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juca
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May 30, 2013, 12:42:25 AM |
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Until they make all their source code available, I would say yes. Who can create a Ripple node other than them right now? Developing "gateways" for Ripple is like developing Facebook apps; they can shut you down at any moment.
this is so fucked. here they come again... |
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"There should not be any signed int. If you've found a signed int
somewhere, please tell me (within the next 25 years please) and I'll
change it to unsigned int." -- Satoshi
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cyden
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Activity: 28
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May 30, 2013, 12:51:08 AM |
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Ripple is a Scam!
Bitcoin is a Scam!This is a great logical argument of astounding depth; everybody is convinced by you copious evidence, especially the bold text and the exclamation point, those totally won me over. But Bitcoin is not centralized and owned by someone. thats what ive heard |
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Nik1ab
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May 30, 2013, 09:14:04 AM |
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"CENTRALIZED, PROPRIETARY AND CLOSED SOURCE" "Every single Ripple nodes is controlled by a private for profit company. It is centralized, like a bank or PayPal. Not a decentralized currency." That's what I heard about it. http://ripplescam.org/ |
No signature ad here, because their conditions have become annoying.
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chickenfried12
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May 30, 2013, 10:36:12 AM |
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Thanks for the info but I think Ripple can do OK..
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AdamKD
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May 30, 2013, 12:29:01 PM |
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I heard centralized and controlled by 1 entity. It's more of a proprietary solution than anything.
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juca
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May 30, 2013, 01:20:02 PM |
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Thanks for the info but I think Ripple can do OK..
that is why we should stop fighting between ourselves, eg. btc vs other crypto currencies, and take over the world all together. newbies are ignorant and doesn't know the evil that represents projects such as ripple. we have to promote all the cryptos together, before the big boys take over. Again  . |
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aceking
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May 30, 2013, 01:40:58 PM |
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Ripple is a ponzi scheme , all ripples are created and distirbuted by opencoin
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bitcoinbear
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May 30, 2013, 01:44:51 PM |
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Ripple is a ponzi scheme , all ripples are created and distirbuted by opencoin
Do you know what a ponzi scheme is? If it was a ponzi scheme, then opencoin would be using the procedes of the sales of ripples to pay current ripple holders. XRP pay no interest, therefore this is not a ponzi scheme. Try again. |
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JSMill
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May 30, 2013, 02:21:32 PM |
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It is centralized, closed source, and run by people trying to make a profit. Completely different than bitcoin, but may not be a scam.
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Nik1ab
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May 30, 2013, 03:21:06 PM |
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Why do you think it's not a scam?
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No signature ad here, because their conditions have become annoying.
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malevolent
can into space
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May 30, 2013, 03:30:39 PM |
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This post pretty much sums up the current state of affairs: First of all, Ripple/OpenCoin is NOT a scam. It is a legitimate business enterprise and it will be determined by the market whether it is a good currency (XRP) and payment system. The team behind it is great, and if Ripple takes off then I'm happy they'll all get rich. Capitalism is healthy. Now, there are plenty of good arguments why Ripple is inferior to Bitcoin, but the scam argument isn't one of them. People need to stop throwing that damn word around every time they dislike something.
Ripple is not a scam, but my contentions with Ripple are the following:
1) It is closed source. Yes it might open in the future, but until then, my contention stands. The point of cryptocurrencies is that you don't have to trust any single person or group. Right now, everyone using Ripple has to trust the team at OpenCoin.
2) It is centralized. Yes it may become decentralized in the future, but until then, my contention stands. It is not trust of the OpenCoin team which worries me here, it is the fact that they are the single point of failure. They could be shut down tomorrow a la egold. If Bitcoin had been as centralized as OpenCoin when it was getting started, the Government would've arrested and shut down the project long ago.
3) Ripple does not allow users to send "every kind of currency." Ripple is marketed as better than Bitcoin because it can "send any kind of currency." This is not true. It sends IOU's around, which are created out of thin air. The asset - the currency unit itself - is not transferred via Ripple. Sure you can sell a Bitcoin on Ripple for a USD, but then do you have the USD? No, it rests with a gateway somewhere. To actually get it, you're back in the normal banking system just as if you had traded BTC for USD on an exchange. Ripple can only transfer one asset - XRP's - everything else is a debt that must be fulfilled and transferred by someone else. There are numerous liability/risk issues with a payment system that relies on trust, in this case you need to trust "gateways" with the currency units that Ripple claims you own.
4) Issuance of XRP's is left to the whims of men. I do not care that OpenCoin will keep X number of XRP and thus get wealthy if it takes off. That's fine. My problem is that the XRP's which are supposed to be distributed have no planned distribution model. It's basically "we'll give it to our friends" approach. The problem here is that when and where they will be given is unknown, which causes considerable economic supply concerns. We all know how many Bitcoins there are in the wild, we have no idea with Ripple. 100 billion were created, and some number between several million and 99 billion is currently in circulation. To the extent that OpenCoin can issue, at whim, tranches of new XRP's into the market, it is no more attractive to me as a money system than any central bank.
