Topic: World Dollar giveaway (Read 2935 times)
No information worthless as the real dollar.
It was 100% accurate, unfortunately you weren't previously aware that Ripple could be used in this way. If you get in touch with Ripple labs, it will be confirmed to you that Ripple can be used in this way, even though it is an unconventional approach.
WLD has a well defined money supply, it is 10,000 WLD for every unique person who claims their World dollars, from now and and for all eternity. You will find out who is behind World Dollar, if you're personally interested in joining you're free to do so. The issuing network will also be independently audited by a reliable, trustworthy 3rd party to verify that World dollars are indeed being issued responsibly.
What a laughable non-answer. Good luck wasting BTC buying your own WLD to make it appear as if there's a market for your "Future of Money."
Who knows. XNF kept repeating obvious lies with a straight face too, and they seem to find no shortage of suckers yet.
For everyone else, please browse https://xrptalk.org/topic/4092-what-you-never-knew-about-ripple-it-can-actually-be-used-to-transfer-currencies-other-than-xrp-in-a-form-that-is-not-an-iou/ for more perspective on this radical new way of issuing ripple IOUs.
It wasn't a non-answer, it's just that everything had already been addressed in the previous post, and so it wasn't worth repeating. You just unfortunately hadn't understood it.
Everyone else, yes please do browse http://xrptalk.org/topic/4092-what-you-never-knew-about-ripple-it-can-actually-be-used-to-transfer-currencies-other-than-xrp-in-a-form-that-is-not-an-iou/ so that you can get to grips with how this works. There's little point in having this discussion here in this very old thread.
It was 100% accurate, unfortunately you weren't previously aware that Ripple could be used in this way. If you get in touch with Ripple labs, it will be confirmed to you that Ripple can be used in this way, even though it is an unconventional approach.
WLD has a well defined money supply, it is 10,000 WLD for every unique person who claims their World dollars, from now and and for all eternity. You will find out who is behind World Dollar, if you're personally interested in joining you're free to do so. The issuing network will also be independently audited by a reliable, trustworthy 3rd party to verify that World dollars are indeed being issued responsibly.
What a laughable non-answer. Good luck wasting BTC buying your own WLD to make it appear as if there's a market for your "Future of Money."
Who knows. XNF kept repeating obvious lies with a straight face too, and they seem to find no shortage of suckers yet.
For everyone else, please browse https://xrptalk.org/topic/4092-what-you-never-knew-about-ripple-it-can-actually-be-used-to-transfer-currencies-other-than-xrp-in-a-form-that-is-not-an-iou/ for more perspective on this radical new way of issuing ripple IOUs.
Warning: What I'm about to describe is highly difficult for most to get their heads around. It is, however, 100% accurate and confirmed by those who work at Ripple labs.
Since that was far removed from 100% accurate, which Ripple Labs employee do you claim you talked to about this? Could you point to the relevant forum threads, or was it a private exchange?
Concept 1: Imagine a new currency, XYZ, that is issued on Ripple, but cannot be withdrawn outside of Ripple. This XYZ is NOT an "IOU", as it is not being held by the gateway for it to be transferable elsewhere. This XYZ is a legitimate unit of potential value as a medium of exchange, just as much as any altcoin outside of Ripple. There is no fundamental difference in terms of monetary economics. (In practice, but beside the point, XYZ transactions occur in 1 second and cost nothing to "mine", while e.g. BTC takes 1 hour to get 6 confirmations and is very expensive to "mine").
You are describing an IOU that isn't backed by anything. i.e., a ripple account issues whatever it wants with no intention to ever redeem it.
Ripple only has OUIs and XRP. There's literally no other unit of value built in the system.
This XYZ is a legitimate unit of potential value as a medium of exchange, just as much as any altcoin outside of Ripple. There is no fundamental difference in terms of monetary economics. (In practice, but beside the point, XYZ transactions occur in 1 second and cost nothing to "mine", while e.g. BTC takes 1 hour to get 6 confirmations and is very expensive to "mine").
