Topic: Ripple competition - page 2. (Read 20560 times)

Hundreds if not thousands of gateways, to my understanding, is the goal.  

One of the advantages of the distributed exchange, is to allow payments from any currency, to any currency.  The network will find the best path by utilizing this distributed exchange.  
Gateways are also advantageous over exchanges, because their Ripple transactions are all listed in the public ledger.  So at anytime, you can see how many IOU's are outstanding and how much cash reserves the gateway should have.  Good luck getting that from an exchange or bank.  

XRP is advantageous because it can be stored with no counter-party risk and can move through the network, without trust lines.  It can also move into or out of any currency on the network and is known as a bridge currency.  

Let's say you're going to send me payment, which I require in EUR but you want to spend BTC.  It's tough to convert BTC - > EUR and then send it to me, without Ripple.  Takes a long time and it's expensive.  With Ripple you can for instance:

You -> BTC -> XRP -> EUR -> Me

That would be one possible path through the distributed exchange.  And it all happens in seconds, for a fraction of a penny. 

If you're a person, who in the future only plans to deal in Bitcoin transactions, Ripple is of no use to you.  If you're a person that plans to deal in multiple fiat and crypto-currencies, Ripple is an amazing payment network.  

More info here:  http://en.wikipedia.org/wiki/Ripple_(monetary_system)

Agreed.
The system incentivises lying and hiding bad debt until eventually multiple gateways blow up, just like the current financial crisis.

http://ripplescam.org/

'Nuff Said

I think I'm taking this a bit off topic but what exactly is then the point of having a "de-centralized" exchange ? Either Ripple scales well for arbitrary trusted gateways in which case it does add a valid service or all you are doing is running additional ripple software on existing exchanges at the benefit of those who hold XRP.
If you rely only on a hand full of gateways ripple adds virtually no advantage, on the contrary you now have to trust both the gateways and the software itself to work as expected

You have to deposit with your gateway (issuer), so it depends on what deposit options they offer.  Three I know of are:

Bitstamp (Recommended)
SnapSwap
PeerCover

What I do, is use Coinbase to buy BTC -> Bitstamp -> Ripple.  Reverse to get back out into fiat.

OK.

And is it possible to deposit fiat inside my Ripple wallet with my bank account?

It's no different than with Bitcoin or any alt, and their respective exchanges.  Same risks.  Bitstamp, which is obviously a BTC exchange, is also the largest Ripple gateway.  Anytime you deal with an exchange, gateway or even a bank, you take risks.  The only way to be certain, is to never remove your assets from your personal wallets. 

XRP is the only currency, within the Ripple Network, with no counter-party risk. 

Thanks.

And does the XRP in my Ripple wallet are also subject to counter-party risk or does this risk only exist with other currencies?

This is why I believe Ripple has the potential to hugely backfire. Imagine if multiple trusted gateways go byzantine and behave badly, possibly in a network partition situation. Fast transactions means the potential for large divergence if things do screw up.

boy o boy, who is ready to dump ripple for some good old JPscamCoin?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

ok, so ripple is crap, good to know.

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Again a lot of people here seem to confuse "Ripple" (the distributed exchange) with "Ripples" (XRP, the native asset on Ripple).

When you "invest" in the latter, be aware that there are many times more than there are currently available to the public still waiting to be distributed, often for free or only minimal amount of work. This is very different to a lot of alternative currencies that are being distributed via PoW or PoS.

You're right, it's getting very difficult to differ the real valuables from the noise. While there is a tsunami going on, you won't think but run for your life. It's only thereafter, when the water retraces, the dirt and the ravage will be visible

You should give ripple a try before...     

You need to fill in Bitstamp's Ripple address which is rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B

All the alts are flying at the moment though.  I like crypto but can't get my head around ripple.

I want to buy some XBT with my XRP.

Thanks but how do I change the issuer to Bitstamp?
When I try to write "Bitstamp" it's written "not a valid adress or contact"

Others considered me borderline insane for thinking that ripple will break new ATH before Christmas. I still sold out at 42xrp/USD, tripling of price in a week was just uncomfortable for me  still, more power to ripple.