Ripple starts to conquer the world from China

[Stephen Gornick]

Ripple will never be open source.   It is just the bait to build the network.  Once it is large enough there is little reason to open source it.

Would the arrival of the day men with guns show up to confiscate hardware and shut it down increase the likelihood they release as open source?

Today Ripple is being used as the successor [Edit: a successor] to the "redeemable code" -- a debt-based voucher.  Releasing as open source is the only way for that network to continue [Edit: and existing XRPs held by anyone to continue to have value] after such an event.

[AmazonStuff]

Ripple will never be open source.   It is just the bait to build the network.  Once it is large enough there is little reason to open source it.

Would the arrival of the day men with guns show up to confiscate hardware and shut it down increase the likelihood they release as open source?

Today Ripple is being used as the successor to the "redeemable code" -- a debt-based voucher.  Releasing as open source is the only way for that network to continue after such an event.

With all due respect Mr.Gornick, but that is just one of the Ripple features. For me Ripple is not a Bitcoin competitor, so:
Ripple != Bitcoin

it's more like:
Ripple = Bitcoin + MtGox (or Bitstamp, BTC-e....etc.)

Is MtGox centralized? Is MtGox open-source?

Who many of Bitcoin traders are using a Bitcoin in de-centralized fashion, for example without exchange websites? I think maybe up to 5%...

[aggster]

i logged into my ripple account the other only to find that all bu6t 50 of my ripples had been transferred to another address, and there doesn't seem to be anything I can do about it, not good.
never had this problem with bitcoins, i wont be using ripple again

[AmazonStuff]

i logged into my ripple account the other only to find that all bu6t 50 of my ripples had been transferred to another address, and there doesn't seem to be anything I can do about it, not good.
never had this problem with bitcoins, i wont be using ripple again

Sorry to hear that, next time use long, unique and complicated password with numbers, symbols etc... 

[QuantPlus]

Centralized, premined, and closed source. Shifts around debt rather than actual value. It would be completely dead if it wasn't leeching off bitcoin, like some sort of parasite.

Shame on you for supporting such shit.

I don't have nothing to be shamed about. It's my decision and my investment, it's my business where I will invest or not to invest. As much as you have the right to have your own opinion, I have the right to have my own opinion. It's best for everyone that both sentiments are heard.

You are being lied to by dozens of Ripple Stooges.

Now you have become a Ripple Dupe. Congratulations.

XRP trading volume is about 10% of what it was 2-3 months ago...
The network is a Ghost Town.

http://bitcoincharts.com/charts/rippleXRP#rg60zigDailyztgSzm1g10zm2g25zv

[JonHolmquist]

They aren't "working hard" at open sourcing it.   The code exists, you release it with open source license .... TADA it is open source.

Ripple is simply bait and switch.  Ripple has no good mechanism to handle fradulent servers so they won't open source it.  Of course saying that means it is a DOA so they will let it linger on with the bait of open source.   It has been years and it is no closer to being open source then when initially promised.  In a couple more years once it has enough marketshare it will morph to "an open network" which is marketing for closed source but anyone can obtain a license to run a server.   OpenCoin will issue and revoke licenses of peers to ensure that only compliant ones exist.

I guess the term is a little misleading.

The goal here it open source it. The path to getting it open sourced requires the addition of several not coded features.

Things like anti-ddos features, peer discovery improvements, and limiting validation broadcasts.

These features are core requirements before the server code is open sourced. If we don't take the time to polish these features, the network could open itself up to attacks.

[AmazonStuff]

Centralized, premined, and closed source. Shifts around debt rather than actual value. It would be completely dead if it wasn't leeching off bitcoin, like some sort of parasite.

Shame on you for supporting such shit.

I don't have nothing to be shamed about. It's my decision and my investment, it's my business where I will invest or not to invest. As much as you have the right to have your own opinion, I have the right to have my own opinion. It's best for everyone that both sentiments are heard.

You are being lied to by dozens of Ripple Stooges.

Now you have become a Ripple Dupe. Congratulations.

XRP trading volume is about 10% of what it was 2-3 months ago...
The network is a Ghost Town.

http://bitcoincharts.com/charts/rippleXRP#rg60zigDailyztgSzm1g10zm2g25zv

There is a problem with bitcoincharts reporting ripple price and volume, sometimes chart is stucked, so take that graphs with a grain of salt.
http://xrp.webr3.org/btc-xrp graphs are real-time, but sometimes they get stucked too...

[KonstantinosM]

I decided to make a wallet for ripple, then I found out that it's closed source and controlled by a for profit corporation.

I don't think we can trust a single entity to give away every single coin in a system.

Ripple is shit. I'm mining New Bitcoin now, What we really need is an alt like New Bitcoin only about 64 times faster. Something like bitcoin only 256 times the blocks (still halving every 4 years) Transactions would confirm in 14-15 seconds and ripple would have no market.


Maybe ripple should be considered a scam. The whole system is dangerous and may collapse. I'm not willing to take such risks.

[mymenace]

I decided to make a wallet for ripple, then I found out that it's closed source and controlled by a for profit corporation.

I don't think we can trust a single entity to give away every single coin in a system.

Ripple is shit. I'm mining New Bitcoin now, What we really need is an alt like New Bitcoin only about 64 times faster. Something like bitcoin only 256 times the blocks (still halving every 4 years) Transactions would confirm in 14-15 seconds and ripple would have no market.


