Re: 2013-04-11 blogs.reuters - Learn from bitcoin's mistakes - The promise of Ripple
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Its all open-source, too: OpenCoin has no privileged access to the way in which people pay each other.
It's a blatant lie. Server part is closed-source, there is no clear description of algorithms, no peer-review, no audit.Quote
Thats because all the Ripples in existence 100 billion of them have already been created, and, to a first approximation, theyre all owned by OpenCoin, which is essentially the central bank of the Ripple economy.
Ok, there is the thing we need - the stinking Fed.1. Enter ripple, bitcoin 2.0
2. Issue ripples, keep most to yourself, give some for free.
3. Trade ripples for BTC, fiat, etc.
4.
5. Profit