Whether TradeFortress is honest or not his shennanigans reveal Ripple is a tremendous security vulnerability for anyone who uses it, unless you use an utterly paranoid set of precautions that have yet to be worked out.
Bullshit, it's only when the participants do not understand the concept of trust. By that logic pirateat40 revealed a tremendous security vulnerability too.
Yes, but pirate didnt say, I am taking your money and not giving it back.
Tradefortress said that here is an IOU I WILL NOT HONOR.
In a sense IOU is a contract too.