Ripple: The Best Way To Legitimize Bitcoin - page 5.

PirateButtercup

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Quote from: Mitchell on December 13, 2013, 05:30:20 AM

That sounds like a shitload lot of work for a normal person. No way that they will understand how to do it without researching it for hours. Like I said before, Ripple is a lot harder to grasp and understand then Bitcoin and this proves it onces again.

The primary reason it is so much harder to grasp is because it is WAY more than a crypto-currency. In fact, XRP...the currency in Ripple...is far from significant. Dollars, Euros, Bitcoin, Yen, Litecoin, etc. are what's important.

Perhaps these videos will help you:

Here's an overview of Ripple ... http://www.youtube.com/watch?v=9zxA3Gt7y3c

Here is an explanation of Ripple in 60 seconds ... http://www.youtube.com/watch?v=kwyIEMyMfqs

Here is a video to help you understand how a Gateway works ... http://www.youtube.com/watch?v=M16ZatXbmLg

Here is a video to help you understand how the consensus ledger works ... http://www.youtube.com/watch?v=pj1QVb1vlC0

Perhaps this video will help you understand how the client works ... http://www.youtube.com/watch?v=06H86TNeJMw

dancupid

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Quote from: PirateButtercup on December 13, 2013, 02:29:30 PM

Quote from: dancupid on December 13, 2013, 02:20:46 PM

Quote from: PirateButtercup on December 11, 2013, 05:00:29 PM

Quote from: dancupid on December 11, 2013, 01:38:50 PM

Quote from: PirateButtercup on December 08, 2013, 07:02:33 PM

Ripple is simply amazing!!

If you don’t know, Ripple is actually 3 different things…

1. It is an internet protocol (like FTP, HTTP, etc.) designed for the sole purpose to federate existing financial systems the same way SMTP brought all the different email companies under one umbrella.

2. It is a market place that allows for the exchange and sale of fiat and crypto currencies.

3. It is a currency created, not to hold value, but to lubricate the system. By charging .00001 XRP per transaction …. on a scale that proportionally increases to the volume of transactions the sender creates…..it prevents spam and defends against denial of service attacks.

Comparing fiat and crypto currencies to one another is similar to comparing different kinds of cars with different features. Dollars, Bitcoin, euros, litecoin, sterling….they all have something that make them stand out.

Ripple is VERY different. Ripple is the market place to buy and sell those cars and… more importantly .. the road on which they can faster than ever before!!!

I LOVE Bitcoin...that's why I'm using Ripple....I want to see Bitcoin succeed!!!!

(If you MUST have a conceptual comparison, try this: email meets bitcoin meets western union meets the forex)

Anyone want these? They look like bitcoins don't they?
You want them? just post your ripple address and trust me for 4 'bitcoins' and I'll send them to you.

I tell you what, I'll write you a check for 'em. In fact, I'll write you a check for a million dollars apiece.

You will accept a check, right? Checks....also known as IOUs....have been a cornerstone of the finance industry for centuries. Surely you would take my million dollar check then, right?

If you can find someone stupid enough to accept 'bitcoin checks' issued by dancupid, then send them on to me when your done...I'll see what they'll take for a million dollar check....or some magic beans....

You obviously have to exercise due diligence whenever you deposit your money anywhere....an online broker, a bank, a gateway, a mutual fund, etc. A person's willingness to accept a bad check is not a condemnation of the system.

But I still have these 4 'bitcoins' in my ripple account - they look the same as normal bitcoins, ripple tells me I have 4 bitcoins, but I know I have no bitcoins in my Ripple account.
I cannot now use Ripple, since I cannot tell which bitcoins are real and which are not.
It doesn't work, becasue it lets you store fake bitcoins and you have no way of telling which are real and which are not.
I do not trust it. So I will not use it.

How did you get 4 BTC that you know you don't have? It sounds like you created another account, extended trust to that account, and then sent 4 Bitcoin from one to the other. What you did was 'write a check' off of one wallet and put in another. Can you please post the trust lines that are currently in that wallet?

As I tried to get at earlier, I can write a check for a million dollars issued by the Bank of PirateButtercup. But why in the world would anyone take it?

You're not storing 'fake' Bitcoin. You're storing outlandish checks that you have written to yourself (or have accepted from a friend). Try to redeem your check at a gateway and you'll get nowhere.

Until you understand what you're doing, it is HIGHLY recommended that you do not extend trust lines (accept checks) from anyplace other than the bank (Gateway) where you deposited your money.

