Don't trust ripple! It's a get rich quick scheme for the creators. - page 2.

misterbigg

legendary

Activity: 1064

Merit: 1001

Quote from: coinft on April 19, 2013, 11:54:16 AM

...That alone is reason enough to advice people strongly not to use it.

I can agree with this. Sure, don't use it. Its risky as hell, and for all the reasons that you mentioned. But saying that these guys are scammers and they went into it with dishonest intentions, that seems like trolling to me and more importantly it doesn't really fit the facts. It's an emotional response that has no place in a civil discourse.

mr_random

legendary

Activity: 1344

Merit: 1001

- Closed source
- Created by a profit driven entity
- Centralised
- Still unclear, ambiguous and complicated
- Creators have given themselves 80% of the money supply just because they felt like it. No specific announcements what's going to happen to these 80 billion XRP other than some vague mumblings about giving some more away
- A multitude of suspicious accounts on this forum that are extremely 'pro-Ripple' and were created after Ripple started their XRP giveaway

coinft

full member

Activity: 187

Merit: 100

Quote from: misterbigg on April 18, 2013, 07:49:13 PM

Quote from: bitcoinbeliever on April 18, 2013, 07:44:18 PM

Until the sever is open sourced, it is impossible for anyone to make changes.

Fixed for you.

Okay so you're a troll who registered recently and all your posts are anti-Ripple. I'm more than willing to engage in a discourse but you're not adding anything to the conversation. I hate to do this but I will have to put you on ignore. If/when you are ready for a real dialogue and not mere trolling please send me a PM with a rational argument and I will un-ignore you.

He may be a new user and a troll, but that doesn't change the facts. In fact I believe he is much to lenient:

Until the server is open sourced, we must assume it is insecure and unsafe to use. Malicious evil or plain incompetence, security
by obscurity never works. Further we must assume some evil guys will find security holes eventually even without the source. Honest researchers will ignore it. That alone is reason enough to advice people strongly not to use it.

I'd like to believe the devs started with good intent, but eventually time and money ran out and they had to rush a product to market too embarrassing to show to the world now, with investors breathing down their necks. This theory is backed by the at first barely functional client, which still shows wrong numbers at times, and has the most unreadable order book UI I've ever seen.

glitch003

full member

Activity: 219

Merit: 101

Quote from: 🏰 TradeFortress 🏰 on April 19, 2013, 02:26:13 AM

RippleScam.org is looking for contributors. If you would like to write a guest post, or add any additional information, send me a PM.

Nice, this just popped up as well, looks like it's mostly from this thread: http://www.rippleisascam.com

NewAgeCoins

newbie

Activity: 8

Merit: 0

Quote

You've ignored the fact that you can do useful, productive things without using the XRP currency, and instead choose to just run around saying "its a scam, its a scam." Me and others have provided clear, factual reasons why Ripple is useful but you choose to ignore it.

I haven't seen a clear explanation of what ripple is. It seems sort of confusing...

When I heard about bitcoin, it seemed very clear what it was (confusing part was how it did it)

With ripple, I'm just not sure what I'm reading about..

drawingthesun

legendary

Activity: 1176

Merit: 1015

Quote from: 🏰 TradeFortress 🏰 on April 19, 2013, 03:11:03 AM

Are you expecting accountability and transparency from a for profit company? Huh

Nobody other than OpenCoin Inc and their employees knows, but I think they haven't sold much yet and are still relying on their initial funding.

No I am not expecting anything from them and that just confirms the extent of this rubbish. The developers come here and preach openness and changing the world, they release enough XRP to make the value high and they don't talk about the hundreds of millions of XRP each developer has. All these hippy suckers spending a entire Bitcoin for a sliver of a fraction of a developers stash of XRP.

I cannot understand all these people on this forum proclaiming the awesomeness of Ripple. I personally think they are paid accounts, can't be real people this stupid.

The whole idea of Bitcoin is taking us away from a debt based economy, and Ripple just brings it all back again, same old same old. Ripple is something a bank would create to compete with Bitcoin.

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

Are you expecting accountability and transparency from a for profit company? Huh

Nobody other than OpenCoin Inc and their employees knows, but I think they haven't sold much yet and are still relying on their initial funding.

drawingthesun

legendary

Activity: 1176

Merit: 1015

Quote from: 🏰 TradeFortress 🏰 on April 19, 2013, 02:56:28 AM

"Out of the 100 billion XRP that can ever exist, the founders kept 20 billion while OpenCoin received the remainder of 80 billion. From that 80 billion OpenCoin will sell 30 billion to fund ongoing development beyond the initial angel investment, and the remaining 50 billion will be given away to spur adoption."

http://bitcoin.stackexchange.com/questions/8519/how-long-will-it-take-for-opencoin-to-distribute-the-50-billion-xrps

I'm pretty sure the 20 billion given to the developers were "no strings attached", because the developers gave themselves the ripples.

I am interested in how fast and how much the developers are selling. How many Bitcoin have they gained so far?

