Is this a scam or not? Ripple Big Coin

[hyunsookmom]

Yesterday a newbie opens this thread. https://bitcointalk.org/index.php?topic=470931.0


The the thread is locked and I havent heard anything more about it. I actually got sent 50,000 big coins to my ripple wallet so in that sense its not a scam. Some accused him of being able to have an unlimited ability to make more than the 20 or so million coins, but that doesn't seem to be the case.


What the hell is this? Its not even mentioned on the Ripple forums. In theory its rare, and can be easily traded in the wallet so in theory it might increase in value quite a lot as at the moment it is almost worthless. Anyone know what this is? Scam?

[Prabhjot Lalli]

Yeah, I would be also interested.

[FiniteRed]

Yea I got my 50000 as well, didn't cost me anything so I thought why not! Will sit on them for now - and if in a years time they are worth something gr8, if not I have lost all of 0.1 XRP in the trade...

Time will tell...

[flounderella]

Yesterday a newbie opens this thread. https://bitcointalk.org/index.php?topic=470931.0


The the thread is locked and I havent heard anything more about it. I actually got sent 50,000 big coins to my ripple wallet so in that sense its not a scam. Some accused him of being able to have an unlimited ability to make more than the 20 or so million coins, but that doesn't seem to be the case.


What the hell is this? Its not even mentioned on the Ripple forums. In theory its rare, and can be easily traded in the wallet so in theory it might increase in value quite a lot as at the moment it is almost worthless. Anyone know what this is? Scam?

If it smells like a scam, feels like a scam, looks like a scam, its probably a scam. Simple as that.

[princesultan1]

I also got 50,000 big. How can this possibly be a scam if we got them for free??? I don't get it. Scams involve losing something. How can I possibly lose anything?

[XCASH]

It sounds legit.

[minerman1234]

I'm not sure what he's getting at, but do not trade any Ripple or any other of your cryptos for it.  Part of Ripple's infrastructure allows you to create a trade medium of anything that you choose, as long as others are willing to accept it.  If I wanted to create and issue myself a trillion SuperFantasticAwesomeCoin, I could.  To understand how this works, check out this forum:

https://bitcointalk.org/index.php?topic=411459.0

Ripple's concept behind doing so is that it supplies the platform to create any currency of your choosing, as long as there are others willing to accept it as currency.

[hyunsookmom]

I'm not sure what he's getting at, but do not trade any Ripple or any other of your cryptos for it.  Part of Ripple's infrastructure allows you to create a trade medium of anything that you choose, as long as others are willing to accept it.  If I wanted to create and issue myself a trillion SuperFantasticAwesomeCoin, I could.  To understand how this works, check out this forum:

https://bitcointalk.org/index.php?topic=411459.0

Ripple's concept behind doing so is that it supplies the platform to create any currency of your choosing, as long as there are others willing to accept it as currency.

Yeah I've now read some stuff on ripple forum. It's funny but actually it's as legitimate as any other currency I realize and also the wallet (not the company) is decentralized and internally tradeable. It kind of is already doing what NXT (which I'm a big believer in) is working so hard to do but already does it easily. But it almost seems too easy for the coin to develop and have real value which is interesting at least, that we need blood sweat and tears over complicated POS distributions or agonisingly difficult mining to get what Ripple can do in a few clicks it seems.


Disclaimer: I was a big believer in Ripple last year but got sick to death of the IOU system that regularly brought me to tears so I'm first to hate on it and eventually walked away from it. But you got to admit it is interesting at the ease of this coins production.

[limek93]

can one of you please send me 25xrp to make my account "funded"? It won't let me accept BIG since I don't have a funded account. Ill send you the 25xrp and 500BIG once i get them. Thanks!

rEJWn6ZUoonVEr5VrsfZcNtYxAVUyfBa7

[2Kool4Skewl]

I'm not sure what he's getting at, but do not trade any Ripple or any other of your cryptos for it.  Part of Ripple's infrastructure allows you to create a trade medium of anything that you choose, as long as others are willing to accept it.  If I wanted to create and issue myself a trillion SuperFantasticAwesomeCoin, I could.  To understand how this works, check out this forum:

https://bitcointalk.org/index.php?topic=411459.0

Ripple's concept behind doing so is that it supplies the platform to create any currency of your choosing, as long as there are others willing to accept it as currency.

