Post
Topic
Board Altcoin Discussion
Re: Ripple vs Bitcoin
by
acoindr
on 05/04/2014, 23:42:50 UTC
I'm not sure how else to explain it, but if you deal with balances it does not matter what happened before a certain point of time ...

How in the world do you figure that?

Actually anything dealing with money involves transactions and balances. That's how any money system works.

You, Sukrim, have a dollar balance. You have a Ripple balance. You have a yen balance, and you have a bitcoin balance. You have balances for other things too which you may not have ever heard of. Now many of your balances may be zero (e.g. your yen balance etc.) but you have a balance, which is the sum of all the units of that currency you have in your possession. Whenever you make a tranasaction, i.e. trade with someone your balance changes.

Now you're trying to say dealing with Ripple balances means it doesn't matter what happened in the system before a point of time? Then how do you know anyone's balance?!? The whole point of any money system is accounting for peoples' balances. People want to increase their balance so they can buy more expensive things (make larger trades).

So within Ripple there must be a way to know all balances (this exists with Bitcoin). Otherwise the system does not allow anyone to mathematically check how many units the system has. As pointed out earlier, that's more akin to central bank fiat. So stop trying to confuse people by pretending there is some meaningful check which can be performed to verify how many ripple units exist in Ripple's system.