Ripple as a GETS system

[Red]

I'd like to test out ripple just for the hell of it. If you are wondering why...

Way back in 2010 I proposed that BitCoin's intention was to be a Global kind of LETS system.

There has been much discussion on this site about how best to describe bitcoin to the uninitiated. Some people, favor currency metaphors, others alude to commodity metaphors. Others caution either of these as dangerous taunts to authority.

I posted the following in another thread and there was a suggestion that I write an extended article about my simile. It seems likely that my suggestion is as polarizing as any other. So to avoid any unnecessary aggravation, I'm soliciting comments in advance.

Any thoughts are appreciated.

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I'd like to submit that I think the most apt description of bitcoin is that it is most like a Global Exchange Trading System (GETS) which is a variation on the LETS concept that isn't for hippies.

Descriptively it differs because it's community is loosely knit and global rather than an intertwined small-town. As such, there can be no commonly trusted party to operate and monitor the system, so that function is trusted to redundancy and mathematics. (block list)

LETS communities can rely on "local knowledge" of peoples historical behavior and intentions. As such it is perfectly reasonable for them to advance credit to people (negative balances) in certain situations. In a GETS community advanced knowledge of all parties and intentions is not practical or even preferred. As such, GETS operates on a zero credit policy. (no negative balances)

Also, since GETS trade globally, there is no "national currency" that can be used for equivalence. As such, GETS defines it's own unit for accounting purposes. Since this currency must necessarily vary against some national currencies, the LETS strict "no interest" principle cannot be preserved.

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I think if people understood LETS they would intuitively understand GETS. The rest of the bitcoin details are just one possible GETS monetary policy.

Now, Ripple is proposing itself to be THE global exchange trading system. I think that has significant consequences for BitCoin.

So just to keep an Eye on the competitors, I'd like to push some ripple back and forth.

If anyone could send me some ripple, I promise to send it right back.
I've got a lot of posts on this site. Nobody has called me a scammer yet!

Thanks a lot for the help
Red

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[uk1]

here
https://bitcointalk.org/index.php?topic=145506.0;topicseen

[Red]

Yeah, I tried that first but they are not responding quickly.

If I wanted to test it tomorrow, I'd have asked tomorrow! ;-)

[Red]

OK, so begging doesn't go over well. I updated the original post to expand on my intentions.

I propose that left unchecked, Ripple has the potential crash the BitCoin market. Anyone want to argue about it. Those are really smart guys FFS!

[Peter Lambert]

OK, so begging doesn't go over well. I updated the original post to expand on my intentions.

I propose that left unchecked, Ripple has the potential crash the BitCoin market. Anyone want to argue about it. Those are really smart guys FFS!

I think ripple will actually increase the bitcoin market. They are complimentary, Ripple does not fill the same niche as bitcoin, but it does allow things like instant transactions and community credit creation.

[Red]

I think ripple will actually increase the bitcoin market. They are complimentary, Ripple does not fill the same niche as bitcoin, but it does allow things like instant transactions and community credit creation.

I think you are right about Ripple's niche. "Community credit creation" seems to imply that you think my LETS analogy is appropriate. That pretty much makes Ripple the LETS clearing house right? LETS by design is a pure facilitator of exchange. Storing personal wealth inside a LETS system is actively discouraged. The same will become true for Ripple as well.

So that relegates BitCoin's primary function to storing personal wealth...