Ripple: The Best Way To Legitimize Bitcoin

[nahtnam]

Hasn't anyone figured out that this is just a PR thread for Ripple?  Seems they hired a very exuberant intern to post on forums.

Actually, I'm an English teacher in Saudi Arabia.

I remember the internet before http
I remember emails before smtp
I remember instant messaging before they could cross communicate.

I also remember Beta vs VHS. The superior platform lost...not due to performance, but due to misinformation and marketing.

I loathe paying fees to banks. I cringe every time I exchange currencies. I am frustrated by the days it takes to transfer money. I am very leery of fiat currencies.

I see that Ripple is a better 'mouse trap'...that's open source...and saves me and everyone else a buttload of money. I would hate to see it fail for a non-legit reason. I have...and will continue to...research the hell out of it. Thus far, I can't find any chinks in it's armor. If you can point to something specific, and provide verifiable evidence to support your position, for goodness sake LMK so that I can get out....

Whats funny is that Ripple inst (fully) open source. They are like twitter, claiming to be open source because a tiny part of their script is online.

[masyveonk]

Whats funny is that Ripple inst (fully) open source. They are like twitter, claiming to be open source because a tiny part of their script is online.

Your right, Ripple is affraid their brand is not recognized enough to allow publish full open source, and they are right

[nahtnam]

Whats funny is that Ripple inst (fully) open source. They are like twitter, claiming to be open source because a tiny part of their script is online.

Your right, Ripple is affraid their brand is not recognized enough to allow publish full open source, and they are right

Even twitter didnt release their code fully.

[MAbtc]

I had 40K ripple. I tried to move it to my WeExchange account. It "got lost", and was never seen again, despite transaction confirmations and info.

Obviously, I'm a noob on this forum. I'm not trying an ad hominem attack, but....why do they have SCAMMER written under your username?

IIRC, he scammed a bunch of people in the marketplace.

[JohnsonRobinson]

Ripple is, I believe, a lot more in line with Central Banking ideology than other cryptocoins.  It is distributed but not decentralized.  But they claim the opposite.

[bibbit]

Also now that its "open source" are you able to mine it?

Being Open Source has nothing to do with mining, but if you want to use your computer to crunch numbers and get XRP, you can do that.

Go to www.ComputingForGood.org and get started. One big difference is that when you trade computation for XRP, you aren't just generating heat like with Bitcoin mining. Instead, you are crunching results for scientific research (mostly AIDS and research).

[bibbit]

Whats funny is that Ripple inst (fully) open source. They are like twitter, claiming to be open source because a tiny part of their script is online.

And what part, exactly, is not open source?

Just visit the ripple code repository on github: https://github.com/ripple/

They have open sourced:

• The full server: rippled
• The web client
• Java, JavaScript, and Ruby libraries for the API
• The ripplecharts.com code
• The blobvault for the wallet
• The network graph site code
• and a bunch of other minor stuff

Anything else, like an android wallet or web shopping cart, either hasn't been written yet or is not yet at a point where it is being used either as open or closed source.

Go look. It is all right there at github.

[Papacrusher]

Also now that its "open source" are you able to mine it?

Being Open Source has nothing to do with mining, but if you want to use your computer to crunch numbers and get XRP, you can do that.

Go to www.ComputingForGood.org and get started. One big difference is that when you trade computation for XRP, you aren't just generating heat like with Bitcoin mining. Instead, you are crunching results for scientific research (mostly AIDS and research).

I've read about this before, but just recently signed up for it.  My computer is by no means a mean machine  , but every little bit helps right?

[mmeijeri]

Ripple is, I believe, a lot more in line with Central Banking ideology than other cryptocoins.  It is distributed but not decentralized.  But they claim the opposite.

Its architecture is fully decentralised.

[Mitchell]

As soon as their website is down, Ripple will be down too. You won't be able to access the Bitcoins and Ripples that you have in your account. That should say enough, right? It's like a web wallet, but 10 times worse.

