200 ripple is 0.01? They give away thousands!
Well, then go grab some of these "thousands"? Bitstamp even operates a bridge towards BTC, so you can cash them out immediately (well in 5 seconds on average...) to BTC if you like.Are there really people that are surprised that a random unbacked commodity can have significant value quickly in this forum?!
Currently ~250 are 0.01 BTC: http://bitcoincharts.com/markets/rippleXRP.html
They actually were worth a lot more in summer and tanked quite a bit after that.
Edit:
I am talking about Ripple.com not XPM
Okay.
What's XPM? Primecoin?
Edit2:
I'm not sure what you mean by the online wallet thing. If I understand Ripple correctly, it'd be more like a decentralized network of online wallets/exchanges which all federated with one another to allow very quick transaction confirmations.
As far as Ripple not being fully open source, yeah, I even quoted you saying that!
As far as Ripple not being fully open source, yeah, I even quoted you saying that!
Wallets aren't stored on gateways, only currencies (except XRP) are. It's the gateways that are federated, not the wallets themselves. Of course, gateways can offer wallet hosting services if they want to, but it isn't required for being (or using) a gateway.
I deposit 10 BTC with a gateway. Now I can spend that 10 BTC using Ripple. That's how it works, right?
Isn't that considered an online wallet? You store your BTC with them, and trust them to keep it safe for you.
a) the Ripple wallet (which is a client written in JavaScript, similar to the one offered by blockchain.info)
b) actual assets that get deposited at gateways (USD, BTC, gold bars, silver dimes, hours of work...)
a) is the stuff you access when going on ripple.com/client
b) can be stored online (depends on the asset), or (more likely) offline.
The Ripple network itself is distributed, anyone can run a node. The gateways (meaning the entities that actually store someone's "stuff") are more along the definition of decentralized (which is NOT what's depicted on ripplescam.org by the way!), similar to the bitcoin network and it's exchanges as "hubs". This is on a different layer of the network though, not at the protocol, but more at the actual usage part.