I'm really impressed with their infrastructure, not so much with the aspect of premining, but their infrastructure seems like it has yet to be filled but will be filled.
so there are 100,000,000,000 XRP in existence, I am guessing that over time they become pretty rare, the investors behind ripple make it seem like they're in it for the long haul, catering to the mainstream.
I have tried to get ripple since i read about it, but bitstamp makes you send in a bunch of documents and it takes a week to get verified so i never went through with it
but i found kraken.com , they just verify you on your word. its a really well made site made by forex dudes i guess.
what ripple is i'm not quite sure, but will it take off in the future i have a feeling it will it has a marketcap larger than litecoin, as number two behind bitcoin, but it has an entirely separate system than bitcoin and actually compliments bitcoin. they are pretty smart whoever is behind ripple, the keeping half of the currency to the developers is gnarly but they it seems like they are doing a pretty good job so far.
what do you think?
I too am impressed with Ripples. I trade digital goods with people in the US and using Bitcoins is a nightmare for the below reasons.
1. Not everyone trusts online wallets so they download the client - This problem could be solved if they used Electrum
2. Confirmations sometimes take 40 minutes - This could be solved if we both had Gox accounts and done Bitcoin to Bitcoin withdrawal
My typical Paypal trade is below:
1. I send £ to Payal - This is through online banking transfer and is quicker than Bitcoins but slower than Ripples
2. I send the payment as a personal payment to the US. It costs $2.50 and a 3% fee to convert £ to $
The person trusts me otherwise this trade wouldn't be possible due to charge backs.
If 2 people who already had Bitcoins were to attempt the above trade it would work fine. To be honest Litcoins would be even better.
The problem is how to get the money from the bank to the other persons bank. I believe Ripple can achieve this better than all ALT coins. You can send Currency in the Ripple network with a small fee of 0.2%( Bitstamp)
Ripple labs is a for Profit organisation. They intend to keep 45% of all Ripples. It would be like someone introducing Bitcoins and keeping 9.45 Million Bitcoins. The question you have ask yourself is:
How much money is spent on electricity and mining equipment for Bitcoins?
Is Bitcoins better the Litecoins?
Is Litcoins better than Ripples
This video below is why I'm going to try to push Ripples in favor of the others.
http://www.youtube.com/watch?v=zX0O8BkKUhwBy the way Ripple isn't a currency and Bitcoins are more like Gold but unlike Gold the day will come when it has 0 value. Ripple may have 0 value as well but its gonna take something brilliant to knock it out while Litecoins are better than Bitcoins as we speak!
