Ripple trying to take over the Bitcoin Discussion thread

Peter Lambert

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It's all fun and games until somebody loses an eye

Quote from: ElectricMucus on June 02, 2013, 10:09:35 AM

Quote from: ihsotas on May 23, 2013, 02:07:32 PM

Quote from: bitcoinbear on May 23, 2013, 10:59:06 AM

Quote from: ElectricMucus on May 21, 2013, 09:04:19 PM

Quote from: ihsotas on May 21, 2013, 08:20:23 PM

Even cash is debt; that's why they are Federal Reserve Notes, representing an IOU from the government to you.

And Bitcoin, big surprise is pegged to them. It's a closed system folks.

Could you go into more detail on how bitcoins are pegged to USD? I look at bitcoincharts.com and I see that the exchange rate between the two floats around with great volatility, just about as far from pegged as one can be!

I would be very surprised if he knew what a 'currency peg', or a 'closed financial system' was.

Ok lets pretend...
I have no idea, you explain it.

Ok, this is going a bit off-topic...

A currency peg is when the currency issuer sets a certain amount of some commodity or other currency for which the issued currency can be traded, usually by making a law concurrent to issuing the currency. So if your currency is pegged to gold, there is a certain amount of gold for which you will redeem units of your currency. Or if your currency is pegged to another currency, there is a decreed exchange rate for which they can be traded.

Bitcoins are most certainly not pegged to anything.

mprep

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In a world of peaches, don't ask for apple sauce

In my opinion, Ripple has too much centralization and power given to the creators. It also isn't transparent and open source so that limits the trust as well.

ElectricMucus

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Quote from: ihsotas on May 23, 2013, 02:07:32 PM

Quote from: bitcoinbear on May 23, 2013, 10:59:06 AM

Quote from: ElectricMucus on May 21, 2013, 09:04:19 PM

Quote from: ihsotas on May 21, 2013, 08:20:23 PM

Even cash is debt; that's why they are Federal Reserve Notes, representing an IOU from the government to you.

And Bitcoin, big surprise is pegged to them. It's a closed system folks.

Could you go into more detail on how bitcoins are pegged to USD? I look at bitcoincharts.com and I see that the exchange rate between the two floats around with great volatility, just about as far from pegged as one can be!

I would be very surprised if he knew what a 'currency peg', or a 'closed financial system' was.

Ok lets pretend...
I have no idea, you explain it.

nameface

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Activity: 406

Merit: 250

Quote from: 🏰 TradeFortress 🏰 on May 23, 2013, 03:38:30 AM

Quote from: nameface on May 23, 2013, 03:22:00 AM

Quote from: Peter Lambert on May 22, 2013, 12:13:12 PM

Quote from: 🏰 TradeFortress 🏰 on May 22, 2013, 03:54:01 AM

There's a tendency for every Ripple related thread to turn into discussions about Ripple. It's certainly not very productive.

If people are learning, then why is it not productive?

He thinks Ripple is a scam and therefore the discussions are unproductive. A lot people throw around a lot of opinions instead of learning facts, observing what's happening in the world, and discussing ideas. I don't know where people get so many opinions frankly.

No, not that. The thing is there tends to be the exact same aspect/concept discussed across multiple threads.

Yeah, good point.

misterbigg

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Quote from: 🏰 TradeFortress 🏰 on May 23, 2013, 03:38:30 AM

The thing is there tends to be the exact same aspect/concept discussed across multiple threads.

I agree fully. The aspects that get repeated are :

"Ripple is a scam"
"Ripple supporters are shills"
"Ripple posters are paid by OpenCoin"
"Ripple is closed source"
"Ripple is centralized"
"Ripple can't possibly work"

Usually coming from TradeFortress. It got so bad I had to create a moderated thread just to be able to have any kind of civil discourse.

Not content with posting the same accusations in multiple threads, TradeFortress pays newbies (see this thread) to use their signature as a back door so he can spread his tripe into as many pages of as many subforums as possible.

So yeah, anti-Ripple posts are definitely trying to take over the Bitcoin forum, thanks to TradeFortress.

misterbigg

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Quote from: phelix on May 21, 2013, 02:09:35 PM

As of today it is closed source and centralized.

