For most users, probably nothing.
Using it to make payments with XRP would be very useful for most users.
Topic: The True Explanation of Ripple for Bitcoiners - page 2. (Read 17461 times)
Using it to make payments with XRP would be very useful for most users.
So what is left for Ripple if you do not involve yourself with any transactions involving Fiat?
For most users, probably nothing. Perhaps a group of interconnected businesses would find it useful to monetize their accounts receivable and conduct payment in kind transactions between themselves.Is there a way to transact Fiat without being dependent on exchanges?
Yes, but it will take a lot to build because you'll need a lot of communication and logistics outside of Ripple to make it work. 
like i said before:
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
In Bitcoin you can ONLY get other Bitcoins (that you "own") or untradeable and implicit IOUs in transactions. In Ripple you can get XRP (that you "own") or tradeable and explicit IOUs in transactions.
Ripple is complementing Bitcoin, not trying to replace it. You can use it if you either trust somebody else (e.g. a gateway) or if you are trusted yourself (so others will accept your IOUs and you are the gateway), no matter the actual currency.
Ripple is complementing Bitcoin, not trying to replace it. You can use it if you either trust somebody else (e.g. a gateway) or if you are trusted yourself (so others will accept your IOUs and you are the gateway), no matter the actual currency.
Simply not true, not for making payments in Ripple and not even for trading IOUs.
So what is left for Ripple if you do not involve yourself with any transactions involving Fiat? Is there a way to transact Fiat without being dependent on exchanges?
See any goat/rosenfeld/kenna/katz/gmaxwell/lukejr/blablabla behind it...run.
But, but... he hasn't even posted yet! https://bitcointalksearch.org/user/blablabla-27249
he's busy deleting posts of mine as well. he's a scumbag Ripple shill.
Well with the old scamschool running abeach what with the twin MtGox/BFL failures, he needs something new.
In general you can tell which projects are scams by who promotes them. See any goat/rosenfeld/kenna/katz/gmaxwell/lukejr/blablabla behind it...run.
Ripple serves no purpose except adding an unnecessary intermediary to the transaction.
It's like asking someone to print an email, buy the stamps (XRP) and send it via postal rather than sending it electronically in the first place.
It's like asking someone to print an email, buy the stamps (XRP) and send it via postal rather than sending it electronically in the first place.
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
whereas in Ripple, licensed trusted financial institutions, are.
Simply not true, not for making payments in Ripple and not even for trading IOUs.
like i said before:
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
In Bitcoin you can ONLY get other Bitcoins (that you "own") or untradeable and implicit IOUs in transactions. In Ripple you can get XRP (that you "own") or tradeable and explicit IOUs in transactions.
Ripple is complementing Bitcoin, not trying to replace it. You can use it if you either trust somebody else (e.g. a gateway) or if you are trusted yourself (so others will accept your IOUs and you are the gateway), no matter the actual currency.
what is wrong with you? can't you get the message when your threads keep getting moved off Discussion?
like i said before:
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
like i said before:
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
You know what they call people who only make self moderated threads in the alt currency section? Scammers.
Fitting for MrBig here, the scamcoin Ripple shill, to associate himself with that lot.
what is wrong with you? can't you get the message when your threads keep getting moved off Discussion?
like i said before:
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
like i said before:
in Bitcoin, exchanges aren't critical for the network to funcition.
whereas in Ripple, licensed trusted financial institutions, are.
Why would someone think trying to sell the ability to create IOUs to bitcoiners would give them anything but shit and drama? Debt Stinks... I should know 
I don't use exchanges and I don't plan to. At least with MtGox and other exchanges I would know what I would be getting into.
Has anyone claimed Ripple to be open source? If the answer is yes, where is the source code?
Has anyone claimed Ripple to be decentralized? If the answer is yes, is it infact true?
I'm not trying to troll, these are legitimate questions. I haven't been following Ripple lately, because I don't particularly like IOUs.
That's a healthy amount of money you have there misterbigg!
He obviously values IOUs from a central authority which has recently had their liquidity threatened.
That's a healthy amount of money you have there misterbigg!
Why would someone think trying to sell the ability to create IOUs to bitcoiners would give them anything but shit and drama? Debt Stinks... I should know
All IOUs for the same real-world instrument (BTC, USD, Gold, Oranges) are regarded as fully fungible 1:1 even though they originate from different people with different circumstances. This means that:
This is simply false. IOUs aren't interchangeable in Ripple until you say so. If you say that you are willing to accept IOUs in a given currency issued by a certain person, then Ripple will make use of that when routing payments. If you don't, it won't. If you are willing to exchange IOUs in the same currency issued by different gateways or even individuals, then you can specify the exchange rate and Ripple will make use of that when matching trades and routing payments. By default, the Ripple system will not accept anyone's IOUs and won't trade one person's IOUs for another's, let alone 1:1.
I said it in another thread and I'll say it again here.
Ripple is the corporate/banking world's attempted co-op of the crypto-currency movement.
It says, "Hey you know that crypto currency idea? Well it sounds great, but why don't we centralize it so we can make a huge profit instead of allowing the common people to create added wealth on their own."
The main thing to focus on here is CONTROL, ripple gives control back to a small group of individuals which flies completely in the face of the philosophy of cryptocurrency's "forefathers". Im very concerned greed and stupidity(along with PR firms hitting the airwaves and brainwashing the gullible masses) will win out and people will slowly start backing ripple over bitcoin.
