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Topic: Why Ripple™ is against everything Bitcoin - page 17. (Read 45626 times)

vip
Activity: 1316
Merit: 1043
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The only people that are advocating Ripple are those that have received large amount of free XRP, and are trying to scam the rest into buying them at inflated rate.

I have a feeling that it's vice versa: most of the people who are claiming that Ripple is scam are those who want to buy large amount of XRP, and are trying to scam the rest into selling them at a low rate.


100 btc if I (as a person) ever tries to buy a single ripple. My word is my bond.

By the use of vice versa, you're thinking people who think Ripple are a scam are advocating Ripple?
sr. member
Activity: 309
Merit: 250
The only people that are advocating Ripple are those that have received large amount of free XRP, and are trying to scam the rest into buying them at inflated rate.

I have a feeling that it's vice versa: most of the people who are claiming that Ripple is scam are those who want to buy large amount of XRP, and are trying to scam the rest into selling them at a low rate by promoting FUD.
legendary
Activity: 1470
Merit: 1006
Bringing Legendary Har® to you since 1952
Ripple is still being developed, why demand to see something that's not even finished yet?
I'm actually mad because of their insolent lying, not because of the closed source.

If somebody want's to do closed source, that is OK with me - I don't have to use it. But if somebody produces something closed and tries to sell it as Open Source, then something is seriously wrong.
full member
Activity: 232
Merit: 100
Joel,

I suggest that you, being a staff of opencoin, should stop lurking on the forum, and spend more time fixing information on Ripple official webpage/Wiki.

The information there is utterly rubbish and cannot convince anyone that Ripple is genuinely offering a "revolutionizes payment" system [words from their wiki page]

The only people that are advocating Ripple are those that have received large amount of free XRP, and are trying to scam the rest into buying them at inflated rate.

No one have yet to articulate the real value of going through the Ripple workflow of fiat->ripple->transaction->ripple->fiat.  Ripple have not even proof convincingly that by going through all this extra hassle, the transaction fee will be cheaper than the 2% transaction fee that Visa charge today.

Ripple may not be intended as a scam, but all the manipulation of XRP prices right now, are making the company looking highly suspicious.

Good luck to those idiot VCs who put in their money based on how little information Ripple had published.  
 
Taz
full member
Activity: 210
Merit: 100
Ripple could potentially blow bitcoin out of the water mass acceptance wise simply because it's sleeker and more user friendly, which is a huge bonus for the average person, while keeping things pretty much the same as they are now.
That being said I don't really see anything to hold against Opencoin, they're just doing business.
Ripple is still being developed, why demand to see something that's not even finished yet?
legendary
Activity: 1470
Merit: 1006
Bringing Legendary Har® to you since 1952

Ripple will never be open source. Not with major investors sitting at the boardroom table who want to protect their intellectual property.
Their intellectual property won't have much value until Ripple goes open source. Duh.

I for one will not trust any "open" currency which is open only in name.
I want to have the sources so i can confirm it does what it does. I will not trust a good word from the producer.

Lying on their main site & wiki completely crosses out the whole Ripple thing to me. They are not to be trusted if they LIE from day one, damnit !
hero member
Activity: 1036
Merit: 500

Ive read some outrageous things on here, but thats ridiculous and if someone is paying 5BTC to slander Ripple, then I should get like 50BTC.


I totally agree with you, cdog. You're the undisputed king of slandering Ripple.

Wait...you do realize that "slander" means to make false statements about a person/entity, right?

No actually I didnt and I misused that word. I thought slander was a synonym for defame, its not, shame on me.

My goal is to defame ripple, expose it for what it is, a for-profit scheme, which if not technically a scam or pyramid, offers no real utility.

Ripple has 3 major issues: Its not decentralized (a huge security flaw), the currency it uses was issued and not mined (OpenCoin can simply issue themselves more), and interest free debt has a negative expectation (as someone who has loaned a lot of juice-free dough to friends, I can speak to this personally).

I think Ripple brings a lot of interesting ideas to the table, but its implementation of those ideas is terribly flawed to the point of making it worthless.

I dont see how it can possibly have a longterm future, so my goal is to help people educate themselves about this reality, so rather than putting time, effort, and their hard earned income into supporting it, direct them towards BTC and LTC, which I believe strongly will both be around for many years - at least until someone is able to create something better, like perhaps Netcoin, but thats still in early development...
sr. member
Activity: 406
Merit: 250

Ripple will never be open source. Not with major investors sitting at the boardroom table who want to protect their intellectual property.


Their intellectual property won't have much value until Ripple goes open source. Duh.
sr. member
Activity: 295
Merit: 250
"to survive, we must live and fly"
"[Ripple] will be fully open sourced soon, so anyone can build on top of it."  (https://ripple.com/how-ripple-works/)

AFAICT they would gain far more in credibility by releasing it now than they might lose in community whiplash when they push from one alpha release to the next (and breaking a bunch of stuff in the process). With all the recent investment activity (a16z last month, now Google Ventures), you'd think they would want to use the PR spike to cement mindshare rather than raise more questions. David Schwartz has been really good about trying to answer questions (here and elsewhere), but it seems like he's their one-man army, and there's a backlog of concerns building up....

Ripple will never be open source. Not with major investors sitting at the boardroom table who want to protect their intellectual property.