Yeah I've now read some stuff on ripple forum. It's funny but actually it's as legitimate as any other currency I realize and also the wallet (not the company) is decentralized and internally tradeable. It kind of is already doing what NXT (which I'm a big believer in) is working so hard to do but already does it easily. But it almost seems too easy for the coin to develop and have real value which is interesting at least, that we need blood sweat and tears over complicated POS distributions or agonisingly difficult mining to get what Ripple can do in a few clicks it seems.


Disclaimer: I was a big believer in Ripple last year but got sick to death of the IOU system that regularly brought me to tears so I'm first to hate on it and eventually walked away from it. But you got to admit it is interesting at the ease of this coins production.

Any issuer in Ripple can create more IOUs.  There is no code ensuring only 21 million big coins.  An IOU is only as good as its issuer.

I actually like Ripple's social credit system.

[tokeweed]

can one of you please send me 25xrp to make my account "funded"? It won't let me accept BIG since I don't have a funded account. Ill send you the 25xrp and 500BIG once i get them. Thanks!

rEJWn6ZUoonVEr5VrsfZcNtYxAVUyfBa7

ripple forums usually have a 'start my wallet threads' in the newbie section.

[tokeweed]

I'm not sure what he's getting at, but do not trade any Ripple or any other of your cryptos for it.  Part of Ripple's infrastructure allows you to create a trade medium of anything that you choose, as long as others are willing to accept it.  If I wanted to create and issue myself a trillion SuperFantasticAwesomeCoin, I could.  To understand how this works, check out this forum:

https://bitcointalk.org/index.php?topic=411459.0

Ripple's concept behind doing so is that it supplies the platform to create any currency of your choosing, as long as there are others willing to accept it as currency.

Yeah I've now read some stuff on ripple forum. It's funny but actually it's as legitimate as any other currency I realize and also the wallet (not the company) is decentralized and internally tradeable. It kind of is already doing what NXT (which I'm a big believer in) is working so hard to do but already does it easily. But it almost seems too easy for the coin to develop and have real value which is interesting at least, that we need blood sweat and tears over complicated POS distributions or agonisingly difficult mining to get what Ripple can do in a few clicks it seems.


Disclaimer: I was a big believer in Ripple last year but got sick to death of the IOU system that regularly brought me to tears so I'm first to hate on it and eventually walked away from it. But you got to admit it is interesting at the ease of this coins production.

Any issuer in Ripple can create more IOUs.  There is no code ensuring only 21 million big coins.  An IOU is only as good as its issuer.

I actually like Ripple's social credit system.

yeah. one can actually do something positive from it. it's empowering its community really.

[hyunsookmom]

can one of you please send me 25xrp to make my account "funded"? It won't let me accept BIG since I don't have a funded account. Ill send you the 25xrp and 500BIG once i get them. Thanks!

rEJWn6ZUoonVEr5VrsfZcNtYxAVUyfBa7

Ok I've sent 20xrp which is enough to trust BIG. But I think it's too late, the offer closed, at this point you would need to sell bitcoin through peercover or other avenues I think.


You don't need to send me anything back, if you want I can send you a few thousand BIG if you want.

[hyunsookmom]

I'm not sure what he's getting at, but do not trade any Ripple or any other of your cryptos for it.  Part of Ripple's infrastructure allows you to create a trade medium of anything that you choose, as long as others are willing to accept it.  If I wanted to create and issue myself a trillion SuperFantasticAwesomeCoin, I could.  To understand how this works, check out this forum:

https://bitcointalk.org/index.php?topic=411459.0

Ripple's concept behind doing so is that it supplies the platform to create any currency of your choosing, as long as there are others willing to accept it as currency.

