Lol, the world DOES NOT need Ripple XRP, period.
Yup you are smarter than these investors
Topic: Why the world needs Ripple XRP - Whitepaper - page 4. (Read 12425 times)
Yup you are smarter than these investors
Lol, the world DOES NOT need Ripple XRP, period.
Quote
However, not all digital assets are created equal. BTC and ETH, in particular, may rank highest in market capitalization but are simply not designed to support the diversity of institutional use cases and the scale that global interbank settlements require.
https://ripple.com/xrp-portal/xrp-resources/xrp-compares-btc-eth/
Live working transaction between ATB to Reisebank in 8 Seconds using ripple XRP
https://www.youtube.com/watch?v=bAnHzDEP8GM
https://www.youtube.com/watch?v=bAnHzDEP8GM
Seems strange to have this pop up after people questioning the huge releases of xrp by the foundation and questionable code. Me thinks some crowd control is in the works.
Response to China CERT Report
Jan 12, 2017 | David Schwartz
As a leader in open-source, distributed financial technology, Ripple recognizes the importance of security researchers and we always encourage responsible disclosure of potential security vulnerabilities via our bug bounty program. Ripple also employs regular external security audits and, as a matter of practice, the maintainers of the Ripple Consensus Ledger (RCL) technology (rippled) routinely use static and dynamic analysis tools on the C++ codebase (most recently version 0.50.0-b1).
The results of the last internal static analyzer run determined that the defect rate of rippled was below the threshold that is typical for open source projects. To date, there have been no critical vulnerabilities discovered through static and dynamic analysis of the rippled C++ codebase, and the issues that have been found have been false-positives. In addition to using automated scanning tools, manual reviews of the code by multiple engineers have failed to identify a single vulnerability and the minor issues that have been discovered have long been fixed.
Further, a recent independent security audit conducted by the NCC Group, a global security risk mitigation firm, revealed no serious security vulnerabilities, and found rippled “to be well-written and designed” before adding that it was clear that Ripple “has taken time to carefully consider the implementation.”
In a recent blockchain security report, China CERT claimed that software related to Ripple’s open-sourced, distributed ledger technology has “230 high-risk security vulnerabilities.” Unfortunately, since the researchers behind the report did not demonstrate responsible disclosure by contacting Ripple prior to publication, we do not know what testing methodology or techniques were used nor which code repositories were tested. As a result, we were forced to investigate the claims being made after the fact, with no guidance from the security researchers and very little context.
From what we can determine, the methodology appears to have been strictly limited to automated analysis tools run over a mixture of both security critical code and code that has no security implications whatsoever. The quantitative results were determined by the number of possible vulnerabilities identified by the tool and the possible severity of actual vulnerabilities in that class. (for example, any code that might have a buffer overflow would be identified as high risk, because if there actually is a buffer overflow issue and the code is actually security relevant, that could cause a significant compromise).
Automated analysis tools typically have extremely high false positive rates of about 99%. When projects that already use this same methodology are tested in this way, the false positive rate nears 100% since all actual vulnerabilities that could be found in this way already have been found.
Again, Ripple recognizes the importance of security researchers, and we take any reports of security vulnerabilities very seriously. At this time, we do not feel confident in the accuracy of the CERT report. Furthermore, based on the way in which the report was published, we question the legitimacy of the reporting body. We are confident in our processes and our codebase, and expressly state that this report identifies no actionable items and our review, in response to it, found none either.
We will continue to promptly and vigorously investigate all reports of security vulnerabilities, and urge anyone who thinks they have identified such a vulnerability to responsibly disclose it to us via our bug bounty program.
https://ripple.com/dev-blog/response-china-cert-report/
They code and know more than most
https://github.com/ripple/rippled/graphs/contributors
Seems strange to have this pop up after people questioning the huge releases of xrp by the foundation and questionable code. Me thinks some crowd control is in the works.
ripple is garbage. It has been garbage since you could get it by lending your cpu to research. And that was a loooong time ago. It has no real necessity. It is trying to be in between old currency and new and it just isn't something people need.
