See my guide to BTC/XRP trading in the only currently viable market here (explains how to do round-trips from bitcoin [brain]wallet into XRP and back)
https://bitcointalksearch.org/topic/mini-guide-to-fair-market-btcxrp-trading-and-redemption-147231
Topic: Ripple bubble (Read 3201 times)
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
People are confusing XRP (ripples) with Ripple. All you need are a few XRP to use Ripple (300 to get started and 0.00...01 to make a transaction. ie they are not used as a store of value.
It looks like they have been intentionally designed as a bad investment to discourage people using them as a store of value.
The value of the Ripple network is not connected to the Market Cap of the value of XRP since you can still make ripple transactions even if they are worthless.
It looks like they have been intentionally designed as a bad investment to discourage people using them as a store of value.
The value of the Ripple network is not connected to the Market Cap of the value of XRP since you can still make ripple transactions even if they are worthless.
This assessment is questionable. You do know that XRP is the safest assets inside the ripple network, don't you? Not to mention the fixed cap. XRP certainly has the potential as a good store of value.
Although that's assuming the initial distribution is complete. Before that happens, XRP may very well keep going down in the market.
Sometime in the future, the price for XRP will become stable and they will be a decent store of value. Right now they are still in the price discovery mode, and nobody is sure what the final valuation will be. I kinda think they are highly overpriced. The price is almost opposite of bitcoin: bitcoin started at a price of 0 and we are going up until we stabilize, XRP started high and they are going down until they stabilize.
People are confusing XRP (ripples) with Ripple. All you need are a few XRP to use Ripple (300 to get started and 0.00...01 to make a transaction. ie they are not used as a store of value.
It looks like they have been intentionally designed as a bad investment to discourage people using them as a store of value.
The value of the Ripple network is not connected to the Market Cap of the value of XRP since you can still make ripple transactions even if they are worthless.
It looks like they have been intentionally designed as a bad investment to discourage people using them as a store of value.
The value of the Ripple network is not connected to the Market Cap of the value of XRP since you can still make ripple transactions even if they are worthless.
This assessment is questionable. You do know that XRP is the safest assets inside the ripple network, don't you? Not to mention the fixed cap. XRP certainly has the potential as a good store of value.
Although that's assuming the initial distribution is complete. Before that happens, XRP may very well keep going down in the market.
Ripples seem to be bootstrapped in that you have to have them to pay a transaction fee for a ripple transaction. That's it. All it's used for. Current transaction fee for a Ripple transaction is 1/10,000 of a ripple.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
This is similar to what I'm understanding. It seems that the XRP are mostly for spam prevention. XRP seem to be valuable to people who want to play with the system now before it matures, and nearly worthless to people who got them for free and don't really care about playing with it at the moment when they can buy in later.
I sold a lot of XRP because I fall in the later camp and someone bought my XRP because they fall in the former camp. I don't think XRP can be a bitcoin competitor, but they might be very useful for off-chain transactions in the future. It simply matters where you see your use of RIpple in the future.
People are confusing XRP (ripples) with Ripple. All you need are a few XRP to use Ripple (300 to get started and 0.00...01 to make a transaction. ie they are not used as a store of value.
It looks like they have been intentionally designed as a bad investment to discourage people using them as a store of value.
The value of the Ripple network is not connected to the Market Cap of the value of XRP since you can still make ripple transactions even if they are worthless.
Is letting the confusion reign for just a little bit longer that bad of a thing?
Yes, let's not burst their bubble.
Ripples seem to be bootstrapped in that you have to have them to pay a transaction fee for a ripple transaction. That's it. All it's used for. Current transaction fee for a Ripple transaction is 1/10,000 of a ripple.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
This is similar to what I'm understanding. It seems that the XRP are mostly for spam prevention. XRP seem to be valuable to people who want to play with the system now before it matures, and nearly worthless to people who got them for free and don't really care about playing with it at the moment when they can buy in later.
