I'm just repeating the warning on the xrptalk forum "an IOU has no value when it's not assets-backed", and repeating the forum administrators opinion.
Ripple fiat IOU's are cash asset backed, so I'm not saying they are a scam. As far as I know XRP's are not IOU's, they are cryptocurrency with a blockchain like bitcoin. Therefore I'm not saying they are a scam either.
I just posted what I thought was some relevant information from the xrptalk forum so people can make an informed decision. Buying BIG coin IOU's sounds dodgy to me, but everyone has to decide for themselves.
Topic: Is this a scam or not? Ripple Big Coin (Read 1791 times)
Ripple.. hmmm... dunno... looks weird.
any good 3rd party source for me to study on?
So basically you are saying everything on RIPPLE is a scam including xrp xnf because they are in reality a tested IOU. The XNF coin which is backed 1/3 in value by gold/silver and the rest of the price movement will be by speculation. Yet it's value has not moved as gold has moved roughly by about 80 dollars since xnf started trading which should put the price of xnf around 30 dollars or roughly around 1800xrp per xnf yet it's only 250xrp per xnfcoin so it's still being speculated on and the assets backing xnf are not giving it value. Sorry I'm not having a go it's just that I have been trading a few other new coins on ripple which are speculated on and are doing well and are not backed by any asset don't want to mention any certain coins. There's a risk in everything new but if you don't risks in life you'll get left behind. You're probably kicking yourself for not investing in bitcoins when they first came out for pennies as everybody was screaming BITCOIN is a SCAM but look where bitcoin is today. I jus think you're being a bit harsh on this person for trying something and not giving it a chance I think he has been a bit naive by giving large amounts of the coin free and putting large amounts of the coin on the order book but at a very cheap price like somebody said you could buy his total bigcoin IOU for around 3000 xrp if he is scamming it he's not going to get far with 3000 xrp. But if you look at the order book now for BIG/XRP now people have been trading on there the coins have come down from millions being sold to tens of thousand and it's only been a few days I say good luck to the guy an the people trading BIG you can only make profit at those prices an if you lose you will lose a few cents but you stand to make a lot more. HAPPY TRADING
I copied a screenshot of the IOU area of the xrptalk forum. Notice the warning indicated by the red arrow "Be careful an IOU has no value when it's not assets-backed". In addition, there are currently no time tested IOU's, that forum section is empty.
That's not what the xrptalk forum administrator thinks, despite coincompass.
I think the reason he made the post quoted below is because you can create unlimited IOU's called any name you like (e.g. BIG) between two wallets. Then if you can get someone else to trust the IOU you can try to sell the IOU to them. However, you can increase the supply of IOU's at any time and simply dump them on the market.
I think it's OK if they are free, but it sounds like a scam once people start asking for money for an IOU (e.g. BIG).
Hurukan - Administrator - 1688 posts
Posted 18 February 2014 - 03:35 PM
That's cleary not a good post, you do not create coins, you create IOUs.
When you speak about coins, you just lie to members who believe they have value.
They think it's mined coins like the bitcoins, the litecoins etc.
That's not the case, the "coins" (like you call them) you are creating have strictly NO value if you're just doing that.
You cannot create value to your coins just by setting 2 trustlines dudes. That's fucking stupid.
You're just muddling people with such posts.
I think the reason he made the post quoted below is because you can create unlimited IOU's called any name you like (e.g. BIG) between two wallets. Then if you can get someone else to trust the IOU you can try to sell the IOU to them. However, you can increase the supply of IOU's at any time and simply dump them on the market.
I think it's OK if they are free, but it sounds like a scam once people start asking for money for an IOU (e.g. BIG).
Hurukan - Administrator - 1688 posts
Posted 18 February 2014 - 03:35 PM
That's cleary not a good post, you do not create coins, you create IOUs.
When you speak about coins, you just lie to members who believe they have value.
They think it's mined coins like the bitcoins, the litecoins etc.
That's not the case, the "coins" (like you call them) you are creating have strictly NO value if you're just doing that.
You cannot create value to your coins just by setting 2 trustlines dudes. That's fucking stupid.
You're just muddling people with such posts.
Coincompass is the reason why I personally think that BIG coin is not a scam, with coin compass many other coins will be created for people to trade on the ripple platform which will be regulating the coins which will help BIG coin in many ways so that's why I'm saying to trade the BIG while it's cheap you can buy many thousands for a few xrp ripple just like you could buy loads of bitcoins for a few dollars when it first came out, and you just never no what's round the corner. The ripple platform is the best that's why we all invested into it and it is unique and different in the way it's expanding its business. So trust goes a long way so buy a few BIG coin if you lose 5 xrp ripple just post your ripple address and I will cover your losses personally give the guy a chance
BIG coin is not a coin, merely an IOU created between two ripple wallets that anyone can easily create. When I posted the link to the ripple forum thread about this I was logged into the ripple forum and could access it. I have since found you get an error when you try to access the ripple forum without being logged in.
