Topic: Ripple starts to conquer the world from China - page 2. (Read 10036 times)

It is a trust network as I understand it right? Trust: 19: -0 / +23(23 I already have one of those.

Ripple and Bitcoin are both still very early on in their development...like Apple in the 80's.  Joel Katz has stated he would consider it a personal failure if they do not release some of the code to be available as open source before the end of the year (if memory serves...someone else can probably find you the thread where he said that).

My take is XRP is hanging in the background for now until Liberty Reserve and BTC legal issues are clarified prior to really making it a big deal (especially with investors on US soil).  The Ripple network is a pretty cool concept, and they've done a beautiful job putting it together.  I think Ripple may fill in where BTC and Paypal fall short...or at least that is the intention.  

I do think it is prudent to recognize the misrepresentation of the concept as Open source using the "OpenCoin" moniker.  That is downright misleading until source code is view-able on github.  I have my doubts and my hopes, but in the end...Google is behind some of it, so I feel strongly it will be more than it is now, soon.


I believe he is trying to make the distinction that you don't necessarily need xrp to use Ripple's network...at least that's the theory.

what now? link? This is the first I am hearing of this XRP is not the symbol for ripple? 

You are mixing Ripple network with XRP, those are two separate entities, read my previous post and you will see why it will be easier to buy btc via Ripple network.

I dont care if it is open source or not. What kills me is it doesn't do anything it doesn't solve one problem. It is a little reading but i thought the responses by Joel katz (I believe a developer on the ripple project.) where very interesting. Looks to me like even he admits ripple doesnt work.

 https://bitcointalksearch.org/topic/m.3124372 here is the thread.

here is a quote

Quote from: JoelKatz on Today at 04:46:07 PM
Quote from: sublime5447 on Today at 03:53:44 PM


you are letting you bias against paypal influence your thinking. It might be hard for you to figure out a system to trade bitcoin it wouldnt be a problem for paypal, but would make ripple totally irrelevant.

"Quite the contrary, that would be great for Ripple. Ripple currently has the same problem Bitcoin does -- it's hard to get fiat money into and out of the system because of exactly the problems I'm trying to draw attention to here -- it's hard to mix soft money and hard money systems. If people could easily buy and sell Bitcoins, that would make it much easier for them to get money into and out of Ripple because Bitcoins are hard money."



Does anyone else find this laughable? ripple was sold as an easier way to get bitcoin!

If people can just buy bitcoin they wouldn't have any need for ripple!

Any fool can see that.

When the source code is available and it is issued under an open source license with redistribution, modification, and derivative work rights then yes I will consider it an open network.  Of course I don't think that will happen.  OpenCoin is already backing off from having source code available by the end of the year.  OpenCoin sole when to monetize this is to sell off the coins they have given themselves.  An open source version will inevitably spawn a fork/alt which has no premine there will be no open source servers.

If the system gains good traction in a certain geographical area that is the destination for substantial flows of remittances, then this will encourage those sending the remittances from outside the area to adopt the system as well.

Since China is the thread topic, consider it: China is #2 for remittances at $66 Billion USD per year in 2012 (http://english.cri.cn/6826/2013/08/07/2702s780437.htm discusses this). Ripple in China is also taking off.

Since Ripple has currency conversion built in, a Chinese worker in the US could be paid direct deposit at a US bank, have a effortless ACH transfer to their USD Ripple gateway (Say, snapswap.us or an upcoming one), then use Ripple to send CNY to their family in China, who use either rippleCN or Ripple China as CNY gateways.

Large Chinese uptake of Ripple makes it a no-brainer for ex-pat Chinese nationals to start using the system to send money home. At no point in this process do they need to care about the XRP's capability to "hold value" as a currency for longer than it takes to perform the transaction. If there is a good market for CNY-rippleCN/USD-SnapSwap or CNY-RippleChina/USD-SnapSwap, the conversion might not even pass through XRP as an intermediary.

China is only the #2 remittance market, but there are many others. All are fertile ground for adoption, and growth in one country will prompt growth in others as network effects take hold.    

Ripple will be the network of all networks...

Ripple Bridge Protocol

A bridge protocol is an addition to RTXP that allows payments from Ripple to external networks. For example, the Bitcoin Bridge allows Ripple payments to be sent to any Bitcoin address. Other bridges are being developed, including an email bridge, a SMS bridge, and a bank-account bridge. Ultimately, bridge protocols will allow Ripple payments to be sent to any kind of account.

Lets just be honest with ourselves here...Ripple is not "conquering" anything.

Principals and other investors have had to spend a lot of time fraudulently creating demand (ie posting threads all over offering to pay top dollar for it, taking a loss now hoping it will pay off later). Unfortunately, they do not understand basic economics.

Lets do a test...for the Pro-Ripple crowd.

1) What is the outcome of buying at an artificially inflated cost?

2) If the coin/payment system gains some traction in a certain geographical region, how does that benefit a market without borders? Just having a lot of people take interest is not enough to sustain it. After all, those with the most interest in XRP are artificially inflating the price. So what happens? (Hint: its a multi-step process with more than two steps but les than 4)

So once the code is open sourced, you'll admit that Ripple is as open as Bitcoin? After all, anyone then could run their own validator if they are so inclined (though that is not too useful in some cases)...

I'm wondering where you get these statements like "Nodes only run closed source code owned by OpenCoin, Inc and operate with the express limited permission of the owner." from... please quote the section from the LICENSE file that says so as you apparently have different information than I have.

