Topic: Ripple competition - page 3. (Read 20549 times)

this is crazy.  but as long as you can make money trading xrp, why not?  right?  bitcoin was nothing a few years ago...  ripple could be something big too.

Update: some whale seems to be chopping down the wall. It was $100k (over 4 million XRP) at 38. Continuous buying has cut it down to $23k now (874k XRP). A fraction of its former size.

Could be China.
Could be the fact that all Crypto's are making money now.
I poured a whopping $119 into Devcoin several months ago and purchased 2.5 million of them.
As of today, on a coin I thought could never appreciate in value, I've made $352 now.
If even Devcoin (unlimited coins, zero scarcity, etc) is going up, maybe it makes sense that Ripple will start too.

XRP price, it peaked at 30 to the dollar (or $0.0333 per XRP). The old high was 50 to the dollar ($0.02), which hasn't been seen since June. The wall is building up at 38 now though, so I guess we'll get some consolidation now...

What all time high is being referred to? Spent on XRP? Traded? Volume?

Wow XRP broke the all-time-high. CNY gateway cap over CNY 2,000,000 and USD gateway cap over $1,000,000. record-breaking day 

66xrp/USD now in western gateways   in China it´s closer to 50xrp/USD.

EDIT: I know, I am coming late to the party in the year of 2017, but finally we can all agree the XRP is not the future of cryptocurrency for value holders. Paradoxically, because it is way too stable, making it not so attractive for speculators. Also, it is not really anonymous. Sad story, bro.

Yes, it is somewhat puzzling. I wish I had something to say, but I'd have to read the original design. Maybe call it FuggerCoin? or MutualTrustTokens? 

I just can't get excited by a design/spec without an implementation. I'll stick with XRP for now, which is pushing 80 XRP/USD at the moment, led by dumping of CNY (gateway cap surged from CNY 1 million to CNY 1.4 million overnight).

I've not had the mental bandwidth to follow the Ripple-against-the-world discussions as of late. However, I find it somewhat puzzling that the above comment went utterly unresponded to.

Perhaps I am just being trolled.

Let me ask you, why should anyone use Bitcoin, when they can just use Paypal?

-- Paypal is in many countries.

-- Paypal has a worldwide ledger tracking everyone's account balance.

-- Paypal allows you to convert into other currencies.  https://www.paypal.com/cgi-bin/webscr?cmd=p/sell/mc/mc_convert-outside

-- Paypal allows you to receive money in many different currencies.  https://www.paypal.com/cgi-bin/webscr?cmd=p/sell/mc/mc_receive-outside

-- Paypal processes over $315 million in payments every day. (Pretty good volume.)

-- Users often trade $1K chunks of USD for Paypal USD.

-- Paypal is in China.  https://cms.paypal.com/c2/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_c2/CNPayPalComparison&locale.x=zh_XC

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What you do not understand is that Open-Transactions is a software library, like OpenSSL.

Calling OT a competitor to Ripple is like calling OpenSSL a competitor to Ripple.

We are talking about a software library... libraries are used by many different entities, for many different purposes.

Libraries are not in competition with any companies.

Companies are not in competition with any libraries.

Libraries are used to build things.

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It is not my intention to sit here talking about Ripple, nor to badmouth them in any way. They are adding value to the digital finance space.

In fact I like the Ripple guys, and I love Fugger's concept.

I like it so much, that I wrote extensively about it in early 2012, in this document I shared with them back then: http://ft.vm.to/files/FT-thoughts.pdf

I hope they succeed! The same goes for Invictus Innovations, colored coins, Mastercoin, and a million other ventures. My goal here is to spread concepts and code, and to promote all entities who innovate in the digital finance space. May they succeed.

I do not have a poverty mentality, but an abundance mentality. I do not have an either/or mentality, but an integration mentality.

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Open-Transactions is a fundamentally different thing.

-- If you have an "account balance" in OT, it is impossible for anyone except the user himself to change that balance. Is Ripple competing with OT on that concept?

