Topic: Why Ripple is Superior to Bitcoin... - page 4. (Read 5712 times)

I was just giving some end use examples.  These type of things could be done with or without your bank.  Once something is in Ripple you can work with anyone else in Ripple.  So if someone gets in through their bank and I get in through my bank, we can do transactions with each other that don't involve either of our banks.   I could pay you BTC and never have touched a Bitcoin, if that's all you take when we do a transaction (and no banks need to be involved).  This is why I am saying that I think reaching a critical mass of users is important in Opencoin's business plan (my opinion only - I don't have anything to do with Opencoin Inc.) before they release the open source code.   Users are what will make Ripple powerful as a payment system - not the price of xrp (or even xrp at all).

50,000 XRP on hand ..since it's a revolutionary system and clearly superior to Bitcoin, I'd be willing part with it for a mere BTC500. Should be a steal once XRP takes off.

Naturally I'm willing to negotiate.

Low cost and easy implementation are sound arguments. But exchange between currencies is really not a problem with credit cards either. It is no problem to do online purchase in a different currency than your own with a credit card. The card company do the exchange for you. (and their exchange rates are not bad)

This ^^^ and the fact that I use cash all the time too. I never bought the hype about cash being a pain in the ass. I love using cash.

The real problem is that I can get cash back already using various credit cards and debit cards. I know plenty of people who get free flights or other perks from using something other than cash that already exists. Why would they want to switch to "ripple".

Bitcoin has its place for sure and always, but ripples place was filled by Credit in the 80's, and Debit in the 90's. Once you add the perks for these cards and the fact that people are so used to using them you can see why most people will never switch out of what they already have today for most small and quick purchases.

Sure.  How much do you have and what do want for it?




Yeah, the issue here isn't whether it's open or closed source.  The issue is that the Ripple payment system has a better chance of making alternative currencies (including Bitcoin) more mainstream than Bitcoin does.  However, it's hard to get you guys to think of anything other than the currency side of all this.  That said, Opencoin said they'll be releasing the open source after Ripple comes out of Beta and I imagine if they don't then the project would end up failing.  

I should be more clear... these companies will most likely be financial type companies that are involved in money moving already.   Why would they use this?  Low to no cost of implementation and maintenance while simultaneously allowing your customers more services.  There might be other reasons too.   But those would be the top one's I would think.   Through this interface you could send $120 US to someone by sending BTC,  or 300 EU by sending an equivalent in LTC.   If two banks you deal with are on the system you could send your money from one to the other account instantly.   A merchant would be able to accept 100's of currencies if they wanted to without using different merchant providers, you could send $100 from your bank account to your friend in Italy without having the extra step of sending it to a Paypal. etc. etc.  

I apologize if someone has pointed this out already, but...OP, you do realize that Bitcoin and Ripple are entirely different virtual transaction utilities, right? Saying one is better than the other is like trying to explain why apples are better than oranges.



Correct, for the most part anyway. Bitcoin was designed as an anonymous P2P system. Anything where a real world identity is unknown or otherwise obfuscated has a greater likelihood for a compromise of trust.


Partially true. Bitcoin (as well as any niche item/product/tool) starts off as entirely "fanboy" based. As the virtual economy grows, and assuming it gathers attention along the way, so does the community around it. Growth in any financial area (whether commodities, currencies, company stock, etc) always attracts speculators...the same applies to Ripple. People are buying and selling XRP for BTC. Not sure if you knew this or not, but this is called speculation.


I'm going to go out on a limb here, but that scenario isn't intended for Bitcoin. However, if you change [a pizza] to [any non-perishable item] and [at their corner store] to [from anywhere in the world, and all anonymously], then I'd say "yes" it is worth it.


I think I have a better system, though it's along the same lines. Hear me out, I promise it's worth while:

What if we had sort of a paper currency..something we could hold in our hands and see with our own eyes? It would have to be distributed though, so I propose some sort of central agency that has all of the currency on reserve, and then from there they distribute it out to various nodes, which in turn come to us. It's an incredible "trust based" system, since trading the currency requires you to have an in-person interaction. In order to keep the currency flowing, we could do favors for each other (like mowing lawns, fixing cars, building computer systems, etc) and we would use this currency to compensate the person doing the work. If we get enough people to jump on this bandwagon, we could create an enormous economy seemingly overnight!


