Ripple competition

[BldSwtTrs]

Hi,

Here an interesting article about Ripple : http://dealbook.nytimes.com/2013/11/11/the-rush-to-coin-virtual-money-with-real-value/?smid=tw-dealbook&seid=auto&_r=0

Basically it said that Ripple is already welcomed by the financial industry and that it will receive a better greetings by governments than Bitcoin, plus the protocol don't waste any power with the mining stuff.

I am uber bullish on Bitcoin but this worry me a bit. I think Ripple make good points and has a shot for at least outcompete Bitcoin in the e-commerce, remittancee and micropayments markets (but not at all in the store of value "gold-like" market, here Bitcoin will remain the king).

What do you think about that?

[Rannasha]

Ripple is centralized, which will allow the government to control it. In that, Ripple has a good argument why it may be received more warmly by authorities. But it removes most of the advantages that Bitcoin offers over traditional currency.

[BldSwtTrs]

Ripple is centralized, which will allow the government to control it. In that, Ripple has a god argument why it may be received more warmly by authorities. But it removes most of the advantages that Bitcoin offers over traditional currency.

That's why I think Bitcoin is not in competition with Ripple in the "hard asset" market.

But let's be honest, it looks like Ripple has advantages over Bitcoin in all other markets.

[oakpacific]

Hi,

Here an interesting article about Ripple : http://dealbook.nytimes.com/2013/11/11/the-rush-to-coin-virtual-money-with-real-value/?smid=tw-dealbook&seid=auto&_r=0

Basically it said that Ripple is already welcomed by the financial industry and that it will receive a better greetings by governments than Bitcoin, plus the protocol don't waste any power with the mining stuff.

I am uber bullish on Bitcoin but this worry me a bit. I think Ripple make good points and have a shot for at least outcompete Bitcoin in the e-commerce, remittancee and micropayments markets (but not at all in the store of value "gold-like" market, here Bitcoin will remain the king).

What do you think about that?

It's all fine and dandy when all nodes on your UNL are accessible, when it's not the case, however..............

Check this out: http://en.wikipedia.org/wiki/CAP_theorem

[crazy_rabbit]

Ripple is centralized, which will allow the government to control it. In that, Ripple has a god argument why it may be received more warmly by authorities. But it removes most of the advantages that Bitcoin offers over traditional currency.

That's why I think Bitcoin is not in competition with Ripple in the "hard asset" market.

But let's be honest, it looks like Ripple has advantages over Bitcoin in all other markets.

Ripple is out to cheat people. They wanted to restart bitcoin with themselves as Satoshi with his hoard. No way I'm in that.

[neutrinox]

Ripple has no elevator pitch. The system is way too complicated. I also don't like it being a debt based system. Isn't it the debt based monetary system that created all this trouble in the first place?

[zeroday]

XRP is 100% "pre-mined" and controlled by a couple of big businesses, so, anyone who invest there - are just participating in another yet Ponzi scheme.
No surprise financial industry and government welcome it. They love such a tricky schemes to ripple-off people.

[Coinseeker]

Hi,

Here an interesting article about Ripple : http://dealbook.nytimes.com/2013/11/11/the-rush-to-coin-virtual-money-with-real-value/?smid=tw-dealbook&seid=auto&_r=0

Basically it said that Ripple is already welcomed by the financial industry and that it will receive a better greetings by governments than Bitcoin, plus the protocol don't waste any power with the mining stuff.

I am uber bullish on Bitcoin but this worry me a bit. I think Ripple make good points and has a shot for at least outcompete Bitcoin in the e-commerce, remittancee and micropayments markets (but not at all in the store of value "gold-like" market, here Bitcoin will remain the king).

What do you think about that?

Bitcoiners have nothing to fear.  Ripple's success is good for Bitcoin.  Some will actually have to see that come to pass before they accept that, but it remains true nonetheless.  As you've accurately stated, Ripple does not change Bitcoin as an excellent digital store of value.  People who want to continue to store Bitcoin's with no counter party risk, can and will always be able to do that.  However, when you want to send Bitcon's to someone, especially in another country or in another currency, Ripple is hands down the best payment network crypto has ever seen.

1.  Send payment in BTC and the receiver can receive payment in any currency they choose.
2.  Payments are instant (within 20 seconds).
3.  Gives people greater access to BTC.  

Ripple doesn't attempt to replace Bitcoin as a store of value, but rather offers a significantly better payment network than Bitcoin or any alt-blockchain's can provide.  Again, this is GREAT news for Bitcoin and all of crypto.  Ripple is going to help legitimize the crypto world and provide an excellent "bridge" between the digital currency world and the fiat world.  Chances are Bitcoin values will only benefit from Ripple's increased reach, by again, giving more access to more people around the world and providing increased utility for Bitcoin.  These are exciting times and the journey for all of crypto, is just beginning.  

[hacknoid]

There's no way the Chinese will be interested in Ripple over Bitcoin - if they truly are interested in moving away from USD, then they would be more likely to get behind Bitcoin than an american company's version.

[mccorvic]

Ripple is a good "sucker" test.  If you think it's Ripple is a good idea and like it then I have a bridge in New York I'd like to show you.

