Topic: Ripple starts to conquer the world from China - page 6. (Read 10091 times)

Both statements are false.

It's always hard to accept the change and Ripple is a change and it's change to better, next step in the crypto-currency revolution.
First time, I saw a bitcoin, I said this is not a solution for my problem, this has no future... Boy, I was wrong So, I can understand why many people have doubts about Ripple.

Main thing that makes Bitcoin vulnerable are exchange websites. One, could say, so what... Bitcoin can work without exchanges, but that is wrong, they are needed in order for Bitcoin to be successful, it would be really hard to determine btc value without them, so btc would probably lose clients and it's value really fast.

What is the point of having P2P crypto-currency, when you don't have a P2P exchange? Then, it's not P2P and when it's not P2P, it's not de-centralized.
Ripple comes to BTC as it's best friend and solves BTC main problem by integrating exchanges into P2P network.
Bitcoin and Ripple are completely complementary tools, they are not confronted at all.

P2P is the essence...

P2P content ---> P2P money ---> P2P money + every possible currency + exchanges --->

Thank you Satoshi, you are a genius

http://Ripple.com has a new look and new features. You can see the ledgers and trading volume and transactions now.
This isn't true. I think only http://RippleUnion.com was built by Ripple Classic users, and I know them personally, they are not planning to "fork away"
Also, this idea of forking the network is a bit of a joke. Nobody will use a payment network that amounts to "Zipple - the FAKE Ripple".
At least these features are baked in to Ripple. They could end up being more useful in the future.

Very very cool. Why wouldn't they use Ripple in some instances if it was cheaper or easier?

OpenCoin's attendance at conferences like http://Money2020.com is crucial and will be good for the future of the entire virtual currency industry. The fact that this conference is being held in a nice venue in Las Vegas and not a bombed-out apartment block in Mogadishu doesn't take anything away from Ripple.

I spent about 2 months studying Ripple...
And made about 500-1000 trades XRP/BTC and XRP/USD in May-June...
I was doing about 1% of XRP volume as a Market Maker...
(Which I do for a living on the NYSE since the 90s).

I was left very unimpressed by Ripple and OpenCoin...
All these "gateways" are Mickey Mouse 1-2 person operations...
With the single exception of Bitstamp which is 100% dependent on the Croation banking system...
So the only source of USD on the Ripple is one Croatian bank with a UK branch.

It gets worse...
Because many of these "gateway" are small legacy Ripple Classic operations...
Who are philosophically at odds with everything corporate OpenCoin stands for...
They are Trojan Horses waiting for the servers to be Open Sourced so they can fork away.

This is the whole community LETS sub-culture...
IMO, LETS is a classic example of a "solution in search of a problem"...
It's never caught on in modern urban culture... and never will.

Both the Ripple network and Ripple Forum are Ghost Towns...
A good measure of the health of the network is XRP trading volume...
Which is down 70-80% since I was trading in May...
Those 25,000 accounts they brag about are dormant...
Virtually all Ripple activity is OC, Devs, and a few dozen traders.

The company I was thinking of that, unlike OpenCoin...
IS ACTUALLY GOING TO THE THIRD WORLD to take on WU...
Is this article below... while I see that OC is hosting yet another swanky conference.

http://techcrunch.com/2013/08/20/buttercoin/
In order to take on WU

Provide a link to the download.  Saying there are 100 servers is meaningless.   Google's search engine runs on thousands of servers.  It makes about as much sense to say "if the conduct of Google, Inc is a problem at least the world will have their [Google, Inc] technology".  No they won't if access is restricted.

Do I really need to clarify with "OpenCoin and approved lackeys"?

Incorrect. Ripple runs on ~100 servers now.

No they won't the transaction server is closed source and only runs on OpenCoin owned hardware.   

I dig your sentiment and I agree with you. But these "people who take out..." will probably use Ripple, Bitcoin, and whatever other tools are at their disposal. I'm picturing a new global Hawala-like system building out of the old Hawala system and the Western financial system. There will be no single system (Bitcoin, Ripple, etc.), or single service (Western Union), so less limitations and points of failure.

The point is that the work OpenCoin is doing is very important. There are gateways in China, USA, Europe, Canada, Sweden, and soon England. If the distribution of XRP and the conduct of OpenCoin is a problem, at least the world will have their technology.

Incidentally, there's going to be a Ripple Dev Con following the large emerging payments conference Money2020 (October 6-10, 2013), in Vegas.  The Dev Con is October 10th.
 - https://ripple.com/blog/win-free-tickets-to-the-exclusive-money2020-ripple-developer-conference-and-50000-xrp/

Ripple is very "inovative" - compared to the standart 419 nigeria scam 

With the latest feature called "Bitcoin Bridge" Ripple wallet is essentially Bitcoin Online Wallet, you can make a payment to any Bitcoin address.

This topic is about Ripple getting traction in China by the way, and the CNY markets in Ripple look quite good too.