Someday there may be Bitcoin banks too but the difference between Bitcoin and the existing banking system is you can "opt out".  You don't have to use exchanges, and you don't have to use future Bitcoin banks.  The core network remains open and anyone can choose to be a node.  With Ripple the entire network is proprietary, closed source, and centrally controlled.  Nodes only run closed source code owned by OpenCoin, Inc and operate with the express limited permission of the owner.   There is no way to "opt out" other than never use it.  

I just hope people around here are open enough to accept or at least re-evaluate Ripple once it is opened up (whenever that is) to the public. There are just a lot of misconceptions about them.

Also a huge amount and volume of Bitcoin transactions takes place in centralized, truly closed-source (and they are NEVER even claiming to open up!) and profit oriented IOU issuer's proprietary accounting tools. I find it kinda strange that OpenCoin generates so much mistrust, while others (who pull off even weirder stuff --> Mastercoin) seem to be more welcomed. It looks like "Ripplers" then seem to be of the impression that "Bitcoiners" are afraid because obviously Ripple is the better system and could potentially drive Bitcoin out of the market. On the other side there is usually a lot of mistrust since Ripple does not only claim to be a working distributed exchange (which it is!) but also that there is a currency implemented that is used to fund a company instead of just taking a fixed cut (something that is not really possible for distributed exchanges...) from trades.

i was under impression Ripple is a bad joke?
why you people still waste your time with that 100% scam coin?

https://github.com/bitcoin/bitcoin/issues - 407 open issues... is this now better or worse?

I am not aware of a lot of people losing access to their funds - one case would be https://github.com/ripple/ripple-client/issues/629 for example where someone created a NEW wallet with the same seed (Username + Password), overwriting an existing one that wasn't backed up as well.

If your money disappeared, please post your Ripple address, then I can check what was going on. Otherwise I call this just FUD, similar to the stuff that DeathAndTaxes tries to pull off here, stating things like "rippled is only distributed as binary" which are simply wrong.

LoL, you my friend are far to hilarious to put on the ignore list.

Well, the code is here: https://github.com/ripple/rippled - you can't access it though if you don't have the necessary credentials (that do NOT include being an OpenCoin employee...).

I know for a fact that rippled does NOT run only on OpenCoin owned hardware. I could easily prove that by for example posting a recent commit hash or a hash of a binary created from source. I definitely wouldn't recommend anyone though to "leak" the source code though, as it still needs polishing and some refactoring (although it seems to continue on a steady pace).

How many people external to PayPal have full access to PayPal's server code?

Rippled sources are not THAT hard to come by, have you actually asked for early access with a good reason? Also I am not aware of any NDAs etc. that are being signed when gaining access to rippled sources, maybe someone else can help you there...
Guess what, people would release the code for the latest version they had access to then. OpenCoin provides source code, no pre-compiled binaries. Build instructions are here: https://ripple.com/wiki/Rippled_build_instructions
This is simply wrong, rippled is released as source code only. Dozens, if not hundreds of people external to OpenCoin have access to this source code, in various legislations. Good luck in hunting them down or even finding out who uploaded an archive of a .git folder on a filedump website.
I agree that it would still be risky to develop this code any further, but at least it would still run and could be used for re-implementations.I'm still working on my market analysis code but I'm not too sure if even now IOUs have to have the strongest paths + liquidity towards XRP. I would suspect liquidity towards USD.Bitstamp and BTC.Bitstamp is at least as important as towards XRP at the moment, if not the most important factor for an IOU. Gateways don't have to (after some initial difficulties maybe) deal with other gateways at all, as liquidity problems can be detected and filled easily by bots for example. I agree with the "XRP is more for the risk loving people who like to trade and code bots while IOUs are useful for the 'users'" though.

DividendRippler offers easily redeemable BTC, NMC, TRC (whatever they are?) and LTC IOUs, their website makes it quite easy to automate things. After you set up your redemption addresses there, all you need to do is to send money to their address and specify which currency should be paid out and which of your IOUs or XRP should be used as input.

PPC seem to be rare enough that nobody set up a gateway (yet), so your best shot might be getting BTC (or something else with high liquidity towards PPC) and trading these.

If you want to trade XRP for BTC you can do that in ripple very easily. There used to be some liquidity in LTC, I don't know if there is much now... For PPC you must trade XRP for BTC and send to a trading site (like BTC-E).

I 100% agree. The fact that Ripple has bugs in it is a negative that is far outweighed by the fact that these bugs are being found and fixed at a rapid pace.

Also, there are almost zero significant cases of people's money dissapearing. Of course like Bitcoin there are people who lose their keys, but I follow Ripple very closely and I can't think of any unresolved 'fishy' losses. Not bad, almost 25,000 Ripple accounts, virtually no losses.

Very funny how opencoin supporters very much seems like shills, as they show zero level of critical thinking!

Not wanting to repeat my previous points, https://bitcointalksearch.org/topic/m.3102946,
I want to stress that millennia old knowledge about debt is ignored here;

* Debt is not fungible but dependent on debtor. The "gateways" are not merely like IP routers, but debtors and thus backers of a risk valued asset.

This has several consequences. The "rippling" of debt has to take into account the change in risk, and the risk has to be compensated for with interest, or similar construct. Debt needs intimate knowledge between creditor to debtor to be efficient in risk valuation. The fact that a third of ever existing BTC exchanges have vanished for one or other reason, tells you that basing a currency on credit extended to gateways exposes users to crazy risk. Put another way, gateways are the perfect scam point in the system.

Gateways are also a choke point for the can of worms called regulation, as they in effect, are deposit banks.

From a software development standpoint this is actually a good thing. It means people are actually beta-testing it and reporting what they find out. And if you look at the amount of Closed reports it seems they are actually fixed!

Where can I trade this stuff for PPC, LTC or BTC?