-- If you have a balance on any OT server, the server will never need to send/receive any bank wires in any currency, nor maintain any bank accounts. Is Ripple competing with OT on that concept?

-- In Ripple, you trust your gateway to store any dollar reserves. But in OT, your client would access many servers, yet none of them store any reserves at all.

-- If you want to build software enabling various financial instruments (cheques, cash, dividends, stocks, basket currencies, smart contracts, recurring payments) then you could use OT to build it. For example, for making printed vouchers, or parking garage tickets, then you could use OT to build it. You could use OT for escrow with arbitration. You could send an OT payment to someone who has never installed OT. Is Ripple competing with OT on those concepts?

-- Ripple has a distributed order book. But in OT, the "order book" exists on the client-side. It's the client in OT that combines various order sources into a single book. OT is client-centric.

-- In Ripple, the ledger chain stores all transactions. But OT processes transactions without storing any history.

-- You are correct that OT also does Chaumian blinding, but to characterize it as a "blinding API" would be woefully inadequate.


===> These are not value-judgments. I am simply pointing out that you are comparing Apples and Oranges. Ripple is cool stuff, but it is not an alternative to OT. It has different goals, a different design philosophy, different functionality, and different uses based on different solutions. These things are not "either/or."

===> BTW, you seem to believe the "holy grail" is vaporware. But if you check the bounty thread, you can see fast progress is being made. Expect to see more updates in the coming days and weeks.

Okay then, I should have said Invictus Innovations, Monetas, and Ripple Labs.

I know OT has been available, and you're right that its not a fair comparison to Ripple. Because OT is an API around Chaumian cash/Lucre coins. The p2p exchange is a "feature" which exists only on the roadmap, and in various proposals for a "holy grail" bitmessage-based exchange and multi-sig voting pools.

Then there's Ripple, which already has a distributed ledger and is constantly matching bid/ask offers every few seconds. Pretty good volume today, users were trading $1k chunks of bitstamp USD for XRP. And deposits at the chinese gateways broke the CNY 1,000,000 mark.

If you think of Open-Transactions as a competitor to Ripple, then you are misinformed. That's like calling openssl a competitor to Excel.

Also, OT has been publicly available for a long time: https://github.com/FellowTraveler/Open-Transactions

Assuming both gateways are reliable, this is a profit opportunity. If the cost is unreasonably high, offer the exchange at a less unreasonably high fee.

Again, if the price is unfair, offer the movement at a lower fee. These are market rates. You are absolutely right that the markets are thin right now, but those are profit opportunities for market makers.

We're working on incentivizing market makers. But any time you see an unreasonably high price in Ripple, offer the same thing at a reasonably high price. You'll make a profit and you'll make Ripple better too.

Thanks!

To avoid confusion the server does not allow XRP IOUs. XRR is suggested for XRP as IOUs.

Just out of curiosity, is it even possible to create XRP IOUs? I know the client doesn't support it, but what about the server? Could you run a community credit scheme with XRP?

I just don't see it working out for the regular Joe.

There is some recurring issues were USD is not fungible, so you can't sell your USD at other gateways without taking a big haircut.  I'm not sure if that has to do with trust lines between gateways or what but you just get these lame error messages.

And in some cases you pay between 5 to 10% or more to move fiat that is being held at one gateway to another.  So if I moved fiat from a gatewaye in the USA to a gateway for Brazil, I get to pay a whopping 10%?

I might as well go to Western Union and talk to a real person.  Or just use Bitcoin.

It was a cool idea, but just doesn't seem to be working out as well as people thought.  Perhaps if they could fix these issues things would be okay but people have been posting about them on github for months now.

Just my 2 cents.

That doesn't make any sense. Bitstamp doesn't take or hold XRP deposits. Why would they? What are you trying to do?

To show better alternative.

Why do you keep spamming thread of completely unrelated product? I´d wish for you to find less annoying ways of propagating your work.