Hi guys. I try to add my Ripple address to the forum but I can't. Anyone know why?
thanks.
Topic: Ripple & XRP: a potential successor to BitCoin? - page 2. (Read 1937 times)
Why would anyone use the system if they keep half the XRPs for themselves?
Let me first give a disclaimer here... I'm still learning about Ripple and its underlying algorithm.
I think you're probably right to say that ripples (XRP) probably won't become a store of value, but that being said, it doesn't need to be a store of value to be a medium of exchange. I think it's very possible that ripples will be an incredibly good cross-currency means of exchange (through its distributed exchange platform,) and that may enable it as an incredible "floating price currency" that no one actually holds for very long (except the gateways, I believe.)
Under these circumstances, something like Bitcoin may be the unit of accounting (everything priced in Bitcoins, profits, losses, etc.) and everyone may hold their value in Bitcoins, but if they want to exchange, they may send it along a Ripple based payment system. Even if it isn't exchanging out of Bitcoins, it looks like Ripple is a great exchange platform.
Perhaps another way to think about it is that Ripple may be a way to make Paypal, Mt. Gox, and even stock exchanges into a P2P system. That all being said, there seems to be a lot that OpenCoin (the developers behind Ripple,) haven't actually created yet... So many parts seem to just be promises that may be much more difficult to implement than they believe.
We shall see, but I am very interested myself, that's for certain.
I think you're probably right to say that ripples (XRP) probably won't become a store of value, but that being said, it doesn't need to be a store of value to be a medium of exchange. I think it's very possible that ripples will be an incredibly good cross-currency means of exchange (through its distributed exchange platform,) and that may enable it as an incredible "floating price currency" that no one actually holds for very long (except the gateways, I believe.)
Under these circumstances, something like Bitcoin may be the unit of accounting (everything priced in Bitcoins, profits, losses, etc.) and everyone may hold their value in Bitcoins, but if they want to exchange, they may send it along a Ripple based payment system. Even if it isn't exchanging out of Bitcoins, it looks like Ripple is a great exchange platform.
Perhaps another way to think about it is that Ripple may be a way to make Paypal, Mt. Gox, and even stock exchanges into a P2P system. That all being said, there seems to be a lot that OpenCoin (the developers behind Ripple,) haven't actually created yet... So many parts seem to just be promises that may be much more difficult to implement than they believe.
We shall see, but I am very interested myself, that's for certain.
I recently learned about Ripple and its crypto-currency, XRP.
At first I thought XRP could potentially outclass bitcoin with Ripple's efficient alternative to proof-of-work (Consensus).
But recent reading has lead me to believe that XRP will never become anything more than a mechanism for limiting abusive transactions.
It seems they (Ripple) are marketing themselves as some kind of virtual decentralized Western Union, where the primary currencies being transferred are fiat (or Bitcoin for now).
I guess my question is: Does Ripple present the same opportunity to compete against central banks as Bitcoin does, or is it just trying to be the next PayPal? Also: Will XRP ever be traded the same way bitcoin is?
At first I thought XRP could potentially outclass bitcoin with Ripple's efficient alternative to proof-of-work (Consensus).
But recent reading has lead me to believe that XRP will never become anything more than a mechanism for limiting abusive transactions.
It seems they (Ripple) are marketing themselves as some kind of virtual decentralized Western Union, where the primary currencies being transferred are fiat (or Bitcoin for now).
I guess my question is: Does Ripple present the same opportunity to compete against central banks as Bitcoin does, or is it just trying to be the next PayPal? Also: Will XRP ever be traded the same way bitcoin is?
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