5) The security model of Ripple is untested. This isn't OpenCoin's fault... it just means that Ripple has not been exposed to the wild in the same way that Bitcoin has for four years. Ripple needs to earn credibility with time in the wild. A number of people I've spoken with have grave concerns about the security model of Ripple, but we'll just have to wait and see. There's nothing wrong with experimentation.
In my opinion, Ripple is a pretty clever way to take the allure of the successful cryptocurrency system and leverage it into a proprietary project that will make the creators of the project rich. And that's fine, rich is good. But, I don't see that Ripple has any significant advantage over Bitcoin from a monetary perspective, and that's what will ultimately decide the success of the two projects.
Ripple's competitive advantage rests on the tenuous assertion that it transfers standard currencies, when it reality it doesn't do this. Ripple only really transfers XRP's, and in this way it is no better than Bitcoin, which transfers BTC's... yet Bitcoin is far more proven, widespread, and decentralized.
Ultimately, competition in cryptocurrency land is good. I have great respect for the OpenCoin developers, and Ripple is certainly not a scam, but I remain unconvinced of the system's ultimate merit.
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Signature space available for rent.
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bitcoinbear
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May 30, 2013, 03:32:23 PM |
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Why do you think it's not a scam?
Could you first provide an explanation of HOW it is a scam? Being proprietary and closed source does not equate to scam. |
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juca
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May 30, 2013, 06:12:59 PM
Last edit: May 30, 2013, 06:44:24 PM by juca |
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Why do you think it's not a scam?
Could you first provide an explanation of HOW it is a scam? Being proprietary and closed source does not equate to scam. Don't try to create mischief in the thread. it is clear that the OP is inexperient regarding terms, such as SCAM, PONZI, etc... he means by SCAM, that is NO good for us. that is something not bringing benefit for the community as a whole. that is not the same as all the other coins, such as bitcoins & co(ltc, et...) besides, other ppl call it a scam also. how could you classify such EVIL anyway? http://ripplescam.org/ |
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UniversalTrek
Newbie
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May 30, 2013, 06:21:02 PM |
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Yes, the short answer without beating around the bush. When you thin about it, it all is, I would say the exception is Bitcoin, but if you really think about it, all are scams, the only difference is that right now we are in the profitability grey area after it starts and before it falls...
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juca
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May 30, 2013, 06:36:25 PM |
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Yes, the short answer without beating around the bush. When you thin about it, it all is, I would say the exception is Bitcoin, but if you really think about it, all are scams, the only difference is that right now we are in the profitability grey area after it starts and before it falls...
omg...dude, if you don't have nothing nice to say, PLEASE, don't. all the coins are the same. ripple is the only project that differs from the others. go read a bit before poluting the other newbie minds. probably ripple owners will start to pay for ppl write misleading stuff here, for sure. wait and see.  |
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UniversalTrek
Newbie
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May 30, 2013, 06:54:17 PM |
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Yes, the short answer without beating around the bush. When you thin about it, it all is, I would say the exception is Bitcoin, but if you really think about it, all are scams, the only difference is that right now we are in the profitability grey area after it starts and before it falls...
omg...dude, if you don't have nothing nice to say, PLEASE, don't. all the coins are the same. ripple is the only project that differs from the others. go read a bit before poluting the other newbie minds. probably ripple owners will start to pay for ppl write misleading stuff here, for sure. wait and see. His post is looking for feedback and opinions from other users, thats what I provided, my opinion. I got into Bitcoins when it first started and was practically worthless, I know what im talking about. Im not saying my opinion about ripple is 100% correct, It could be very valuable in the future, who knows, because all of this is so new, its all speculation, rumors and opinions. - Therefor, no need for bashing others posts -  |
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juca
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May 30, 2013, 07:25:25 PM |
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Yes, the short answer without beating around the bush. When you thin about it, it all is, I would say the exception is Bitcoin, but if you really think about it, all are scams, the only difference is that right now we are in the profitability grey area after it starts and before it falls...
omg...dude, if you don't have nothing nice to say, PLEASE, don't. all the coins are the same. ripple is the only project that differs from the others. go read a bit before poluting the other newbie minds. probably ripple owners will start to pay for ppl write misleading stuff here, for sure. wait and see. His post is looking for feedback and opinions from other users, thats what I provided, my opinion. I got into Bitcoins when it first started and was practically worthless, I know what im talking about. Im not saying my opinion about ripple is 100% correct, It could be very valuable in the future, who knows, because all of this is so new, its all speculation, rumors and opinions. - Therefor, no need for bashing others posts - trash |
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zhangxiaoh
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June 09, 2013, 02:24:29 AM |
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Ripple is just here to ry and destroy btc
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Bandex
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June 16, 2013, 10:25:19 PM |
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The fact that Ripple is less 'wild', and particularly it's accessibility once up and running smoothly, have the potential to make it the one that captures the imagination of the wider population. It's launch at a time of greater publicity generally won't do any harm either. I'm backing it as the one that will really hit the big-time (although may not do much exciting value-wise). I'd anticipate positive impacts on BTC too as an indirect effect.
If you don't like your Ripples, please allow me the honour of putting them to good use for you: rfvAc84GHGybgwkWRXvN13Rt4uWNBvf73C
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BagsCoach
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June 16, 2013, 10:30:15 PM |
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It seems legit
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