DO you think RIPPLE HAS A BRIGHT FUTURE ?? - page 2.

yvv

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Quote from: mah87 on July 10, 2013, 12:11:49 PM

Quote from: DoomDumas on July 10, 2013, 11:41:38 AM

No future, because it's closed source and centralized... I see it as kinda Liberty Reserve 2.0 !

you are a dummy ripple is obviously too complex to understand for you

Yeah, many bitcoin hoarders do not understand, how much more beneficial it is to trade bitcoins through ripple, instead of mtgox. This is due to lack of brains perhaps.

Meanwhile, the ripple system is complex to understand, but easy to use. It allows you to buy (or sell) bitcoins from any person in the world without direct connection to this person. You just pay your local currency to your local gateway, and the guy receives his local currency from his local gateway. The system automatically looks for best possible path and does all necessary exchanges. And it works surprisingly well.

mah87

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-Bitcoin & Ripple-

Quote from: DoomDumas on July 10, 2013, 11:41:38 AM

No future, because it's closed source and centralized... I see it as kinda Liberty Reserve 2.0 !

you are a dummy ripple is obviously too complex to understand for you

yvv

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Ripple is decentralized exchange, closed source though. MtGox is centralized and closed source but doing well by now.

DoomDumas

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Bitcoin

No future, because it's closed source and centralized... I see it as kinda Liberty Reserve 2.0 !

yvv

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Quote from: bronco on July 09, 2013, 09:16:56 PM

Quote from: bytemaster on July 09, 2013, 08:35:19 PM

You are not moving USD with ripple, you are moving promises to pay USD.

well, I had $2000 in my bistamp, I withdrew it as ripple usd and sent it to my friend's ripple wallet as rippleusd. He sent ripple usd to his bitstamp account and can withdraw $2000 to his bank. I call it money moving. it doesn sound like promise to me

It is actually a promise. All money moving is about promises.

yvv

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Ripple is a very well thought money exchange system. Of course, it has a future. How bright it will be, time will tell.

bronco

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Quote from: bytemaster on July 09, 2013, 08:35:19 PM

You are not moving USD with ripple, you are moving promises to pay USD.

well, I had $2000 in my bistamp, I withdrew it as ripple usd and sent it to my friend's ripple wallet as rippleusd. He sent ripple usd to his bitstamp account and can withdraw $2000 to his bank. I call it money moving. it doesn sound like promise to me

misterbigg

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Only time will tell.

Disclaimer: I'm an OpenCoin employee (since July 9, 2013)

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No. Ripple is horribly flawed.

bytemaster

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fractally

Quote from: _mr_e on July 09, 2013, 08:43:40 PM

Ok but what I am trying to understand is for example, BitGold. The document says that someone may find someone on Craigslist who wishes to buy 1 BitGold for an oz of gold. That's fine and dandy but... Who created that initial BitGold?? Is it backed by some gold somewhere? How do we do whoever made it didn't make two for every oz of gold he has?

BitGold is the long-side of a short position entered on the blockchain network. To create it someone had to own enough BitShares to buy 1 oz of gold and then short sell into the market a BitGold to receive BitShares in return. This creates 2x the value of Gold priced in BitShares held as collateral.

Because the BitGold vs BitShare market is executed on the blockchain, the miners can do a margin call if the price of BitGold rises and causes the collateral to only equal 1.5x the value of Gold. The miners would the repurchase BitGold on the market to cover the position and return the BitShares back to the individual who went short.

_mr_e

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Ok but what I am trying to understand is for example, BitGold. The document says that someone may find someone on Craigslist who wishes to buy 1 BitGold for an oz of gold. That's fine and dandy but... Who created that initial BitGold?? Is it backed by some gold somewhere? How do we do whoever made it didn't make two for every oz of gold he has?

bytemaster

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fractally

You are not moving USD with ripple, you are moving promises to pay USD. If you use it in a decentralized manner you must publish your friends network and trust relationships... far more valuable information than facebook collects.

Of course your wallet ID appears private, but as soon as your or anyone you deal with registers with a single regulated gateway all privacy is gone and network analysis will do the rest.

Having used Ripple, it is very complex.

