Re: Worried about Mt Gox? What does this price fall mean for BTC and its clones?
The ripple concept is a brilliant one. The part of the main arguments against it being an IOU system are weak (it's not real money!--except this is a construct that is millennia old). Its execution leaves a lot to be desired, though. There is no advantage to anyone using the ripple system vs. a more open competitor.
And, those who are going around and saying half-truths like 28 billion have been distributed without noting that 20 billion of that has been distributed to its coders is not the way to honestly market it. But you know that, and you know that the honest marketing does not sound very appealing.
And, those who are going around and saying half-truths like 28 billion have been distributed without noting that 20 billion of that has been distributed to its coders is not the way to honestly market it. But you know that, and you know that the honest marketing does not sound very appealing.
You misinterpret the argument. An IOU can be determined as money. The problem with Ripple and most fiat systems is that an intermediary determines the value of the fiat apart from the value of the original asset. Not only do buyers of Ripple have to content with the risk of bitcoin (changes in protocols by developers) but they are also subject to the whims of the Ripple creators.
Ripple creators as a company can be bought, sold, paid off, or controlled by governments. They create additional risk where it is not needed. They are the good smith's who write IOUs that can potentially coming fraud against Ripple participants by changing the value of ripples independent of the value of bitcoin.
No good has come from using derivatives in financial markets as they always lead to financial crisis.
No. As you have displayed consistently throughout this thread. You have missed the complete point of the OP. Let me repeat the topic.
Centralized exchanges have long governed Bitcoin transactions. From the plights of Bitinstant to the regulatory, technical demise of Mt. Gox to the wipeouts of centralized wallets by hacking, we have witnessed costly screwups by centralized players. Subject to regulation and easily targeted by world governments and hackers alike, centralized exchanges have no place in the new economy. Tragically, the Bitcoin community has trashed the very savior of Bitcoin transactions from the start: Ripple. Ripple offers a means to conduct transactions instantly with little to no fees in a decentralized manner. This means no longer do we have to wait for confirmations or trust exchanges to be technically capable or safe from a regulatory standpoint - no longer do we have to rely on centralized merchanting solutions. We can bypass confirmation times and reduce fraud to zero by conducting merchanting on the Ripple protocol.
Ripple is just too complex for some. I get it, you are one of those people. There is nothing to be ashamed of. I guess the big colorful pictures on ripplscam.org help you understand their point of view. Maybe I can make a picture book about Ripple. I'll sign it and send you a free copy. It might make things more simpler for you
You being a cocky imbecile isn't going to work. You made a thread to promote something you are invested in, and offer NO convincing counterarguments to the problems with the NETWORK, all while attacking personally everyone who disagrees.
Fuck off, you beached blob of blubber. You're obviously someone stupid enough to have invested in something no one wants.
YOU ARE THE IMBECILE.
Enjoy further discrediting Ripple with your tactics.