No, there are some rather huge fundamental differences. An altcoin is supposed to have a well defined, predictable money supply. As you well know, Ripple IOUs without backing can be created at will out of thin air.
So what does WLD's money supply look like? How do we know you won't issue more than you should, or perhaps to the wrong people? Because you tell us so. Who are you? We apparently don't need to know.
I don't believe there's anything "highly difficult" to grasp here.
Concept 2: Now, imagine that XYZ can now be withdrawn outside of Ripple, e.g. to be held on a mobile payments platform, which also allows fiat currencies to be held there. One (simple-minded) interpretation is that XYZ is an "IOU" on Ripple, and is not the "real thing" on the mobile payments platform. Alternatively, the more logical interpretation is that XYZ is the "real thing" on both platforms, on one condition. This condition is: if I transfer 10,000 XYZ from the mobile payments platform to Ripple, the 10,000 XYZ is "destroyed" on the mobile payments platform, and "create" it on Ripple.
A ripple IOU cannot be "withdrawn outside of ripple". A gateway can accept an IOU back and redeem it for something outside of ripple in return.
Your terminology is once again painfully fuzzy, and apparently by design, since you proceed to talk about IOUs existing outside of ripple.
Glossing over the inconsistencies, it seems like you are talking about having XYZ tokens that exist outside of Ripple. Is that what you mean, and how are those tokens actually implemented?
And here you have it, you have just learned something you never knew about Ripple. It can actually be used to transfer currencies (other than XRP) in a form that is not an IOU.
If chutzpah was a monetary unit, you'd be rich.
After a cursory look at the ledger, it seems like my previous off-the-cuff remark about XNF's relationship to WLD was, oddly enough, not entirely unwarranted.
Perhaps I'll keep digging if you keep making fanciful claims.
It was 100% accurate, unfortunately you weren't previously aware that Ripple could be used in this way. If you get in touch with Ripple labs, it will be confirmed to you that Ripple can be used in this way, even though it is an unconventional approach.
WLD has a well defined money supply, it is 10,000 WLD for every unique person who claims their World dollars, from now and and for all eternity. You will find out who is behind World Dollar, if you're personally interested in joining you're free to do so. The issuing network will also be independently audited by a reliable, trustworthy 3rd party to verify that World dollars are indeed being issued responsibly.
Warning: What I'm about to describe is highly difficult for most to get their heads around. It is, however, 100% accurate and confirmed by those who work at Ripple labs.
Since that was far removed from 100% accurate, which Ripple Labs employee do you claim you talked to about this? Could you point to the relevant forum threads, or was it a private exchange?
Concept 1: Imagine a new currency, XYZ, that is issued on Ripple, but cannot be withdrawn outside of Ripple. This XYZ is NOT an "IOU", as it is not being held by the gateway for it to be transferable elsewhere. This XYZ is a legitimate unit of potential value as a medium of exchange, just as much as any altcoin outside of Ripple. There is no fundamental difference in terms of monetary economics. (In practice, but beside the point, XYZ transactions occur in 1 second and cost nothing to "mine", while e.g. BTC takes 1 hour to get 6 confirmations and is very expensive to "mine").
You are describing an IOU that isn't backed by anything. i.e., a ripple account issues whatever it wants with no intention to ever redeem it.
Ripple only has OUIs and XRP. There's literally no other unit of value built in the system.
This XYZ is a legitimate unit of potential value as a medium of exchange, just as much as any altcoin outside of Ripple. There is no fundamental difference in terms of monetary economics. (In practice, but beside the point, XYZ transactions occur in 1 second and cost nothing to "mine", while e.g. BTC takes 1 hour to get 6 confirmations and is very expensive to "mine").
No, there are some rather huge fundamental differences. An altcoin is supposed to have a well defined, predictable money supply. As you well know, Ripple IOUs without backing can be created at will out of thin air.
So what does WLD's money supply look like? How do we know you won't issue more than you should, or perhaps to the wrong people? Because you tell us so. Who are you? We apparently don't need to know.
I don't believe there's anything "highly difficult" to grasp here.
