What are the limits Bitcoin the Protocol? Could it do what Ripple does?

[Imahara]

I was reading about Bitcoin the protocol. And how it might one day be programmed to make enterprises that exist purely in code, something like this guy mentions:
http://startupboy.com/2013/11/07/bitcoin-the-internet-of-money/

I have seen Mastercoin, which basically runs on the Bitcoin blockchain, but not so much the Bitcoin protocol if I understand it right. I would like to get a better understanding about what the protocol allows, and how far it could go in future versions. Can it do what Mastercoin or Ripple do?

Thanks!

[InwardContour]

well, Mastercoin piggbacks on bitcoin, and uses the blockchain, right? i don't see why you would want to change the bitcoin protocol unless entirely necessary -- when we can add protocols like Mastercoin into the mix.

[Imahara]

Could you compare the Bitcoin protocol to the HTTP or TCP/IP protocol, which have had additions in later life?

Like it is mentioned here:
http://startupboy.com/2013/11/07/bitcoin-the-internet-of-money/

[Gator-hex]

Could miners gang up and give themselves money?
Can they do so in ways not sanctioned by Bitcoin developers?
Is there any way to rip off the network and make loads of money dishonestly?
Could miners fundamentally change the nature of Bitcoin?

https://en.bitcoin.it/wiki/FAQ#Could_miners_collude_to_give_themselves_money_or_to_fundamentally_change_the_nature_of_Bitcoin.3F

[Imahara]

not worried about breaking it. I would like to know more about enhancing the protocol, anyone know?