I sold a lot of XRP because I fall in the later camp and someone bought my XRP because they fall in the former camp. I don't think XRP can be a bitcoin competitor, but they might be very useful for off-chain transactions in the future. It simply matters where you see your use of RIpple in the future.
People are confusing XRP (ripples) with Ripple. All you need are a few XRP to use Ripple (300 to get started and 0.00...01 to make a transaction. ie they are not used as a store of value.
It looks like they have been intentionally designed as a bad investment to discourage people using them as a store of value.
The value of the Ripple network is not connected to the Market Cap of the value of XRP since you can still make ripple transactions even if they are worthless.
Is letting the confusion reign for just a little bit longer that bad of a thing?
Ripples seem to be bootstrapped in that you have to have them to pay a transaction fee for a ripple transaction. That's it. All it's used for. Current transaction fee for a Ripple transaction is 1/10,000 of a ripple.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
This is similar to what I'm understanding. It seems that the XRP are mostly for spam prevention. XRP seem to be valuable to people who want to play with the system now before it matures, and nearly worthless to people who got them for free and don't really care about playing with it at the moment when they can buy in later.
I sold a lot of XRP because I fall in the later camp and someone bought my XRP because they fall in the former camp. I don't think XRP can be a bitcoin competitor, but they might be very useful for off-chain transactions in the future. It simply matters where you see your use of RIpple in the future.
People are confusing XRP (ripples) with Ripple. All you need are a few XRP to use Ripple (300 to get started and 0.00...01 to make a transaction. ie they are not used as a store of value.
It looks like they have been intentionally designed as a bad investment to discourage people using them as a store of value.
The value of the Ripple network is not connected to the Market Cap of the value of XRP since you can still make ripple transactions even if they are worthless.
Ripples seem to be bootstrapped in that you have to have them to pay a transaction fee for a ripple transaction. That's it. All it's used for. Current transaction fee for a Ripple transaction is 1/10,000 of a ripple.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
This is similar to what I'm understanding. It seems that the XRP are mostly for spam prevention. XRP seem to be valuable to people who want to play with the system now before it matures, and nearly worthless to people who got them for free and don't really care about playing with it at the moment when they can buy in later.
I sold a lot of XRP because I fall in the later camp and someone bought my XRP because they fall in the former camp. I don't think XRP can be a bitcoin competitor, but they might be very useful for off-chain transactions in the future. It simply matters where you see your use of RIpple in the future.
I think people are assuming this is the next Bitcoin, and they want to get in at the ground floor... without realizing that XRP is one reserve change away from flooding the market at any point in the forseeable future, even after all the OpenCoin giveaways are over. No reasonable person would ever want to use XRP as a store of value under those conditions.
+1 Voice O' Reason.
I've sold yesterday already. 49650 XRP for a little over a Bitcoin. I kept te rest to be able to use the system (350 is plenty for that).
Currently the best bitstamp ASK on XRP (ripples) is 47,500:1btc.
At 100,000,000,000 XRP minted and a BTC:USD rate of $28.25 that's a total market value of $59,473,684.
Seems a little pricey.
The best BID is 12,501 XRP:BTC. That gives a market value of $225,981,921.
At 100,000,000,000 XRP minted and a BTC:USD rate of $28.25 that's a total market value of $59,473,684.
Seems a little pricey.
The best BID is 12,501 XRP:BTC. That gives a market value of $225,981,921.
I'll sell all 50k I got in the giveaway RIGHT NOW for 4 btc.... just pm me and we'll ship.
I also sell mine for 3.95 BTC for 50k XRP
Currently the best bitstamp ASK on XRP (ripples) is 47,500:1btc.
At 100,000,000,000 XRP minted and a BTC:USD rate of $28.25 that's a total market value of $59,473,684.
Seems a little pricey.
The best BID is 12,501 XRP:BTC. That gives a market value of $225,981,921.
At 100,000,000,000 XRP minted and a BTC:USD rate of $28.25 that's a total market value of $59,473,684.
Seems a little pricey.