Maybe ripple should be considered a scam. The whole system is dangerous and may collapse. I'm not willing to take such risks.

Sounds like Fastcoin, not sure if it meets all of what you stated but it is fast.

[KonstantinosM]

I decided to make a wallet for ripple, then I found out that it's closed source and controlled by a for profit corporation.

I don't think we can trust a single entity to give away every single coin in a system.

Ripple is shit. I'm mining New Bitcoin now, What we really need is an alt like New Bitcoin only about 64 times faster. Something like bitcoin only 256 times the blocks (still halving every 4 years) Transactions would confirm in 14-15 seconds and ripple would have no market.


Maybe ripple should be considered a scam. The whole system is dangerous and may collapse. I'm not willing to take such risks.

Sounds like Fastcoin, not sure if it meets all of what you stated but it is fast.

Thanks, I'll look it up.

[Lauda]

Fastcoin is bad and dying. Well theoretically this could be done if block times were reduced and block reward adjusted to have the same effects, but due to the amount of people using bitcoin, I don't know how it would affect it on a global scale. Even though it might be beneficial, but this is why it's not being done.
I would never trust something closed source.

[AmazonStuff]

I decided to make a wallet for ripple, then I found out that it's closed source and controlled by a for profit corporation.

I don't think we can trust a single entity to give away every single coin in a system.

Ripple is shit. I'm mining New Bitcoin now, What we really need is an alt like New Bitcoin only about 64 times faster. Something like bitcoin only 256 times the blocks (still halving every 4 years) Transactions would confirm in 14-15 seconds and ripple would have no market.


Maybe ripple should be considered a scam. The whole system is dangerous and may collapse. I'm not willing to take such risks.

Ripple is not a scam, find one single person who got scammed by OpenCoin. It's already explained in this thread about Ripple not being open-source and pre-mined, so it would be nice to hear some arguments from both sides in order to make this discussion more constructive and not to repeat ourselves.

[coinage]

i logged into my ripple account the other only to find that all [but] 50 of my ripples had been transferred to another address, and there doesn't seem to be anything I can do about it, not good.
never had this problem with bitcoins, i wont be using ripple again

Of course, many have had losses just like that with all manner of e-wallets, including those for Bitcoin, when they used compromised computers/websites or inadequate security procedures.

So was your password short or nonrandom, as AmazonStuff mentioned, and what operating system/web browser setup were you using?  (Was it dedicated to financial tasks or also used for possibly risky web access?)

Your details might help others.  Maybe there's a flaw in the Ripple system, if you have any evidence of that.  More likely this was a browser/password issue which might threaten your Bitcoin holdings too.

The fact you can't do anything about the loss shows Ripple transactions are (so far) pretty irreversible -- one of the things many of us love about Bitcoin.

However, Ripple is at risk of losing that or any other feature unless and until OpenCoin lets multiple international entities co-manage the ledger.  They say that at that point, they would lose control of changes to the network (making improvements more difficult), and would have to vote on any changes with all ledger managers.


[Followup ~2 weeks later:  In another thread aggster said a "secure" password was used, but perhaps the computer is compromised with a keylogger.  For instance, from the posting history, it seems aggster has run literally dozens of altcoins.  Perhaps adequate precautions weren't taken when installing them.]

[NWO]

It will be hard for Ripple to gain traction in the BTC community as most of the people who were drawn here are Libertarians. 

Its just not the target audience. OC should see this and give up, look to China, look to the world.

[mintedstone]

Centralized, premined, and closed source. Shifts around debt rather than actual value. It would be completely dead if it wasn't leeching off bitcoin, like some sort of parasite.

Shame on you for supporting such shit.

I agree with you Hazard

[QuantPlus]

i logged into my ripple account the other only to find that all bu6t 50 of my ripples had been transferred to another address, and there doesn't seem to be anything I can do about it, not good.
never had this problem with bitcoins, i wont be using ripple again

There have been many "thefts" from Ripple accounts.

You will be told to open a Github "trouble ticket"...
Then, in the end, you will always be told you had a "weak password"...
And you will have absolutely no recourse.

Larger amounts of money are not safe on the Ripple network.

[just_me]

Actually whoever invests in ripple now is making a huge mistake.

Who thought of the name 'ripple'?? I don't think this is a good name at all.

The cost of buying ripples is too high, considering how many are going to be in circulation. I see no reason to buy at such high prices.

[AmazonStuff]

Actually whoever invests in ripple now is making a huge mistake.

Who thought of the name 'ripple'?? I don't think this is a good name at all.
The cost of buying ripples is too high, considering how many are going to be in circulation. I see no reason to buy at such high prices.

100 billion XRP were created, it's estimated that 1.5 billion XRP are currently in circulation.

[viboracecata]

Ripple need to open its source and prove it's fair.

[AmazonStuff]

Ripple need to open its source and prove it's fair.

My logic is that Ripple will be open-source when it's done, it's still in beta, but when it's done and open-source, it will gain some popularity, small investments will move the price rapidly, so I would be late for the status of early-adopter. I made my decision based on that, for me it's better to be a early adopter then to be late adopter. If you think it's better to wait it to become a open-source, then stick to your decision, we are all grown-up individuals and we are responsible for our decisions, future will prove who made better one's.