Topic: http://ripplescam.org/ - page 3. (Read 6492 times)

Not for large transaction, for small transactions localbitcoins.com will provide a face to face exchange possibility

Actually, one of the great things about Ripple is that you do not have to deal with banks ever, if you don't want to. All transactions can be settled in cash with people you know personally.

I never bothered too much about ripple, since as long as you exchange with existing fiat money, you will have to cooperate with banks, that ruled out the possibilities of an unregulated exchange

Maybe for small transactions people could use localbitcoins.com, but when it comes to millions of dollar, your only interface is bank

I'd rather see some established foreign currency exchange join the bitcoin exchange business, Etrade, IB, etc...

Fine with me, I was just explaining my own choice.

Again I won't waste my time until the proof is there.  Proof comes first for me.

Sorry, didn't mean to convey any tantrum or emotion.

I just want to hear how you have established trust in a system that is currently opaque.  It doesn't make sense to my logical mind.

I found it educational, and I was impressed by the extremely rapid, courteous and helpful response to a bug report I filed. It turned out I simply didn't understand the system well enough and that the alleged bug was not in fact a bug. I agree the system cannot be trusted until after they've open sourced the code, but I have high hopes for Ripple. If nothing else, it would be great for Bitcoin.

Yes, we get it. You've said that enough it sounds like a childish tantrum.


I'm fine. YOU cannot establish trust without that. Good for you! Off I go now! Bye bye.

I won't use the beta.  What value is there?  I won't use ripple or Ripple until I see undeniable proof that OpenCoin is trustable.

Then don't use the beta. It's too late for that anyway, as you cannot currently create an account. I'm glad I created one in time, I had to jump through some hoops to do so.

I don't care about any BETA, I want to see the code and the protocol in full naked glory.

You cannot establish any trust without that.

Great but it would be stupid of an opencoin employee to publish their code to the world who can copy them completely.  They must have some protection built in as a corporation. 

I don't know the details about what they will publish, but the first thing I will look at when they flip their magic switch is how do they protect their own intellectual property while proving that their system is decentralized.

How is it hand wavy to recommend you only TRUST OpenCoin enough to ask for Ripple's equivalent of an "invite to their closed beta"?

That is exactly how much I trust OpenCoin.

I don't. I trust a currently centralized currency that is not distributed at all yet.
I trust it implicitly because I have ZERO at risk with OpenCoin. They gave me all the XRP I'll ever need. If they shut the whole project down tomorrow I would lose nothing. The same will be true of the majority of their potential customers/users.

These facts cannot change for me over time. My only risk is in choosing to trust a particular Gateway to hold my USD.

I'm just going to stop this back and forth because it's not productive.

Nobody can pass judgment on ripple unless everything is out in the open.  I don't understand why you are so persistent in not responding directly to my concern.

Right now I have enough XRP to make 1,700,000,000 PayPal like USD transactions. However, now I need to find a Ripple Gateway I trust to hold USD for me. That is where my worries lie. (my counter party risk is here) Not with OpenCoin.

Does anybody have any personal experiences with any of the current Ripple Gateway operators?

wow another hand-waving response that doesn't directly address my question.  How do you have trust in a decentralized currency in which you cannot see proof about the decentralization?

Just to be clear bitchess, I DO NOT recommend you or anyone else buy XRP and hold them like you hold BTC. I also do not recommend that anybody EVER buy XRP to speculate on its price. Ever. Period. That is not what XRP is for. Speculative trading in XRP will not make anyone rich EXCEPT OpenCoin founders. It should be clear to the casual observer that OpenCoin can manipulate the exchange price of XRP at will by rapidly adjusting/constricting supply. It is also clear that they will be GIVING AWAY XRP FOR FREE for a long time to come.

I do, however, recommend you personally *acquire* enough XRP to activate two addresses. Then send some XRP back and forth to yourself. I think the minimum amount of XRP required to test out those features is about 150 XRP right now.

What's the best way to *acquire* XRP? Make an address and add it to OpenMarket's Free XRP thread. That gave me 20,000 XRP but it took a day or two to receive them. I was impatient so I asked an OpenCoiner for some in order to test. He gave me a few hundred. FULL DISCLOSURE: I don't expect to EVER buy XRP to use for saving or for spending directly. I will keep some around to use to pay transaction fees. From my experience, the current transaction fee is 0.00001 XRP/transaction. This does not seem to change relative to the amount of XRP send in a transaction.

RED, how do you have complete trust in a system that is not yet open completely?  They are openly hidden as of now!  When I try to answer this question logically, it makes me distrust you and your statements.

Technically, what you propose can be done. I imagine it will be done (with appropriate warnings) once the server software is released. Read my post on eDonkey2000 (above) to grasp the potential consequences of easy/automatic upgrading.

As for why not now. I'm presuming this is OpenCoin's beta period. Beta is a time allotted for potential real world customers to bash on the system and report bugs. This allow OpenCoin to make the system as stable as possible for it's actual P2P FULL release.