Ripple: Does it scare you?

[bitpop]

When I put btc into ripple where the hell does it go

It stays with the person/service you deposited to until you withdraw.

When you put BTC into MtGox, where do they go?

Fuck that

When you put BTC into http://bitlucky.io, where the hell do they go?

Someone I trust, not some random network

[Sukrim]

You cannot deposit BTC to a "network" in Ripple either, everything besides XRP is tied to an issuer that needs to explicitly be either trusted or at least traded for (you can set up and fill a buy order for BTC.Bitstamp even if you don't have a trust line towards Bitstamp).

Where is the source code for bitlucky.io by the way?

[bitpop]

You cannot deposit BTC to a "network" in Ripple either, everything besides XRP is tied to an issuer that needs to explicitly be either trusted or at least traded for (you can set up and fill a buy order for BTC.Bitstamp even if you don't have a trust line towards Bitstamp).

Where is the source code for bitlucky.io by the way?

So why not just send it directly? I'm trying to understand the ripple role

[Sukrim]

Send what? Your one liners don't help.

[ElectricMucus]

This thread I posted over a year ago.

Now everything seems to be in order, psychologically we are right on track...
FYI:
RippleLabs has 25+ employees already and more people actively developing it than there are core Bitcoin developers.
Their recent WCG giveaway lets people "mine" XRP and the crunching power is growing exponentially. The Ripple WCG team is already the fastest one on the Grid and they will be all time leader during the 3rd quarter this year by current crunching speed alone.
Bitstamps ripple adoption coincided with them becoming a major exchange and it takes just one other exchange for it to be the tipping point for a permanent Ripple/Bitcoin synergy. Once this happens ripple haters will have no other choice than to shut up, just like it happened with Litecoin.

[Lloydie]

You cannot deposit BTC to a "network" in Ripple either, everything besides XRP is tied to an issuer that needs to explicitly be either trusted or at least traded for (you can set up and fill a buy order for BTC.Bitstamp even if you don't have a trust line towards Bitstamp).

And therein lies the problem. Btcs work because trust is not required. It is digital cash.

Ripple requires trust but fundamentally some people should never be trusted. How many times have we seen "trustworthy" characters end up ripping people off already? Too countless to mention.

I don't understand how ripple can overcome this issue. What is to stop someone who has already built up xrps from running a Ponzi scheme ala madoff style?

Plus the fact that the initial developers holding 20% of all xrps, makes me think it is ripe for an abuse of trust.

[ElectricMucus]

XRP isn't tied to the WOT system in any way. Trust inside ripple isn't different to trust in exchanges.

What is to stop someone who has already built up xrps from running a Ponzi scheme ala madoff style?

Like pirateat40?


One critique of ripple hasn't yet came up and it is almost never mentioned: It's complicated, perhaps to complicated to use for a regular user, but the same was true for Bitcoin before payment processors.

[bitpop]

But why should I send btc through ripple when I can just send it directly? Its adding an extra step with 0 benefit as far as I can tell. They don't add chargeback capability, etc.

[matt4054]

If Ripple scares you because you think it would get you rich, but you will miss the boat, then... buy some XRP

There are so many nice things about Ripple, I agree with saying that it shouldn't be compared like "another altcoin out there". Both Ripple and MasterCoin are interesting to watch, even if they are very different by philosophy (open) and carrier (Bitcoin block chain), they share some features in common especially the multi-currency aspect.

BTW, I have more BTC on my (evil, closed source) Ripple account than I have XRPs

[b!z]

But why should I send btc through ripple when I can just send it directly? Its adding an extra step with 0 benefit as far as I can tell. They don't add chargeback capability, etc.

You can send any other currency. For example, you can't send or exchange USD 'directly' like you can with BTC.

[Sukrim]

But why should I send btc through ripple when I can just send it directly? Its adding an extra step with 0 benefit as far as I can tell. They don't add chargeback capability, etc.

Because your other party does NOT want to receive BTC (BitPay and Coinbase have hundreds, if not thousands of merchants as customers who want to allow people to pay in BTC but who want to receive USD/EUR/... instead).

Ripple is like decentralized BitPay, it is not designed as a real competitor to pure Bitcoin transactions (you could do off-chain microtransactions cheaper maybe).

