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Topic: Ripple #2 CoinMarketCap.com ! - page 3. (Read 9207 times)

hero member
Activity: 798
Merit: 1000
December 27, 2013, 10:09:50 AM
#12
How does Ripple have 35 full time employees but no product? Do they all work on the exchange? Even then, that seems awfully excessive.

And if there is one currency for which market cap is an absolutely meaningless number, Ripple is it. Not to bring the Ripple bash, but there is still not much impressive about it.
legendary
Activity: 1039
Merit: 1005
December 27, 2013, 09:42:56 AM
#11
Forget Bitcoin for a moment let's talk USD. 

Bob owes me $US100.  I don't know Bob but he says he will ripple me the money. 

In order for Bob to ripple me the $US100 I have to trust him for US$100 (you cannot ripple USD without trust). But what I don't know is that Bob has created a second account called Bob's_sock_puppet.  Bob has trusted Bob's_sock_puppet for $US 1 million.
You don't know Bob but you trust him for $100? Pretty stupid move. Don't do that. Not in real life, not in Ripple.
Apart from that, you really don't care whether Bob trusts his own sock puppet for $1000000, as you don't have any trust relationship with his sock puppet.

At 9.10 am I trust Bob for $US100.  At 9.12 am Bob's_sock_puppet ripples me for $US100. 

Now Bob owes me $100 and Bob's_sock_puppet also owes me $100.  Both then default and I am twice as worse off as before. 
What do you mean by "Bob's_sock_puppet ripples me"? Do you have any business relationship with Bob's_sock_puppet?

Let me know if I have misunderstood the mechanics. 
Yes. Completely.

The only situation in which you should extend trust to a ripple account is when you are really sure that the owner of this account will pay his dues *in real life* whenever you request that payment.
That means that you can trust a gateway for $100 if you can get those $100 in real life from that gateway. For example, you could trust bitstamp for USD when you have a bitstamp account and you know that you can withdraw $100 from said account.

If you want to receive USD in Ripple from a stranger, request that he sends it to you in a currency issued by someone you trust, for example Bitstamp. He can then buy Bitstamp USD within Ripple using whatever currency he manages to get into Ripple (for example, DividendRippler BTC or LTC). Of course, he can use his own Bitstamp account just as well if he happens to have one. But what you end up with is $100 USD issued by Bitstamp, not Bob. And unless Bitstamp goes belly-up (which is of course a possibility, shit tends to happen) you can withdraw the $100 from Bitstamp anytime you want to.

Onkel Paul
legendary
Activity: 1162
Merit: 1002
December 27, 2013, 09:22:31 AM
#10
You don't Cheesy Cheesy
legendary
Activity: 1442
Merit: 2282
Degenerate bull hatter & Bitcoin monotheist
December 27, 2013, 08:47:59 AM
#9
Forget Bitcoin for a moment let's talk USD. 

Bob owes me $US100.  I don't know Bob but he says he will ripple me the money. 

In order for Bob to ripple me the $US100 I have to trust him for US$100 (you cannot ripple USD without trust). But what I don't know is that Bob has created a second account called Bob's_sock_puppet.  Bob has trusted Bob's_sock_puppet for $US 1 million. 

At 9.10 am I trust Bob for $US100.  At 9.12 am Bob's_sock_puppet ripples me for $US100. 

Now Bob owes me $100 and Bob's_sock_puppet also owes me $100.  Both then default and I am twice as worse off as before. 

Let me know if I have misunderstood the mechanics. 
legendary
Activity: 2940
Merit: 1090
December 27, 2013, 05:48:17 AM
#8
So what? It is still good for you as a bitcoin user because no matter what currency someone wants to send you you can tell them to simply use RIpple to send it to you in the form of bitcoins.

(Real bitcoins on the blockchain. If they offer bitcoin IOUs just say no no you do not understand, Ripple can send real bitcoins, those are what I want, if you have IOUs good for you, cash them in and send me the damn bitcoins... Which Ripple should do automatically presumably.)

So whether they have dollars or yen or litecoins or whatever, you can still get your real bitcoins on the real blockchain and wait 6 confirmations if you want.

It gets around the whole "gee I do not have bitcoins can I send you something else instead".

You don't even need a Ripple account yourself for that, do you?

You can just say look here is my bitcoin address, just tell your bank or payment processor or Halawa guy or uncle or cousin or grandchild or who-ever-the-f*ck to send me the bitcoins, and if none of them can do it for you just get a damn Ripple account or something...

-MarkM-
legendary
Activity: 1442
Merit: 2282
Degenerate bull hatter & Bitcoin monotheist
December 27, 2013, 03:35:34 AM
#7
I think I understand a little too well.  Your trust pathways are built on people trusting other people and swapping crypto for IOUs.

I wait for six confirmations.  I trust no one more than I have to.

Anyone that trusts anyone in bitcoinland is an idiot. You would think people could learn from Sheep Marketplace. Or Bitcoinica. Or Lehman Brothers.  

Anyway good luck with Ripple.  
NWO
sr. member
Activity: 392
Merit: 250
December 27, 2013, 03:23:05 AM
#6
Maybe you can clear something up for me.

In order for the Ripple payment system to work, you have to trust someone with your money.  True or false?

If the answer is true, then Ripple (and XRP) are fundamentally flawed. 

Answer me this question. Do you trade at all?

Trading on ANY Bitcoin exchange has a level of trust. In Ripple, you trust a gateway (Bitstamp) to receive XRP.

If you do not understand this (there are also many real world examples), maybe crypto isn't for you.
NWO
sr. member
Activity: 392
Merit: 250
December 27, 2013, 03:18:18 AM
#5
I created the same thread yesterday  Smiley

BTC/XRP went from 31.000 to 28.000 in a couple of hours  Grin

https://ripplecharts.com/

Whoops, this must have been moved from the newbie section  Tongue

Great time to be involved with Ripple. So many promising announcements for 2014.
legendary
Activity: 1442
Merit: 2282
Degenerate bull hatter & Bitcoin monotheist
December 27, 2013, 03:13:21 AM
#4
Maybe you can clear something up for me.

In order for the Ripple payment system to work, you have to trust someone with your money.  True or false?

If the answer is true, then Ripple (and XRP) are fundamentally flawed. 
full member
Activity: 196
Merit: 101
December 27, 2013, 03:05:57 AM
#3
I created the same thread yesterday  Smiley

BTC/XRP went from 31.000 to 28.000 in a couple of hours  Grin

https://ripplecharts.com/
NWO
sr. member
Activity: 392
Merit: 250
December 27, 2013, 03:03:01 AM
#2
edited to include facts  Tongue
NWO
sr. member
Activity: 392
Merit: 250
December 26, 2013, 08:47:31 PM
#1
I hope you bought  Wink

Ripple has been under development for over a year and has accomplished many achievements. Notably;

- Open sourced
- 35+ full time employees
- 11 million transactions
- Record price increases
- 50,000+ accounts

Looking forward to 2014!


Those who resist Ripple usually have lots of Bitcoin to lose from a competitor (even though it compliments Bitcoin with instant transactions) or do not understand the powerful network which is growing everyday.

Ripple.com  
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