Understanding BitShares white paper is like understanding the Ripple design documents and is very complex. Using BitShares will be easier than using Ripple.

freethink2013

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Quote from: _mr_e on July 09, 2013, 08:27:40 PM

Quote from: bytemaster on July 09, 2013, 07:03:16 PM

BitShares will completely displace Ripple for handling fiat.

https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY

What is this?? I've read through the document but it's a bit complicated... Could this be a replacement for Bitcoin? How can this trade physical assets... doesn't someone somewhere have to be holding those assets? Couldn't they then produce more certificates then they actually have? I guess that question is the same for Ripple, I just really don't understand how these kinds of systems can work.

Is the reason someone like ripple stands a chance. The biggest problem with bitcoin etc is it's so fucking complicated. consumers don't want to know the full technology/ethos/history/tech behind a currency they just want to use it.

For the average person it's next to impossible to buy bitcoin. I could buy heroin more easily and have to give less personal info and for a supposed anonymous currency that's not great.

Any attempts like ripple to make things easier are welcome although I'm sure they are just hijacking bitcoin as it's most popular and intend to leave it in their wake.

bronco

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I love ripple for able to move usd within the system.

bytemaster

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fractally

Quote from: _mr_e on July 09, 2013, 08:27:40 PM

Quote from: bytemaster on July 09, 2013, 07:03:16 PM

BitShares will completely displace Ripple for handling fiat.

https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY

What is this?? I've read through the document but it's a bit complicated... Could this be a replacement for Bitcoin? How can this trade physical assets... doesn't someone somewhere have to be holding those assets? Couldn't they then produce more certificates then they actually have? I guess that question is the same for Ripple, I just really don't understand how these kinds of systems can work.

BitUSD is a collateralized derivative backed by a crypto-currency. Market forces bidding / shorting BitUSD relative to BitShares will force the price of BitUSD to track the value of USD as the only profitable way to invest in BitUSD. The BitShares system is unique in that there are no certificates or IOUs and thus no bearer instruments nor potential for default.

Ripple is either centralized through regulated gateways or subject to default of your friends and family. Also, while you may trust your friend to pay you back eventually, those credit lines are not always liquid! I can just imagine needing $20 USD and asking my friend who owes me $20 on the Ripple network to 'pay up now' and him telling me to wait until payday.

_mr_e

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Quote from: bytemaster on July 09, 2013, 07:03:16 PM

BitShares will completely displace Ripple for handling fiat.

https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY

What is this?? I've read through the document but it's a bit complicated... Could this be a replacement for Bitcoin? How can this trade physical assets... doesn't someone somewhere have to be holding those assets? Couldn't they then produce more certificates then they actually have? I guess that question is the same for Ripple, I just really don't understand how these kinds of systems can work.

amincd

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The whole 'Bitcoin bridge' thing is really cool. Even just as a bitcoin wallet with a built in BTC <-> fiat automated converter, it could be useful.

That being said, I don't know much about how Ripple works yet, so I can't say with any degree of certainty either way.

MJGrae

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Sold.

I think Ripple will do well. If not Ripple itself, then I think the next-gen solutions based off of the Ripple concepts will do extremely well.

The ease with which currencies are exchanged, and the way transactions flow seamlessly/instantly is astounding and I think institutions will embrace the idea of using Ripple or Ripple-like systems for their financial dealings in the future especially between them and other institutions.

mah87

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Quote from: bitcoinstarter on July 09, 2013, 07:04:18 PM

Quote from: bytemaster on July 09, 2013, 07:03:16 PM

BitShares will completely displace Ripple for handling fiat.

https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY

Most likely this ^^.

well.. the website is down... sure it will replace ripple...

I think you are underestimating ripple and that you'll change your mind in few month. Ripple is only in beta and great news will come in few months for sure.

bitcoinstarter

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Quote from: bytemaster on July 09, 2013, 07:03:16 PM

BitShares will completely displace Ripple for handling fiat.

https://docs.google.com/document/d/1RLcjSXWuU9vBJzzqLEXVACSCdn8zXKTTJRN_LfoCjNY

Most likely this ^^.

Topic: DO you think RIPPLE HAS A BRIGHT FUTURE ?? - page 2. (Read 3007 times)