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Author Topic: Article: "Ripple, Bitcoin and Peer-to-Peer Money"  (Read 1628 times)
jtimon
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February 06, 2012, 08:46:38 AM
 #1

Check it out:

http://www.webisteme.com/blog/?p=1032

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
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cbeast
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Let's talk governance, lipstick, and pigs.


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February 06, 2012, 01:51:36 PM
 #2

Maybe Open Transactions will find a way to implement Ripple with Bitcoin.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
jtimon
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February 06, 2012, 02:14:52 PM
 #3

Maybe Open Transactions will find a way to implement Ripple with Bitcoin.

Fellow traveler has said he will code Ripple for OT. But not with cash-like IOUs. Only with accounts within the same OT server. It will not be decentralized:

https://bitcointalk.org/index.php?topic=53329.msg711924#msg711924

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
fellowtraveler
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February 09, 2012, 04:13:20 AM
 #4

Maybe Open Transactions will find a way to implement Ripple with Bitcoin.

Fellow traveler has said he will code Ripple for OT. But not with cash-like IOUs. Only with accounts within the same OT server. It will not be decentralized:

https://bitcointalk.org/index.php?topic=53329.msg711924#msg711924

I have learned about Ripple. Before, I pictured that it would be a p2p protocol. But as I learned, the Ripple trades must be atomic across the entire path. You can't have only 2 or 3 of them happen, based purely on trust that the rest will. No... there must be some clearing process where ALL trades in a given RipplePay are performed atomically... or not at all.

Clearly the easiest way to do that is with a server... but that's not decentralized and p2p, is it?

Actually, in the case of Ripple--IT IS. You see what Ripple decentralizes--what Ripple makes F2F--is the functionality of being able to exchange IN and OUT between fiat currencies and digital ones without having to go through an exchange. Ripple is not P2P. Rather, it is F2F (Friend-2-Friend). It is through your friends that you can exchange money in-and-out of the system, instead of having to use an exchange such as MtGox. And you can see that Ripple enables such activity whether or not it runs on a server. Thus, the "important part" of Ripple IS distributed even when it runs on a server. And the existence of Bitcoin is what makes it possible to run Ripple servers anonymously at a profit. And before you ask, "What if the server screws you over?" Answer: That is why someday OT must implement Ripple, so you have the protection of the Triple-Signed Receipts along with the Ripple protocol.

co-founder, Monetas
creator, Open-Transactions
jtimon
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February 09, 2012, 10:01:23 AM
 #5

Maybe we should differentiate between distributed and decentralized. If Ripple runs on a server, it is not distributed, but it's still decentralized in the financial sense.
It is great not to have to trust the server (OT), but I still want a system that is both decentralized and distributed.
If I understand it correctly, people will need to have accounts in the same server to participate in the same ripple transaction.
But to provide atomicity, you just need a register (a timestamper). Even a crypto-chain can provide that atomicity.

I would appreciate any criticisms to my last proposal, an alternative for the distributed Ripple protocol.

2 different forms of free-money: Freicoin (free of basic interest because it's perishable), Mutual credit (no interest because it's abundant)
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