Therefore I have copied the relevant ripple forum thread below, so anyone here can see how easy it is to create something like BIG coin, and make their own informed decision about it.
Guest_smartys - Guest
Posted 18 February 2014 - 12:38 PM
To me it looks like alot of people here don't know how easy it is to create their own Ripple based coin. They think you have to be a developer to do this. (or am I wrong here?) But you absolutly need NO programming skills to do this. All you need is 2 funded Ripple wallets. Heres how you can create your own "BIG" "JED" "FUN" or whatever coin:
- trust with your first account your second account for some "WHATEVERYOULIKETO" coins. You can type in 3 letters for your coin..for example: instead of "USD" just type in "BIG"
- after you've done the trust, just send those coins you've trusted with your second account to your first account.. voila you now have your own coin. The issuer address is the one from your first account.
have fun creating some coins! let the inflation begin
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deweller - Advanced Member - 127 posts
Posted 18 February 2014 - 12:58 PM
Good post.
I think what is missing in ripple are tools to manage your coin. For example, say I create a coin that is redeemable for something. How do I track which customers have redeemed coins and how much? Doing it manually in your ripple wallet can get out of control very quickly.
I am building Coin Compass to be able to manage these things and more.
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Guest_smartys - Guest
Posted 18 February 2014 - 01:05 PM
@dweller
thanks for this! coincompass will be useful for BIG coin
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Hurukan - Administrator - 1688 posts
Posted 18 February 2014 - 03:35 PM
That's cleary not a good post, you do not create coins, you create IOUs.
When you speak about coins, you just lie to members who believe they have value.
They think it's mined coins like the bitcoins, the litecoins etc.
That's not the case, the "coins" (like you call them) you are creating have strictly NO value if you're just doing that.
You cannot create value to your coins just by setting 2 trustlines dudes. That's fucking stupid.
You're just muddling people with such posts.
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Kwelstr - Advanced Member - 143 posts
Posted 18 February 2014 - 05:50 PM
RTFM - Ripple The Funny Money? ;-0
Therefore I have copied the relevant ripple forum thread below, so anyone here can see how easy it is to create something like BIG coin, and make their own informed decision about it.
Guest_smartys - Guest
Posted 18 February 2014 - 12:38 PM
To me it looks like alot of people here don't know how easy it is to create their own Ripple based coin. They think you have to be a developer to do this. (or am I wrong here?) But you absolutly need NO programming skills to do this. All you need is 2 funded Ripple wallets. Heres how you can create your own "BIG" "JED" "FUN" or whatever coin:
- trust with your first account your second account for some "WHATEVERYOULIKETO" coins. You can type in 3 letters for your coin..for example: instead of "USD" just type in "BIG"
- after you've done the trust, just send those coins you've trusted with your second account to your first account.. voila you now have your own coin. The issuer address is the one from your first account.
have fun creating some coins! let the inflation begin
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deweller - Advanced Member - 127 posts
Posted 18 February 2014 - 12:58 PM
Good post.
I think what is missing in ripple are tools to manage your coin. For example, say I create a coin that is redeemable for something. How do I track which customers have redeemed coins and how much? Doing it manually in your ripple wallet can get out of control very quickly.
I am building Coin Compass to be able to manage these things and more.
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Guest_smartys - Guest
Posted 18 February 2014 - 01:05 PM
@dweller
thanks for this! coincompass will be useful for BIG coin
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Hurukan - Administrator - 1688 posts
Posted 18 February 2014 - 03:35 PM
That's cleary not a good post, you do not create coins, you create IOUs.
When you speak about coins, you just lie to members who believe they have value.
They think it's mined coins like the bitcoins, the litecoins etc.
That's not the case, the "coins" (like you call them) you are creating have strictly NO value if you're just doing that.
You cannot create value to your coins just by setting 2 trustlines dudes. That's fucking stupid.
You're just muddling people with such posts.
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Kwelstr - Advanced Member - 143 posts
Posted 18 February 2014 - 05:50 PM
RTFM - Ripple The Funny Money? ;-0
I understand the fact that big coin is only a few days old and the orderbook stands in hundred of thousands at a time but the the price is very cheap which gives everybody a good chance of getting in cheap. If the guy wanted to scam people he would give smaller amounts of coins away at a higher cost. He's giving away 50000 big coins free, majority of the coins being traded are speculated on giving the coins value considering its being traded on the ripple exchange, it gives it more credibility than the majority of exchanges on the Internet. So don't waste time trade the big coin you are the ones that will make it a success once the coins are bought and divided amongst many people the order book will get smaller giving the coins value and hopefully will become big as bitcoin.
https://xrptalk.org/topic/1398-how-to-create-your-own-coin-in-ripple/#entry15709
The link above is to an xrptalk.org page about creating coins through ripple.