Could be true. I happen to have a few XRP lying around not being used for anything...interested in buying?



I actually cringed when I read this, and I can tell others did as well. I wasn't cringing so much at the statement, but more at the thought of you losing about 90% of any credibility you had 

too bad you only have Visa and PayPal in the US.
In Europe many webshops have some online-banking connection to quickly transfer some money. instantly and free.  
(like IDEAL and Giropay). They solve the same issues as Ripple wants to solve, but with more security and protection (by banks, ironically..

(Paypall and Visa have never been that popular in Europe. personally I refuse to use it.)

... also SEPA (Single European Payment Area) seems to have been designed for all this.

Well, If I actually am the company, why do I use Ripple for my payments rather than the alternatives?

The end user most likely won't be the one to choose this intially.  Most likely you will end up using Ripple because a company is using the system and you'll have a custom app to access it.

I think that Bitcoin users are having a hard time wrapping their head around this, because they are trying to fit the way Bitcoin got adopted to the way Ripple will be adopted and the two will not be the same.

Ok, so if I want to do a payment or move some money - why should I use Ripple, when I already have Visa and PayPal, and perhaps also bitcoin?

With these insults u derail ur own thread.

I love when muppets parrot the same thing they've seen in 20 other places, without giving any thought to what's been written in the thread they are responding to.

Cue parrot voice:  "Ripple is a scam for devs."  "Ripple is a scam for devs."  "Ripple is a scam for devs."

Go back to reading a LTC thread dumbass, we don't want you to step out of your comfort zone.

can it still be transfered?

Gtfo with ripple, its so stupid and then claiming it is superior while 80% IS FOR THE GODDAMN DEVS = THEM GETTING FREE MONEY = SCAM.

Nuff said.

I understand that we are on a cryptocurrency subforum and so cryptocurrency is the main thing on people's brains, but is it really that hard for you folks to wrap your head around the fact that Ripple is a PAYMENT SYSTEM FIRST?

If it succeeds as a payment system then it its currency will take off and its founders will make a lot of money.   So what?

Its strength is that it that its a distributed payment processing system for existing currencies.  People that want to get into the money moving business can do so without investing millions of dollars in software development and overhead.   This is its strength - moving existing currencies through a distributed payment system that doesn't cost much to implement.

As to not using mining and distribution...

While the scheme of creating "virtual mining" to mimic the difficulty of real mining was not only useful but brilliant, it is not the only way to "skin this cat" as they say, and it really depends on what you want to accomplish.  In this case, as I've mentioned in my original post, they are using xrp as a sort of stock IPO (IMO).   If the payment system takes off, they and all the early people involved in the "IPO" will be rich.  If not, they won't.  

This is not a "currency" launch, it's a payment system launch that has a currency attached to it.  (maybe repeating myself will get this point through)  Getting people to adopt this payment system will involve lots of work that involves a lot more than programming.  

Ripple is kind of a scam, because OpenCoin owns all the XRP - even if they give away 50% they will be incredible rich if Ripple achieve large-scale adaptation. Bitcoin has for all practical matter the same problem: A very small group owns a large part of the total supply. This is the property for a commodity, not a currency. It is a pity that the great technology behind Bitcoin and Ripple has not yet found its way into an application that is not some kind of a Ponzi scheme.

I don't understand why they don't distribute certain amount of xrp per day automatically to all existing accounts  equally. Sort of reverse demurrage. This would be fair imo.

Qubic already combined both.

XRP has a consensus model, not a proof-of-work mining model like Bitcoin that uses mining to distribute the coins.  It would be an interesting problem to somehow combine the two.  If a consensus model distributed coins to miners, that would seem to imply that only those who are part of the consensus would received the mined coins, which would also seem to not be fair.  As a future exercise, it might be interesting to create a coin that allows a consensus to build among any interested parties that still uses the virtue of distributing the coin through mining.