Everything in the Bitcoin ecosystem is debt from dodgy issuers too and the only asset is BTC - with the exception that this debt isn't even liquid (see the BTCUSD IOU price at MtGox at the moment for example).

Trading XRP has huge risks involved (even more than trading BTC and these can be already quite volatile), I doubt that there will be big liquidity providers using XRP trades in the longer run. This is paired with an entity that is known to be willing to sell its stash (unlike Satoshi who is controlling a large part of all available BTC but has disappeared). If you want to play the big investor and market maker, you should definitely stay within BTC territory and not mess with XRP.

The nice thing is that BTC are easily redeemable (as transactions there are quite final), so interfacing with Ripple is quite easy for Bitcoiners. I don't really get why people try so hard to merge these communities, Ripple's success definitely won't come by embracing a large part of the Bitcoin ecosystem which is struggling on its own. It is however quite amusing to which lengths some "hardcore Bitcoiners" go to make sure they definitely despise Ripple - and then again trade happily on MtGox, deposit their coins at Bitfunder or just-dice or inputs.io and mourn that there is no distributed exchange or no real way to quickly and cheaply transfer money between exchanges for arbitrage.

Already the classification as "alternate cryptocurrency" is wrong for this thread, as it is about CNY IOUs on the three main chinese gateways - it should be either in Off-Topic or (if they also issue BTC IOUs) maybe trading discussion or so.

Pretty much.

Everything on the Ripple network is a Debt (usually from dodgy foreign issuers)... XRP is the only Asset.

The other thing people miss: XRP = Market Making Currency...
If the network is ever scaled up...
The most favorable exchange price will always flow through XRP...
So only traders with lots of XRP will collect the spreads and fees...
I'm sure Jed spent 100s of hours game planning XRP on a billion $$$ network.

Problem is they totally fucked up the launch.

Also, the people who take out Western Union with a disruptive network...
Will be people who go to India and Mexico and China...
And build offices and Dev Teams on the ground in the Third World.

NOT candy asses who attend Panels in Silicon Valley...
And fly 1st class between SF and NYC.

If you want to accept XRP, no problem with that. You need to buy and sell XRP for fiat or other assets anyway, and this process involves issuing IOUs. Instead, you can accept IOUs of real world money, and if ripple finds that the easiest way to exchange between IOUs which payer has and IOUs which you accept is though XRP, it will do this automatically. IOUs are as secure as any other bonds.

Yeah you don't really believe that do you.  Everything else is an IOU and has counterparty risk.  If/when there are a billion of XRP in millions of users hands, why would you want to be paid in the less secure, less liquid IOUs when it is almost a guarantee the person paying you has XRPs?

Another way to look at it is OpenCoin ONLY source of revenue is selling XRPs?  Which is more profitable a viable alternative currency or a negligible value token used as stamps?

Bait and switch.  Ripple is just taking a page from Microsoft's playbook.  Embrance, extend, extinguish.

XRP are not supposed to be used as money, although they are used some times. It is a special token to pay for using a wallet. In ripple, you pay with whatever money you have to anybody who has a ripple wallet, and he receives whatever money he wants.

wtf is the point in open sourcing it? it's fully premined. if they're trying to make it more secure, it wasn't ready to be released in the first place, that is a HUGE design flaw.

Secondly, it's an IOU system not a coin.

Thirdly, there is no other place that takes XRP for anything except for ripple.
I can dump my bitcoins and altcoins at any of a half a dozen different sites, I’m not pinned down mtgox.

OK, here's the old BitcoinTalk "Ripple GiveAway" thread  where all of these scam accusations started:
https://bitcointalksearch.org/topic/ripple-giveaway-145506

On the first page there are four posts which were completely different and then got edited with some red font text saying that Ripple is a scam.

Well, many people don't know that those users were actually paid to do that, someone offered them $550 to do that:
https://bitcointalksearch.org/topic/i-was-offered-550-to-say-that-ripple-is-a-scam-212730

Think twice why would someone pay $550 to someone, just to edit his post and spread negative sentiment about Ripple?
It's probably because he wants to buy as much Ripple's as possible, before XRP skyrockets to the sky.

There are currently 11656475BTC in circulation with the price of 1BTC = 134,6$
On the other hand, currently there are 1,5 billion XRP in circulation with the price of 1XRP = 0.0056$

Do the math is it profitable for someone to spread false accusation about Ripple and buy a large stash of XRP at that price...

Someone should make a bitcoin napster
Just download the client, tranfer money to it and bid away
Now that would be cool 

It is funny to watch how bitcoin fanatics blame ripple for being closed source and centralized and continue using MtGox with BTC-e. Ripple is more decentralized than any bitcoin exchange, potheads. And instead of forking dozen of shitcoins per week to resolve bitcoin flaws, you can use any existing currency in ripple "bitcoin style", or even issue your own currency if you have something to back it.