalability of this stuff is and how early cryptographic money solutions are.

How much are you really talking out of your ass? It's a CLOSED SYSTEM where EVERY 'COIN' (not a coin, a scam) has been portioned out to the owners and developers to do what they want to with. Feel free to jump on that shit-grenade.

[TheSwede75]

THIS:

Ripple have also said on record their business model is based on making the value of XRP increase. That makes them profit because they plan to keep a big chunk of XRP for themselves.

Yes. However, their plan is that over time the XRP will enter the eco-system. Time will tell what happens.
Quote from: mr_random on Today at 12:15:39 PM

Are you high? 100% 'premine' of a pyramid scheme and you are defending them? You must be slow.

[ManBearCoin]

I love these guys who just repeat over and over again how Ripple is a scam, yet don't have the balls or the intellect to back up their parroting with an argument. It is my understanding there were a lot of those in the early days of Bitcoin.

The company behind Ripple pre-created all the XRPs. They own them all and hand them out at will. If still don't comprehend just holler

What is wrong with this if the service is being preformed by two voluntary parties?

If a company "A" makes a product that another individual purchases and retains then the ownership of, what is the "scam" in that? That is not a scam.
#YouFreeMarketMuch?

[nameface]

THIS:

Ripple have also said on record their business model is based on making the value of XRP increase. That makes them profit because they plan to keep a big chunk of XRP for themselves.

Yes. However, their plan is that over time the XRP will enter the eco-system. Time will tell what happens.
Quote from: mr_random on Today at 12:15:39 PM

Are you high? 100% 'premine' of a pyramid scheme and you are defending them? You must be slow.

Dude! Use the system if you want and forget about the price of XRP! I'm not high, I just might want to send money all around the world in any currency for free instantly asap. You can get all the XRP you need to do this for free. Sheesh.

[wachtwoord]

I said it was as much a scam as fiat. Either both or neither are a scam. The part that can be interpreted as a scam is that many people are too stupid to understand this is not in their interest.

[ManBearCoin]

I said it was as much a scam as fiat. Either both or neither are a scam. The part that can be interpreted as a scam is that many people are too stupid to understand this is not in their interest.

no Fiat = state controlled monopoly 

this is a voluntary service in the market ... aka private that people can choose to use.

[aggster]

what is the point of having centralised currency, I thought the plan was to move away from this

[wachtwoord]

I said it was as much a scam as fiat. Either both or neither are a scam. The part that can be interpreted as a scam is that many people are too stupid to understand this is not in their interest.

no Fiat = state controlled monopoly 

this is a voluntary service in the market ... aka private that people can choose to use.

That's your opinion. I think it's the world's biggest Ponzi scam (closely followed by European pension funds). I'm quite intelligent and I didn't figure out the extend to which they screw us until two years ago. No  people I know (which is an above average crowd) have any idea how using fiat is like imposing a huge tax on yourself (I wanted use more colourful language here ).

[ManBearCoin]

what is the point of having centralised currency, I thought the plan was to move away from this

Can Ripple prevent new market entries through legal fiction? no
Can a state? yes

The goal is to move away from a state currency or fiat currency where monopolistic power of the few decides for the many. Ripple is a private entry with a product but they cannot initiate force to make people use their currency or stop new market entries from attempting to offer a solution like a state pointing guns can.

Whether a solution comes from private group of people or open source collaboration..... the market (aka us) will pick which is the best.

[ManBearCoin]

I said it was as much a scam as fiat. Either both or neither are a scam. The part that can be interpreted as a scam is that many people are too stupid to understand this is not in their interest.

no Fiat = state controlled monopoly 

this is a voluntary service in the market ... aka private that people can choose to use.

That's your opinion. I think it's the world's biggest Ponzi scam (closely followed by European pension funds). I'm quite intelligent and I didn't figure out the extend to which they screw us until two years ago. No  people I know (which is an above average crowd) have any idea how using fiat is like imposing a huge tax on yourself (I wanted use more colourful language here ).

That's not an opinion ... its a fact Ripple cannot use state force to force or prevent market entries.

[nameface]

Do you think if Ripple is successful it will speed up or slow down a global fiat collapse?

[ElectricMucus]

I said it was as much a scam as fiat. Either both or neither are a scam. The part that can be interpreted as a scam is that many people are too stupid to understand this is not in their interest.

no Fiat = state controlled monopoly  

this is a voluntary service in the market ... aka private that people can choose to use.

That's your opinion. I think it's the world's biggest Ponzi scam (closely followed by European pension funds). I'm quite intelligent and I didn't figure out the extend to which they screw us until two years ago. No  people I know (which is an above average crowd) have any idea how using fiat is like imposing a huge tax on yourself (I wanted use more colourful language here ).

That's not an opinion ... its a fact Ripple cannot use state force to force or prevent market entries.

Once it becomes generally accepted that ripple IOUs are legally binding contracts that will not even be necessary. Till then it's up to the participants to utilize their rights under the law.

[wachtwoord]

Do you think if Ripple is successful it will speed up or slow down a global fiat collapse?

I have no opinion either way: I simply don't know. The same goes for the entire movement of Bitcoin and crypto-currencies in general, I believe they will replace fiat currencies almost completely, I just have no way of knowing whether it will take five years of five thousand. I can tell you which one I prefer

[nameface]

Do you think if Ripple is successful it will speed up or slow down a global fiat collapse?

I have no opinion either way: I simply don't know. The same goes for the entire movement of Bitcoin and crypto-currencies in general, I believe they will replace fiat currencies almost completely, I just have no way of knowing whether it will take five years of five thousand. I can tell you which one I prefer

I'm not exactly an anarchist, but it raises my ire how the machinations of the state stifle innovation. There should be somewhere on the ballot where you can vote for freedom and innovation.

[wachtwoord]

Do you think if Ripple is successful it will speed up or slow down a global fiat collapse?

I have no opinion either way: I simply don't know. The same goes for the entire movement of Bitcoin and crypto-currencies in general, I believe they will replace fiat currencies almost completely, I just have no way of knowing whether it will take five years of five thousand. I can tell you which one I prefer

I'm not exactly an anarchist, but it raises my ire how the machinations of the state stifle innovation. There should be somewhere on the ballot where you can vote for freedom and innovation.

"Instead of trying to change governments with a useless vote, or pathetic pleading, we merely abandon the government's powerbase - the power derived from control of exchange and currency." - Eric voorhees

I am a libertarian.

[ElectricMucus]

Do you think if Ripple is successful it will speed up or slow down a global fiat collapse?

I have no opinion either way: I simply don't know. The same goes for the entire movement of Bitcoin and crypto-currencies in general, I believe they will replace fiat currencies almost completely, I just have no way of knowing whether it will take five years of five thousand. I can tell you which one I prefer

I'm not exactly an anarchist, but it raises my ire how the machinations of the state stifle innovation. There should be somewhere on the ballot where you can vote for freedom and innovation.

"Instead of trying to change governments with a useless vote, or pathetic pleading, we merely abandon the government's powerbase - the power derived from control of exchange and currency." - Eric voorhees

I am a libertarian.

meanwhile at mtgox...

[ManBearCoin]

"Instead of trying to change governments with a useless vote, or pathetic pleading, we merely abandon the government's powerbase - the power derived from control of exchange and currency." - Eric voorhees

I am a libertarian.

Sounds very SEK3
+1 

[dragony]

My opinion. Ripple is not a scam but it is a start up which will fail badly. That's what my intuition says. Anyhow, I have 2500 xrp which i bought