Are Ripples' creators dumping XRP in return for other people's 'real' money?

[pb321go]

I ask this as a genuine question, because my instincts make me suspicious about what I see.
Ripples' creators have not yet made their code open source. They still hold almost all the 'pre-mined' (in other word self-created/counterfeited) internet pseudo-currency that they have invented. If you go to Bitstamp, you can get as many ripples as you want if you hand over 'real' money (USD ... and yes, BTC, etc, too which are all ultimately convertible into USD), indicating to me that XRP's creators, whilst producing a 'circuses and bread' effect with their token giveaways, are intent on selling off their pretend-money for as many 'real money' dollars as they can get. The XRP/dollar rate is plummeting, showing that the selling is being ramped up. Of course we all realize the creators of internet-money have the intention of pumping and dumping and getting dollars for the pretend-money they've created, but with XRP it seems to be happening too soon and too quickly, which leads me to believe the overall cryptocurrency Ponzi scheme that we're all engaged in may not last nearly as long as some people might expect.
Caveat emptor, as they say. The smart people are selling the currencies they've invented. What are we to think about the people who are buying those eventually worthless 'currencies'?

[peterblack]

I guess you don't get Ripple at at all.

You're not supposed to be hoarding XRP. They are just for the network fees.

[kelsey]

I guess you don't get Ripple at at all.

You're not supposed to be hoarding XRP. They are just for the network fees.

I think its you actually that doesn't understand Opencoins business model with this, so the OP question is a valid one (though its not in Opencoins own best interest to dump too much XRP's on the market).

[zeroblock]

It would be hard to believe that Andreessen Horowitz, Lightspeed Venture Partners, IDG Capital Partners, Google Ventures, and the Bitcoin Opportunity Fund would invest in a "scheme." 

Once you read how the consensus process works, you realize that proof-of-work is an already outdated concept. LCL is where its at.  Why the hell do you need to know every transaction that has ever happened (blockchain) when you could just have a record of the last ledger?

[peterblack]

I guess you don't get Ripple at at all.

You're not supposed to be hoarding XRP. They are just for the network fees.

I think its you actually that doesn't understand Opencoins business model with this, so the OP question is a valid one (though its not in Opencoins own best interest to dump too much XRP's on the market).

Well, since they are pre-mined, they are no better then fiat money or airline miles or gift cards.
They have no real market value because the company can manipulate the price how they want.

But that doesn't mean Ripple is not useful. It's a great system for sending money. I will only hold as many XRP as needed for my transactions - this is money directly going to OpenCoin. But the majority of my value will be stored in BitCoin or fiat. Preferably outside of Ripple network.

I see Ripple like improved PayPal. I never have huge PayPal balance on my account. I like to withdraw my money to bank as soon as possible. When I need to make a payment, the money can be withdrawn from my credit line or bank account as needed.

Ripple is not a bank. It's a super fast payment network with low fees.
And OpenCoin is making money be selling XRP to people who want to use their network.
But I wouldn't use XRP as an investment.

[kelsey]

I guess you don't get Ripple at at all.

You're not supposed to be hoarding XRP. They are just for the network fees.

I think its you actually that doesn't understand Opencoins business model with this, so the OP question is a valid one (though its not in Opencoins own best interest to dump too much XRP's on the market).

Well, since they are pre-mined, they are no better then fiat money or airline miles or gift cards.
They have no real market value because the company can manipulate the price how they want.

But that doesn't mean Ripple is not useful. It's a great system for sending money. I will only hold as many XRP as needed for my transactions - this is money directly going to OpenCoin. But the majority of my value will be stored in BitCoin or fiat. Preferably outside of Ripple network.

I see Ripple like improved PayPal. I never have huge PayPal balance on my account. I like to withdraw my money to bank as soon as possible. When I need to make a payment, the money can be withdrawn from my credit line or bank account as needed.

Ripple is not a bank. It's a super fast payment network with low fees.
And OpenCoin is making money be selling XRP to people who want to use their network.
But I wouldn't use XRP as an investment.