Yeah I've now read some stuff on ripple forum. It's funny but actually it's as legitimate as any other currency I realize and also the wallet (not the company) is decentralized and internally tradeable. It kind of is already doing what NXT (which I'm a big believer in) is working so hard to do but already does it easily. But it almost seems too easy for the coin to develop and have real value which is interesting at least, that we need blood sweat and tears over complicated POS distributions or agonisingly difficult mining to get what Ripple can do in a few clicks it seems.


Disclaimer: I was a big believer in Ripple last year but got sick to death of the IOU system that regularly brought me to tears so I'm first to hate on it and eventually walked away from it. But you got to admit it is interesting at the ease of this coins production.

Any issuer in Ripple can create more IOUs.  There is no code ensuring only 21 million big coins.  An IOU is only as good as its issuer.

I actually like Ripple's social credit system.

so any coin is kind of pointless then right? I mean if an unlimited supply can be made.

[2Kool4Skewl]

I'm not sure what he's getting at, but do not trade any Ripple or any other of your cryptos for it.  Part of Ripple's infrastructure allows you to create a trade medium of anything that you choose, as long as others are willing to accept it.  If I wanted to create and issue myself a trillion SuperFantasticAwesomeCoin, I could.  To understand how this works, check out this forum:

https://bitcointalk.org/index.php?topic=411459.0

Ripple's concept behind doing so is that it supplies the platform to create any currency of your choosing, as long as there are others willing to accept it as currency.

Yeah I've now read some stuff on ripple forum. It's funny but actually it's as legitimate as any other currency I realize and also the wallet (not the company) is decentralized and internally tradeable. It kind of is already doing what NXT (which I'm a big believer in) is working so hard to do but already does it easily. But it almost seems too easy for the coin to develop and have real value which is interesting at least, that we need blood sweat and tears over complicated POS distributions or agonisingly difficult mining to get what Ripple can do in a few clicks it seems.


Disclaimer: I was a big believer in Ripple last year but got sick to death of the IOU system that regularly brought me to tears so I'm first to hate on it and eventually walked away from it. But you got to admit it is interesting at the ease of this coins production.

Any issuer in Ripple can create more IOUs.  There is no code ensuring only 21 million big coins.  An IOU is only as good as its issuer.

I actually like Ripple's social credit system.

so any coin is kind of pointless then right? I mean if an unlimited supply can be made.

It's not cryptographically enforced.  If you are looking for a currency that has value imparted from its scarcity, then yes, it's pointless.

Any issuer in Ripple can create more IOUs.  There is no code ensuring only 21 million big coins.  An IOU is only as good as its issuer.

I actually like Ripple's social credit system.

yeah. one can actually do something positive from it. it's empowering its community really.

Tokeweed and I are referring to LETSystems.  A lot of places have labor and a means of production, but remain impoverished because of a lack of capital.  LETSystems are dependent on a credit system with an expanding/contracting IOU circulation, but they allow communities to revitalize themselves without external capital.

[tokeweed]

^yup. these are really interesting times. i wonder where this will all be in the next 10 years.

[hyunsookmom]

Is there no way to hard limit a coin on the ripple network? Like issuing it from an unusable account. can we know if the guy makes some more or not?

[2Kool4Skewl]

Is there no way to hard limit a coin on the ripple network? Like issuing it from an unusable account. can we know if the guy makes some more or not?

No, there is no way to hard limit a coin on Ripple.  The private key to the issuing account would have to be verifiably destroyed.

Yes, look at the issuing Ripple account.  It will have a greater negative balance.

[hyunsookmom]

Well I guess thats more transparency than with the average central bank if we can check if more is issued, shame there is not a way to prove an account is temp and after locked. maybe a a YouTube clip entering the same password and user name to create a wallet would erase the account?


so all he needs to do is show him logging into his account, showing clearly the name and password. Then logging out and creating the same account, same password etc that then wipes out the original one. Is this possible. Maybe if it was done under supervision or of someone we can trust in the community it could be great to. Or even the guy can give his account info to someone with high trust on here and they can effectively delete the account?

Crazy idea?

[ervalvola]

The easiest method which he can use scam every BIG's user:

-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.


Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.

No central banks doesn't means we prefer one anonymous individual to issue money.


Stay away from those things, people.