Concept 2: Now, imagine that XYZ can now be withdrawn outside of Ripple, e.g. to be held on a mobile payments platform, which also allows fiat currencies to be held there. One (simple-minded) interpretation is that XYZ is an "IOU" on Ripple, and is not the "real thing" on the mobile payments platform. Alternatively, the more logical interpretation is that XYZ is the "real thing" on both platforms, on one condition. This condition is: if I transfer 10,000 XYZ from the mobile payments platform to Ripple, the 10,000 XYZ is "destroyed" on the mobile payments platform, and "create" it on Ripple.
A ripple IOU cannot be "withdrawn outside of ripple". A gateway can accept an IOU back and redeem it for something outside of ripple in return.
Your terminology is once again painfully fuzzy, and apparently by design, since you proceed to talk about IOUs existing outside of ripple.
Glossing over the inconsistencies, it seems like you are talking about having XYZ tokens that exist outside of Ripple. Is that what you mean, and how are those tokens actually implemented?
And here you have it, you have just learned something you never knew about Ripple. It can actually be used to transfer currencies (other than XRP) in a form that is not an IOU.
If chutzpah was a monetary unit, you'd be rich.
After a cursory look at the ledger, it seems like my previous off-the-cuff remark about XNF's relationship to WLD was, oddly enough, not entirely unwarranted.
Perhaps I'll keep digging if you keep making fanciful claims.
Are you talking about trading Ripple IOUs for Stellar IOUs, or are you hinting at an altcoin being developed to serve as some sort of backing for the IOUs in general?
Warning: What I'm about to describe is highly difficult for most to get their heads around. It is, however, 100% accurate and confirmed by those who work at Ripple labs.
Concept 1: Imagine a new currency, XYZ, that is issued on Ripple, but cannot be withdrawn outside of Ripple. This XYZ is NOT an "IOU", as it is not being held by the gateway for it to be transferrable elsewhere. This XYZ is a legitimate unit of potential value as a medium of exchange, just as much as any altcoin outside of Ripple. There is no fundamental difference in terms of monetary economics. (In practice, but beside the point, XYZ transactions occur in 1 second and cost nothing to "mine", while e.g. BTC takes 1 hour to get 6 confirmations and is very expensive to "mine").
Concept 2: Now, imagine that XYZ can now be withdrawn outside of Ripple, e.g. to be held on a mobile payments platform, which also allows fiat currencies to be held there. One (simple-minded) interpretation is that XYZ is an "IOU" on Ripple, and is not the "real thing" on the mobile payments platform. Alternatively, the more logical interpretation is that XYZ is the "real thing" on both platforms, on one condition. This condition is: if I transfer 10,000 XYZ from the mobile payments platform to Ripple, the 10,000 XYZ is "destroyed" on the mobile payments platform, and "create" it on Ripple.
And here you have it, you have just learned something you never knew about Ripple. It can actually be used to transfer currencies (other than XRP) in a form that is not an IOU.
Substitute XYZ for WLD above, and you understand how World Dollar works.
Are you talking about trading Ripple IOUs for Stellar IOUs, or are you hinting at an altcoin being developed to serve as some sort of backing for the IOUs in general?
XNF is backed by gold, unlike your IOU.
No, actually he has a point. XNF is not backed by anything either.
They are purposefully deceiving people, including you successfully it seems, but there's no fixed amount of gold that can be redeemed for a fixed amount of XNF.
You can perhaps buy gold at market price for XNF, but no, it's not backed by gold.
It's not surprising that others are seeing this and wanting in on this sweet, sweet action.
This is a fair point, the way XNF works is indeed deceptive in that you can't redeem a fixed amount of gold for a fixed amount of XNF. In this sense, XNF isn't a good example to use when relating to World Dollar (WLD), as people will always be able to transfer 100% of any WLD balance they hold on Ripple to any alternative payment platform.
XNF is backed by gold, unlike your IOU.
No, actually he has a point. XNF is not backed by anything either.
They are purposefully deceiving people, including you successfully it seems, but there's no fixed amount of gold that can be redeemed for a fixed amount of XNF.