Thanks for stating the obvious. Was this ever in dispute?

ihsotas

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Quote from: bitcoinbear on May 23, 2013, 10:59:06 AM

Quote from: ElectricMucus on May 21, 2013, 09:04:19 PM

Quote from: ihsotas on May 21, 2013, 08:20:23 PM

Even cash is debt; that's why they are Federal Reserve Notes, representing an IOU from the government to you.

And Bitcoin, big surprise is pegged to them. It's a closed system folks.

Could you go into more detail on how bitcoins are pegged to USD? I look at bitcoincharts.com and I see that the exchange rate between the two floats around with great volatility, just about as far from pegged as one can be!

I would be very surprised if he knew what a 'currency peg', or a 'closed financial system' was.

bitcoinbear

hero member

Activity: 518

Merit: 500

Quote from: ElectricMucus on May 21, 2013, 09:04:19 PM

Quote from: ihsotas on May 21, 2013, 08:20:23 PM

Even cash is debt; that's why they are Federal Reserve Notes, representing an IOU from the government to you.

And Bitcoin, big surprise is pegged to them. It's a closed system folks.

Could you go into more detail on how bitcoins are pegged to USD? I look at bitcoincharts.com and I see that the exchange rate between the two floats around with great volatility, just about as far from pegged as one can be!

ShadowOfHarbringer

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Bringing Legendary Har® to you since 1952

Quote from: nameface on May 23, 2013, 03:22:00 AM

Quote from: Peter Lambert on May 22, 2013, 12:13:12 PM

Quote from: 🏰 TradeFortress 🏰 on May 22, 2013, 03:54:01 AM

There's a tendency for every Ripple related thread to turn into discussions about Ripple. It's certainly not very productive.

If people are learning, then why is it not productive?

He thinks Ripple is a scam

If Ripple guys are lying right from the beginning just to get people in the game (and profit from them), then i would say it is the definition of scam.

🏰 TradeFortress 🏰

vip

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👻

Quote from: nameface on May 23, 2013, 03:22:00 AM

Quote from: Peter Lambert on May 22, 2013, 12:13:12 PM

Quote from: 🏰 TradeFortress 🏰 on May 22, 2013, 03:54:01 AM

There's a tendency for every Ripple related thread to turn into discussions about Ripple. It's certainly not very productive.

If people are learning, then why is it not productive?

He thinks Ripple is a scam and therefore the discussions are unproductive. A lot people throw around a lot of opinions instead of learning facts, observing what's happening in the world, and discussing ideas. I don't know where people get so many opinions frankly.

No, not that. The thing is there tends to be the exact same aspect/concept discussed across multiple threads.

nameface

sr. member

Activity: 406

Merit: 250

Quote from: Peter Lambert on May 22, 2013, 12:13:12 PM

Quote from: 🏰 TradeFortress 🏰 on May 22, 2013, 03:54:01 AM

There's a tendency for every Ripple related thread to turn into discussions about Ripple. It's certainly not very productive.

If people are learning, then why is it not productive?

He thinks Ripple is a scam and therefore the discussions are unproductive. A lot people throw around a lot of opinions instead of learning facts, observing what's happening in the world, and discussing ideas. I don't know where people get so many opinions frankly.

Peter Lambert

hero member

Activity: 756

Merit: 500

It's all fun and games until somebody loses an eye

Quote from: 🏰 TradeFortress 🏰 on May 22, 2013, 03:54:01 AM

There's a tendency for every Ripple related thread to turn into discussions about Ripple. It's certainly not very productive.

If people are learning, then why is it not productive?

ElectricMucus

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Marketing manager - GO MP

Quote from: 🏰 TradeFortress 🏰 on May 22, 2013, 03:54:01 AM

There's a tendency for every Ripple related thread to turn into discussions about Ripple. It's certainly not very productive.

🏰 TradeFortress 🏰

vip

Activity: 1316

Merit: 1043

👻

There's a tendency for every Ripple related thread to turn into discussions about Ripple. It's certainly not very productive.

nameface

sr. member

Activity: 406

Merit: 250

OP, You can't just talk some smack and expect to convince anyone that any Bitcoin fan that likes Ripple is some sort of shill.

Also, WTF are you talking about re: the conference? The Ripple guys just stayed at their booth and some interested people gathered around them. They represented maybe ~3% of the space in the main room at best and they were totally chill. You're an idiot.