These are tradefortressIOUbitcoins - I bought them in this auction thread (to prove a point) https://bitcointalk.org/index.php?topic=207054.0;all

Anyone can send a million spam emails telling people if they trust me for $100 I will send them 100 ripple dollars. People will just think 'ok - it can't do any harm'
There is no trust involved - no one cares if they think they have $100 in their ripple account.
And once they have their $100 they have no way of getting rid of that fake money and their ripple account no longer works.
Fake money will sit in people accounts and they won't know what is real and what isn't.
People will build lines of fake trust, becasue that's how the internet is.

mmeijeri

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Martijn Meijering

Quote from: dancupid on December 11, 2013, 01:38:50 PM

You want them? just post your ripple address and trust me for 4 'bitcoins' and I'll send them to you.

You shouldn't be able to send them to people that don't trust TradeFortress.

PirateButtercup

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Quote from: codegeek on December 13, 2013, 02:25:27 PM

I think mastercoin is quite a bit better than ripple and it's gotten a lot more funding from what I've heard.

I am not well read on Mastercoin. However, it is clear that they are limited to crytpo-currencies. They do not have any systems to interact with dollars, yen, euros, sterling, etc.....let alone other value containers like frequent flier miles, starbucks credits, what-have-you.

It's inability to bridge the gap between fiat and crypto currencies as well as other units of value makes it a less viable option to Ripple, as it can handle ALL of the coins, all of the fiat and anything else you can dream up. (One guy for example started a currency backed by 1,000s of silver dimes he has....called DYM if you're interested)

In terms of funding, the seed money provided by Google Ventures, Andreesen Horowitz, et al has not been disclosed. The Angel funding simply isn't known. The Venture funding (the last round in November) was only $3.5. There are several articles online regarding the different types of funding as they progress if you want more information.

PirateButtercup

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Quote from: dancupid on December 13, 2013, 02:20:46 PM

Quote from: PirateButtercup on December 11, 2013, 05:00:29 PM

Quote from: dancupid on December 11, 2013, 01:38:50 PM

Quote from: PirateButtercup on December 08, 2013, 07:02:33 PM

Ripple is simply amazing!!

If you don’t know, Ripple is actually 3 different things…

1. It is an internet protocol (like FTP, HTTP, etc.) designed for the sole purpose to federate existing financial systems the same way SMTP brought all the different email companies under one umbrella.

2. It is a market place that allows for the exchange and sale of fiat and crypto currencies.

3. It is a currency created, not to hold value, but to lubricate the system. By charging .00001 XRP per transaction …. on a scale that proportionally increases to the volume of transactions the sender creates…..it prevents spam and defends against denial of service attacks.

Comparing fiat and crypto currencies to one another is similar to comparing different kinds of cars with different features. Dollars, Bitcoin, euros, litecoin, sterling….they all have something that make them stand out.

Ripple is VERY different. Ripple is the market place to buy and sell those cars and… more importantly .. the road on which they can faster than ever before!!!

I LOVE Bitcoin...that's why I'm using Ripple....I want to see Bitcoin succeed!!!!

(If you MUST have a conceptual comparison, try this: email meets bitcoin meets western union meets the forex)

Anyone want these? They look like bitcoins don't they?
You want them? just post your ripple address and trust me for 4 'bitcoins' and I'll send them to you.

I tell you what, I'll write you a check for 'em. In fact, I'll write you a check for a million dollars apiece.

You will accept a check, right? Checks....also known as IOUs....have been a cornerstone of the finance industry for centuries. Surely you would take my million dollar check then, right?

If you can find someone stupid enough to accept 'bitcoin checks' issued by dancupid, then send them on to me when your done...I'll see what they'll take for a million dollar check....or some magic beans....

You obviously have to exercise due diligence whenever you deposit your money anywhere....an online broker, a bank, a gateway, a mutual fund, etc. A person's willingness to accept a bad check is not a condemnation of the system.

But I still have these 4 'bitcoins' in my ripple account - they look the same as normal bitcoins, ripple tells me I have 4 bitcoins, but I know I have no bitcoins in my Ripple account.
I cannot now use Ripple, since I cannot tell which bitcoins are real and which are not.
It doesn't work, becasue it lets you store fake bitcoins and you have no way of telling which are real and which are not.
I do not trust it. So I will not use it.

How did you get 4 BTC that you know you don't have? It sounds like you created another account, extended trust to that account, and then sent 4 Bitcoin from one to the other. What you did was 'write a check' off of one wallet and put in another. Can you please post the trust lines that are currently in that wallet?

As I tried to get at earlier, I can write a check for a million dollars issued by the Bank of PirateButtercup. But why in the world would anyone take it?

