Topic: Ripple starts to conquer the world from China - page 7. (Read 10036 times)

bigger than mtgox or pirateat40? I doubt that...

Anyways, I find some arguments here strange considering that a huge percentage of bitcoin usage is IOU transactions on closed source platforms (the daily volumes of trades on exchanges are definitely the largest part of that, plus things like inputs.io).
Ripple server code has DoS problems still and mining pools in bitcoin have been DDoSed for less. With that general negativity around I can understand why they want to get up to speed before going public.

Also I'm not too sure what people think open sourcing right away would really change except for people investing in xrp (something I wouldn't recommend). Ripple is based on having many non colluding validators. To trust that these dont collude, one probably needs more information than a lot of people here would be willing to give - and even then running a validator has to be done for free.
You think bitcoin uses a lot of resources? Rippled can easily top that...

Still I'm all for having an open rippled, though I guess then the criticism still won't stop because people here seem to generally not be aware that without using IOUs, one cannot trade - especially bitcoins.

Cool story bro!

How could it be a scam?  It's the p2p network, it's not node dependent. If btc is a p2p money, ripple is multiple p2p money PLUS exchange PLUS payment system, it has a bunch of features, it will be bulletproof, next step in crypto economy. You are more concerned with who owns majority of ripples, we'll here they are: www.opencoin.com, you can see their faces. Do you know who owns majority of bitcoins? Who is Pirate? Who are the owners of most bitcoin businesses?

Ripple can have China, the rest of the world can have real coins.

PoW > PoS > PoN (proof of nothing)

Ripple will be remembered as the first really large scale scam in the crypto economy.

Despite its complexity, I think Ripple has a very bright future. My favorite project built on Ripple so far just launched this week, http://peercover.com/. It's a platform that allows anybody to become their own insurance company.

Well I said "my" logic, it's relevant to me, if you don't like it you can ignore it.

Please, if you know something about Ripple, talk about that, let's talk in arguments, it's really a time wasting activity to analyze who I am, when you don't know nothing about me...

Ripple is not a space technology, it's not necessary to have a expertise or engineering degree (although I have a master degree in engineering) to understand how it works, I'm not going to build Ripple from scratch, I'm going to use it. I've been using Ripple for a 5 months and nothing scary happened, at least I was brave enough to try something new and time will tell was that a good move or not.

Your "logic" is irrelevant since you have no engineering or financial industry expertise.

Ripple is waaaaay too complex... to be understood and evaluated by random people.

Maybe GeistGeld?

It is merged mined alongside bitcoin, namecoin, devcoin, groupcoin, ixcoin, i0coin and coiledcoin, and has fast blocks, 15 seconds i think it is or thereabouts.

If people still do want fast block time, GeistGeld is the way to get that without dividing up your hash rate between chains, as merged mining lets your same hashing power mine them all at once. So it can be given quite some difficulty quite fast simply by adding it into the merges of a few large pools.

Oh but hmm how important is the halving every four years to you? GeistGeld just keeps mining coins forever. The percentage of total coins so far it thus mints each year goes down all the time that way of course so maybe the minting details aren't that big a deal?

-MarkM-

My logic is that Ripple will be open-source when it's done, it's still in beta, but when it's done and open-source, it will gain some popularity, small investments will move the price rapidly, so I would be late for the status of early-adopter. I made my decision based on that, for me it's better to be a early adopter then to be late adopter. If you think it's better to wait it to become a open-source, then stick to your decision, we are all grown-up individuals and we are responsible for our decisions, future will prove who made better one's.

Ripple need to open its source and prove it's fair.

100 billion XRP were created, it's estimated that 1.5 billion XRP are currently in circulation.

Who thought of the name 'ripple'?? I don't think this is a good name at all.

The cost of buying ripples is too high, considering how many are going to be in circulation. I see no reason to buy at such high prices.

There have been many "thefts" from Ripple accounts.

You will be told to open a Github "trouble ticket"...
Then, in the end, you will always be told you had a "weak password"...
And you will have absolutely no recourse.

Larger amounts of money are not safe on the Ripple network.

I agree with you Hazard

It will be hard for Ripple to gain traction in the BTC community as most of the people who were drawn here are Libertarians. 

Its just not the target audience. OC should see this and give up, look to China, look to the world.

Of course, many have had losses just like that with all manner of e-wallets, including those for Bitcoin, when they used compromised computers/websites or inadequate security procedures.

So was your password short or nonrandom, as AmazonStuff mentioned, and what operating system/web browser setup were you using?  (Was it dedicated to financial tasks or also used for possibly risky web access?)

Your details might help others.  Maybe there's a flaw in the Ripple system, if you have any evidence of that.  More likely this was a browser/password issue which might threaten your Bitcoin holdings too.

The fact you can't do anything about the loss shows Ripple transactions are (so far) pretty irreversible -- one of the things many of us love about Bitcoin.

However, Ripple is at risk of losing that or any other feature unless and until OpenCoin lets multiple international entities co-manage the ledger.  They say that at that point, they would lose control of changes to the network (making improvements more difficult), and would have to vote on any changes with all ledger managers.


[Followup ~2 weeks later:  In another thread aggster said a "secure" password was used, but perhaps the computer is compromised with a keylogger.  For instance, from the posting history, it seems aggster has run literally dozens of altcoins.  Perhaps adequate precautions weren't taken when installing them.]

Ripple is not a scam, find one single person who got scammed by OpenCoin. It's already explained in this thread about Ripple not being open-source and pre-mined, so it would be nice to hear some arguments from both sides in order to make this discussion more constructive and not to repeat ourselves.

Fastcoin is bad and dying. Well theoretically this could be done if block times were reduced and block reward adjusted to have the same effects, but due to the amount of people using bitcoin, I don't know how it would affect it on a global scale. Even though it might be beneficial, but this is why it's not being done.
I would never trust something closed source.

Thanks, I'll look it up.