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numismatist

legendary

Activity: 1245

Merit: 1004

Quote from: hypostatization on November 28, 2014, 03:25:51 PM

I hope to see Bitcoin extended over time to support its own on-network decentralized exchange, and absorb other next gen features from the alt community. I expect the BTC community itself will solve for the centralization tendency of mining over time.

Specialized hardware, they stand no chance against that. Fabrication monopoly.

hypostatization

sr. member

Activity: 350

Merit: 250

Quote from: ?? on ??

You can do this today with Multi Sig signature. 3 way keys. They fixed this problem.

I think you are missing my point. I am not slamming Bitcoin for the sake of Ripple. Bitcoin is great.

I am heavily invested in Bitcoin.

I am highlighting the actions of TradeFortress, a former pseudo-anonymous bad actor in the BTC community.

A major problem is centralization around the endpoints of the Bitcoin network (where money comes in and out), as well as unsolved mining centralization patterns. Exchanges and payments providers generally operate off-chain, defeating the beauty of Bitcoin's decentralized nature. TradeFortress and the like operate in that space.

I hope to see Bitcoin extended over time to support its own on-network decentralized exchange, and absorb other next gen features from the alt community. I expect the BTC community itself will solve for the centralization tendency of mining over time.

hypostatization

sr. member

Activity: 350

Merit: 250

Quote from: ?? on ??

Quote from: hypostatization on November 28, 2014, 02:16:31 PM

A gateway is nothing more than a wallet/address that issues network IOU.

I think you are confusing validators and gateways.

It may help you to learn about Ripple consensus, so that you can understand how Ripple is able to operate as a fault tolerant distributed network.

It's not working like a Bitcoin wallet, it only looks like it do it that way. There is no decentralization inside the code.

A video on consensus may be more accessible for you.

Ripple is not decentralized in the same fashion as Bitcoin. I use the term 'distributed' when describing Ripple to avoid semantic arguments that go nowhere. I do not want to imply that Ripple is decentralized in the way that the Bitcoin community understands and interprets decentralization. Ripple has its own unique approach to fighting against the threats of centralization.

Here is ledger consensus code.

Quote from: ?? on ??

Quote

You must protect yourself:

Ripple Labs Inc. does not endorse, qualify, or guarantee the performance of any merchant or gateway.
Do not trust services operated anonymously, you have no recourse.
Do not enter your Ripple username and password on any site you do not trust with your funds.
Do not enter your Ripple username and password on any site that does not use https.
Do not use a client provided by an entity you do not fully trust.
You must trust your client provider to be honest, secure, competent, up to date, and perhaps more.

Is that not sound advice?

Early on many Bitcoin users were burnt over by TradeFortress. He is one of the many people who profited off the BTC community by running centralized businesses that defeated the decentralized beauty of Bitcoin. Incidentally, he was a leading critic of Ripple.

othe

hero member

Activity: 532

Merit: 500

Rippe is a protocol and not a cryptocurrency.

XRP, the "in house" currency Ripple issues is only needed to operate the Protocol.

DrGrid

member

Activity: 101

Merit: 10

Ripple never was thought to be fully decentralized, it's a distributed network.

hypostatization

sr. member

Activity: 350

Merit: 250

Quote from: Stealthcoin on November 28, 2014, 01:41:12 PM

https://coinist.co/ripple/gateways

https://wiki.ripple.com/Gateway_List

Quote

You must protect yourself:

   Ripple Labs Inc. does not endorse, qualify, or guarantee the performance of any merchant or gateway.
   Do not trust services operated anonymously, you have no recourse.
   Do not enter your Ripple username and password on any site you do not trust with your funds.
   Do not enter your Ripple username and password on any site that does not use https.
   Do not use a client provided by an entity you do not fully trust.
   You must trust your client provider to be honest, secure, competent, up to date, and perhaps more.

So you see Ripple behaves like a Central Exchange they just tell you that you can build yourself your Gateway but all in one this is just a Server which can be Shutdown with DDOS very easy.

Also Ripple is very susceptible to ManInTheMiddle attacks and Phisingsites, once there is a poisoned DNS server it would be really hard to know who i could trust if the other big ones are under heavy DDOS attack.

At the moment they have only 38 Gateways and it would not take 2 days to take them all down.
So how do you trade when they can just attack these critical points ?

I see no decentralization in here just to use the Internet as a decentral argument.
Ripple could be shutdown in minutes if the Goverment want to do this.

You can't do this with real crypto currency's

A gateway is nothing more than a wallet/address that issues network IOU.

I think you are confusing validators and gateways.

It may help you to learn about Ripple consensus, so that you can understand how Ripple is able to operate as a fault tolerant distributed network.

Stealthcoin

member

Activity: 82

Merit: 1000

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