You're not storing 'fake' Bitcoin. You're storing outlandish checks that you have written to yourself (or have accepted from a friend). Try to redeem your check at a gateway and you'll get nowhere.

Until you understand what you're doing, it is HIGHLY recommended that you do not extend trust lines (accept checks) from anyplace other than the bank (Gateway) where you deposited your money.

codegeek

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I think mastercoin is quite a bit better than ripple and it's gotten a lot more funding from what I've heard.

PirateButtercup

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Quote from: __ johnnyb__ on December 13, 2013, 11:45:34 AM

I don't like ripple at all.. they have been increasing the price in purpose since the very beginnings.. and I keep asking myself.. what do they have? nothing have been tested yet, so I wouldn't invest in it..

Ripple is a payment system, a currency exchange and a currency (XRP) needed to lubricate the two previously mentioned functions. As an XRP is just over .03 cents (US), I am confused by your comment about them 'raising the price'. I have been testing it for weeks now. I have been using it successfully to send money all over the world, instantly in several different currencies. Ripple is still in Beta, but perhaps you are looking at the wrong site....

dancupid

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Quote from: PirateButtercup on December 11, 2013, 05:00:29 PM

Quote from: dancupid on December 11, 2013, 01:38:50 PM

Quote from: PirateButtercup on December 08, 2013, 07:02:33 PM

Ripple is simply amazing!!

If you don’t know, Ripple is actually 3 different things…

1. It is an internet protocol (like FTP, HTTP, etc.) designed for the sole purpose to federate existing financial systems the same way SMTP brought all the different email companies under one umbrella.

2. It is a market place that allows for the exchange and sale of fiat and crypto currencies.

3. It is a currency created, not to hold value, but to lubricate the system. By charging .00001 XRP per transaction …. on a scale that proportionally increases to the volume of transactions the sender creates…..it prevents spam and defends against denial of service attacks.

Comparing fiat and crypto currencies to one another is similar to comparing different kinds of cars with different features. Dollars, Bitcoin, euros, litecoin, sterling….they all have something that make them stand out.

Ripple is VERY different. Ripple is the market place to buy and sell those cars and… more importantly .. the road on which they can faster than ever before!!!

I LOVE Bitcoin...that's why I'm using Ripple....I want to see Bitcoin succeed!!!!

(If you MUST have a conceptual comparison, try this: email meets bitcoin meets western union meets the forex)

Anyone want these? They look like bitcoins don't they?
You want them? just post your ripple address and trust me for 4 'bitcoins' and I'll send them to you.

I tell you what, I'll write you a check for 'em. In fact, I'll write you a check for a million dollars apiece.

You will accept a check, right? Checks....also known as IOUs....have been a cornerstone of the finance industry for centuries. Surely you would take my million dollar check then, right?

If you can find someone stupid enough to accept 'bitcoin checks' issued by dancupid, then send them on to me when your done...I'll see what they'll take for a million dollar check....or some magic beans....

You obviously have to exercise due diligence whenever you deposit your money anywhere....an online broker, a bank, a gateway, a mutual fund, etc. A person's willingness to accept a bad check is not a condemnation of the system.

But I still have these 4 'bitcoins' in my ripple account - they look the same as normal bitcoins, ripple tells me I have 4 bitcoins, but I know I have no bitcoins in my Ripple account.
I cannot now use Ripple, since I cannot tell which bitcoins are real and which are not.
It doesn't work, becasue it lets you store fake bitcoins and you have no way of telling which are real and which are not.
I do not trust it. So I will not use it.

PirateButtercup

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Quote from: JohnsonRobinson on December 13, 2013, 11:04:42 AM

Correction:

www.ripplescam.org

If you notice the dates, it was long before Ripple went open source. The author understandably didn't update his blog after the fact. Nor has he allowed 1 comment to be posted since.

I have personally refuted every single one of the inaccuracies , however for some strange reason my post has been 'PENDING APPROVAL' for weeks.

If the originator had one shred of dignity he would update his site, allow comments to refute him, etc.

PirateButtercup

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Quote from: JohnsonRobinson on December 12, 2013, 10:50:07 PM

Ripple is, I believe, a lot more in line with Central Banking ideology than other cryptocoins. It is distributed but not decentralized. But they claim the opposite.

Actually it's very, very far from a centralized banking ideology.

Here's an overview of Ripple ... http://www.youtube.com/watch?v=9zxA3Gt7y3c

Here is an explanation of Ripple in 60 seconds ... http://www.youtube.com/watch?v=kwyIEMyMfqs

Here is a video to help you understand how a Gateway works ... http://www.youtube.com/watch?v=M16ZatXbmLg

Here is a video to help you understand how the consensus ledger works ... http://www.youtube.com/watch?v=pj1QVb1vlC0

Perhaps this video will help you understand how the client works ... http://www.youtube.com/watch?v=06H86TNeJMw

If that doesn't provide you with enough, you may download Rippled from Github and add your own server to the network.

