Topic: Ripple: A Distributed Exchange for Bitcoin - page 8. (Read 66713 times)

i know b/c i looked at them just last week.  i'm sure they're on the wiki the link of which i don't have right now.

I have to take back my words for calling you silly, because you are a complete RETARD to even compare ASIC to Opencoin.   ASIC chips are trivial to make for anyone with a little experience with FPGA.  It may be costly to go through the wafering process if you don't have the right contact, but anyone can make ASIC.    ASIC aren't even new technology, it's been around in the semicon for over 30 years.

You don't have any clue between seeing the source code and being open source.  

Ripple should stop bribing retard like you to promote their system.  It's hurting them more than their badly written wiki and website.

lol...

Interesting, thanks for that info!
My complaint still stands with ASICminer and BFL though.
Do you have a link by the way, it's been a while since I was browsing the mining subforums...

Edit:
Both "+1" as well as the (opposite?) "lol" comments are jsut unnecessary spam, these threads get derailed already enough already as is...

Avalon has released their schematics.

Well, as soon as there is a non-XRP fork with more than just a little attention, it is likely to be transaction-spammed into oblivion. XRP serve the same purpose as standard tape transactions and block size limits in Bitcoin: They are anti spam measurements. Also there is the expressed intent of OpenCoin to release the code.


About ASICs: They actually DO run the Bitcoin network right now. They run an open protocol (like for example HTTP) on a closed source machine (e.g. Microsoft IIS). You have NO IDEA what they might do in the future, no way of  making sure they will play by the rules in the future and in comparison to OpenCoin no expressed intention at all by ASIC manufactureres to ever release any of their schematics.

The Ripple client (and some 3rd party re-implementations of it) is already open source, much like Bitcoin and the Bitcoin protocol itself. The validator (=server) code is as closed as are ASICs.

Ripple is already documented well enough that you might even start wirting your own server already. If you actually ask instead of crying about it on the forums, there is also a quite good chance that you get early access to their server code as well.

+1 agreed

Don't be silly.   Why would a for-profit organisation ever release the server implementation?  Where people will fork immediately and all their effort to scam the world with 100 billion premined XRP goes down the drain.

1. I will have to review the open source code once released.

2. Comparing ASICs and ripple is pretty far stretch. Lets compare bitcoin and ripple. One is open sourced and the other isn't. One is centrally controlled and the other isn't.

Have you actually tried to get access to their server code or are you just reiterating over and over the same "arguments"? Will you change your stance once they are providing an Open Source server implementation?

Oh, also where are the source files for the ASICs being sold and which make up a major part of the Bitcoin network by now? What's to stop them taking over the network by 1.1.2014?

If OpenCoin is so "open" why isn't their source open yet?

Anyone with closed source code can claim whatever they want with no real proof.

Why not open the source so the truth of how ripple is truly structure in the code is exposed? This reminds me of solidcoin 2 and micro cash which was closed source.

They said that with the consensus system it will be possible to add more divisibility, to change needed XRP (to open account, making path ...) and/or multiply the XRP for X on every accounts. (this will maintain the balance difference between accounts)
So it will never happen that all XRP will be destroyed.

i had a direct conversation with Chris Larson after the Alt chain session.

during the session he claimed that Ripple has no counterparty risk.  the obvious thing that popped into my mind immediately was this ability for OpenCoin to print more XRP's.

so i approached him at the end and mentioned that claim and then gave him the example of how many of us feel the USD has counterparty risk in the form of inflation via the Fed.  he nodded in agreement and then i asked him why wouldn't XRP fall into that same category.

he immediately retorted that OpenCoin will not ever print anymore XRP once the code is released and that it would be hard coded that way.

i then pointed out that if that was true then the value of the remaining XRP's in circulation would certainly go up in value over time with OpenCoin having the most to gain since they held the largest share.  he nodded in agreement and said that was their business model.

knowing those facts, i should've pushed him to wall by asking the following questions but i didn't want to embarrass him too much as he seemed already very uncomfortable:

1.  if XRP's are being destroyed with every tx and there is only ever going to be the fixed supply, then what happens to Ripple when all the XRP have been destroyed?
2.  as the value of XRP gets pushed higher and higher via destruction, won't tx fees eventually become so huge as to be uneconomical for funding tx's?
3.  won't OpenCoin eventually perform a dump of their XRP holdings to cash out? (he acknowledged that)

Larson can't have it both ways.  if he allows XRP's to eventually all be destroyed, the system will fail.  if he changes the rules and allows more XRP's to be printed then effectively he is no better than the Fed.

they are caught in a contradiction.

