Ripple or Bitcoin - page 56. | Bitcointalksearch.org

Mike Christ

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Quote from: Terpie on April 13, 2013, 11:26:18 PM

I don't necessarily believe Ripple's unit (XRP) is not meant to be a currency. They even say that plan on funding their operations with it. And if it gained widespread acceptance then why use any other currency within their framework at all? In addition, A VC like Andreesen Horowitz would not be involved unless their was some serious bank to be made if things went well. I say that as a former senior associate at a VC fund.

I just don't appreciate the shadiness of the operation. It's clearly a competitor. They need to release the source code and show us the pitch deck (business model) they showed Andreesen. Otherwise why should I promote a cryptocurrency framework with 100% of the money supply in the hands of the founder with their discretion on how they will distribute. No thanks.

Yeah that's the biggest thing. Once they're out of beta and they release the source, I pray the first thing a developer does is fork it to remove any trace of XRP from the whole thing. I like a lot about this system, I just don't like them keeping millions (billions?) for themselves, or using XRP to do anything within the Ripple system at all.

Terpie

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I don't necessarily believe Ripple's unit (XRP) is not meant to be a currency. They even say that plan on funding their operations with it. And if it gained widespread acceptance then why use any other currency within their framework at all? In addition, A VC like Andreesen Horowitz would not be involved unless their was some serious bank to be made if things went well. I say that as a former senior associate at a VC fund.

I just don't appreciate the shadiness of the operation. It's clearly a competitor. They need to release the source code and show us the pitch deck (business model) they showed Andreesen. Otherwise why should I promote a cryptocurrency framework with 100% of the money supply in the hands of the founder with their discretion on how they will distribute. No thanks.

Alonzo Ewing

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I don't know everything about Ripple, but I do have hints of understanding.

Ripple is highly distributed credit. Credit has counter-party risk. Credit requires trust.

Bitcoin is a commodity. Bitcoin has no counter-party risk. Bitcoin itself, as a protocol, requires not trust.

The two are complementary, not rivals.

Gold was always valued even when Bills of Exchange existed.

There will always be a wealth asset that's valued for its lack of counter-party risk. There will also be be a need for easy ways to transfer those wealth assets via credit relationships.

The two are complementary, not rivals.

Taz

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Quote from: ffe on April 13, 2013, 09:56:10 PM

You could have made an earlier deposit of 100 BTC at a trusted Ripple Gateway (your Bank in effect) and then give their IOU of 100 BTC to Jill (a check in effect) and if she trusts your bank (or the Ripple Gateway she trusts in turn trusts your bank) then she will take that instead of real coins and she can cash that any time at her Ripple Gateway.

Much faster and cheaper than a transfer of real coins through the blockchain but it's Banking. Distributed banking but banking nonetheless.

Sort of like a cheque?

It's true it includes BTC, which is nice, but what motivation would a person have for changing their USD to BTC when they can just as easily send USD.
No one likes banking, but its what we are used to, most of us need some serious motivation in order to change our ways.
Ripple accepting BTC, kinda seems like Amazon providing internet sales service for Borders. If people really wanted borders, they would by through amazon. If they wanted anything else, they'd still buy through amazon.

Mike Christ

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Quote from: ffe on April 13, 2013, 09:56:10 PM

You could have made an earlier deposit of 100 BTC at a trusted Ripple Gateway (your Bank in effect) and then give their IOU of 100 BTC to Jill (a check in effect) and if she trusts your bank (or the Ripple Gateway she trusts in turn trusts your bank) then she will take that instead of real coins and she can cash that any time at her Ripple Gateway.

Much faster and cheaper than a transfer of real coins through the blockchain but it's Banking. Distributed banking but banking nonetheless.

Ahh, so that's what those are for Grin

That's interesting. I still don't trust it!

ffe

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Quote from: Mike Christ on April 13, 2013, 09:42:56 PM

I suppose one side of the story would be this: say you want to send Jill 100 BTC, but it's taking an ass-load of time for the six confirmations. Instead, you could give Jill an IOU worth 100 BTC, and if she trusts you, she'll take that instead. Then, when she needs the 100 BTC, she can cash in your IOU. You're basically your own bank, issuing debt-based currency, just on a very small scale, among trusted individuals.

You could have made an earlier deposit of 100 BTC at a trusted Ripple Gateway (your Bank in effect) and then give their IOU of 100 BTC to Jill (a check in effect) and if she trusts your bank (or the Ripple Gateway she trusts in turn trusts your bank) then she will take that instead of real coins and she can cash that any time at her Ripple Gateway.

Much faster and cheaper than a transfer of real coins through the blockchain but it's Banking. Distributed banking but banking nonetheless.

Taz

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What's Mikecoin worth these days?
I could trade you some Taz-debt, I've got a hell of a lot of that.

Mike Christ

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Quote from: Taz on April 13, 2013, 09:37:50 PM

Ok, the small fee destruction makes sense.
What I'm ineloquently asking is, why would the average person be interested in bitcoin, now there is a business offering an instant, free-ish, currently anonymous way of sending money?

Ripple does several things; one of the upsides is decentralized exchange. Completely private debt-based exchange to anyone who has Ripple (for example, you can issue "Taz-Debts" to a friend you owe, and when you give them something in exchange for the Taz-Debts, they go away and all is equal again. This can also work with BTC, LTC, MikeCoin, or whatever else you invent.) It does a whole lot of things that would be phenomenal to the Bitcoin user. But the ripples (XRP) themselves don't make sense to me. As I said, it's supposed to be anti-spam; they're not supposed to be a currency.

I suppose one side of the story would be this: say you want to send Jill 100 BTC, but it's taking an ass-load of time for the six confirmations. Instead, you could give Jill an IOU worth 100 BTC, and if she trusts you, she'll take that instead. Then, when she needs the 100 BTC, she can cash in your IOU. You're basically your own bank, issuing debt-based currency, just on a very small scale, among trusted individuals.

herzmeister

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it complements and will boost Bitcoin (as it's a built-in currency), but it will also compete in a way. Much value transfer can indeed be done via Ripple only.

But, besides the more centralized model, Ripple cannot offer the privacy that Bitcoin does. A Ripple account, despire requiring no ID (yet?), exposes quite a lot of information and can pretty well be data-mined. Not that Hipster Jane would care though.

Taz

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Ok, the small fee destruction makes sense.
What I'm ineloquently asking is, why would the average person be interested in bitcoin, now there is a business offering an instant, free-ish, currently anonymous way of sending money?

Mike Christ

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It is fact; Ripple is controlled by the founders of Ripple, and XRP are distributed completely at their discretion. The two aren't very comparable; Ripple would be like fiat, if Ripple were a government. It's mostly just used as an anti-spam mechanism; Ripple would do nothing but cater to USD etc if BTC wasn't around.

Taz

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Could Ripple XRP replace bitcoin before it is widely accepted?
If ripple allows users to send money instantly and almost fee free, with a pretty and easy to use UI.
Plenty of money to burn on advertising and reputation building.
Business and Financial connections likely to get them accepted on large merchant sites.
Why would the average person have any interest in Bitcoin?

More important could Ripple become controlled by business or government?

I'm not suggesting any of this is fact.
Just wanna hear the opinions of people that actually know stuff.

Topic: Ripple or Bitcoin - page 56. (Read 34110 times)