2013-11-01 Bloomberg: How Ripple Plans to Take on Bitcoin

[Arvicco]

http://www.bloomberg.com/video/how-ripple-plans-to-take-on-bitcoin-w2_3yv3~Rd~l2HthoaHfoQ.html

Yet another portion of Ripple-peddling bullshit from RippleLabs CEO:
 

"Ripple is a second generation of Bitcoin..."

Oh, please! It is deceptive and dishonest mis-representations like this that's getting people really angry and hostile to Ripple Labs. Even the ones who liked the Ripple idea in the very beginning.

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[LiteCoinGuy]

ripple without bitcoin: dead

bitcoin without ripple: ...what the fuck is ripple?

[neutrinox]

Wow that guy looked nervous. I guess talking what you know to be BS in front of tv-cameras is a pretty stressful situation.

[solex]

Wow that guy looked nervous. I guess talking what you know to be BS in front of tv-cameras is a pretty stressful situation.

Yes. He must have been thinking of his place in history, alongside the IBM chairman who predicted a future worldwide demand for 5 computers.

[Mitchell]

Ripple is already dead.

[Stephen Gornick]

bitcoin without ripple: ...what the fuck is ripple?

It sure is nice to be able to move funds from one exchange to another using Ripple.  This lets me perform arbitrage.    

For instance, let's say the XBT/CNY market is overpriced.  Ripple might have a path where I can move CNYs at one exchange (e.g., RippleCN) into USDs at another exchange (e.g., Bitstamp) without much of a cost.

This benefits Bitcoin as it helps to keeps markets efficient.  As a result of my transaction, Ripple gave me incentive to bring my bitcoins to the XBT/CNY market where supply was tight, and because of Ripple I could absorb some of the supply at Bitstamp by buying "cheap" bitcoins from their XBT/USD market.

I fail to understand why such a useful tool gets so much hate around here.

[solex]

bitcoin without ripple: ...what the fuck is ripple?

It sure is nice to be able to move funds from one exchange to another using Ripple.  This lets me perform arbitrage.    

For instance, let's say the XBT/CNY market is overpriced.  Ripple might have a path where I can move CNYs at one exchange (e.g., RippleCN) into USDs at another exchange (e.g., Bitstamp) without much of a cost.

This benefits Bitcoin as it helps to keeps markets efficient.  As a result of my transaction, Ripple let me bring bitcoins to the XBT/CNY market where supply was tight, and it let me absorb some of the supply at Bitstamp by buying "cheap" bitcoins from their XBT/USD market.

I fail to understand why such a useful tool gets so much hate around here.

I'd love it if it proved so useful, but only about 60 BTC has been moved on it in the last 30 days. The Robocoin ATM is doing much better volume and it has only just started. There could be thousands of ATMs around the world in a few years. Every airport might get one. I know this is not arbitrage, but it is a useful tool.

[ShadowOfHarbringer]

ripple without bitcoin: dead

bitcoin without ripple: ...what the fuck is ripple?

QFT.

[neutrinox]

I fail to understand why such a useful tool gets so much hate around here.

A few reasons:

-Spammy marketing tactics
-Boasting to be bitcoin 2.0
-Another debt based monetary system doesn't sound very tempting
-Most of the XRP's being held by the developers

[Stephen Gornick]

-Most of the XRP's being held by the developers

How does that affect me one iota if I am just using Ripple to move my CNY from BitcoinCN into USD at Bitstamp?

[neutrinox]

How does that affect me one iota if I am just using Ripple to move my CNY from BitcoinCN into USD at Bitstamp?

Well don't you need XRP's to do that? So basically what happens is that the currency needed to use Ripple is mainly in the hands of it's developers and everyone else has to pay bigger and bigger amounts for it, eventually making the developers mega-billionares. No thanks.

[Stephen Gornick]

How does that affect me one iota if I am just using Ripple to move my CNY from BitcoinCN into USD at Bitstamp?

Well don't you need XRP's to do that? So basically what happens is that the currency needed to use Ripple is mainly in the hands of it's developers and everyone else has to pay bigger and bigger amounts for it, eventually making the developers mega-billionares. No thanks.

I don't personally need XRPs to do that, but Ripple will cause them to be used when it executes both sides of the transaction.  Do I care if some small amount of XRPs used in the transaction causes a tiny increase in value for those holding XRPs?   Nope, .... what I care about is the ability and cost for me to move CNY at BitcoinCN into USD at Bitstamp.    And until some other solution to this problem arises (i.e., don't expect Dwolla, OKPay or Liberty Reserve to become widely uses), Ripple provides the best solution that is in operation today.

[neutrinox]

I don't personally need XRPs to do that, but Ripple will cause them to be used when it executes both sides of the transaction.  Do I care if some small amount of XRPs used in the transaction goes to those holding XRPs?   Nope, .... what I care about is the ability and cost for me to move CNY at BitcoinCN into USD at Bitstamp.    And until some other solution to this problem arises (i.e., don't expect Dwolla, OKPay or Liberty Reserve to become widely uses), Ripple provides the best solution that is in operation today.

Okay so please explain this:

Fact 1:
The XRP's hold value (against other currencies).

Fact 2:
Each transaction requires a small amount of XRP to be used (destroyed).

Question:
Why would anyone else want to destroy their XRP in order to have YOUR transaction completed? So isn't it your XRP that needs to pay for the transaction?

I have tried to read several Ripple articles and watched their Youtube videos, but still fail to understand how exactly that is supposed to work. Seems like it's very hard to explain the Ripple system clearly.

[StarfishPrime]

How does that affect me one iota if I am just using Ripple to move my CNY from BitcoinCN into USD at Bitstamp?

Well don't you need XRP's to do that? So basically what happens is that the currency needed to use Ripple is mainly in the hands of it's developers and everyone else has to pay bigger and bigger amounts for it, eventually making the developers mega-billionares. No thanks.

I don't personally need XRPs to do that, but Ripple will cause them to be used when it executes both sides of the transaction.  Do I care if some small amount of XRPs used in the transaction goes to those holding XRPs?   Nope, .... what I care about is the ability and cost for me to move CNY at BitcoinCN into USD at Bitstamp.    And until some other solution to this problem arises (i.e., don't expect Dwolla, OKPay or Liberty Reserve to become widely uses), Ripple provides the best solution that is in operation today.

That's possibly the best case ripple has today, but all we need is a coinbase.cn or equivalent to solve this problem without xrp. It's actually surprising this is taking so long with at least a 1% xbt to fiat transaction fee on the table in virtually every country not serviced by something similar to coinbase.

[TraderTimm]

Ripple is just the "honeypot" for those too stupid to understand Bitcoin. I can't believe the gall of these guys. "Bitcoin 2.0" my ass. More like "Scamcoin 2.0".

Anyone who trusts their silly tokens gets what they deserve.

[Stephen Gornick]

Anyone who trusts their silly tokens gets what they deserve.

It's like a broken record in here.  Sheesh.

I'm not saying buy Ripple XRPs.   Personally, I don't care if an XRP is worth $0.000001 each or $2,000 each.    I really don't.    And that's because I never hold any XRPs (except for the few needed for the fee, so yes -- I guess a higher valued XRP is bad, for me).  But I still can use Ripple.

What I care about is moving fiat funds from one exchange to another.    Ever since exchanges stopped offering "redeemable codes", etc, then Ripple is the last method remaining that offers a way for me to do that.

And until there's a better solution, Ripple gets my patronage.  

[p2pbucks]

http://p2pbucks.com/?p=9005

i translate this video text to my lang , btw Mr. Larsen is really a good salesman