The best BID is 12,501 XRP:BTC. That gives a market value of $225,981,921.
I'll sell all 50k I got in the giveaway RIGHT NOW for 4 btc.... just pm me and we'll ship.
Ah, and debianlinux's account rswUSBPjVDRxaDqggFNtM6pMnckWvP916N has 50,000 XRP in it as of the ledger posted by JoelKatz here almost 11 hours before debianlinux's first post in this thread. If you're still having trouble seeing the balance, debianlinux, I suspect it's a bug in the client and you should report it.
Interesting, thanks for the info. I just double checked and the Web client indeed indicates a zero XRP balance.
Ah, and debianlinux's account rswUSBPjVDRxaDqggFNtM6pMnckWvP916N has 50,000 XRP in it as of the ledger posted by JoelKatz here almost 11 hours before debianlinux's first post in this thread. If you're still having trouble seeing the balance, debianlinux, I suspect it's a bug in the client and you should report it.
I think people are assuming this is the next Bitcoin, and they want to get in at the ground floor... without realizing that XRP is one reserve change away from flooding the market at any point in the forseeable future, even after all the OpenCoin giveaways are over. No reasonable person would ever want to use XRP as a store of value under those conditions.
Which is part of why I can't place any value on Ripple. OpenCoin owns 80% of the entire market...if we give Ripple a nice valuation, OpenCoin may want to cash in.
I've got my 50k. Might as well wait a few months and see how this all develops.
Ripples seem to be bootstrapped in that you have to have them to pay a transaction fee for a ripple transaction. That's it. All it's used for. Current transaction fee for a Ripple transaction is 1/10,000 of a ripple.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
So, you need 300 ripples to start an account (why so many?) and 1 ripple for all the transactions you will be doing. Until there is sufficient transaction load to cause a higher transaction fee.
Am I missing something? I don't understand paying BTC for them at this point.
Ripple may be the coin for you if you:
- Want to rely on trust nodes
- Want a centralized currency that is given to people at random; imagine your bank down the street throwing money at whoever walked by on the sidewalk!
- Want a network vulnerable to sybil attacks from bot nets that also expose validation nodes to DDoS attacks
- Want a blockchain that contains transaction fees that go to the network creator rather than the userbase that supports its security and are based on the whim of the distributor?
Ripple is more or less Solidcoin2 if Solidcoin2 were only mining by trust nodes instead of trust nodes and users and RealSolid was throwing money at everyone on the forum
Except Ripple isn't a coin, but an exchange, pretty much the same as mtgox. You pay a fee to mtgox's admin per trade, yes? not much different from Ripple then. Ripple's fee is actually extremely cheap compared to mtgox.
As long as we're throwing words like "scam" around, we should be aware that the Ripple account debianlinux posted currently has 50,000 XRP in it...
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
As far as I am concerned the Ripple giveaway is a scam unless everyone else is also not seeing any balance after more than 48 hours of posting their wallet address. I posted again just in case the script magically skipped me.
Did you make sure you followed the posting rules: no other text in the post, no formating?
At 100,000,000,000 XRP minted and a BTC:USD rate of $28.25 that's a total market value of $59,473,684.
Seems a little pricey.
I agree with the original poster. Ripple has a long way to go before it becomes useful. It's a lot more complicated than bitcoin, IMHO. No way it can be worth so much today.Seems a little pricey.
Oh and thanks for the thread! I didn't think the free XRP were worth $30 (and at the time of writing, still are).
Then you will be investing heavily in FreiCoin also, I presume? The freicoin foundation has a timeline for when all (or most) of their coins are given away as charitable grants. Not the same thing as Ripple, with the IOU functionality, i know. But still: FreiCoin is also a non-miner initial distribution coin the same way Ripple is.
No way Ripple is the same as Frei's. Did galambo (for example) made a 50k giveaway thread? NO
in a week or two we will have another splash of FRC threads when the diff goes down, and then they all will go silent again when diff goes to 9k
How is is the same??
Jump to: