Ripple starts to conquer the world from China

[markm]

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 GeistGeld?

It is merged mined alongside bitcoin, namecoin, devcoin, groupcoin, ixcoin, i0coin and coiledcoin, and has fast blocks, 15 seconds i think it is or thereabouts.

If people still do want fast block time, GeistGeld is the way to get that without dividing up your hash rate between chains, as merged mining lets your same hashing power mine them all at once. So it can be given quite some difficulty quite fast simply by adding it into the merges of a few large pools.

Oh but hmm how important is the halving every four years to you? GeistGeld just keeps mining coins forever. The percentage of total coins so far it thus mints each year goes down all the time that way of course so maybe the minting details aren't that big a deal?

-MarkM-

[QuantPlus]

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.

Your "logic" is irrelevant since you have no engineering or financial industry expertise.

Ripple is waaaaay too complex... to be understood and evaluated by random people.

[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.

Your "logic" is irrelevant since you have no engineering or financial industry expertise.

Ripple is waaaaay too complex... to be understood and evaluated by random people.

Well I said "my" logic, it's relevant to me, if you don't like it you can ignore it.

Please, if you know something about Ripple, talk about that, let's talk in arguments, it's really a time wasting activity to analyze who I am, when you don't know nothing about me...

Ripple is not a space technology, it's not necessary to have a expertise or engineering degree (although I have a master degree in engineering) to understand how it works, I'm not going to build Ripple from scratch, I'm going to use it. I've been using Ripple for a 5 months and nothing scary happened, at least I was brave enough to try something new and time will tell was that a good move or not.

[nameface]

Ripple is waaaaay too complex... to be understood and evaluated by random people.

Despite its complexity, I think Ripple has a very bright future. My favorite project built on Ripple so far just launched this week, http://peercover.com/. It's a platform that allows anybody to become their own insurance company.

[TheSwede75]

Ripple will be remembered as the first really large scale scam in the crypto economy.

[erk]

Ripple can have China, the rest of the world can have real coins.

PoW > PoS > PoN (proof of nothing)

[AmazonStuff]

Ripple will be remembered as the first really large scale scam in the crypto economy.

How could it be a scam?  It's the p2p network, it's not node dependent. If btc is a p2p money, ripple is multiple p2p money PLUS exchange PLUS payment system, it has a bunch of features, it will be bulletproof, next step in crypto economy. You are more concerned with who owns majority of ripples, we'll here they are: www.opencoin.com, you can see their faces. Do you know who owns majority of bitcoins? Who is Pirate? Who are the owners of most bitcoin businesses?

[NWO]

Ripple is waaaaay too complex... to be understood and evaluated by random people.

Despite its complexity, I think Ripple has a very bright future. My favorite project built on Ripple so far just launched this week, http://peercover.com/. It's a platform that allows anybody to become their own insurance company.

Cool story bro!

[Sukrim]

Ripple will be remembered as the first really large scale scam in the crypto economy.

bigger than mtgox or pirateat40? I doubt that...

Anyways, I find some arguments here strange considering that a huge percentage of bitcoin usage is IOU transactions on closed source platforms (the daily volumes of trades on exchanges are definitely the largest part of that, plus things like inputs.io).
Ripple server code has DoS problems still and mining pools in bitcoin have been DDoSed for less. With that general negativity around I can understand why they want to get up to speed before going public.

Also I'm not too sure what people think open sourcing right away would really change except for people investing in xrp (something I wouldn't recommend). Ripple is based on having many non colluding validators. To trust that these dont collude, one probably needs more information than a lot of people here would be willing to give - and even then running a validator has to be done for free.
You think bitcoin uses a lot of resources? Rippled can easily top that...

Still I'm all for having an open rippled, though I guess then the criticism still won't stop because people here seem to generally not be aware that without using IOUs, one cannot trade - especially bitcoins.

[yvv]

It is funny to watch how bitcoin fanatics blame ripple for being closed source and centralized and continue using MtGox with BTC-e. Ripple is more decentralized than any bitcoin exchange, potheads. And instead of forking dozen of shitcoins per week to resolve bitcoin flaws, you can use any existing currency in ripple "bitcoin style", or even issue your own currency if you have something to back it.

[ronimacarroni]

It is funny to watch how bitcoin fanatics blame ripple for being closed source and centralized and continue using MtGox with BTC-e. Ripple is more decentralized than any bitcoin exchange, potheads. And instead of forking dozen of shitcoins per week to resolve bitcoin flaws, you can use any existing currency in ripple "bitcoin style", or even issue your own currency if you have something to back it.

Someone should make a bitcoin napster
Just download the client, tranfer money to it and bid away
Now that would be cool 

[AmazonStuff]

OK, here's the old BitcoinTalk "Ripple GiveAway" thread  where all of these scam accusations started:
https://bitcointalk.org/index.php?topic=145506.0

On the first page there are four posts which were completely different and then got edited with some red font text saying that Ripple is a scam.

Well, many people don't know that those users were actually paid to do that, someone offered them $550 to do that:
https://bitcointalk.org/index.php?topic=212730.0

Think twice why would someone pay $550 to someone, just to edit his post and spread negative sentiment about Ripple?
It's probably because he wants to buy as much Ripple's as possible, before XRP skyrockets to the sky.

There are currently 11656475BTC in circulation with the price of 1BTC = 134,6$
On the other hand, currently there are 1,5 billion XRP in circulation with the price of 1XRP = 0.0056$

Do the math is it profitable for someone to spread false accusation about Ripple and buy a large stash of XRP at that price...

