Topic: You guys gonna become paranoid about Ripple - page 9. (Read 18652 times)

Joel, when are you going to realize that you can't just keep throwing out all these claims without explaining the details/mechanisms behind them.

Those of us who have looked at the cursory information so far provided have not been impressed.

Xion is right, you'd better step up your game quick or you won't get another chance.

-_-


#1 Please don't doublespeak me, it is something which gets under my skin. I get enough of that from the news, politicians, and bankers.

#2 If I am correct when I say it is a loan system then don't try and call me out over nothing. If I am not totally correct, please inform me about what I am missing.

#3 I live in the US I and understand quite well I am loaning my bank my money. What do you think the economic crisis was all about? Do you think I want to loan the bank my money? The bastards at my local bank bankrupted a multi-million dollar college scholarship program which was given to our community by a generous millionaire who passed away. The higher education of thousands was wiped away in an instant because some assholes at the bank just had to invest in real estate which was not covered under the strict rules set forth by the millionaire’s trust fund. Want to know what takes the cake? This bank was promptly bailed out by our government.

Why do you think I am here on the bitcoin forums trying to escape the usd and the massively corrupt banking system?

Plenty of normal people understand that their money is a loan to the bank. Occupy Wallstreet wasn't a tea party.

What you are proposing is the textbook definition of lending. What other possible definition of lending do you think exists? Credit cards? Bank loans? Car loans? Business loans? They all come from a bank unless you have some rich friends, family, or are good friends with a loan shark. And even then those are just different forms of the same process. Don't try and sell me on some phony definition of debt or try and sweep it under the rug.

Debt has its place in the world. People need debt. When debt is used properly, you can get ahead in life. But there are these scumbags at the top who are stealing from the American populace. Directly. No conspiracy, no convoluted schemes, just plain theft. In the wrong hands, debt is a tool to enslave a people. So excuse me if I am not good friends with debt.

If you are proposing a centralized debt based system then you better be up front about it.

I am not liking this the more I understand, and it's not because I don't like debt. I would love to have a p2p distributed debt issuance system which is not controlled by the banks.

I am not liking this concept because people seem to be skewing the truth or withholding information. I am reserving judgement for now but color me unimpressed. Especially because all of this seems to be cornered by one company trying to make a buck.

I think you guys from ripple are in the wrong forum if you are trying to sell your product which is not completely designed to complement our desired currency revolution. This place is filled with some pretty smart people and a lot of people like myself who don't like or trust companies or banks. They just don't like people messing with their money, why do you think so many of them are gold and silver bugs? And I am sure that no one wants people monetizing or abusing their currency revolution.

You guys might want to step up your game if you believe you have something to bring to the table. People seem to be getting the wrong idea, myself included. If you want to be selling shovels when the gold rush strikes, you are going to have to let the miners know yours are the best.

What is your elevator pitch? Because your communication skills need polishing.

I have to say, good luck with that. Without my help you won't ever get any of my friends and family to understand or want to use Ripple. It is hard enough to sell them on bitcoin! Does anyone think this company has the funds or muscle to make a critical mass of people want to use it's currency? I am only just beginning to understand it, and that is because I have done an INORDINATE amount of research. I wouldn’t even try to explain this to my family, bitcoins were hard enough.

Not to mention that if bitcoin keeps moving with it's current momentum nothing is going to stand in it's way. This company is dreaming if they think they are going to overcome over all of these hurdles without some massive grassroots campaign. Do they even have the manpower/money to try and attempt this? Do they think the bitcoin community is just going to up jump ship? Because I am sure all of the Libertarians and people on the Silk Road will love to use this centralized currency which is owned by a corporation for their trading purposes.

The only way I can even imagine this working is in direct conjunction and cooperation with bitcoin community. Are there any reasons why we should help this company? Because I was under the impression that the blockchain problem was being worked on and that it should not be taken as a serious issue currently.

I agree, it's very unclear. When I say we're not promoting Ripple as a lending platform, I mean by the common sense definition of lending. Technically, it is lending. For example, when you have $500 in the bank, technically you have loaned the bank $500. But we don't think of it as lending.

For you to have the Ripple equivalent of $500 in the bank, a gateway must announce that it owes you $500. But that's not a lending platform.

Yet again with the cyclical thing! Then why not just use bitcoins!? What is the advantage of having to add a layer of abstraction on top of my bitcoins other than offloading transactions from the blockchain? And I will still need to wire people my usd if I use this to trade usd, and we all know that bitcoin stomps that system into the ground!


... lol what? Direct from the wiki:


I understood that this is a poor analogy, but this is exactly what I am talking about. This kind of explanation is only leading to more confusion and misunderstanding. Your wiki is about as clear as a mudpuddle.

Ripple is the facebook of cryptocurrencies.

