And your point? You are just repeating what I already just pointed out.

Edit: The point is that it has to rely on "reputable parties" in order to fend of Sybil attacks. Bitcoin was an innovation because it did not have to rely on "reputable parties" and now Ripple is taking a step back in the opposite direction. That was the beauty of proof-of-work. Now Ripple comes along and says "Hey, I know, we can just rely on trusting certain people! Who needs proof-of-work!"