ElectricMucus

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Quote from: ihsotas on May 21, 2013, 08:20:23 PM

Quote from: Peter Lambert on May 21, 2013, 09:03:17 AM

Quote from: Cablez on May 21, 2013, 08:32:02 AM

I try not to deal in debt in the real world, why would I deal in debt on the internet?? Stick to Bitcoin, its a better idea.

Unless you only ever use cash and bitcoins, you do deal in debt.

Do you deposit money in a bank account? That is accepting Bank IOUs for your cash. Do you ever give somebody a check? That is giving that person an IOU. Later they give it to their bank and that bank gives it to your bank, and then your IOU is used to cancel some of the bank IOUs. Ripple just makes these relationships more explicit and open, not everything has to go through the central bank anymore.

Even cash is debt; that's why they are Federal Reserve Notes, representing an IOU from the government to you.

And Bitcoin, big surprise is pegged to them. It's a closed system folks.

oh wait... apparently not entirely
But since it is not Bitcoin or can't be hoarded for financial gain it isn't worth it, right?

ihsotas

newbie

Activity: 28

Merit: 0

Quote from: Peter Lambert on May 21, 2013, 09:03:17 AM

Quote from: Cablez on May 21, 2013, 08:32:02 AM

I try not to deal in debt in the real world, why would I deal in debt on the internet?? Stick to Bitcoin, its a better idea.

Unless you only ever use cash and bitcoins, you do deal in debt.

Do you deposit money in a bank account? That is accepting Bank IOUs for your cash. Do you ever give somebody a check? That is giving that person an IOU. Later they give it to their bank and that bank gives it to your bank, and then your IOU is used to cancel some of the bank IOUs. Ripple just makes these relationships more explicit and open, not everything has to go through the central bank anymore.

Even cash is debt; that's why they are Federal Reserve Notes, representing an IOU from the government to you.

phelix

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Activity: 1708

Merit: 1020

Quote from: Peter Lambert on May 21, 2013, 11:53:54 AM

Quote from: uMMcQxCWELNzkt on May 21, 2013, 11:47:50 AM

Quote from: Peter Lambert on May 21, 2013, 09:03:17 AM

Quote from: Cablez on May 21, 2013, 08:32:02 AM

I try not to deal in debt in the real world, why would I deal in debt on the internet?? Stick to Bitcoin, its a better idea.

Unless you only ever use cash and bitcoins, you do deal in debt.

Do you deposit money in a bank account? That is accepting Bank IOUs for your cash. Do you ever give somebody a check? That is giving that person an IOU. Later they give it to their bank and that bank gives it to your bank, and then your IOU is used to cancel some of the bank IOUs. Ripple just makes these relationships more explicit and open, not everything has to go through the central bank anymore.

Instead everything can go through the new central Ripple bank.

Ripple is designed to be a distributed system, so there is no central Ripple bank.

As of today it is closed source and centralized.

Peter Lambert

hero member

Activity: 756

Merit: 500

It's all fun and games until somebody loses an eye

Quote from: uMMcQxCWELNzkt on May 21, 2013, 11:47:50 AM

Quote from: Peter Lambert on May 21, 2013, 09:03:17 AM

Quote from: Cablez on May 21, 2013, 08:32:02 AM

I try not to deal in debt in the real world, why would I deal in debt on the internet?? Stick to Bitcoin, its a better idea.

Unless you only ever use cash and bitcoins, you do deal in debt.

Do you deposit money in a bank account? That is accepting Bank IOUs for your cash. Do you ever give somebody a check? That is giving that person an IOU. Later they give it to their bank and that bank gives it to your bank, and then your IOU is used to cancel some of the bank IOUs. Ripple just makes these relationships more explicit and open, not everything has to go through the central bank anymore.

Instead everything can go through the new central Ripple bank.

Ripple is designed to be a distributed system, so there is no central Ripple bank.

mmeijeri

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Martijn Meijering

Quote from: Cablez on May 21, 2013, 08:32:02 AM

I try not to deal in debt in the real world, why would I deal in debt on the internet?? Stick to Bitcoin, its a better idea.

The point is not that trading IOUs in Ripple is a better way to do payments than using Bitcoin, it isn't. The point is that Ripple is a better way to buy or sell Bitcoin against fiat currency than Mt Gox. That is the enormous synergy it has with Bitcoin. Right now, centralised exchanges are Bitcoin's main weakness.

Topic: Ripple trying to take over the Bitcoin Discussion thread (Read 3847 times)