Additionally, you can go to https://ripple.com/wiki/ to get more accurate information that you can possibly read.

bibbit

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Quote from: JohnsonRobinson on December 13, 2013, 10:47:31 AM

There's nothing peer-to-peer about ripple. It relies on 'trusted gateways'.

Then please explain the PeerFinder code within the rippled source tree: https://github.com/ripple/rippled/tree/9e519af887b0854ef167a45e52f4b50000cdf85c/src/ripple/peerfinder

There is a very nice Readme right at that link that explains the P2P design. Remember BearShare, one of the Gnutella clients? The person responsible for that is crafting the Ripple P2P design. He knows the topic area from hard won real world experience.

Gateways, on the other hand, are a convenience for moving the currency of your choice into and out of the Ripple system. Bitcoin relies on trusted exchanges for people to do the same, but they are more limited. "Oh," you say, "it is possible to use Bitcoin without ever using an exchange!" Well, it is similarly possible to use Ripple without using a gateway, but both systems are much more useful if you do. The choice in both is left to the user. There is no compulsion.

__ johnnyb__

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I don't like ripple at all.. they have been increasing the price in purpose since the very beginnings.. and I keep asking myself.. what do they have? nothing have been tested yet, so I wouldn't invest in it..

JohnsonRobinson

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Correction:

www.ripplescam.org

JohnsonRobinson

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Just check out www.ripplescam.com

From their site:
"Ripple™: It’s highly misleading and not what you think it is. Ripple is a centralized payment system that allows the transfer of artificially printed tokens that claims to be money, like “USD” or “BTC”. OpenCoin Inc goes to great lengths to camouflage the fact that they have total control over the Ripple network, and calls themselves a distributed payment network."

The true power in Bitcoin and the like is:

1) The inflation rate is known and can't be manipulated.
2) The total number of bitcoins that can ever be created is known.

Central bankers don't like that...so the created Ripple, for which the number of coins can be increased at their whim. Also, the upper number could be increased at their whim. Just because they tell us there is an upper limit means nothing, since Ripple is not based on mining. They can overnight say, actually, we just created another billion coins. Just like central banks, which are printing $85 Billion per month and in the coming months they plan to increase this even further. This type of inflation is not practically possible with Bitcoin and other cryptos, unless it is done at the outset.

JohnsonRobinson

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Ripple is a bogus, central banker-initiated, attempt at usurping the truly decentralized nature of bitcoin and similar cryptos.

Ripple is not decentralized, it is distributed, big difference. There's nothing peer-to-peer about ripple. It relies on 'trusted gateways'.

OnkelPaul

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"Premined" does not make much sense in the context of Ripple, as there is no mining at all.
Yes, all the XRP in existance have been generated at the start. Ripple Labs have been very open about the way this works: They distribute reasonable amounts through giveaways so early adopters can experiment with the system. In the long run, they don't want the price of XRP to rise much (unlike BTC) but to stay low enough that transactions (which need XRP) are both really cheap and still not free to discourage transaction spamming.
They also made clear that they retained or gave to their developers most of the XRP to be sold, thereby generating revenue.

All of this has been asked and answered a number of times already. It would be really great if people read up on available information instead of spreading misinformation.

Onkel Paul

Mitchell

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Quote from: hieroglyph on December 13, 2013, 06:06:01 AM

Wasn't Ripple seriously premined or something of that nature. Not sure just what I remember from the little I know about it. Not cool if so and not something I'd like to invest in if so. Just my 2 cents on the matter as I don't really know for sure so don't quote me lol.

I have read that the developers of Ripple have a shitload of XPR since the beginning, so I guess it's premined.

hieroglyph

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Wasn't Ripple seriously premined or something of that nature. Not sure just what I remember from the little I know about it. Not cool if so and not something I'd like to invest in if so. Just my 2 cents on the matter as I don't really know for sure so don't quote me lol.

evol

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Quote from: Mitchell on December 13, 2013, 05:30:20 AM

That sounds like a shitload lot of work for a normal person.

This times 100

Mitchell

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That sounds like a shitload lot of work for a normal person. No way that they will understand how to do it without researching it for hours. Like I said before, Ripple is a lot harder to grasp and understand then Bitcoin and this proves it onces again.

Topic: Ripple: The Best Way To Legitimize Bitcoin - page 5. (Read 13027 times)