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Author Topic: Ripple is excellent, but short-sighted.  (Read 10212 times)
ElectricMucus
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May 27, 2013, 09:47:44 AM
 #41

"Fairness" is about you do as much as you can, with your current resource, to get the access to your currency out to as many people as possible, Opencoin can at the blink of an eye start giving away all of their XRPs(or even better, sell them!), yet they refuse to do that.

Well If opencoin gives away this many XRP not only they gonna run out sooner than it would take for ripple to become popular, but also the wealth would be concentrated within this community which I don't think they want.

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oakpacific
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May 27, 2013, 09:55:20 AM
 #42

"Fairness" is about you do as much as you can, with your current resource, to get the access to your currency out to as many people as possible, Opencoin can at the blink of an eye start giving away all of their XRPs(or even better, sell them!), yet they refuse to do that.

Well If opencoin gives away this many XRP not only they gonna run out sooner than it would take for ripple to become popular, but also the wealth would be concentrated within this community which I don't think they want.

Or probably they should have designed differently, at least making a valid attempt at fairness so that people can be confident that they are in for the betterment of the network, rather than "pump and dump", right now it just look dodgy in every way.

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May 27, 2013, 10:00:07 AM
 #43

I think that Ripple has the potential to be very big - and I'm sure that many on these forums agree, and that's exactly why we are criticizing it so harshly, because many bitcoiners do not like a future in which Ripple has achieved widespread adoption.

Leaving aside the fatal flaws (trust and debt) inherent also to the conventional financial system, the premine of Ripple's crypto (XRP) it is also a huge drawback.

From one side inflation is built into Bitcoin to pay miners which actively work for the network, and this system has demonstrated to be rock solid in the past 3 years, as it also creates a strong "real" economy related to the core function of the currency, all of which strengthens the network. On the contrary, I can't really get what will be the incentive of validators to participate in the Ripple network if there is no mining whatsoever (never seen a real explanation on this point).

From the other side, the fact that Opencoin controls ALL the XRP feels like a very opportunistic way to profit from Bitcoin's genius idea, while taking out from the equation many of the Bitcoin revolutionary aspects. Joel seems to agree that trust-based system=bad money, and he says he hopes that Ripple will be just a first step towards a "trust-free" monetary future. Unfortunately this is a complete fallacy because they will do whatever suits them best with the whole supply of the "trust-free" currency inside Ripple. What I mean is that you actually need to put a lot of trust in Opencoin to use XRP, because that level of premining and general lack of transparency de facto kills the decentralized and trust-free concepts.

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May 27, 2013, 11:58:34 AM
 #44

think that Ripple has the potential to be very big - and I'm sure that many on these forums agree

Everything has the potential to be very big. Farts for instance. When you sit down to take a shit, the doogie has the potential to be very big. So what of it? What difference does it make that you take one large dump or a few smaller ones? Other than, you know, the former might be a little painful.

Q: How is Ripple a Ponzi if: A - XRP are given away, and B - There's a finite supply?
A: It has absolutely nothing in common with a Ponzi.

You're new here are you?

Quote
Ponzi promised clients a 50% profit within 45 days, or 100% profit within 90 days, by buying discounted postal reply coupons in other countries and redeeming them at face value in the United States as a form of arbitrage.

How is it anything else.

You have no argument other than: Ponzi has something to do with stamps, and some people say Ripple is like stamps. Gimme a break, what is this, grade 10?

They are giving the XRP away in order to grow the infrastructure of a distributed currency exchange.

Your statement was:

It has absolutely nothing in common with a Ponzi.

Do you even know what the fuck words mean at all?

That aside: the idea is that you can acquire these "stamps" for next to nothing in some place and then redeem them for more later. This is the engine driving whatever scrawny speculation is occuring in XRP, other than the insiders pumping it up.

There's no value, utility or convenience delivered by Ripple. Perhaps there will be at some future point, but almost certainly not by a system run by the current people involved (it's very amusing to note how pretty much all Bitcoin's ambitious failures, from Caleb to Katz gravitate towards this new thing, in the ultimately vain hope that they were pushed aside in Bitcoin for any other reason than because they're stupid, worthless failures).

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May 27, 2013, 01:37:35 PM
 #45

Money in ripple system is debt money... We already have that in the world! IT SUCKS!

XRP in ripple are only sound money. Ripple is centralized and closed source. It has yet to prove itself. We need to wait for them to open source fully.

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May 27, 2013, 07:41:39 PM
 #46

You know what, you could have mined all those 1 million bitcoins, and leave not even bread crumbs to Satoshi, this is called "fairness".
Where? When? What dimension do you speak of?

There's no value, utility or convenience delivered by Ripple. Perhaps there will be at some future point, but almost certainly not by a system run by the current people involved (it's very amusing to note how pretty much all Bitcoin's ambitious failures, from Caleb to Katz gravitate towards this new thing, in the ultimately vain hope that they were pushed aside in Bitcoin for any other reason than because they're stupid, worthless failures).
Ripple is imho a huge success so far, so I'm not sure what you are talking about. You have a screwed up opinion of the value of past failures. Talk to any successful innovator and they will tell you of failures leading to success.

did Opencoin ever give anyone a chance to take their reserved portion of XRPs which they created out of thin air?
You make it sound like XRP is hard to come by. Go buy some for cheap if you want some for some reason.

What I mean is that you actually need to put a lot of trust in Opencoin to use XRP, because that level of premining and general lack of transparency de facto kills the decentralized and trust-free concepts.
Meh. I trust them today, and maybe if we don't trust them tomorrow we fork the network and roll on with some sort of Ripple 3.0. I'm mostly concerned with what can make the world a better place right now. Not so much about "fairness" according to the Bitcoin community (lol), minor technical issues, or speculation about what technology might exist in the future.
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