[deed02392]

I think I understand it - basically the idea is that it provides the features of Bitcoin but is specifically set up to make it easy to exchange fiat currencies. So it's kind of like if you want to trust a guy with USD he'll pay out those dollars to you for your GBP, then you can exchange that fiat instantly just like you can transfer Bitcoins instantly.

For me this limits the 'risk' people talk about when they say it 'depends on trust'. All currency exchanges depend on trust, including when you send someone bitcoin for a product - if they don't deliver it, they broke your trust and you're out of that money. Difference is, money isn't supposed to stay in ripple for long, you're probably just making an exchange for fiat.

[bitpop]

But why should I send btc through ripple when I can just send it directly? Its adding an extra step with 0 benefit as far as I can tell. They don't add chargeback capability, etc.

Because your other party does NOT want to receive BTC (BitPay and Coinbase have hundreds, if not thousands of merchants as customers who want to allow people to pay in BTC but who want to receive USD/EUR/... instead).

Ripple is like decentralized BitPay, it is not designed as a real competitor to pure Bitcoin transactions (you could do off-chain microtransactions cheaper maybe).

Ok that makes sense.

[Bitcoin Oz]

Its incredibly difficult to get bitcoins out of ripple without giving some service provider your government ID. I have some bitstamp coins stuck simply because I dont want to do this.

Avoid.

[alani123]

no. i visited their official website. very interesting!

http://ripplescam.org/

This website was made by a man that is involved in the biggest frauds in bitcoin history.

[bitpop]

no. i visited their official website. very interesting!

http://ripplescam.org/

This website was made by a man that is involved in the biggest frauds in bitcoin history.

A fraud knows a fraud

[Ibian]

no. i visited their official website. very interesting!

http://ripplescam.org/

This website was made by a man that is involved in the biggest frauds in bitcoin history.

A fraud knows a fraud

Guy looks like he knows his stuff. I would like to see someone refute his claims if such a thing is possible. Something more substantial than attacking the messenger.

[Sukrim]

Its incredibly difficult to get bitcoins out of ripple without giving some service provider your government ID. I have some bitstamp coins stuck simply because I dont want to do this.

Avoid.

Wrong, you can simply put a Bitcoin address in the "send to" box and send BTC from within Ripple federated anonymously by Bitstamp. No ID or anything needed.

Guy looks like he knows his stuff. I would like to see someone refute his claims if such a thing is possible. Something more substantial than attacking the messenger.

I did, multiple times already. I stopped doing that though, since it really doesn't help anyways to eliminate suspicions (I just get called "shill" "protecting my investment in that obvious scam" and whatnot) and is not really worth my time. If you want to read a bit, feel free to check my post history here, on ripple.com or Reddit.

[Ibian]

Its incredibly difficult to get bitcoins out of ripple without giving some service provider your government ID. I have some bitstamp coins stuck simply because I dont want to do this.

Avoid.

Wrong, you can simply put a Bitcoin address in the "send to" box and send BTC from within Ripple federated anonymously by Bitstamp. No ID or anything needed.

Guy looks like he knows his stuff. I would like to see someone refute his claims if such a thing is possible. Something more substantial than attacking the messenger.

I did, multiple times already. I stopped doing that though, since it really doesn't help anyways to eliminate suspicions (I just get called "shill" "protecting my investment in that obvious scam" and whatnot) and is not really worth my time. If you want to read a bit, feel free to check my post history here, on ripple.com or Reddit.

So how is it be open source and not open source at the same time, exactly? That at least you can surely stick around to answer.

[Sukrim]

So how is it be open source and not open source at the same time, exactly? That at least you can surely stick around to answer.

The page is simply wrong/outdated in that regard, all code necessary to run a validator is publicly available (before that access was only granted on demand to a few dozen developers outside OpenCoin) under an MIT license (just like Bitcoin-QT) on github:
https://github.com/ripple

The server is called "rippled", the client "ripple-client" and it uses the JavaScript library "ripple-lib". Also quite a few other projects are also available in source code there (e.g. a market overview page).

There is nothing that can or will stop you from bootstrapping/running your own Ripple network or forking it other than the limitation that this can't be called "Ripple" any more (similar to Litecoin, Dogecoin, Namecoin, ...coin which use mostly bitcoin code but not the Satoshi block chain).