Topic: Theymos: What the fuck is up with BFL and TradeFortress? - page 8. (Read 14360 times)

Oh, really do you need that thread to understand it? WOW

Well people lost 1000$ so now what for them? This is why I dont believe in ripple, I only believe in its investments, but ripple isnt the way to go. Stick with good ol bitcoin

https://www.youtube.com/watch?v=X6WHBO_Qc-Q

thank you for this thread.

http://www.somethingawful.com/d/flash-tub/best-weekendweb-10.php

His newbie thread was to make a point.

BTC and BTC IOUs are not the same thing.

DUH.

You are just butthurt that Ripple is being exposed for the scam that it is.

Proving the point of why not to use ripple, He proved the point so now leave ripple!

"This isn't the kind of software where we can leave so many unresolved bugs that we need a tracker for them." -- Satoshi

Take a look at Ripple's tracker.

Well, this is not a rocket science to build a software that works reliably. You just need some real software developers for that (as opposed to 90%+ of people who call themselves software developers).

Reddit doesn't work that smooth either, as I often see error messages. But I always take error message over pretending that everything went fine (when it didn't). And I can allow some occasional errors on a reddit-like site but not necessarily in a place which wants to hold and manage my money.

Ah. I never bothered looking at it until late last year :-)

They do extreme caching, don't they? I recall a few years ago when they were real laggy / slow and had plenty of "you broke reddit"!

This just makes me all the more impressed at how silky smooth and blinding fast reddit is. They must have crushing volumes, but their site responds to every click instantly, no double rows (as you constantly see on MtGox as well). Looking forward to bitcoin sites reaching a reddit level of technical maturity.

Oh this thread is great in showing that side of ripple which most people don't understand and are not even aware of. The way the system works basically looks like a three-click scam creator for script kiddies.

I am waiting for the first ripple gateway-gate. There will be someone who'll create a gateway and bunch of fake ripple users trading on this gateway like crazy, providing lower spreads and much greater liquidity than Bitstamp's gateway users. Plus some marketing efforts to gain the traction. Most of actively trading ripple users will trust that gateway to be able to trade on it with its users, then one day they'll suck all available BTC.Bitstamp and USD.Bistamp and *.OtherLegitimateGateways replacing them with “equally trusted” BTC.Theirs and USD.Theirs, then withdraw to Bitstamp/other gateways real systems, exchange any USD into BTC and send the real BTC away, then close the shop and laugh.

This is what I learnt about ripple because of this thread so thank you both webr3 and TradeFortress for your contribution in the overall awareness of how ripple works.

Totally on the side: ripple web interface is rubbish. I played with ripple for the first time yesterday, and the interface is totally unreliable. You create a trade order, two seconds later see a confirmation that it has been created and even see it in the order book. You cancel the order to create a different one. You see all confirmations, you see order book showing your orders as you'd expect. You do that creating/canceling couple of times. Then you close the client and open it again and you see that your client was totally out of sync with what really happens on the backend. There were some orders that you cancelled and saw cancelled which actually are still open. There were some orders that you created and saw in the order book which actually aren't there (and weren't executed). I've been using a semi-reliable cellular connection yesterday so maybe it doesn't affect most users in their everyday usage, but the fact that it happens on unreliable connections shows that the software is very broken and if it's rubbish in the web client, you should expect it to be rubbish elsewhere as well.

Considering that ripple idea has some serious no-nos (just screaming to use it as three-click scam creator; founders holding tons of XRP; lot of things happening behind closed doors with no transparency) and their software is rubbish, I think it settles my opinion on ripple.

Regarding scam accusations, I'm too new here to throw rocks so I have nothing to say here. Forgive me off-topic post but I found this thread great in providing warnings on how ripple works and how it can be used to replace real currency with worthless IOUs in clueless users wallets. The whole situation deserves to be described objectively and sticked in the altcoins board to warn people on what might happen when they use systems they don't understand.

Did you come here from the trollbox on BTCe? Grow Up.

That's exactly that I'm saying: that they're programmers. And also idiots. And also early Bitcoin users, who have been pushed out for their idiocy and are now looking for something small enough so they can continue stroking their idiocy rather than fix it. The good news is that indeed MP doesn't give a shit about Ripple, so you may continue the tardparty. Learn to read between the lines.


Thus BitstampBTC and TradeFortressBTC Mr Clueless Programmer guy sir. Why is this so hard? Is it because you're trying to do finance stuff in BTC without having even heard of mystical magical stuff like say *the eurodollar*? Why do you think it's called EUROdollar (and if you go wikipedia that shit I'm going to punch you in the balls through the fucking monitor).

Stop imagining that if you can code you're worth two shits in the real world. Most of the time the reason you're a programmer IS BECAUSE YOU'RE NOT WORTH TWO SHITS IN THE REAL WORLD. Strictly. Strictly that.

Sure, some very talented people are programmers because that's what they chose for themselves. You're NOT THAT. You're the guy who wasn't good enough to sling dope.

So there are 2 different kinds of BTC now? Don't be stupid, there is one BTC, and different people who say they will make good on IOUs for BTC. Bitstamp is one, TradeFortress is another.

Bitstamp makes good on it's IOUs, TradeFortress, you, do not.

Ripple works, you are untrustworthy, you send people undated cheques for them to cash at any point and take out overdrafts with them, then when the people you've sent the cheques to cash them in against the overdrafts you've taken out, you claim no responsibility.

The worst bit is, you did this with eyes wide open, in fact the first person to honor your IOUs was you yourself, you took out 10.15 BTC from me, paid it back, took it out again, incurred another 51 btc debt that is as yet unfunded, and ultimately have 10.15 btc cashed out, and 51 btc waiting to be cashed out.

I put in 10.15 BTC to prevent some poor sucker from getting scammed out of their life savings by your foolish vindictive scheme.

I would think you are more intelligent than that, however I guess my assumption was incorrect.

I'm not sure if you understand it or not, but I don't choose if you lose your money or not. I have no control if someone decides to exchange your BTC.Bitstamp for their BTC.TradeFortress.

So, let's say you did extend your trust and put more BTC.Bitstamp in your account. I can't stop you in any way, other than laughing at how retarded you are. Seriously.

Kids, don't use Ripple in it's current state.

Q: When you set up your scheme, was it with the intention that somebody would loose some "real" BTC?

Also, how comfortable would you be if I extended that trust up to say 30,000 BTC and put in 250 bitstamp backed BTC a day in to that account? Would there be a cut off point were you wouldn't want to incur any more debt, a point where courts may get involved?

Sure, I'm untrustworthy on the things I never promised I'll do.

Ask someone who I actually promised (coinlenders users, btcinvest shareholders) if I'm trustworthy or not.

So you admit you are untrustworthy then.

Let me quote this:


Oh wow, isn't that exactly what happened. I already stated that I have no intention of honoring it.

TL;DR response to your question: never.