This.

People are forgetting OpenCoin Inc **already** inflated XRPs. The account reserve has being reduced from 300 XRP to 50 XRP. What does this mean? 250 XRP per user has just being freed up to spend on other stuff. Inflation.

OpenCoin Inc's best interests are different from you, Joe Q [User/Hoarder/Developer].

Also, check out their joke of "bug bounty" - "break our system, and we will pay you premined currency from our broken system"! I have actually got bug hunters / pentesters coming to me (as ripplescam.org)

Misunderstanding. I did not call YOU a liar, i called Ripple/OpenCoins liars.



There is nothing to argue about. It is either open source now or it isn't. And it isn't so it is logical that IT IS NOT.


There is nothing decentralized about ripple if they can CENTRALLY print more XRPs (which they admitted themselves BTW).
It is simple logic and you are just wrong. Nothing to argue about at all.


Bullshit. As long as there is no open sourced server code, the network can do nothing but accept it.
It is not possible to FORK Ripple, so how can the network *NOT* accept it ? Does it have any choice ?

The only real choice that is given is to stop using Ripple.

First of all, you have no grounds to call me a liar.  Let's get that clear right away.  We can disagree about OpenCoin's intent, and we can argue back and forth on #1 (is 'unreleased open source' 'open source' enough?), but even given those caveats Ripple is definitely decentralized, and you're confused if you think otherwise.


This only works if the network accepts it...which if the regulators are threatening to guantanamo the contingency plans go into effect, and the network starts to bloom without the extra XRP.  Also WHO CARES if XRP are inflated into oblivion?  XRP are practically worthless anti-spam tokens.  Let's hope they DO inflate XRP by an extra few orders of magnitude before they go public, to make absolutely sure that they are cheap enough to be easy to obtain.  I do not think this is in the cards, though I think that lowering the reserve requirement also works to the same end in practice, I do not think that it matters at all how many XRP there are just what the reserve requirements are.

What you said is completely irrelevant. The current facts are:
- Ripple is NOT open source (lie !)
- Ripple is NOT decentralized (lie !)
- Ripple does NOT use the same underlying cryptography as Bitcoin (lie !)
- Ripple can print any amount of XRP they want at any time (especially if government "asks" them to)

Regulators will not kill ripple ? It is EXTREMELY EASY for regulators to kill Ripple. All they need to do is force OpenCoin to inflate ripple into oblivion (or they can just send them to Guantanamo - whichever is easier).

Also if current Ripple is closed by government and they actually open the sources, the new - open sourced version will be something completely different (as it will not be centralized). All "old" XRP will probably be lost (because of central point of failure).

As mentioned in the other thread - OpenCoin has a contingency plan in effect saying that if they do get shut down by regulators, the source (which is open source, just not released) will be released, and plans for the network to continue will be executed.  Regulators will not kill Ripple, though apathy and other things might.

Trust in Ripple consists of (potentially) infinitely leveraged, indefinite duration revolving credit lines.

Those are very powerful financial tools, and with great power comes great potential to shoot your own foot off. I suspect the programmers building Ripple have not fully thought through all the financial implications of the code they writing because they are thinking at a different level of abstraction.

I think Ripple has a lot of potential applications and can be used safely if the people who start building on this platform take the time to really understand the tools they are playing with. It will also help if they can implement a non-revolving form of credit to handle use cases where revolving credit is not appropriate.

Why not let us in on the secret?