Yup it is garbage
The year 2015 and 2016 marked the expansion of Ripple (company) with the opening of an office in Sydney, Australia in April 2015[52] and the opening of European offices in London, United Kingdom in March 2016[53] then in Luxembourg in June 2016.[54] Many companies have subsequently announced experimenting and integrations with Ripple.[55]
Integrations Accenture[56] | ATB Financial[57] | Axis Bank[58] | BMO Financial Group[59] | Canadian Imperial Bank of Commerce (CIBC)[57] | CBW Bank[3] | CGI Group[60] | Cross River Bank[3] | Davis + Henderson (D+H)[61] | Deloitte[62] | Earthport[45] | Expertus[63] | Fidor Bank[44] | Mizuho Financial Group (MHFG)[59] | National Australia Bank (NAB)[59] | National Bank of Abu Dhabi (NBAD)[57] | ReiseBank[57] | Santander[64] | SBI Holdings[65] | Shanghai Huarui Bank[59] | Siam Commercial Bank[59] | Skandinaviska Enskilda Banken AB (SEB)[66] | Standard Chartered[59] | Tas Group[67] | Temenos Group[62] | UBS[57] | UniCredit Group[57] | Volante Technologies[68] | Yantra Financial Technologies[69]
Experimenting Australia and New Zealand Banking Group (ANZ)[70] | Commonwealth Bank of Australia[48] | DBS Group Holdings[71] | Royal Bank of Canada[72] | Royal Bank of Scotland[73] | SAP[74] | Western Union[37] | Westpac Banking Corp[70]
https://en.wikipedia.org/wiki/Ripple_(payment_protocol)
ripple is garbage. It has been garbage since you could get it by lending your cpu to research. And that was a loooong time ago. It has no real necessity. It is trying to be in between old currency and new and it just isn't something people need.
WHY?
extract from https://ripple.com/files/ripple_vision.pdf
Setting the record straight: 6 XRP myths debunked
From time to time, Ripple gets questions about XRP, the digital asset native to Ripple Consensus Ledger (RCL). Ripple recognizes that distributed ledger technologies, digital assets, and consensus mechanisms are all complex topics, and is always happy to answer questions about how XRP works and its value in the global financial system as a result. However, recently there has been some misguided information being disseminated online which merits substantial clarification.
Myth: Ripple Consensus Ledger is centralized or a permissioned ledger
A permissioned ledger requires permission from some authority for access. The Ripple protocol is completely open and anyone can access the Ripple network without prior approval by Ripple or anyone else. With respect to centralization, the counterparty of a centralized ledger acts as a single point of failure for the ledger. Because RCL is decentralized, it can function without the participation of Ripple. Additionally, while Ripple provides validation on RCL, we do not manage the validation process nor do we run all the validators. MSFT and CGI are just examples of institutions running validators and validating transactions on RCL. Lastly, the Ripple network operates by the consensus of its participants. These participants can at any time choose which validators they use. As such, validation is ultimately in the hands of the network participants, not Ripple.
Myth: Ripple can increase the total supply of XRP beyond 100,000,000,000
There is no benefit to increasing the amount of XRP. This would destroy trust in the network and immediately make XRP worthless as no one would choose such a network. Furthermore, the ripple code is open source and can be audited by anyone – and it doesn’t contain any method to create additional XRP. As a result trust in the good intentions of Ripple is not necessary.
Myth: Ripple controls of the price XRP
Ripple does not control the price of XRP. We take the integrity of the XRP market incredibly seriously and would never do anything to compromise that integrity. In order to strengthen stability of XRP, Ripple is working toward increasing liquidity, payments volume, and low spread volatility. Our current off ledger liquidity building efforts speak very clearly to these goals. Also, it’s in Ripple’s own interest to promote the long term value of XRP. As such, any attempt to intentionally influence the short term price of XRP is nonsensical as it would imperil trust in the company and the asset.
Myth: There’s no bank use case for XRP
XRP has a clear institutional use case and ultimately, considerable value as a bridge currency. Going forward, XRP’s use as a value transfer mechanism will increase its utility which could translate to an increase in its value. To facilitate larger notional transfers by financial institutions XRP will necessarily have to be worth more. It’s important to note that while our ultimate vision incorporates XRP into global bank cross border payments via our Ripple solution, there are myriad scenarios and uses which are constructive to XRP.