[BldSwtTrs]

Bitcoiners have nothing to fear.  Ripple's success is good for Bitcoin.  Some will actually have to see that come to pass before they accept that, but it remains true nonetheless.  As you've accurately stated, Ripple does not change Bitcoin as an excellent digital store of value.  People who want to continue to store Bitcoin's with no counter party risk, can and will always be able to do that.  However, when you want to send Bitcon's to someone, especially in another country or in another currency, Ripple is hands down the best payment network crypto has ever seen.

1.  Send payment in BTC and the receiver can receive payment in any currency they choose.
2.  Payments are instant (within 20 seconds).
3.  Gives people greater access to BTC.  

Ripple doesn't attempt to replace Bitcoin as a store of value, but rather offers a significantly better payment network than Bitcoin or any alt-blockchain's can provide.  Again, this is GREAT news for Bitcoin and all of crypto.  Ripple is going to help legitimize the crypto world and provide an excellent "bridge" between the digital currency world and the fiat world.  Chances are Bitcoin values will only benefit from Ripple's increased reach, by again, giving more access to more people around the world and providing increased utility for Bitcoin.  These are exciting times and the journey for all of crypto, is just beginning.  

But it makes Bitcoin useless for a lot of things too.
Why would you use Bitcoin to send value overseas when instead you can use fiat with Ripple?
Why would you use Bitcoin to purchase online stuff when instead you can use fiat with Ripple?

Also people calling Ripple centralized, but is that true?
It's also a P2P network, could he work if Ripple Lab were shut down?

[Coinseeker]

But it makes Bitcoin useless for a lot of things too.
Why would you use Bitcoin to send value overseas when instead you can use fiat with Ripple?
Why would you use Bitcoin to purchase online stuff when instead you can use fiat with Ripple?

That's really a choice for the people to make wouldn't you say?  We do still care about freedom right?

Also people calling Ripple centralized, but is that true?
It's also a P2P network, could he work if Ripple Lab were shut down?

Yes, Ripple will still work.  Although it's fair to say that at present, just coming off open sourcing Ripple, RippleLabs is very much an important aspect of Ripple.

[BldSwtTrs]

That's really a choice for the people to make wouldn't you say?  We do still care about freedom right?

Yes but we care about Bitcoin's price too.

So we should care if something better than Bitcoin (i.e. which is more likely to be choosen by the market) exist.

[BitcoinAshley]

Ripple is indeed a sucker test. It is centralized and the government could shut it down and seize all XRP in a heartbeat. No WONDER government and industry "welcome" it 

Most of the reasons we use & support Bitcoin, are the same reasons we would not use Ripple.

"He who think Ripple is threat to bitcoin does not truly understand Ripple or Bitcoin."
-Confucius

[BldSwtTrs]

Maybe talking about a sucker test is the real sucker test. Maybe it displays the inability to think about this topic in a rational way.

Coinseeker just stated that Ripple is not centralized. It's an open source protocol and a P2P network, like Bitcoin.

[wachtwoord]

XRP is 100% "pre-mined" and controlled by a couple of big businesses, so, anyone who invest there - are just participating in another yet Ponzi scheme.
No surprise financial industry and government welcome it. They love such a tricky schemes to ripple-off people.

This. Ripple like fiat is a scam. People might fail to comprehend this though (they do with fiat) ...

[BldSwtTrs]

This. Ripple like fiat is a scam. People might fail to comprehend this though (they do with fiat) ...

Why people should care if XRP is "premined" ? Why everything should follow Bitcoin step by step ?

Mining is the way Bitcoin distribute coins, Ripple chose a different distribution scheme. It's not a scam, it's only a difference. Everything that is different than Bitcoin's blueprint is not a scam.


People only care what is the most useful. If Ripple is most useful than Bitcoin people will use it and won't give a fuck about those bullshit premined concerns.

[notme]

This. Ripple like fiat is a scam. People might fail to comprehend this though (they do with fiat) ...

Why people should care if XRP is "premined" ? Why everything should follow Bitcoin step by step ?

Mining is the way Bitcoin distribute coins, Ripple chose a different distribution scheme. It's not a scam, it's only a difference. Everything that is different than Bitcoin is not a scam.


People only care what is the most useful. If Ripple is most useful than Bitcoin people will use it and won't give a fuck about those bullshit premined concerns.

A privately held company who can increase the supply of currency at will is not a scam?  That's like saying the Fed is not a scam.

People only care about what is the most useful, which is why most of them are utterly fucked when the normal way of doing things falls apart because currency supplies are mismanaged.

[kdrop22]

There is 100 Billion XRP out there and they have distributed only a small fraction of it. That means they will prop up the price and cash out the ripple at a later date.

[BldSwtTrs]

A privately held company who can increase the supply of currency at will

The XRP supply is fixed at 100 billion, isn't it? I don't think the number can be increase, it's like the 21 millions bitcoins. Can anyone confirm this?

The fact that RippleLabs keeps a fraction and can move the price is EXACTLY the same thing that Satoshi and others early miners hold a huge amount of bitcoins => not a big deal. (But knowing if the 100 billion number is fixed or not is a big deal).