+1

[pb321go]

Actually I prefer ripples to the 'mined for' coins  because it seems so quick and easy to deal with them, but I still have a couple of strong doubts about cryptocurrencies, etc, in general. The first is, now and for the foreseeable future, if you want to buy yourself a car or a house or a flight ticket, you still need fiat money - dollars and euros, or in my case roubles and pounds. Also I wonder about the sustainability, the survivability, of all these 'coins'. I just don't believe they can all endure. I don't know why, but I like BTC, LTC, FTC and XRP. Because I enjoy writing, naturally I'm pro-devcoins too. Do we need more coins than this?
One final thing. There's supposed to be an XRP giveaway for developers. Anyone know when that is likely to take place?

[QuantPlus]

It would be hard to believe that Andreessen Horowitz, Lightspeed Venture Partners, IDG Capital Partners, Google Ventures, and the Bitcoin Opportunity Fund would invest in a "scheme." 

Once you read how the consensus process works, you realize that proof-of-work is an already outdated concept. LCL is where its at.  Why the hell do you need to know every transaction that has ever happened (blockchain) when you could just have a record of the last ledger?

They are having a ENDLESS list of problems bootstrapping this...
Starting with the fact that OpenCoin has done nothing to stand up Gateways.

Also, they have deliberately refused to TIME-STAMP Ripple transactions...
Or produce even the most basic transaction reports and history...
Like this is some kind of afterthought for a securities exchange.

And the Client is buggy in a way that would scare off any normal person.

Grandma would rather pay $10-20 and use Western Union...
Than file a bug report on Git Hub.

Now some egghead is gonna come on here...
And say Grandma needs to learn to use GitHub...
And that users are not "guaranteed" transactions, reports or anything else.

Oh, and money for your dying sister is just a concept... so piss off.

People need to be held accountable and FIRED... or Ripple is doomed.

[pheaonix]

i am buying ripples

get ouf of this scam currency and help me crash it

[digitalindustry]

1. normally educated people understand the principal of the Blockchain and it is open source.

2. these people are the "peers" in a Peer driven market .

3. When Grandma ask the "peer" what is Ripple about , and he/she says "its a scam" that's where it will end.

so good luck with it .

you can 100x Googles budget and throw that at it if you like , it still can't change this fact.

[webr3]

I ask this as a genuine question, because my instincts make me suspicious about what I see.
Ripples' creators have not yet made their code open source. They still hold almost all the 'pre-mined' (in other word self-created/counterfeited) internet pseudo-currency that they have invented. If you go to Bitstamp, you can get as many ripples as you want if you hand over 'real' money (USD ... and yes, BTC, etc, too which are all ultimately convertible into USD), indicating to me that XRP's creators, whilst producing a 'circuses and bread' effect with their token giveaways, are intent on selling off their pretend-money for as many 'real money' dollars as they can get. The XRP/dollar rate is plummeting, showing that the selling is being ramped up. Of course we all realize the creators of internet-money have the intention of pumping and dumping and getting dollars for the pretend-money they've created, but with XRP it seems to be happening too soon and too quickly, which leads me to believe the overall cryptocurrency Ponzi scheme that we're all engaged in may not last nearly as long as some people might expect.
Caveat emptor, as they say. The smart people are selling the currencies they've invented. What are we to think about the people who are buying those eventually worthless 'currencies'?

In short no, the ripple creators and opencoin staff are not dumping XRP for $ or BTC.

However, some early adopters are selling percentages of their stock, but then they always have been at key price points.

The big walls on the market, are from external investors who bought in between 80,000 per BTC and 25,000 per BTC, and one group of people in particular who sold out to buy back in cheaper and are now trying to keep the price lower.

I know this because I'm in contact with 95%+ of the big holders, and manage, move, or acquire their XRP for many of them off market. They are neither selling or purchasing at the minute, everybody is waiting for something to move in one direction or the other.

[QuantPlus]

you can 100x Googles budget and throw that at it if you like , it still can't change this fact.

You tend to run Ripple and Bitstamp clients together a lot.

Bitstamp is doing everything right...
Their Client has proper reporting and is bug-free.

Ripple is GREAT conceptually...
They just need Bitstamp management to take over the project.