Myth: It’s risky for liquidity providers to use XRP
We are in the process of listing XRP on several non-RCL exchanges. This will expand access to XRP, increase the liquidity needed for XRP to facilitate cross border payments, and will reduce the market’s dependence on gateways. Additionally, we will soon offer an XRP lending facility to qualified market participants. This allows liquidity providers to fully participate in XRP markets without necessarily having to own XRP.
Myth: The value of XRP is inversely proportional to the value of Ripple as a company – and Ripple’s traction with banks has nothing to do with XRP’s success as a digital asset
The long-term value of XRP will ultimately be driven by its adoption as a cross border value transfer mechanism. Though XRP has important attributes which make it particularly useful for this use case, these attributes do not ensure full integration with our enterprise software solution. Ultimately, XRP can be successful regardless of Ripple’s success. Either way, we continue to do everything we can to make sure XRP eventually becomes the digital asset standard for international value transfer.
extract from https://ripple.com/files/ripple_vision.pdf
Setting the record straight: 6 XRP myths debunked
From time to time, Ripple gets questions about XRP, the digital asset native to Ripple Consensus Ledger (RCL). Ripple recognizes that distributed ledger technologies, digital assets, and consensus mechanisms are all complex topics, and is always happy to answer questions about how XRP works and its value in the global financial system as a result. However, recently there has been some misguided information being disseminated online which merits substantial clarification.
Myth: Ripple Consensus Ledger is centralized or a permissioned ledger
A permissioned ledger requires permission from some authority for access. The Ripple protocol is completely open and anyone can access the Ripple network without prior approval by Ripple or anyone else. With respect to centralization, the counterparty of a centralized ledger acts as a single point of failure for the ledger. Because RCL is decentralized, it can function without the participation of Ripple. Additionally, while Ripple provides validation on RCL, we do not manage the validation process nor do we run all the validators. MSFT and CGI are just examples of institutions running validators and validating transactions on RCL. Lastly, the Ripple network operates by the consensus of its participants. These participants can at any time choose which validators they use. As such, validation is ultimately in the hands of the network participants, not Ripple.
Myth: Ripple can increase the total supply of XRP beyond 100,000,000,000
There is no benefit to increasing the amount of XRP. This would destroy trust in the network and immediately make XRP worthless as no one would choose such a network. Furthermore, the ripple code is open source and can be audited by anyone – and it doesn’t contain any method to create additional XRP. As a result trust in the good intentions of Ripple is not necessary.
Myth: Ripple controls of the price XRP
Ripple does not control the price of XRP. We take the integrity of the XRP market incredibly seriously and would never do anything to compromise that integrity. In order to strengthen stability of XRP, Ripple is working toward increasing liquidity, payments volume, and low spread volatility. Our current off ledger liquidity building efforts speak very clearly to these goals. Also, it’s in Ripple’s own interest to promote the long term value of XRP. As such, any attempt to intentionally influence the short term price of XRP is nonsensical as it would imperil trust in the company and the asset.
Myth: There’s no bank use case for XRP
XRP has a clear institutional use case and ultimately, considerable value as a bridge currency. Going forward, XRP’s use as a value transfer mechanism will increase its utility which could translate to an increase in its value. To facilitate larger notional transfers by financial institutions XRP will necessarily have to be worth more. It’s important to note that while our ultimate vision incorporates XRP into global bank cross border payments via our Ripple solution, there are myriad scenarios and uses which are constructive to XRP.
Myth: It’s risky for liquidity providers to use XRP
We are in the process of listing XRP on several non-RCL exchanges. This will expand access to XRP, increase the liquidity needed for XRP to facilitate cross border payments, and will reduce the market’s dependence on gateways. Additionally, we will soon offer an XRP lending facility to qualified market participants. This allows liquidity providers to fully participate in XRP markets without necessarily having to own XRP.
Myth: The value of XRP is inversely proportional to the value of Ripple as a company – and Ripple’s traction with banks has nothing to do with XRP’s success as a digital asset
The long-term value of XRP will ultimately be driven by its adoption as a cross border value transfer mechanism. Though XRP has important attributes which make it particularly useful for this use case, these attributes do not ensure full integration with our enterprise software solution. Ultimately, XRP can be successful regardless of Ripple’s success. Either way, we continue to do everything we can to make sure XRP eventually becomes the digital asset standard for international value transfer.
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