[dupee419]

wtf is the point in open sourcing it? it's fully premined. if they're trying to make it more secure, it wasn't ready to be released in the first place, that is a HUGE design flaw.

Secondly, it's an IOU system not a coin.

Thirdly, there is no other place that takes XRP for anything except for ripple.
I can dump my bitcoins and altcoins at any of a half a dozen different sites, I’m not pinned down mtgox.

[yvv]

Thirdly, there is no other place that takes XRP for anything except for ripple.

XRP are not supposed to be used as money, although they are used some times. It is a special token to pay for using a wallet. In ripple, you pay with whatever money you have to anybody who has a ripple wallet, and he receives whatever money he wants.

[DeathAndTaxes]

Thirdly, there is no other place that takes XRP for anything except for ripple.

XRP are not supposed to be used as money, although they are used some times. It is a special token to pay for using a wallet. In ripple, you pay with whatever money you have to anybody who has a ripple wallet, and he receives whatever money he wants.

Yeah you don't really believe that do you.  Everything else is an IOU and has counterparty risk.  If/when there are a billion of XRP in millions of users hands, why would you want to be paid in the less secure, less liquid IOUs when it is almost a guarantee the person paying you has XRPs?

Another way to look at it is OpenCoin ONLY source of revenue is selling XRPs?  Which is more profitable a viable alternative currency or a negligible value token used as stamps?

Bait and switch.  Ripple is just taking a page from Microsoft's playbook.  Embrance, extend, extinguish.

[yvv]

Yeah you don't really believe that do you.  Everything else is an IOU and has counterparty risk.  If/when there are a billion of XRP in millions of users hands.  Why would you want to be paid in the less secure, less liquid IOUs when it is almost a guarantee the person you are doing business with has XRP?

If you want to accept XRP, no problem with that. You need to buy and sell XRP for fiat or other assets anyway, and this process involves issuing IOUs. Instead, you can accept IOUs of real world money, and if ripple finds that the easiest way to exchange between IOUs which payer has and IOUs which you accept is though XRP, it will do this automatically. IOUs are as secure as any other bonds.

[QuantPlus]

Thirdly, there is no other place that takes XRP for anything except for ripple.

XRP are not supposed to be used as money, although they are used some times. It is a special token to pay for using a wallet. In ripple, you pay with whatever money you have to anybody who has a ripple wallet, and he receives whatever money he wants.

Yeah you don't really believe that do you.  Everything else is an IOU and has counterparty risk.  If/when there are a billion of XRP in millions of users hands, why would you want to be paid in the less secure, less liquid IOUs when it is almost a guarantee the person paying you has XRPs?

Another way to look at it is OpenCoin ONLY source of revenue is selling XRPs?  Which is more profitable a viable alternative currency or a negligible value token used as stamps?

Bait and switch.  Ripple is just taking a page from Microsoft's playbook.  Embrance, extend, extinguish.

Pretty much.

Everything on the Ripple network is a Debt (usually from dodgy foreign issuers)... XRP is the only Asset.

The other thing people miss: XRP = Market Making Currency...
If the network is ever scaled up...
The most favorable exchange price will always flow through XRP...
So only traders with lots of XRP will collect the spreads and fees...
I'm sure Jed spent 100s of hours game planning XRP on a billion $$$ network.

Problem is they totally fucked up the launch.

Also, the people who take out Western Union with a disruptive network...
Will be people who go to India and Mexico and China...
And build offices and Dev Teams on the ground in the Third World.

NOT candy asses who attend Panels in Silicon Valley...
And fly 1st class between SF and NYC.

[Sukrim]

This topic is about Ripple getting traction in China by the way, and the CNY markets in Ripple look quite good too.

Everything in the Bitcoin ecosystem is debt from dodgy issuers too and the only asset is BTC - with the exception that this debt isn't even liquid (see the BTCUSD IOU price at MtGox at the moment for example).

Trading XRP has huge risks involved (even more than trading BTC and these can be already quite volatile), I doubt that there will be big liquidity providers using XRP trades in the longer run. This is paired with an entity that is known to be willing to sell its stash (unlike Satoshi who is controlling a large part of all available BTC but has disappeared). If you want to play the big investor and market maker, you should definitely stay within BTC territory and not mess with XRP.

The nice thing is that BTC are easily redeemable (as transactions there are quite final), so interfacing with Ripple is quite easy for Bitcoiners. I don't really get why people try so hard to merge these communities, Ripple's success definitely won't come by embracing a large part of the Bitcoin ecosystem which is struggling on its own. It is however quite amusing to which lengths some "hardcore Bitcoiners" go to make sure they definitely despise Ripple - and then again trade happily on MtGox, deposit their coins at Bitfunder or just-dice or inputs.io and mourn that there is no distributed exchange or no real way to quickly and cheaply transfer money between exchanges for arbitrage.

Already the classification as "alternate cryptocurrency" is wrong for this thread, as it is about CNY IOUs on the three main chinese gateways - it should be either in Off-Topic or (if they also issue BTC IOUs) maybe trading discussion or so.

[AmazonStuff]

Thirdly, there is no other place that takes XRP for anything except for ripple.

With the latest feature called "Bitcoin Bridge" Ripple wallet is essentially Bitcoin Online Wallet, you can make a payment to any Bitcoin address.

[X68N]

Ripple is very "inovative" - compared to the standart 419 nigeria scam