DO you think RIPPLE HAS A BRIGHT FUTURE ??

[yvv]

You are not moving USD with ripple, you are moving promises to pay USD.  

well, I had $2000 in my bistamp, I withdrew it as ripple usd and sent it to my friend's ripple wallet as rippleusd. He sent ripple usd  to his bitstamp account and can withdraw $2000 to his bank. I call it money moving. it doesn sound like promise to me

It is actually a promise. All money moving is about promises.

[DoomDumas]

No future, because it's closed source and centralized...  I see it as kinda Liberty Reserve 2.0 !

[yvv]

Ripple is decentralized exchange, closed source though. MtGox is centralized and closed source but doing well by now.

[mah87]

No future, because it's closed source and centralized...  I see it as kinda Liberty Reserve 2.0 !

you are a dummy ripple is obviously too complex to understand for you

[yvv]

No future, because it's closed source and centralized...  I see it as kinda Liberty Reserve 2.0 !

you are a dummy ripple is obviously too complex to understand for you

Yeah, many bitcoin hoarders do not understand, how much more beneficial it is to trade bitcoins through ripple, instead of mtgox. This is due to lack of brains perhaps.

Meanwhile, the ripple system is complex to understand, but easy to use. It allows you to buy (or sell) bitcoins from any person in the world without direct connection to this person. You just pay your local currency to your local gateway, and the guy receives his local currency from his local gateway. The system automatically looks for best possible path and does all necessary exchanges. And it works surprisingly well.

[bytemaster]

No future, because it's closed source and centralized...  I see it as kinda Liberty Reserve 2.0 !

you are a dummy ripple is obviously too complex to understand for you

Yeah, many bitcoin hoarders do not understand, how much more beneficial it is to trade bitcoins through ripple, instead of mtgox. This is due to lack of brains perhaps.

Meanwhile, the ripple system is complex to understand, but easy to use. It allows you to buy (or sell) bitcoins from any person in the world without direct connection to this person. You just pay your local currency to your local gateway, and the guy receives his local currency from his local gateway. The system automatically looks for best possible path and does all necessary exchanges. And it works surprisingly well.

Local gateway == centralization.  All local gateways must be regulated money transmitters and they then tie your wallet to your ID.   It is a common interface to many different 'centralized exchanges'.   Remove all regulated & public entities from the ripple system and how would it function?

[yvv]

Local gateway == centralization. 

No, it is not. Mtgox == centralization. Ripple gateway is just a peer which you trust.

All local gateways must be regulated money transmitters

Not sure about that. Where do you know this from?

and they then tie your wallet to your ID.   

Yes, same as centralized exchanges like mtgox.

It is a common interface to many different 'centralized exchanges'.   

To my knowledge, nothing similar to  ripple ever existed before. 

Remove all regulated & public entities from the ripple system and how would it function?

I don't understand what do you suggest to remove, but ripple functions very well as it is.

[🏰 TradeFortress 🏰]

You don't understand ripple. Gateways are centralization. It is not like a node in bitcoin

[yvv]

You don't understand ripple. Gateways are centralization. It is not like a node in bitcoin

It seems that you don't understand neither ripple nor bitcoin. Ripple gateway is a ripple node with a link to outer world.

[mah87]

You don't understand ripple. Gateways are centralization. It is not like a node in bitcoin

you noticed that ripple is not bitcoin. this is great . However you still don't understand what ripple is. Too bad for your brain.

[Peter Lambert]

No future, because it's closed source and centralized...  I see it as kinda Liberty Reserve 2.0 !

you are a dummy ripple is obviously too complex to understand for you

Yeah, many bitcoin hoarders do not understand, how much more beneficial it is to trade bitcoins through ripple, instead of mtgox. This is due to lack of brains perhaps.

Meanwhile, the ripple system is complex to understand, but easy to use. It allows you to buy (or sell) bitcoins from any person in the world without direct connection to this person. You just pay your local currency to your local gateway, and the guy receives his local currency from his local gateway. The system automatically looks for best possible path and does all necessary exchanges. And it works surprisingly well.

Local gateway == centralization.  All local gateways must be regulated money transmitters and they then tie your wallet to your ID.   It is a common interface to many different 'centralized exchanges'.   Remove all regulated & public entities from the ripple system and how would it function?

Anybody who wants can act as a gateway. You just have to convince other people to trust you. A 'Local gateway' is just whoever you have set up arrangements to allow trading of ripple credit for non-ripple credit.

[bytemaster]

No future, because it's closed source and centralized...  I see it as kinda Liberty Reserve 2.0 !

you are a dummy ripple is obviously too complex to understand for you

Yeah, many bitcoin hoarders do not understand, how much more beneficial it is to trade bitcoins through ripple, instead of mtgox. This is due to lack of brains perhaps.

Meanwhile, the ripple system is complex to understand, but easy to use. It allows you to buy (or sell) bitcoins from any person in the world without direct connection to this person. You just pay your local currency to your local gateway, and the guy receives his local currency from his local gateway. The system automatically looks for best possible path and does all necessary exchanges. And it works surprisingly well.

Local gateway == centralization.  All local gateways must be regulated money transmitters and they then tie your wallet to your ID.   It is a common interface to many different 'centralized exchanges'.   Remove all regulated & public entities from the ripple system and how would it function?

Anybody who wants can act as a gateway. You just have to convince other people to trust you. A 'Local gateway' is just whoever you have set up arrangements to allow trading of ripple credit for non-ripple credit.