You can perhaps buy gold at market price for XNF, but no, it's not backed by gold.
It's not surprising that others are seeing this and wanting in on this sweet, sweet action.
XNF is backed by gold, unlike your IOU. What point are you trying to make about about fraud/ counterfeiting?
You are already collecting names and email addresses which are personal information that could identify a person. This means you are legally required to provide your contact details for any freedom of information requests. Where are your contact details?
You are already collecting names and email addresses which are personal information that could identify a person. This means you are legally required to provide your contact details for any freedom of information requests. Where are your contact details?
You will be able to redeem and therefore spend your World dollars outside of the Ripple network. World Dollar therefore does not exist only as an IOU. If you understand how XNF works on Ripple, you also understand how World Dollar works on Ripple. There is no problem in using it as a payments platform. Soon you will also be able to receive, trade and spend your World dollars with alternative options.
Freedom of information requests apply only to public authorities. We are exempt from the requirement to register with an information protection officer.
If you submit your details (name, email address) you will be advised of the next steps you will need to take with a Network member in order to receive your World dollars. Your details are NOT passed onto them by default. There is also a checkbox that you can tick if you wish to receive marketing emails in future, from which, again, we do not profit from. Any request for your details to no longer be held by us is fulfilled immediately.
All this being said, not as a matter of legal necessity, but as a matter of establishing and maintaining trust, rest assured that we will make all our contact details publicly available.
If you have any further questions on this issue, please feel free to get in touch with [email protected], or we can address any further queries on this forum if you prefer.
XNF is backed by gold, unlike your IOU. What point are you trying to make about about fraud/ counterfeiting?
You are already collecting names and email addresses which are personal information that could identify a person. This means you are legally required to provide your contact details for any freedom of information requests. Where are your contact details?
You are already collecting names and email addresses which are personal information that could identify a person. This means you are legally required to provide your contact details for any freedom of information requests. Where are your contact details?
Not anyone can create World dollars and markets for trading them - this is attempted fraud/ counterfeiting, and will be very easy to identify/ expose it as such.
Anyone can create a WLD IOU and markets for trading them using their ripple wallet. You said this is attempted fraud/ counterfeiting, which is incorrect. Ten different WLD IOU could easily be created by ten different wallets, and it would not be attempted fraud/ counterfeiting.
By the way collecting passport/ other photo ID photocopies is illegal in most western countries unless you are registered as a personal data controller with an information commissioner. You cannot collect personal data anonymously because you are legally required to provide your contact details for any freedom of information requests. Where are your contact details?
Unfortunately you have once more failed to understand the point being made about fraud/ counterfeiting. There is nothing more to add from our side; for a practical example, you might wish to review how XNF works (http://www.nofiatcoin.com/) on the Ripple network.
Regarding your second point, as explained to you earlier, all identity checks are performed by members of the World Dollar Network.
You seiously expect people to send passport/ other photo ID photocopies to an anonymous person who registered his website using an anonymity service to hide his own identity!
Identity checks are performed by World Dollar Network members, not the Foundation itself. They are legimitate businesses, performing legitimate services that you are no doubt accustomed to when using the majority of financial services today.
The Foundation itself will also go public with its members; you must appreciate that we are dealing with a highly sensitive area and have made many bold claims that certain powerful authorities may not be too comfortable with.
Not anyone can create World dollars and markets for trading them - this is attempted fraud/ counterfeiting, and will be very easy to identify/ expose it as such.
Anyone can create a WLD IOU and markets for trading them using their ripple wallet. You said this is attempted fraud/ counterfeiting, which is incorrect. Ten different WLD IOU could easily be created by ten different wallets, and it would not be attempted fraud/ counterfeiting.
By the way collecting passport/ other photo ID photocopies is illegal in most western countries unless you are registered as a personal data controller with an information commissioner. You cannot collect personal data anonymously because you are legally required to provide your contact details for any freedom of information requests. Where are your contact details?
I bet all you are offering is ripple IOU's which are worthless unless backed by anything. You have to trust the ripple account that created one to receive them or trade them. Anyone can create them and markets for trading them.
