Topic: DO you think RIPPLE HAS A BRIGHT FUTURE ?? (Read 3021 times)

Ripple makes that possible if it gets accepted ubiquitously. In my opinion, the big financial-service brands ought to feel about ripple the way the record labels felt about Napster.

I love Ripple.

But of course they hired you...because they are smart enough to know talent.  Congrats bro and I mean that!  It's continued good decisions like this that amplify my belief in OpenCoin.

On topic...In my view, one of the biggest hangups for many bitcoiners, is they are unable to view Ripple from any view point other than BTC vs XRP.  Ripple is so much bigger than one currency.  Sure it contains a built in currency to prevent spam and sure, that currency may or may not be valuable one day.  But unlike BTC, XRP does not have to be valuable for the Ripple network to be successful.  In fact, it doesn't matter at all, what the value of XRP is, as it relates to the Ripple network.  

Ripple is a payment network, a protocol that will transform payment rails forever.  It will fundamentally change the way we transact with currencies and each other.  In addition, it will provide the legitimacy and mass adoption, single crypto-currencies will likely never achieve on their own.  

Me being able to pay a vendor or business in crypto and them receive funds in any fiat currency they choose, is simply amazing.  And all in seconds.  Not minutes or hours.  Now average Joe user, doesn't ever need to actually learn or even deal in crypto, but crypto users benefit from the ability to transact with any business connected to the network, regardless of that business' stand on crypto.  

It continues to be my view that naysayer Bitcoiners are going to look at their BTC wallets soon and thank Ripple.  

Disclaimer:  Ripple is AWESOME!

far too early to say it is not even open beta yet

You get bitstamp.BTC from bitstamp. You can send them to any bitcoun address from you ripple wallet.

P.S. It is much better to ask ripple related questions on ripple forum.

Use ripplecharts.com

although XRP value is pretty much sinking to the ground atm.

Is the rippleUSD on Bitcoin Charts the ripple system?

http://bitcoincharts.com/markets/currency/USD.html

173 BTC traded in the last 30 days is not very much...

As much as i hate it personally, and "people behind it" and the premining idea in general, I think it will survive. I would love to see that exchanges like bitstamp do not accept xrp, but that's me. Even these numerous altcoins have future.

I have a question about the operation of Ripple for the purpose of cross-chain-trading.

Suppose I have BTC in my wallet and want to send it to someone 'conditionally' on them sending me Bitstamp.BTC  without having to trust any other party other than BitStamp once the transaction is complete.

I don't want to go first because I don't trust them.  They don't want to go first because they don't trust me. 

So I want to implement atomic cross-chain trading with Ripple.    Is this possible and what would be involved?

In the beginning there was the BitShare and the BitShare was good and had value as a crypto-currency.

Assume that 1 oz of Gold is currently equal to 100 BitShares in the real-life market.

Sam thinks the value of BitShares will go up relative to gold, so he wants to short Gold.
Alex thinks BitShares are in a bubble, and wants to go long Gold.

Neither Sam nor Alex actually own any gold, they are merely speculating on the price movement.

Both Sam & Alex start out with 100 BitShares that they mined (or acquired by other means).

Sam and Alex make a bet and collateralize their bet with their BitShares...  Sam 'sells' one BitGold to Alex on the block-chain exchange where Sam and Alex represent the highest bid / lowest ask pair and the price for BitGold was 100 BitShares.    For Sam to sell something (BitGold) that is worth 100 BitShares he must have 100 BitShares and for Alex to buy something worth 100 BitShares he must also have it.   Therefore no value is created nor destroyed only exchanged.

Now when this exchange was executed the 100 BitShares from both parties are tied up as collateral (200 BitShares total) and Sam cannot spend this collateral unless he returns 1 BitGold to the ether from which it came which means he must buy it back at the future market price.   The network will also monitor the price on the internal exchange and if the value of BitGold ever gets to 150 BitShares the network will automatically liquidate the position on the internal market and give Sam back 50 BitShares. 

At the end of the day there is no BitGold but value has been reallocated between Sam and Alex proportional to the change in price of Gold relative to BitShares.

Still don't get it.... Where do these BitGolds come from initially!?

-it solve confirmation wait time
-you can easily send any currencies to anyone==>bitcoin can't do that
-it's also a potential free market place for anything ==> you need to really understand ripple to get that point

I agree that ripple is still in beta and complicated and taht 95% of people don't understand it yet.

I think Ripple is a great way to make non-Bitcoin legacy currencies almost as useful as bitcoins. It will have a future at least as long as legacies currencies are still something that most people have to deal with.

nope

Ripple is an intressting idea but for it to work well it needs a lot of users. I think bitcoin has a hard time getting users too but unlike ripple bitcoin brings a lot of innovation to the table.
Unlike Bitcoin though, Ripple intigrates neatly with the existing fiat system which could be a bonus for addoption short term but it also lacks the beauty and genius of the Bitcoin protocoll.
I feel like Bitcoin is this and Ripple is this.

Personally I'm not against it but I just fail to see a single (currently unsolved) problem that ripple solves.

In the end innovation and competition is always good and hence props to OpenCoin even if the (hopefully not proprietary) final implementation won't see traction.

If you act as a gate way and thus accept 'deposits' from people whom you convince to trust you, you acting as a bank and could be hit by a bus and default on everyone.     What is your availability for withdraw?  If you are on vacation can someone whom you owe money collect?   

Ripple Gateways *are* banks even if they are just a single individual.   Everyone operating as a gateway is either accepting deposits or extending credit and participating in an automated hawala system.   I guess technically hawala systems are legal to the extent that they remain informal and have no contractual obligations.   So who is going to trust a gateway with a large amount of money with no contractual obligations?    If there are contractual obligations, they are a bank and must be regulated. 

Anybody who wants can act as a gateway. You just have to convince other people to trust you. A 'Local gateway' is just whoever you have set up arrangements to allow trading of ripple credit for non-ripple credit.

you noticed that ripple is not bitcoin. this is great . However you still don't understand what ripple is. Too bad for your brain.

It seems that you don't understand neither ripple nor bitcoin. Ripple gateway is a ripple node with a link to outer world.

You don't understand ripple. Gateways are centralization. It is not like a node in bitcoin

No, it is not. Mtgox == centralization. Ripple gateway is just a peer which you trust.


Not sure about that. Where do you know this from?


Yes, same as centralized exchanges like mtgox.


To my knowledge, nothing similar to  ripple ever existed before. 


I don't understand what do you suggest to remove, but ripple functions very well as it is.

Local gateway == centralization.  All local gateways must be regulated money transmitters and they then tie your wallet to your ID.   It is a common interface to many different 'centralized exchanges'.   Remove all regulated & public entities from the ripple system and how would it function?