Quote from: k99 on December 23, 2013, 11:30:38 PM

I agree that that lack is a big problem. But I dont see that Ripple is the solution as it needs gateways which are companies (exchanges, banks,...) which can be shut down.

It's still a major improvement. And consider Hawala, because Ripple is in part a digital verison of Hawala. Despite their best efforts governments around the world haven't been able to suppress it. And even if just one jurisdiction allows Ripple, everybody with an internet connection can use it. Bitcoin enthusiasts in China can trade in Bitstamp IOUs, even though it might be difficult to exchange them for yuan. As long as they're legal somewhere, they'll keep their value.

I don't understand how people can seriously complain that Ripple isn't perfect if it is a major improvement over what we have now.

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The system only trade IOUs, to bootstrap that system you need a lot of outside real money or many merchants accepting these IOUs. The only way how to get in Fiat are gateways. So for me that seems to be a major part of the system.

The distinction between gateways and individuals issuing IOUs is blurry. Anyone can issue IOUs.

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The friend2friend network may be ok. The money is debt idea (IUO) may be ok (even I dont like that).

That is the reality of fiat money and exchanges. There's no escaping except by using cryptocurrencies. To get there, we need exchanges. Ripple helps tremendously with that.

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The gateways are for me the critical point. In BTC system the exchanges are not a part of BTC, they are the external environment and hopefully we get soon a better solution. The Ripple gateways are the backers of the IUO currencies (if I understood it correctly). Without a gateway you never get real USD for Ripple USD.

The fact that the exchanges aren't part of BTC is a weakness, not a strength, though that may change with coloured coins. XRP isn't any more dependent on IOUs than BTC is. Ripple's interface with the fiat system is far superior to that of Bitcoin. Ripple can do anything Bitcoin can and a lot more (the fiat interface, community credit). And the good thing is that all this good stuff benefits Bitcoin too.