Topic: Ripple - Bullets and Debt Based Currency - page 3. (Read 2610 times)
Good questions OP, I'm subscribing with the hope someone more knowledgeable will answer them.
The problem I have with Ripple is that University-educated people need a long time before they begin to understand how it works. How can it hope to become popular?
I'm beginning to wrap my head around Ripple a little bit and I have some questions.
1. Let's say I own a gun shop and I want to create IOU's based on the most popular bullet sold in my store. They send me cash and I issue 9MM's-BITACCUMLATION (or whatever they'll be called). Every one can pick up their bullets on demand from the store during work hours or have them shipped to their home for the cost of postage and delivery. Would this be a good application of Ripple and what would be the exact procedure to go about this within the Ripple client? This same procedure could be repeated with other items like gold, silver, etc. - yes?
2. If I am getting this right Ripple is a transaction ledger for RECEIPTS (IOUs). Yes? Receipts or IOU money was necessary in the past because it was a pain in the ass and dangerous to keep large amounts of commodities on your person or in your house so you entrusted it to a bank in return for an IOU. These IOUS circulated. This bank would have a big ass safe and lots of security to keep your commodity safe. However, with the creation of Bitcoin, the commodity and safe come in one package, so technically the need for IOUs and banks becomes unnecessary. This is one of the best things about Bitcoin. The removal of needing trusted intermediaries that can rob you blind. So how exactly does this system compliment Bitcoin? And how is moving BACK towards a trust based system useful?
1. Let's say I own a gun shop and I want to create IOU's based on the most popular bullet sold in my store. They send me cash and I issue 9MM's-BITACCUMLATION (or whatever they'll be called). Every one can pick up their bullets on demand from the store during work hours or have them shipped to their home for the cost of postage and delivery. Would this be a good application of Ripple and what would be the exact procedure to go about this within the Ripple client? This same procedure could be repeated with other items like gold, silver, etc. - yes?
2. If I am getting this right Ripple is a transaction ledger for RECEIPTS (IOUs). Yes? Receipts or IOU money was necessary in the past because it was a pain in the ass and dangerous to keep large amounts of commodities on your person or in your house so you entrusted it to a bank in return for an IOU. These IOUS circulated. This bank would have a big ass safe and lots of security to keep your commodity safe. However, with the creation of Bitcoin, the commodity and safe come in one package, so technically the need for IOUs and banks becomes unnecessary. This is one of the best things about Bitcoin. The removal of needing trusted intermediaries that can rob you blind. So how exactly does this system compliment Bitcoin? And how is moving BACK towards a trust based system useful?
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