Ripple is the corporate/banking world's attempted co-op of the crypto-currency movement.
It says, "Hey you know that crypto currency idea? Well it sounds great, but why don't we centralize it so we can make a huge profit instead of allowing the common people to create added wealth on their own."
The main thing to focus on here is CONTROL, ripple gives control back to a small group of individuals which flies completely in the face of the philosophy of cryptocurrency's "forefathers". Im very concerned greed and stupidity(along with PR firms hitting the airwaves and brainwashing the gullible masses) will win out and people will slowly start backing ripple over bitcoin.
Why would someone think trying to sell the ability to create IOUs to bitcoiners would give them anything but shit and drama? Debt Stinks... I should know
The fact that Ripple is centralized, in direct opposition to bitcoin, made me doubt it. Putting it like this:
(Link:)
https://bitcointalksearch.org/topic/m.2175819
I have never gotten a very valid answer as to how many people control Ripple.
If it is under the control of a few people, it is against the whole bitcoin idea.
...and nevermind that it is closed-source.
Quote
Services like Ripple are destined to go the way of any service which proposes to establish Bitcoin functionally within the existing Fiat frameworks. Bitcoin is not meant to live alongside Fiat. It is meant to kill it. With extreme prejudice.
(Link:)
https://bitcointalksearch.org/topic/m.2175819
I have never gotten a very valid answer as to how many people control Ripple.
If it is under the control of a few people, it is against the whole bitcoin idea.
...and nevermind that it is closed-source.
And the number of times Ripple shills have said oh these XRP aren't primarily meant to be used to pay for things etc yet they say in their interviews XRP becoming valuable is their entire business model.
There are some discussions about Ripple(s) going on right now on /r/bitcoin.
The Ripple supporters alternate back and forth between
"XRP are as good as worthless and will totally never be used as a currency, guaranteed"
and
"XRP do have worth and will be used to pay Opencoin for their efforts in creating Ripple, which is totally fair and not a problem at all, even when they premined 100% of the XRP themselves and are a for-profit organization that will most likely try to maximize their profits in any way possible".
I would probably be a great supporter of the Ripple system, if the way Opencoin designed it didn't seem to me like the (potentially) biggest premine-scam ever pulled off.
There seems to be an extremely serious technical flaw which goes to the heart of an IOU trading system:
All IOUs for the same real-world instrument (BTC, USD, Gold, Oranges) are regarded as fully fungible 1:1 even though they originate from different people with different circumstances. This means that:
a) there is no accounting for expiry or settlement. IOUs are issued with no agreed redemption date. This means payers are effectively making open-ended gifts.
b) there is no weighting for the creditworthiness of the issuer e.g. an IOU for 100 USD from person X equals an IOU for 100 USD from person Y, even though person X has a million-dollar house and person Y lives in a culvert.
A further problem is social.
1) 1000 years of Contract Law
2) Ripple
3) Bitcoin
Which is the odd one out?
(Hint: two of them attempt to overcome a particular human failing...
Breaches of trust
All IOUs for the same real-world instrument (BTC, USD, Gold, Oranges) are regarded as fully fungible 1:1 even though they originate from different people with different circumstances. This means that:
a) there is no accounting for expiry or settlement. IOUs are issued with no agreed redemption date. This means payers are effectively making open-ended gifts.
b) there is no weighting for the creditworthiness of the issuer e.g. an IOU for 100 USD from person X equals an IOU for 100 USD from person Y, even though person X has a million-dollar house and person Y lives in a culvert.
A further problem is social.
1) 1000 years of Contract Law
2) Ripple
3) Bitcoin
Which is the odd one out?
(Hint: two of them attempt to overcome a particular human failing...
Breaches of trust
i think you just gave us the 30 sec elevator speech for Ripple.
There seems to be an extremely serious technical flaw which goes to the heart of an IOU trading system:
All IOUs for the same real-world instrument (BTC, USD, Gold, Oranges) are regarded as fully fungible 1:1 even though they originate from different people with different circumstances. This means that:
a) there is no accounting for expiry or settlement. IOUs are issued with no agreed redemption date. This means payers are effectively making open-ended gifts.
b) there is no weighting for the creditworthiness of the issuer e.g. an IOU for 100 USD from person X equals an IOU for 100 USD from person Y, even though person X has a million-dollar house and person Y lives in a culvert.
All IOUs for the same real-world instrument (BTC, USD, Gold, Oranges) are regarded as fully fungible 1:1 even though they originate from different people with different circumstances. This means that:
a) there is no accounting for expiry or settlement. IOUs are issued with no agreed redemption date. This means payers are effectively making open-ended gifts.
b) there is no weighting for the creditworthiness of the issuer e.g. an IOU for 100 USD from person X equals an IOU for 100 USD from person Y, even though person X has a million-dollar house and person Y lives in a culvert.
Again, I'll repeat myself.
You can set up a fee so when IOU-BTC-Bitstamp are converted to IOU-BTC-SOMETHING-ELSE through your account, they are not 1:1 anymore. This is called "transfer rate". So there is no problem. You can set this fee to 90%. That mean that you need 1.9 of IOU-BTC-SOMETHING-ELSE to convert it to 1.0 of IOU-BTC-Bitstamp.
listen to what justusranvier just said about how "real" banks do due diligence. anything anyone does with fees within Ripple will just be a guess. especially since it will be a primarily small tx network.
this will lead to chaos.
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