[mmeijeri]

It wouldn't matter if Ripple Labs went down, you would simply have to talk to a different server, maybe your own. It would be like blockchain.info going down. Actually, even less than that since you would still have access to your funds.

[Mitchell]

Care to explain how one would still have access to the funds? As far as I know everything is controlled from their website.

[OnkelPaul]

Care to explain how one would still have access to the funds? As far as I know everything is controlled from their website.

No it isn't.
You normally use the web client that's served from their site, but you don't have to (it's just convenient).
You can download the client and run it from your local computer (if you have a small web server installed) or run it from another web server anywhere. Building the client is a bit complicated, it requires the "grunt" system and node.js, and you need a fairly recent version for that. Don't know exactly which platforms are supported, ubuntu 12.04 LTS (which I use here on this computer) isn't :-(
Second, you need to connect to a ripple server. The default configuration connects to the servers operated by Ripple Labs, but you can connect to any other server instead if you like. At the moment I don't know of other publicly accessible servers though, and I did not set up a server myself, so currently I'm using their servers.

Onkel Paul

[Mitchell]

That sounds like a shitload lot of work for a normal person. No way that they will understand how to do it without researching it for hours. Like I said before, Ripple is a lot harder to grasp and understand then Bitcoin and this proves it onces again.

[evol]

That sounds like a shitload lot of work for a normal person.

This times 100

[hieroglyph]

Wasn't Ripple seriously premined or something of that nature.  Not sure just what I remember from the little I know about it.  Not cool if so and not something I'd like to invest in if so.  Just my 2 cents on the matter as I don't really know for sure so don't quote me lol.

[Mitchell]

Wasn't Ripple seriously premined or something of that nature.  Not sure just what I remember from the little I know about it.  Not cool if so and not something I'd like to invest in if so.  Just my 2 cents on the matter as I don't really know for sure so don't quote me lol.

I have read that the developers of Ripple have a shitload of XPR since the beginning, so I guess it's premined.

[OnkelPaul]

"Premined" does not make much sense in the context of Ripple, as there is no mining at all.
Yes, all the XRP in existance have been generated at the start. Ripple Labs have been very open about the way this works: They distribute reasonable amounts through giveaways so early adopters can experiment with the system. In the long run, they don't want the price of XRP to rise much (unlike BTC) but to stay low enough that transactions (which need XRP) are both really cheap and still not free to discourage transaction spamming.
They also made clear that they retained or gave to their developers most of the XRP to be sold, thereby generating revenue.

All of this has been asked and answered a number of times already. It would be really great if people read up on available information instead of spreading misinformation.

Onkel Paul

[JohnsonRobinson]

Ripple is a bogus, central banker-initiated, attempt at usurping the truly decentralized nature of bitcoin and similar cryptos.

Ripple is not decentralized, it is distributed, big difference.  There's nothing peer-to-peer about ripple.  It relies on 'trusted gateways'.

[JohnsonRobinson]

Just check out www.ripplescam.com

From their site:
"Ripple™: It’s highly misleading and not what you think it is. Ripple is a centralized payment system that allows the transfer of artificially printed tokens that claims to be money, like “USD” or “BTC”. OpenCoin Inc goes to great lengths to camouflage the fact that they have total control over the Ripple network, and calls themselves a distributed payment network."

The true power in Bitcoin and the like is:

1)  The inflation rate is known and can't be manipulated.
2)  The total number of bitcoins that can ever be created is known.

Central bankers don't like that...so the created Ripple, for which the number of coins can be increased at their whim.  Also, the upper number could be increased at their whim.  Just because they tell us there is an upper limit means nothing, since Ripple is not based on mining.  They can overnight say, actually, we just created another billion coins.  Just like central banks, which are printing $85 Billion per month and in the coming months they plan to increase this even further.  This type of inflation is not practically possible with Bitcoin and other cryptos, unless it is done at the outset.