Ripple: A Distributed Exchange for Bitcoin - page 19.

kangasbros

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Quote from: gogxmagog on April 12, 2013, 04:41:03 PM

i dont really understand. can i send BTC to my ripple wallet?

Nope, you send your BTC to me, and then I give you ripple BTC IOU's. Everybody wins! (but especially me).

Well, I really believe that ripple could be something, but as I've understood it is still closed source and therefore I can't trust it.

BTC Books

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My understanding is that Ripple - in addition to being centralized - has been seriously pre-mined. Is mining open?

It would seem likely that, if true, those things would present some adoption difficulty to the bitcoin population...

knybe

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decentralize EVERYTHING...

I dunno...

I think it's rad that OpenCoin bought the URL from a Grateful Dead fan:

http://www.businessweek.com/articles/2013-04-11/introducing-ripple-a-bitcoin-copycat

isn't ripple a hobo wine too?

misterbigg

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Quote from: Bitcoinm on April 12, 2013, 12:18:04 PM

I see a fundamental flaw as the risk of people defaulting. Its like Bitcoin but using IOU's, and we all know you don't have Bitcoins if someone says they owe you some; you have Bitcoins if they're sitting in your wallet. They want you to only use trusted people of course, but this whole IOU system seems tough when you actually need to collect from someone.

Keep in mind that you are already using IOUs today. When you deposit money at MtGox, you get USD IOUs which are just an entry in their database. When you buy Bitcoins using the MtGox trading platform, you spend your USD IOUs and receive Bitcon IOUs which again are just entries in the MtGox database. It is only when you "settle", by requesting either that actual dollars or Bitcoins be sent to you from MtGox, that you have something tangible.

Ripple works exactly like this, except the IOUs are more explicit and they can be cryptographically stored, sent, and received in a safe and efficient fashion between any participants.

gogxmagog

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Ad maiora!

i dont really understand. can i send BTC to my ripple wallet?

Sukrim

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Quote from: Luckybit on April 12, 2013, 03:38:21 PM

Quote from: knybe on April 12, 2013, 02:01:33 PM

saw this the other day on youtube; How Ripple Works - Gateways and Pathways

hope it's not redundant...

http://www.youtube.com/embed/M16ZatXbmLg

So where is the source code? Is it open source or not?

https://github.com/rippleFoundation

Luckybit

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Quote from: knybe on April 12, 2013, 02:01:33 PM

saw this the other day on youtube; How Ripple Works - Gateways and Pathways

hope it's not redundant...

http://www.youtube.com/embed/M16ZatXbmLg

So where is the source code? Is it open source or not?

Luckybit

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Quote from: misterbigg on April 12, 2013, 11:52:15 AM

Why do I see so many calls for implementing distributed Bitcoin exchanges or putting up more robust/centralized Bitcoin exchanges when we will soon have Ripple, which perfectly provides distributed order books?

So where is the Ripple code? Post it so we can build on it.

nameface

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Quote from: kwukduck on April 12, 2013, 03:33:43 PM

Magically create all units of account for the network (xrp), sell the service as an open and free solution to transferring money, profit.
And you ask what's bad about it?

Yes

kwukduck

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Magically create all units of account for the network (xrp), sell the service as an open and free solution to transferring money, profit.
And you ask what's bad about it?

Sukrim

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Quote from: nebulus on April 12, 2013, 02:04:03 PM

Quote from: misterbigg on April 12, 2013, 11:55:01 AM

A handful of people have put me on ignore because I said that Litecoin sucks.

That and your SDICE agenda...

...and your general attitude sometimes.

Anyways, scammer gateways are a possibility, just like scammer Bitcoin exchanges. You however can choose to trust individual gateways and they can also trust each other if they want to.

Gateways would already fit into existing legislation concerning E-Money issuers, so it should be possible to actually open them up right now with existing laws. Something that is not too sure/safe with Bitcoin exchanges...

nameface

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Quote from: Stampbit on April 12, 2013, 02:39:31 PM

How does this network plan on keeping the gateways honest? All we need are scammer gateways popping up everywhere, making a crash grab and running to destroy the network.

At least there would be a clear record of what's happening in the source so that vulnerabilities could be dealt with.

Stampbit

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How does this network plan on keeping the gateways honest? All we need are scammer gateways popping up everywhere, making a crash grab and running to destroy the network.

nameface

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Quote from: misterbigg on April 12, 2013, 11:55:01 AM

A handful of people have put me on ignore because I said that Litecoin sucks.

BTW Bigg, now that I've seen LTC's price go up and down (remember this Tongue

https://bitcointalksearch.org/topic/is-litecoin-really-really-cheap-right-now-or-is-it-dying-147015), and learned enough about Ripple to share a vision of its success, I really respect your opinions (despite the gruffness with which you sometimes deliver them).

I still dig Litecoin. I think it's useful to have a "Bitcoin-B" out there in the wild right now, but I doubt it's long term potential, and I recently sold off my small hoard for XRP.

Bitcoin, Litecoin, Ripple, these are all just the best ideas in the world today becoming manifest. Eventually they'll all be replaced. We're just speculating on what a better future is.

Este Nuno

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amarha

I hope they're looking outside of bitcoin. They need things like currency booths in major cities acting as gateways.

Is there an incentive for someone like that to become a gateway?

greBit

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So do the ripple supporters/contributors see their platform as more of a replacement to Bitcoin or as a complement?

nebulus

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... it only gets better...

Quote from: misterbigg on April 12, 2013, 11:55:01 AM

A handful of people have put me on ignore because I said that Litecoin sucks.

That and your SDICE agenda...

justusranvier

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Quote from: JoelKatz on April 12, 2013, 01:26:31 PM

We're not promoting Ripple as a social/community credit platform right now but rather as a payment and exchange system. (Though I have high hopes for it in the future.)

The low hanging fruit right now would to get all the major exchanges acting as Ripple gateways in order to allow fiat to more easily enter the BTC ecosystem and move through it. If users were able to deposit their local currency at whichever gateway was most convenient and move that to any trading account it would drastically improve things. Likewise for withdrawals.

Is this something that you're working on, is it even possible to do without enormous legal/regulatory challenges?

knybe

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decentralize EVERYTHING...

saw this the other day on youtube; How Ripple Works - Gateways and Pathways

hope it's not redundant...

http://www.youtube.com/embed/M16ZatXbmLg

greBit

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Activity: 714

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Quote from: JoelKatz on April 12, 2013, 01:26:31 PM

Quote from: greBit on April 12, 2013, 12:25:15 PM

Seems I was under the wrong impression that ripple was not open source, dunno why.

The server is not open source yet. Once the server is open source, we'll have to obtain a consensus on every feature change that affects what transactions are valid or what effects they have, just like Bitcoin does. I used to say we sometimes make those kinds of changes three times a day. We're probably down to once a week at most now.

Quote

Do you need to have pre-established social connections with people that you trust for settling debts etc?

Only if you want to use Ripple as a platform for social/community credit.

Quote

What happens if your buddy defaults?

If you choose to trust someone and they default, then you lose whatever money you trusted them to borrow from you or hold for you. We're not promoting Ripple as a social/community credit platform right now but rather as a payment and exchange system. (Though I have high hopes for it in the future.)

Ah cool, thanks for the clarifications. It does sound awesomely promising

Topic: Ripple: A Distributed Exchange for Bitcoin - page 19. (Read 66690 times)