Ripple: Does it scare you?

[stink]

It shouldnt and here is why:

Its not BTC 2.0 its not trying to be
It is going to be one of the biggest decentrlized currency exchanges
XRP are a joke.. expect tons of this to flood the markets soon.. buy as much as you can
XRP appears to be credit rating as we know it now.. you cant borrow money without credit currently.. basicly its escrow without being escrow.
Thier system has a ton of bugs..
They are doing something that no website has ever done before
The open ledger is a blessing and a curse... tbd


Theres more... but that 2 reasons alone should get you thinking about ripple.. its not a coin....but it does use colorcoin and makes it 3d...

[TheTribesman]

I know it's an exchange (of sorts) but my problem with it is that it's based on trust, so it's basically trading from margin accounts and not cash accounts. A massive speculator from Wall St can get a lot of trust from the very large financial corporations (confirmed over dinner) that most users will need to trust, and be trusted by. Then they can basically trade bitcoin for free.

What happens when that speculator takes on heavy losses and defaults? How will the ripple exchange payout? It's possible that it'll be the humble users who's wallets will be raided automatically before they even have a chance to do anything about it. The way it's setup allows exactly that scenario, and the way the world turns I don't put it out of the realm of possibility.

[Ibian]

Don't think about what the enemy may do; think about what he can do - ancient wisdom.

[HairyMaclairy]

The system is based on trust and there are massive financial incentives to abuse that trust.  The ability for a gateway on the brink of insolvency to sweep all of its customers accounts and then collapse is terrifying once you start talking about real world money.

I have seen companies go insolvent and the owners will try to suck out every cent before it goes under.

If Bitstamp was trusted by millions for hundreds each then Bitstamp could explode and take hundreds of millions in assets and the account owners would not even know until they woke up with worthless Bitstamp IOUs the next morning.  Most of us are old enough to remember Lehman Brothers and Bear Stearns exploding and know that brand counts for nothing when a black swan hits.

If Ripple is to succeed then the concept of trust lines needs to be refined.   I actually want Ripple to succeed but their model just seems horribly flawed.

[stink]

Don't think about what the enemy may do; think about what he can do - ancient wisdom.

And I know what they can do...

Ripple is credit 2.0
Banking 2.0...
the real fun is for you to explore.

[Ibian]

Banking? Pass.

[stink]

Credit is a need...unfortunately it is needed

[maursader]

I'll pass on ripple, thanks but no thanks.

[TheTribesman]

Don't think about what the enemy may do; think about what he can do - ancient wisdom.

And I know what they can do...

Ripple is credit 2.0
Banking 2.0...
the real fun is for you to explore.

I did explore. When I discovered what it was I decided to steer well clear of that timebomb.

[Sukrim]

I know it's an exchange (of sorts) but my problem with it is that it's based on trust, so it's basically trading from margin accounts and not cash accounts.

This is only true if you use a gateway that does not have 100% reserves (you do this every day by having a bank account by the way).

In most western countries you are NOT allowed to do that unless you have a full banking license.

What happens when that speculator takes on heavy losses and defaults? How will the ripple exchange payout? It's possible that it'll be the humble users who's wallets will be raided automatically before they even have a chance to do anything about it. The way it's setup allows exactly that scenario, and the way the world turns I don't put it out of the realm of possibility.

A speculator in the sense of market maker will always have to have deposited his/her funds at a Ripple gateway beforehand, the losses etc. are just the same as someone buying BTC at 1200 on MtGox and selling in a panic at 400 - it does only concern the customers of that exchange, not the funds themselves.

A gateway itself is hopefully a legal entity with regular audits and maybe even open book accounting within your reach and legislation. If they try to steal from you, sue them because they are not allowed by law to do so.

Currently Bitcoin exchanges are far more likely to make a run with your money, the way they are set up...

[bitpop]

I don't understand it, if I don't, the public sure as hell won't

[LiteCoinGuy]

no. i visited their official website. very interesting!

http://ripplescam.org/

[Sukrim]

no. i visited their official website. very interesting!

http://ripplescam.org/

Proudla presented by the creator of inputs.io and coinlenders, Mr. TradeFortress!

[Jcw188]

I don't understand it, if I don't, the public sure as hell won't

Oh good.  I thought I was the only one.  I read a few articles about it and STILL didn't get it.

[knightcoin]

 

ip6tables -A INPUT -i eth0 -p tcp -s 3ffe:ffff:100::1/128 --dport 22 -j ACCEPT

 

rule of thumb

[knightcoin]

but ...



relax enjoy the life .. and hodl

[Erdogan]

I don't understand it, if I don't, the public sure as hell won't

Oh good.  I thought I was the only one.  I read a few articles about it and STILL didn't get it.

Same here, didn't understand, and I am smart, I know because my mother told me so.

[Ibian]

I don't understand it, if I don't, the public sure as hell won't

Oh good.  I thought I was the only one.  I read a few articles about it and STILL didn't get it.

Same here, didn't understand, and I am smart, I know because my mother told me so.

Went over their how-ripple-works page. Still don't get it. It sounds almost like bitcoin with premined coins and no mention of how you get money out of the system. They also say simultaneously that ripple is open source, and that it will soon be open sourced.

Rule of thumb for me, if something that should be able to be explained doesn't have good answers, it's a scam. I'm staying away from it.

[RandyMagnum]

It scares me from an angel's perspective; that one should be overly cautious to pursue business ventures and invest in something that ultimately stalls before takeoff, particularly in light of the exuberance surrounding digital currency.  In my meaningless opinion, I have always regarded the fine people behind the project to be very intelligent in a technical sense, but I have never considered their backers to be.

[bitpop]

It scares me from an angel's perspective; that one should be overly cautious to pursue business ventures and invest in something that ultimately stalls before takeoff, particularly in light of the exuberance surrounding digital currency.  In my meaningless opinion, I have always regarded the fine people behind the project to be very intelligent in a technical sense, but I have never considered their backers to be.

Anyone who invests will get laughed out of town