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Topic: Is Ripple a scam? - page 2. (Read 2523 times)

legendary
Activity: 2142
Merit: 1010
Newbie
September 12, 2013, 06:00:05 PM
#36

Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.

And how will this "non-premined" thing is going to happen?


Creators of a clone will give away 100% of the coins.
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 05:55:42 PM
#35

Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.

And how will this "non-premined" thing is going to happen?
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 05:54:22 PM
#34

Only via forum posts basically. I am not looking to get some special foot in the door of a closed source system, what I had been about to do was to modify the gateway code per each of several coin types as free open source gateway code for a bunch of coins, based on the free open source gateway code already available in the samples collection.

However in addition to learning that people would not be able to use the gateway code due to unavailability of the rippled code, I also was told that actually the gateway code itself isn't suitable for real use, so all in all it seemed it was too early yet for people to start putting up gateways.

It also turned out that using other people's rippled means revealing your 'secret' to them, that was the biggest reason in fact for the absolute need to run a rippled of one's own.

So all in all it was a long way from being ready for people to start realistically using.

Before starting to adapt the gateway to more currencies for example, it needs to be robust enough for real production use.

Presumably the gateways online so far are either flaky code, not suitable for use, or had failed to submit pull requests of their fixes, or were straight-out proprietary systems from the get-go.

-MarkM-


Ripple was extremely unstable just few month ago. But it is rapidly improving. Hopefully, when it is open sourced, it will be stable enough for use by business.
 
legendary
Activity: 2142
Merit: 1010
Newbie
September 12, 2013, 05:29:22 PM
#33
They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.

After they publish the sources we'll see hundreds thousands millions clones of Ripple. So they won't do it.

Bitcoin source is published. We have dozens clones of bitcoin. So what?


Ripple devs control 50% of all coins. Someone will launch "non-premined" version and grab almost 100% of userbase. And then original Ripple will die.
legendary
Activity: 2940
Merit: 1090
September 12, 2013, 05:11:25 PM
#32

I wanted to plug in various currencies, or as it were permit various currencies to plug in by making gateways for various currencies, but so far that still is being put off seemingly indefinitely.

-MarkM-


Did you contact OpenCoin on that matter? Providing assistance for new gateways is among their highest priority tasks.


Only via forum posts basically. I am not looking to get some special foot in the door of a closed source system, what I had been about to do was to modify the gateway code per each of several coin types as free open source gateway code for a bunch of coins, based on the free open source gateway code already available in the samples collection.

However in addition to learning that people would not be able to use the gateway code due to unavailability of the rippled code, I also was told that actually the gateway code itself isn't suitable for real use, so all in all it seemed it was too early yet for people to start putting up gateways.

It also turned out that using other people's rippled means revealing your 'secret' to them, that was the biggest reason in fact for the absolute need to run a rippled of one's own.

So all in all it was a long way from being ready for people to start realistically using.

Before starting to adapt the gateway to more currencies for example, it needs to be robust enough for real production use.

Presumably the gateways online so far are either flaky code, not suitable for use, or had failed to submit pull requests of their fixes, or were straight-out proprietary systems from the get-go.

-MarkM-
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 04:08:36 PM
#31
  That means the owner of the site has complete control of your password and account. 

No, he doesn't. No account is created anywhere on the web. Ripple client creates a wallet on your pc. Wallet name and password encrypt/decrypt it. You have an option to back up your wallet in a cloud. The owner of the cloud does not have access to you password either.
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 04:02:48 PM
#30
They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.

After they publish the sources we'll see hundreds thousands millions clones of Ripple. So they won't do it.

Bitcoin source is published. We have dozens clones of bitcoin. So what?
legendary
Activity: 2142
Merit: 1010
Newbie
September 12, 2013, 03:58:51 PM
#29
They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.

After they publish the sources we'll see hundreds thousands millions clones of Ripple. So they won't do it.
hero member
Activity: 717
Merit: 501
September 12, 2013, 03:45:37 PM
#28
ripple is a scam.

The only client the average user can use is a web based client.  That means the owner of the site has complete control of your password and account.  What if ripple.org went down tomorrow like "my bitcoin wallet".  Could you sell your coins?  I do think bitcoin is flawed in that it should be a ledger.  But you should not trust anyone.  You can trust your bank, you can trust Obama, you can trust Hitler, I don't!
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 03:36:13 PM
#27
Fresh news from the Ripple blog:

Open-sourcing Ripple is just around the corner

Just PR. They r not that crazy to publish sources of the server.

They certainly do not look crazy, that's why they will publish sources of the server, or their project is dead.
legendary
Activity: 2142
Merit: 1010
Newbie
September 12, 2013, 03:30:43 PM
#26
Fresh news from the Ripple blog:

Open-sourcing Ripple is just around the corner

Just PR. They r not that crazy to publish sources of the server.
legendary
Activity: 2142
Merit: 1010
Newbie
September 12, 2013, 03:26:03 PM
#25

Bitcoin and RSA are protected by economical laws (resources are limited). See the difference?

By the way, with 1Ghash/sec for $50, it will take about $25M to hack bitcoin network which is worth over $1B with 51% attack.

Good point.
hero member
Activity: 628
Merit: 500
September 12, 2013, 02:54:21 PM
#24
Fresh news from the Ripple blog:

Open-sourcing Ripple is just around the corner
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 02:47:53 PM
#23

Bitcoin and RSA are protected by economical laws (resources are limited). See the difference?

By the way, with 1Ghash/sec for $50, it will take about $25M to hack bitcoin network which is worth over $1B with 51% attack.
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 02:38:15 PM
#22
Is there any normal ripple exchange? Not a forum.

Ripple is currency exchange.
sr. member
Activity: 464
Merit: 252
September 12, 2013, 02:25:09 PM
#21
Is there any normal ripple exchange? Not a forum.
full member
Activity: 171
Merit: 100
September 12, 2013, 02:24:51 PM
#20
No i don't think it is a scam, they still have to distribute an amount of the created ripple though
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 02:21:36 PM
#19
"Too many" is the assumption that validators are unlikely to collude. Bitcoin mining is also based on the assumption that it is unlikely that somebody will have enough computing power to break the blockchain.

RSA security based on assumption that it is unlikely that somebody can factorize a big number.
Bitcoin and RSA are protected by economical laws (resources are limited). See the difference?

Yes I know the difference. Both approaches have pros and cons. Both are fine to me as long as they work.
legendary
Activity: 2142
Merit: 1010
Newbie
September 12, 2013, 02:14:33 PM
#18
"Too many" is the assumption that validators are unlikely to collude. Bitcoin mining is also based on the assumption that it is unlikely that somebody will have enough computing power to break the blockchain.

RSA security based on assumption that it is unlikely that somebody can factorize a big number.
Bitcoin and RSA are protected by economical laws (resources are limited). See the difference?
yvv
legendary
Activity: 1344
Merit: 1000
.
September 12, 2013, 02:03:33 PM
#17

This consensus has too many assumptions and its description uses "unlikely" word too often. BS IMO.

"Too many" is the assumption that validators are unlikely to collude. Bitcoin mining is also based on the assumption that it is unlikely that somebody will have enough computing power to break the blockchain.
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