Ripple will open source because open source is vital to garnering trust and facilitating adoption of the Ripple protocol.
legendary
Activity: 1078
Merit: 1006
100 satoshis -> ISO code
"[Ripple] will be fully open sourced soon, so anyone can build on top of it."  (https://ripple.com/how-ripple-works/)

AFAICT they would gain far more in credibility by releasing it now than they might lose in community whiplash when they push from one alpha release to the next (and breaking a bunch of stuff in the process). With all the recent investment activity (a16z last month, now Google Ventures), you'd think they would want to use the PR spike to cement mindshare rather than raise more questions. David Schwartz has been really good about trying to answer questions (here and elsewhere), but it seems like he's their one-man army, and there's a backlog of concerns building up....

Ripple will never be open source. Not with major investors sitting at the boardroom table who want to protect their intellectual property.
newbie
Activity: 28
Merit: 0
Are my questions too basic? Too obscure? Too repetitive? I really have been looking, but I've not found what seem to me to be answers to the questions below:



All good questions as far as I can tell. I'm especially curious about this source code escrow revelation (and the actual mechanics of that), as well as the basic question of what OpenCoin means by 'soon':

"[Ripple] will be fully open sourced soon, so anyone can build on top of it."  (https://ripple.com/how-ripple-works/)

AFAICT they would gain far more in credibility by releasing it now than they might lose in community whiplash when they push from one alpha release to the next (and breaking a bunch of stuff in the process). With all the recent investment activity (a16z last month, now Google Ventures), you'd think they would want to use the PR spike to cement mindshare rather than raise more questions. David Schwartz has been really good about trying to answer questions (here and elsewhere), but it seems like he's their one-man army, and there's a backlog of concerns building up....
hero member
Activity: 563
Merit: 501
betwithbtc.com
I can't believe Google Ventures and IDG Capital Partners (a $2.5 billion fund) just invested in OpenCoin. Man, these guys are pulling the wool over everyone's eyes!   Roll Eyes
legendary
Activity: 3038
Merit: 1660
lose: unfind ... loose: untight
legendary
Activity: 1764
Merit: 1002
I do not understand it at all.  I watched all the videos.  I can't figure out how I would trade btc for USD with it, something I assume it would do easily.  

We don't have a "pay to self" link or conversion wizard yet, so there's an extra step:

1 ) You open the client.




Lost me already.   Are you talking about pointing a browser to ripple.com/client ?

lol, and you're only at step 1!

this is what ihsotas was talking about...

...Joel has me lost too.
legendary
Activity: 1264
Merit: 1008
I do not understand it at all.  I watched all the videos.  I can't figure out how I would trade btc for USD with it, something I assume it would do easily.  

We don't have a "pay to self" link or conversion wizard yet, so there's an extra step:

1 ) You open the client.


Lost me already.   Are you talking about pointing a browser to ripple.com/client ?
legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
I do not understand it at all.  I watched all the videos.  I can't figure out how I would trade btc for USD with it, something I assume it would do easily.  

First, the BTC has to be in your Ripple account. If it's not, use a gateway to withdraw to Ripple.

We don't have a "pay to self" link or conversion wizard yet, so there's an extra step:

1 ) You open the client.

2 ) You log into your account.

3 ) You select 'Send'.

4 ) If you added yourself to your contact list as "self", type "self" for the destination account. Otherwise, paste your own account in.

5 ) Enter the amount of USD you want to buy. Select USD from the currency dropdown.

6 ) Wait a few seconds for the pathfinding engine to find the best deal it can for you using all the liquidity in the Ripple network.

7 ) If the number of BTC it says it will cost you sounds good to you, push 'Send'.

8 ) In about four seconds, your BTC will be gone and your Ripple account will now have USD.

You now have USD in your Ripple account. If you want it elsewhere, withdraw from Ripple.
vip
Activity: 169
Merit: 100
bank is against everything gold.
newbie
Activity: 28
Merit: 0
I have tried at length to understand Ripple. 

I do not understand it at all.  I watched all the videos.  I can't figure out how I would trade btc for USD with it, something I assume it would do easily. 

It seems like a lot of branding, a lot of nice slides, 100B of a new crypto, centralized, I don't see what the buzz is about, this thing ain't gonna get off the ground IMO

I think Ripple/Opencoin has the worst technical writers of almost any Series A startup I've seen. Trying to piece together a clear explanation for how it works has required synthesizing various pages from their site (complete with two FAQS -- https://ripple.com/faq/ and https://ripple.com/wiki/FAQ), as well as surfing this and other forums/blogs to find David Schwartz / "Joel Katz" explaining in little pieces what's going on -- and I still can't say that I get it. The various metaphors on their site ("http for money!") sound like a marketing drone's language, not by and for developers.

At the same time, I believe that they are trying to solve many of the major problems with Bitcoin breaking into the mainstream, so I plan to meet the developers at the conference this weekend and see if they can provide the Grand Unified Theory of Ripple.
legendary
Activity: 1232
Merit: 1014
FPV Drone Pilot
I have tried at length to understand Ripple. 

I do not understand it at all.  I watched all the videos.  I can't figure out how I would trade btc for USD with it, something I assume it would do easily. 

It seems like a lot of branding, a lot of nice slides, 100B of a new crypto, centralized, I don't see what the buzz is about, this thing ain't gonna get off the ground IMO
legendary
Activity: 1596
Merit: 1012
Democracy is vulnerable to a 51% attack.
Actually, I would not suggest to use more than two identification tokens (a ripple account string, hotwallet address, and a validation key), at least the validation key(or the hash of it) should somehow be made a validating node's unquestionable first identity.
I agree. That's a better solution. We have provable association between accounts and domains already. Thanks again. (We had discussed proof of stake for validators in the past, but we kind of forgot about it.)
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