Until more information is forthcoming, I'm going to assume OpenCoin's so-called "Ripple" implementation is just another pre-mined alt-coin (XRP), but this time with corporate backing and using Ripple as its mask to get in good with the Bitcoin community. What does OpenCoin care if the debt features of the system never take off and everyone just uses XRP like BTC? They just profit all the more, providing no one notices the bait-and-switch until after the system has reached critical mass.

You are 100% right. We do need to do this. Explaining bits and pieces of understanding that people are missing is no substitute for laying the entire system out in a clear and organized way.

Bitcoin is not easy to understand, but Satoshi published a paper of academic standard to explain the mechanism, before the  implementation is available. People who are not willing to open source their code could do this, and they have been doing this all the time.

Could the people behind Ripple do the same thing as well? Bitcoin forum is by no means the best place to distribute information about Ripple, and nobody who wants to do peer-review of the system should be expected to come here to read the threads.

Ya hard to understand this. It IS in alpha stage so..... My interest in it revolves around the (possible?) potential to electrify silver or gold bullion. The problem I can't get over is it requires a very high % of population to use it to be really viable, and if a bunch of nerds are confused.....

Yes, you missed the whole point! Ripple is a *payment* system that allows you to pay people in fiat currencies like dollars in much the same way you can currently pay people with Bitcoins.

We're not promoting Ripple as a lending platform.

I'll pitch in and say, ripple is very confusing.

That's about the best I can say about it.

That is all.

You want to know what I think? Scam or not, your system desperately needs help. I have spent hours trying to understand why I would ever use your system. As far as I can tell, there is literally no reason for me to use your system over btcjam.com or bitcoin-otc.com. In fact there is less of a reason because you seem to be hellbent on making your system as complex to use as possible, and you seem to have a chokehold on a majority of the xrp. Is this the truth? How in the world would I know!? You don't address any of these things on the wiki or your website.

You can loan other people money through the net, so what? Why in the world would I buy xrp? They seem to have no value, even as a debt trading instrument. I understood bitcoin right away after reading their wiki and I was able to resolve all of my questions without having to ask for the help of others. Your system is explained in circles.

Ripple is good because you can trade debt! Trading debt is valuable. So because trading debt is valuable, Ripple is valuable. QUICK, BUY RIPPLES BEFORE YOU UNDERSTAND!

Wut!?

I have been watching quietly for months, and I haven't seen a single person give a good explanation as to why people should use/buy ripples. Not here, not on reddit, not on your forum, not on your website, and not on your wiki. Where in the heck are you hiding the positive aspects of this system? I am starting to think people are purposefully withholding information.

Heck, at least the litecoin people make sense! Someone wanted to try and compete with bitcoin and get into a cryptocurrency early to be like the early adopters of bitcoin. Good for them.

Is there some key piece of information which has passed me by? Because by all means, please share.

The interface is so bad that I do not even know how to loan any type of money, bitcoin or otherwise, to anyone!

The thing which boggles my mind the most is that lots of energy seems to be being put forth to get people to use the system, but no energy is being put forth to explain the system to the masses!

Just use it. xrp are valuable. The system will change the way debt is exchanged. It is revolutionary.

What in billions of blue blistering barnacles is revolutionary!? No one seems to know! No one can explain! Am I the only one who is massively confused by this system!? I was interested because someone told me that Ripple might help take the load off the blockchain in the near future. Sounds great! Now what?

Am I paranoid about Ripple? Hell no, I am frustrated as all heck by it!

/rant

I apologize to all who have been caught in the crossfire. This has been bugging me for days.

You can lend under any terms you want. Ripple doesn't compel any particular terms. The actual agreements are outside the scope of the system.

Gateways typically lend against 100% collateral, which makes it pointless to charge interest. If I hold $100 of your money and loan you $100, there's no reason for me to charge you interest because that interest equals the interest on the $100 I hold. That's the best way to build a payment system.

But Ripple fully supports other terms. You could charge someone interest instead of holding cash as collateral. You could charge an issue fee and make it settle on demand. You could allow the balance to float in either direction for mutual paying convenience and not settle. Whatever.

Ultimately, we don't know what model will win out or whether different lending models will co-exist for different circumstances.

Whats this I hear about destroying XRP's after usage?

Quite convenient for the founders.

I'll also ask again.   How many have ever been betrayed by a family member?   Answer,  more than you think.

Even if they did, their money would hardly matter.

Sounds right to me.

I am just sitting here with my ripples. Not knowing what the hell they are for Like a G+ user and their ghost town of friends. Trade debt? With who!? I think you must be mistaking me with another nerd who has friends

Oh right this thread, as it seems we are on track.

Right now you idiots want to pay upto a Bitcoin for the 50K XRP you got in the giveaway thread. At this rate XRP has already the same theoretical market cap as BTC....