The administrator had this to say about it.
That's clearly not a good post, you do not create coins, you create IOUs.
When you speak about coins, you just lie to members who believe they have value.
They think it's mined coins like the bitcoins, the litecoins etc.
That's not the case, the "coins" (like you call them) you are creating have strictly NO value if you're just doing that.
You cannot create value to your coins just by setting 2 trustlines dudes. That's fucking stupid.
You're just muddling people with such posts.
I bet that BIG is some attempt to scam people and make them hate ripple. Let's see.
To me, the announcement looked more like someone wanted to create a CC, too, and thought that it would be easiest using Ripple, without really understanding the implications.
I really don't know whether he intends to scam or is just naive, but either way, I would not trust such a currency.
A gateway is trustworthy if they only issue IOUs for currencies they actually hold, and make sure that they can pay out these currencies when holders of their IOUs request so.
Of course, you still need to trust the gateway operator, his technical competence, the security of the computers used etc... Just like you need to trust any institution that handles your money.
Onkel Paul
To say it is absolutely valueless is basically saying XRP is valueless. Technically if the amount made could have a hard limit what would the difference be between BIG and XRP or even Bitcoin? Exactly, nothing. The only educational thing this coin does is show that coins are based on quite shaky ground.
hynsookmom, you have to look better into ripple, you miss something.
1) XRP is trustless, just like BTC (outside ripple)
2) you can send XRP to whoever has a ripple wallet, just like bitcoins.
3) technically XRP, and BTC have hard limit, BIG doesn't.
I bet that BIG is some attempt to scam people and make them hate ripple. Let's see.
The easiest method which he can use scam every BIG's user:
-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.
Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.
No central banks doesn't means we prefer one anonymous individual to issue money.
Stay away from those things, people.
-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.
Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.
No central banks doesn't means we prefer one anonymous individual to issue money.
Stay away from those things, people.
Well yeah thats obviously the issue, but first if the original account changed people would instantly know what was up, sure people would see the value drop like a rock. Thats why i'm wondering how he can prove the account is destroyed. Staying away from something even if the facts change is kind of blinkered. You got to see opportunities when they do come, blanket decisions about say staying away from IPO's would mean you missed out on at least one way to get rich ie NXT.
You miss a point. People won't "see the value drop like a rock". He could, in a interval of few seconds, "prints" all the BIG that he wants and buy other currencies from the orderbook.
For now he can istantly steal ~ 3300 XRP ( 50$ ) but if the market is established, the amount could be much greater.
And, by the way, this is stupid, everyone may create is own currency inside ripple, i'm just trying to help others to understand.
Check this, you can have how many XXX and XTS you want. For free, as they are absolutely valueless.
To say it is absolutely valueless is basically saying XRP is valueless. Technically if the amount made could have a hard limit what would the difference be between BIG and XRP or even Bitcoin? Exactly, nothing. The only educational thing this coin does is show that coins are based on quite shaky ground.
The easiest method which he can use scam every BIG's user:
-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.
Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.
No central banks doesn't means we prefer one anonymous individual to issue money.
Stay away from those things, people.
-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.
Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.
No central banks doesn't means we prefer one anonymous individual to issue money.
Stay away from those things, people.
Well yeah thats obviously the issue, but first if the original account changed people would instantly know what was up, sure people would see the value drop like a rock. Thats why i'm wondering how he can prove the account is destroyed. Staying away from something even if the facts change is kind of blinkered. You got to see opportunities when they do come, blanket decisions about say staying away from IPO's would mean you missed out on at least one way to get rich ie NXT.
You miss a point. People won't "see the value drop like a rock". He could, in a interval of few seconds, "prints" all the BIG that he wants and buy other currencies from the orderbook.
For now he can istantly steal ~ 3300 XRP ( 50$ ) but if the market is established, the amount could be much greater.
And, by the way, this is stupid, everyone may create is own currency inside ripple, i'm just trying to help others to understand.
Check this, you can have how many XXX and XTS you want. For free, as they are absolutely valueless.
The easiest method which he can use scam every BIG's user:
-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.
Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.
No central banks doesn't means we prefer one anonymous individual to issue money.
Stay away from those things, people.
-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.
Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.
No central banks doesn't means we prefer one anonymous individual to issue money.
Stay away from those things, people.
