Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 32860. (Read 26707911 times)

You really don't get what?  That preventing DDoS attacks is good?

Look, I know many Bitcoiners have a hard time thinking beyond anything Bitcoin.  I get that.  What Ripple represents is true freedom to use ANY currency you want.  This may fly in the face of those with the delusion that Bitcoin will be the "one world currency" but I assure you, it is a delusion.  

People want choice.  People want options.  Ripple gives them options...any option of the currency(s) of their choice.  If you don't like XRP, don't use it.  If you don't like USD, don't use it.  Use whatever you want and the receiver on the other end of that transaction can receive whatever currency they like.

If you're against freedom of choice and just want to jam one currency down everyone's throat, you'll hate Ripple.  But if you like freedom to choose for yourself and think everyone should have the same freedom, you'll love Ripple and you'll see it's not a competitor to Bitcoin, but a compliment.  It took me awhile to understand that but then again, I had to actually take the time to understand the purpose of the network.    

Okay? So Liberty Reserve had a 1 cent fee, that prevented DDoS (at least, by making tons of transactions) as well.

I really don't get it.

It would actually seem you know nothing about XRP or Ripple, given the ignorant question you asked.  

Yeah, I know all about XRP, I find it disgusting as well.

It is also the only reason they have the VC backing.

Big scheme if you ask me.

I was just wandering if they'd been through some recent growth which might have escaped me... but guess not, it's still the same bs.

It's a built in currency to prevent spam.  For every transaction on the Ripple network a small amount of XRP is destroyed.  This makes it expensive to DDoS the system, for example, and the network can also increase this fee based on load.

It is also the only native currency and can be used as such without trust lines.

This is a common misconception of XRP and the Ripple network.  

The goal of Ripple is not to get people to accept XRP as payment.  That is not necessarily what XRP is for, nor is that what the Ripple network is about.  Ripple is for providing access to ANY currency not just one.  So for Bitcoiners, you could pay a business connected to the Ripple network, that dosen't even accept BTC, with BTC.  The business would receive on their end, any currency they choose.  XRP can be used to facilitate that trade, assuming that is the cheapest path.  Or, if liquidity exists, and it's the cheapest path, BTC -> USD or EUR or whatever the receiving business accepts.

Remember, Ripple is still in deep beta so "traction" is not something that I suspect is being pushed.  Their investor list is quite impressive however, so from that perspective, their traction is quite good.

Ripple is a p2p lending network where payments and defaults "ripple" through a chain of trust.  It will be repeatedly abused by scammers until it is abandoned except as possibly an inter-exchange lending network.

XRP is how you pay transaction fees on the Ripple network.

Can somebody actually explain what XRP is other than another centralized e-currency like Liberty Reserve?

No, there is no liquidity besides Bitstamp, basically. No vendors accept XRP for payment. It's basically speculation for XRP only, and it's highly illiquid. XRP is highly prone to manipulation, much more so than BTC. A single entity can easily dump the value of XRP to oblivion. Indeed, a single entity dropped something like 6 million XRP onto the book (selling them 9-10 XRP below spot, mind you), and that alone has caused the value to plummet from mid-70s, now to the 180s.

It's too bad Ripple is tied to Open Coin. As a payment system, it's pretty brilliant and has a lot of potential to be extremely versatile for payments/micropayments. But the supply of XRP is completely fucked, fuck holding it. At the same time, since Ripple has virtually no liquidity, there is really nothing to be done but trade in and out of XRP.

It's not, and it shouldn't.

It is closed-source, centralized, has a currency called XRP that is 100% premined and in the hands of the creators, and the whole thing is owned by a for-profit company.

Is Ripple actually gaining any traction as a payment network?

I've yet to see a single business accepting XRP or payment through Ripple network, or hear about any major/regular transaction going through it..

Are there any stats about this out there?

Nice 1.7k buy just now

http://youtu.be/ZMhEIzAmYGk?t=57m52s

I'm buying...

 

You're welcome.   

Don't worry, I don't plan to invest very much. I'm just looking to have some hanging around.

Thanks for the info, I appreciate your time.

Well, since we're really just watching Chartbuddy dance around, I'll indulge you.  

First it's important to note that Ripple is not a currency, it's a global payment network that costs virtually nothing to use. Within this payment network you can use any currency you choose.  USD, EUR, YEN, BTC, LTC, PPC or any other currency there is liquidity for.  I say this because it's important to know what you're investing in.  It's not Bitcoin.  It's a true protocol like http, not a single crypto currency.

Second, there is a built in currency, known as XRP, that you can buy and speculate on the potential rise in value.  It's main function however, is to prevent spam within the network.  I will say in the clearest terms that I think investing in XRP's is extremely risky, so don't invest more than you're willing to lose.  

If you want to buy XRP, you simply need to create a wallet and you can either have someone send you some XRP to activate your account or you can purchase some from Bitstamp.  Once your account is active, you can buy and sell XRP right inside the Ripple client.  (Wallet)  If you've seen people selling XRP in the currency exchange, this is what they are doing.  Buying XRP from Bitcoiners and selling them on the open exchange, within the Ripple client, for great profits.