Not anyone can create World dollars and markets for trading them - this is attempted fraud/ counterfeiting, and will be very easy to identify/ expose it as such.
Anyone can create a World dollar IOU in ripple. Multiple different people can create the same IOU with the same name, but to receive or trade a particular IOU requires trusting a particular person's ripple account. This is NOT attempted fraud/ counterfeiting because although the name of the IOU is the same, each IOU can only be traded if your wallet trusts the creator's wallet.
Bitstamp creates USD IOU's and so does Snapswap, but you have to trust the wallet that created them to trade them.
How come Bitstamp is not sueing Snapswap for creating USD IOU's if it's fraud/ counterfeiting? Both Bitstamp and Snapswap deal in millions of dollars worth of bitcoins and cash, which their IOU's are backed by. What are your's backed by?
You misinterpreted the point being made. Indeed, you have nicely explained the problem encountered by anyone trying to issue their own WLD (and trying to "pass it off" as the official WLD). The WLD IOU is not valuable unless it has originated from the official World Dollar Ripple account - trust is granted to the Ripple account "WorldDollar".
We are not asserting that there is any fraud happening with Bitstamp and Snapswap. Hopefully this latest response has clarified that for you.
I bet all you are offering is ripple IOU's which are worthless unless backed by anything. You have to trust the ripple account that created one to receive them or trade them. Anyone can create them and markets for trading them.
Not anyone can create World dollars and markets for trading them - this is attempted fraud/ counterfeiting, and will be very easy to identify/ expose it as such.
Anyone can create a World dollar IOU in ripple. Multiple different people can create the same IOU with the same name, but to receive or trade a particular IOU requires trusting a particular person's ripple account. This is NOT attempted fraud/ counterfeiting because although the name of the IOU is the same, each IOU can only be traded if your wallet trusts the creator's wallet.
Bitstamp creates USD IOU's and so does Snapswap, but you have to trust the wallet that created them to trade them.
How come Bitstamp is not sueing Snapswap for creating USD IOU's if it's fraud/ counterfeiting? Both Bitstamp and Snapswap deal in millions of dollars worth of bitcoins and cash, which their IOU's are backed by. What are your's backed by?
I bet all you are offering is ripple IOU's which are worthless unless backed by anything. You have to trust the ripple account that created one to receive them or trade them. Anyone can create them and markets for trading them.
Money does not have to be "backed" by something in order to be valuable. Money is nothing more than a social convention. It is not valuable in itself, but valuable because people agree to take it as valuable.
Not anyone can create World dollars and markets for trading them - this is attempted fraud/ counterfeiting, and will be very easy to identify/ expose it as such.
Also, as said in an earlier post, we will not only be based on Ripple. If any of you are interested in joining the World Dollar Network and building your own payments platform where World dollars can be issued and traded, there is nothing preventing you from doing so. Indeed, we encourage it; the point of the Network being decentralised and competitive is precisely so that the highest standards of payments technology are used.
Yeah right, a google search for "World Dollar Network" only gives results from your website. Can you name any World Dollar Network members and prove they are affiliated with you in any way at all?
Patience is a virtue.
I bet all you are offering is ripple IOU's which are worthless unless backed by anything. You have to trust the ripple account that created one to receive them or trade them. Anyone can create them and markets for trading them.
On a general note: there is nothing compelling you to claim your World dollars now. All people in the world will be entitled to their 10,000 WLD allocation.
If you are uncomfortable, for instance, by the fact that we have only extremely recently got up and running, and you don't know the people behind the Foundation (not that we are the important people driving this - the Network is), then come back in a week or so. World dollars will be actively traded through Ripple, and soon elsewhere too.
If you are uncomfortable, for instance, by the fact that we have only extremely recently got up and running, and you don't know the people behind the Foundation (not that we are the important people driving this - the Network is), then come back in a week or so. World dollars will be actively traded through Ripple, and soon elsewhere too.
Yeah right, a google search for "World Dollar Network" only gives results from your website. Can you name any World Dollar Network members and prove they are affiliated with you in any way at all?
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