Well yeah thats obviously the issue, but first if the original account changed people would instantly know what was up, sure people would see the value drop like a rock. Thats why i'm wondering how he can prove the account is destroyed. Staying away from something even if the facts change is kind of blinkered. You got to see opportunities when they do come, blanket decisions about say staying away from IPO's would mean you missed out on at least one way to get rich ie NXT.
The easiest method which he can use scam every BIG's user:
-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.
Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.
No central banks doesn't means we prefer one anonymous individual to issue money.
Stay away from those things, people.
-let's say he won't print BIG any more for a long period of time, in which he gains trust from people.
-people start to use BIG and create websites, little services... and so on.
-a market for BIG is created, people put in the open market their offers to buy BIGs with XRP, BTC, LTC and so on.
Suddenly, a day, the creator issues 200 billions of BIG and drains instantly all the orderbooks.
Day after he disappears with your XRP, BTC, LTC and so on.
No central banks doesn't means we prefer one anonymous individual to issue money.
Stay away from those things, people.
Well I guess thats more transparency than with the average central bank if we can check if more is issued, shame there is not a way to prove an account is temp and after locked. maybe a a YouTube clip entering the same password and user name to create a wallet would erase the account?
so all he needs to do is show him logging into his account, showing clearly the name and password. Then logging out and creating the same account, same password etc that then wipes out the original one. Is this possible. Maybe if it was done under supervision or of someone we can trust in the community it could be great to. Or even the guy can give his account info to someone with high trust on here and they can effectively delete the account?
Crazy idea?
so all he needs to do is show him logging into his account, showing clearly the name and password. Then logging out and creating the same account, same password etc that then wipes out the original one. Is this possible. Maybe if it was done under supervision or of someone we can trust in the community it could be great to. Or even the guy can give his account info to someone with high trust on here and they can effectively delete the account?
Crazy idea?
Is there no way to hard limit a coin on the ripple network? Like issuing it from an unusable account. can we know if the guy makes some more or not?
No, there is no way to hard limit a coin on Ripple. The private key to the issuing account would have to be verifiably destroyed.
Yes, look at the issuing Ripple account. It will have a greater negative balance.
Is there no way to hard limit a coin on the ripple network? Like issuing it from an unusable account. can we know if the guy makes some more or not?
^yup. these are really interesting times. i wonder where this will all be in the next 10 years.
I'm not sure what he's getting at, but do not trade any Ripple or any other of your cryptos for it. Part of Ripple's infrastructure allows you to create a trade medium of anything that you choose, as long as others are willing to accept it. If I wanted to create and issue myself a trillion SuperFantasticAwesomeCoin, I could. To understand how this works, check out this forum:
https://bitcointalksearch.org/topic/start-using-ripple-learn-with-no-risk-the-funcoin-gateway-411459
Ripple's concept behind doing so is that it supplies the platform to create any currency of your choosing, as long as there are others willing to accept it as currency.
https://bitcointalksearch.org/topic/start-using-ripple-learn-with-no-risk-the-funcoin-gateway-411459
Ripple's concept behind doing so is that it supplies the platform to create any currency of your choosing, as long as there are others willing to accept it as currency.
Yeah I've now read some stuff on ripple forum. It's funny but actually it's as legitimate as any other currency I realize and also the wallet (not the company) is decentralized and internally tradeable. It kind of is already doing what NXT (which I'm a big believer in) is working so hard to do but already does it easily. But it almost seems too easy for the coin to develop and have real value which is interesting at least, that we need blood sweat and tears over complicated POS distributions or agonisingly difficult mining to get what Ripple can do in a few clicks it seems.
Disclaimer: I was a big believer in Ripple last year but got sick to death of the IOU system that regularly brought me to tears so I'm first to hate on it and eventually walked away from it. But you got to admit it is interesting at the ease of this coins production.
Any issuer in Ripple can create more IOUs. There is no code ensuring only 21 million big coins. An IOU is only as good as its issuer.
I actually like Ripple's social credit system.
so any coin is kind of pointless then right? I mean if an unlimited supply can be made.
It's not cryptographically enforced. If you are looking for a currency that has value imparted from its scarcity, then yes, it's pointless.
Any issuer in Ripple can create more IOUs. There is no code ensuring only 21 million big coins. An IOU is only as good as its issuer.
I actually like Ripple's social credit system.
I actually like Ripple's social credit system.
yeah. one can actually do something positive from it. it's empowering its community really.
Tokeweed and I are referring to LETSystems. A lot of places have labor and a means of production, but remain impoverished because of a lack of capital. LETSystems are dependent on a credit system with an expanding/contracting IOU circulation, but they allow communities to revitalize themselves without external capital.
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