Is Ripple a scam?

[Fablio2]

Is there any normal ripple exchange? Not a forum.

[yvv]

Is there any normal ripple exchange? Not a forum.

Ripple is currency exchange.

[yvv]

Bitcoin and RSA are protected by economical laws (resources are limited). See the difference?

By the way, with 1Ghash/sec for $50, it will take about $25M to hack bitcoin network which is worth over $1B with 51% attack.

[AmazonStuff]

Fresh news from the Ripple blog:

Open-sourcing Ripple is just around the corner

[Come-from-Beyond]

Bitcoin and RSA are protected by economical laws (resources are limited). See the difference?

By the way, with 1Ghash/sec for $50, it will take about $25M to hack bitcoin network which is worth over $1B with 51% attack.

Good point.

[Come-from-Beyond]

Fresh news from the Ripple blog:

Open-sourcing Ripple is just around the corner

Just PR. They r not that crazy to publish sources of the server.

[yvv]

Fresh news from the Ripple blog:

Open-sourcing Ripple is just around the corner

Just PR. They r not that crazy to publish sources of the server.

They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.

[steelhouse]

ripple is a scam.

The only client the average user can use is a web based client.  That means the owner of the site has complete control of your password and account.  What if ripple.org went down tomorrow like "my bitcoin wallet".  Could you sell your coins?  I do think bitcoin is flawed in that it should be a ledger.  But you should not trust anyone.  You can trust your bank, you can trust Obama, you can trust Hitler, I don't!

[Come-from-Beyond]

They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.

After they publish the sources we'll see hundreds thousands millions clones of Ripple. So they won't do it.

[yvv]

They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.

After they publish the sources we'll see hundreds thousands millions clones of Ripple. So they won't do it.

Bitcoin source is published. We have dozens clones of bitcoin. So what?

[yvv]

  That means the owner of the site has complete control of your password and account. 

No, he doesn't. No account is created anywhere on the web. Ripple client creates a wallet on your pc. Wallet name and password encrypt/decrypt it. You have an option to back up your wallet in a cloud. The owner of the cloud does not have access to you password either.

[markm]

I wanted to plug in various currencies, or as it were permit various currencies to plug in by making gateways for various currencies, but so far that still is being put off seemingly indefinitely.

-MarkM-

Did you contact OpenCoin on that matter? Providing assistance for new gateways is among their highest priority tasks.

Only via forum posts basically. I am not looking to get some special foot in the door of a closed source system, what I had been about to do was to modify the gateway code per each of several coin types as free open source gateway code for a bunch of coins, based on the free open source gateway code already available in the samples collection.

However in addition to learning that people would not be able to use the gateway code due to unavailability of the rippled code, I also was told that actually the gateway code itself isn't suitable for real use, so all in all it seemed it was too early yet for people to start putting up gateways.

It also turned out that using other people's rippled means revealing your 'secret' to them, that was the biggest reason in fact for the absolute need to run a rippled of one's own.

So all in all it was a long way from being ready for people to start realistically using.

Before starting to adapt the gateway to more currencies for example, it needs to be robust enough for real production use.

Presumably the gateways online so far are either flaky code, not suitable for use, or had failed to submit pull requests of their fixes, or were straight-out proprietary systems from the get-go.

-MarkM-

[Come-from-Beyond]

They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.

After they publish the sources we'll see hundreds thousands millions clones of Ripple. So they won't do it.

Bitcoin source is published. We have dozens clones of bitcoin. So what?

Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.

[yvv]

Only via forum posts basically. I am not looking to get some special foot in the door of a closed source system, what I had been about to do was to modify the gateway code per each of several coin types as free open source gateway code for a bunch of coins, based on the free open source gateway code already available in the samples collection.

However in addition to learning that people would not be able to use the gateway code due to unavailability of the rippled code, I also was told that actually the gateway code itself isn't suitable for real use, so all in all it seemed it was too early yet for people to start putting up gateways.

It also turned out that using other people's rippled means revealing your 'secret' to them, that was the biggest reason in fact for the absolute need to run a rippled of one's own.

So all in all it was a long way from being ready for people to start realistically using.

Before starting to adapt the gateway to more currencies for example, it needs to be robust enough for real production use.

Presumably the gateways online so far are either flaky code, not suitable for use, or had failed to submit pull requests of their fixes, or were straight-out proprietary systems from the get-go.

-MarkM-

Ripple was extremely unstable just few month ago. But it is rapidly improving. Hopefully, when it is open sourced, it will be stable enough for use by business.
 

[yvv]

Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.

And how will this "non-premined" thing is going to happen?

[Come-from-Beyond]

Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.

And how will this "non-premined" thing is going to happen?

Creators of a clone will give away 100% of the coins.

[yvv]

Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.

And how will this "non-premined" thing is going to happen?

Creators of a clone will give away 100% of the coins.

This is not that simple to do.

This issue was discussed on ripple forum. It is not easy to come up with automated way to distribute coins which guarantees a fair distribution. So, evidently OpenCoin gave up on this problem, and decided to do it centralized way. If you come up with a good distribution method, go ahead, make a ripple clone, I will switch to it.

[QuantPlus]

Fresh news from the Ripple blog:

Open-sourcing Ripple is just around the corner

Just PR. They r not that crazy to publish sources of the server.

They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.

A few random Ripple Stooges wander into Alt Coin...
Even One-Man-PR-Juggernaut David Schwartz is dipping his toe in the waters 'round here...
Though Jed remains missing and the police file has been sealed...
Chris Larsen continues to gives speeches to Girl Guide troops and Little League baseball teams.

Wait.

Is something stirring in the Ripple Ghost Town?
Are servers being open sourced?
Are the bugs under control?
Legit gateways on board?
Actual economic activity on the network detected?

No.

It's just another SWANKY conference in GLITZY LAS VEGAS in October...
Which will tide OpenCoin into the New Year quite nicely.

NOTHING TO SEE HERE. MOVE ALONG.

[yvv]

A few random Ripple Stooges wander into Alt Coin...
Even One-Man-PR-Juggernaut David Schwartz is dipping his toe in the waters 'round here...
Though Jed remains missing and the police file has been sealed...
Chris Larsen continues to gives speeches to Girl Guide troops and Little League baseball teams.

Wait.

Is something stirring in the Ripple Ghost Town?
Are servers being open sourced?
Are the bugs under control?
Legit gateways on board?
Actual economic activity on the network detected?

No.

It's just another SWANKY conference in GLITZY LAS VEGAS in October...
Which will tide OpenCoin into the New Year quite nicely.

NOTHING TO SEE HERE. MOVE ALONG.

Man, stop intoxicating yourself with the crap you have. Have some vodka instead, but do not put ice into it. It is natural, it is good for your physical shape, it clears your brain and it is legal.

Best regards,
Ripple Stooge

[sublime5447]

It is not a scam just a bad idea.