If you act as a gate way and thus accept 'deposits' from people whom you convince to trust you, you acting as a bank and could be hit by a bus and default on everyone.     What is your availability for withdraw?  If you are on vacation can someone whom you owe money collect?   

Ripple Gateways *are* banks even if they are just a single individual.   Everyone operating as a gateway is either accepting deposits or extending credit and participating in an automated hawala system.   I guess technically hawala systems are legal to the extent that they remain informal and have no contractual obligations.   So who is going to trust a gateway with a large amount of money with no contractual obligations?    If there are contractual obligations, they are a bank and must be regulated. 

[codesuela]

nope

Ripple is an intressting idea but for it to work well it needs a lot of users. I think bitcoin has a hard time getting users too but unlike ripple bitcoin brings a lot of innovation to the table.
Unlike Bitcoin though, Ripple intigrates neatly with the existing fiat system which could be a bonus for addoption short term but it also lacks the beauty and genius of the Bitcoin protocoll.
I feel like Bitcoin is this and Ripple is this.

Personally I'm not against it but I just fail to see a single (currently unsolved) problem that ripple solves.

In the end innovation and competition is always good and hence props to OpenCoin even if the (hopefully not proprietary) final implementation won't see traction.

[justusranvier]

I think Ripple is a great way to make non-Bitcoin legacy currencies almost as useful as bitcoins. It will have a future at least as long as legacies currencies are still something that most people have to deal with.

[mah87]

nope

Ripple is an intressting idea but for it to work well it needs a lot of users. I think bitcoin has a hard time getting users too but unlike ripple bitcoin brings a lot of innovation to the table.
Unlike Bitcoin though, Ripple intigrates neatly with the existing fiat system which could be a bonus for addoption short term but it also lacks the beauty and genius of the Bitcoin protocoll.
I feel like Bitcoin is this and Ripple is this.

Personally I'm not against it but I just fail to see a single (currently unsolved) problem that ripple solves.

In the end innovation and competition is always good and hence props to OpenCoin even if the (hopefully not proprietary) final implementation won't see traction.

-it solve confirmation wait time
-you can easily send any currencies to anyone==>bitcoin can't do that
-it's also a potential free market place for anything ==> you need to really understand ripple to get that point

I agree that ripple is still in beta and complicated and taht 95% of people don't understand it yet.

[_mr_e]

Ok but what I am trying to understand is for example, BitGold. The document says that someone may find someone on Craigslist who wishes to buy 1 BitGold for an oz of gold. That's fine and dandy but... Who created that initial BitGold?? Is it backed by some gold somewhere? How do we do whoever made it didn't make two for every oz of gold he has?

BitGold is the long-side of a short position entered on the blockchain network.  To create it someone had to own enough BitShares to buy 1 oz of gold and then short sell into the market a BitGold to receive BitShares in return.  This creates 2x the value of Gold priced in BitShares held as collateral.   

Because the BitGold vs BitShare market is executed on the blockchain, the miners can do a margin call if the price of BitGold rises and causes the collateral to only equal 1.5x the value of Gold.  The miners would the repurchase BitGold on the market to cover the position and return the BitShares back to the individual who went short.

Still don't get it.... Where do these BitGolds come from initially!?

[bytemaster]

In the beginning there was the BitShare and the BitShare was good and had value as a crypto-currency.

Assume that 1 oz of Gold is currently equal to 100 BitShares in the real-life market.

Sam thinks the value of BitShares will go up relative to gold, so he wants to short Gold.
Alex thinks BitShares are in a bubble, and wants to go long Gold.

Neither Sam nor Alex actually own any gold, they are merely speculating on the price movement.

Both Sam & Alex start out with 100 BitShares that they mined (or acquired by other means).

Sam and Alex make a bet and collateralize their bet with their BitShares...  Sam 'sells' one BitGold to Alex on the block-chain exchange where Sam and Alex represent the highest bid / lowest ask pair and the price for BitGold was 100 BitShares.    For Sam to sell something (BitGold) that is worth 100 BitShares he must have 100 BitShares and for Alex to buy something worth 100 BitShares he must also have it.   Therefore no value is created nor destroyed only exchanged.

Now when this exchange was executed the 100 BitShares from both parties are tied up as collateral (200 BitShares total) and Sam cannot spend this collateral unless he returns 1 BitGold to the ether from which it came which means he must buy it back at the future market price.   The network will also monitor the price on the internal exchange and if the value of BitGold ever gets to 150 BitShares the network will automatically liquidate the position on the internal market and give Sam back 50 BitShares. 

At the end of the day there is no BitGold but value has been reallocated between Sam and Alex proportional to the change in price of Gold relative to BitShares.

[bytemaster]

I have a question about the operation of Ripple for the purpose of cross-chain-trading.

Suppose I have BTC in my wallet and want to send it to someone 'conditionally' on them sending me Bitstamp.BTC  without having to trust any other party other than BitStamp once the transaction is complete.

I don't want to go first because I don't trust them.  They don't want to go first because they don't trust me. 

So I want to implement atomic cross-chain trading with Ripple.    Is this possible and what would be involved?

[PrintMule]

As much as i hate it personally, and "people behind it" and the premining idea in general, I think it will survive. I would love to see that exchanges like bitstamp do not accept xrp, but that's me. Even these numerous altcoins have future.

[solex]

Is the rippleUSD on Bitcoin Charts the ripple system?

http://bitcoincharts.com/markets/currency/USD.html

173 BTC traded in the last 30 days is not very much...