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

"Out of the 100 billion XRP that can ever exist, the founders kept 20 billion while OpenCoin received the remainder of 80 billion. From that 80 billion OpenCoin will sell 30 billion to fund ongoing development beyond the initial angel investment, and the remaining 50 billion will be given away to spur adoption."

http://bitcoin.stackexchange.com/questions/8519/how-long-will-it-take-for-opencoin-to-distribute-the-50-billion-xrps

I'm pretty sure the 20 billion given to the developers were "no strings attached", because the developers gave themselves the ripples.

drawingthesun

legendary

Activity: 1176

Merit: 1015

Here is a good question, can any of the core developers confirm that they are not trading their ripples for Bitcoin?

I understand 1 developer alone was graned 1 billion XRP.

Please confirm if you are or are not selling your ripples for Bitcoin at this time.

The answer to this question may help determine if ripple is a scam and its extent.

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

RippleScam.org is looking for contributors. If you would like to write a guest post, or add any additional information, send me a PM.

mmeijeri

hero member

Activity: 714

Merit: 500

Martijn Meijering

Quote from: glitch003 on April 18, 2013, 12:38:19 PM

Miners EARN their coins by doing work for the network. There is no "handing out" like there is with Ripple. You should probably learn how the Bitcoin network works before you go spouting off BS like this.

I understand Bitcoin just fine, thank you very much. Yes, miners work for their bitcoins, just as the founders of Ripple are having to work hard and having to get investors involved to get their currency established. Of course, the early miners didn't have to work very hard, as it was really easy to mine. Nevertheless either choice is perfectly fine, and perfectly ethical, and time will tell which of the two will be more successful. It is perfectly possible that both will succeed. And even if XRP doesn't succeed as a currency, the distributed exchange mechanism provided by Ripple will be of great benefit to Bitcoin.

chriswen

hero member

Activity: 756

Merit: 500

Yeah, you can't set up a validator yet. Sad

But that is because they might be implementing protocol changes and its easier to do that when they have less validators. Eventually they'll open source the code. Or release it so you can be a validator.

QuantumQrack

sr. member

Activity: 337

Merit: 250

Quote from: BitGoing on April 18, 2013, 09:06:33 PM

What are you talking about when saying the source code is kept private?

https://ripple.com/wiki/Ripple_Client

https://github.com/rippleFoundation/ripple-client

The source is on git repo. Am I missing something?

Server exchange code.

BitGoing

newbie

Activity: 12

Merit: 0

What are you talking about when saying the source code is kept private?

https://ripple.com/wiki/Ripple_Client

https://github.com/rippleFoundation/ripple-client

The source is on git repo. Am I missing something?

bitcoinbeliever

newbie

Activity: 54

Merit: 0

Quote from: misterbigg on April 18, 2013, 07:49:13 PM

Quote from: bitcoinbeliever on April 18, 2013, 07:44:18 PM

Until the sever is open sourced, it is impossible for anyone to make changes.

Ad hominem responses notwithstanding, that's about as rational as you can get.

misterbigg

legendary

Activity: 1064

Merit: 1001

Quote from: LeTanque on April 18, 2013, 06:52:51 PM

on the bright side, users like misterbigg do a fantastic job of bringing the facts. Even if those efforts are met with persistent opposition regardless of the facts.

I really do appreciate the kind words. It can be tough to take the unpopular position. I totally agree that the premine stinks like week old fish. It takes a lot of digging and investigation, and something of a leap of faith, to believe otherwise. I can't blame people for being wary, especially after all the alt-coin and Bitcoin scams.

misterbigg

legendary

Activity: 1064

Merit: 1001

Quote from: bitcoinbeliever on April 18, 2013, 07:44:18 PM

Until the sever is open sourced, it is impossible for anyone to make changes.

Fixed for you.

Okay so you're a troll who registered recently and all your posts are anti-Ripple. I'm more than willing to engage in a discourse but you're not adding anything to the conversation. I hate to do this but I will have to put you on ignore. If/when you are ready for a real dialogue and not mere trolling please send me a PM with a rational argument and I will un-ignore you.

bitcoinbeliever

newbie

Activity: 54

Merit: 0

Quote from: misterbigg on April 18, 2013, 12:54:44 PM

Once the server has been released to the wild, it becomes very difficult to make changes.

Until the sever is open sourced, it is impossible for anyone to make changes.

Fixed for you.

LeTanque

member

Activity: 85

Merit: 10

Fortune favors the bold and brave

Every thread like this is started by someone who

a) Has not researched ripple.

and/or

b) Does not have a working understanding of how money is currently transferred throughout the world.

and/or

c) Doesn't understand how companies and products are built.

But, on the bright side, users like misterbigg do a fantastic job of bringing the facts. Even if those efforts are met with persistent opposition regardless of the facts.

tl;dr (lol @ the irony) Ripple is not a scam.

Topic: Don't trust ripple! It's a get rich quick scheme for the creators. - page 2. (Read 6390 times)