Quote from: anu on June 09, 2014, 08:15:37 AM

Quote from: oakpacific on June 08, 2014, 07:49:08 PM

I could agree with you or not, but it's a fact of the world that many would rather trust their money with banks, then with their friends.

True. We have indeed been conditioned to reject family values and rely on the state and other institutions with a totalitarian streak and consume soma (TV) like the good slaves we are. But it seems enough people have woken up to the fact. Indeed, Bitcoin is proof of it.

But I agree. This is the issue Zero Reserve may fall over. And chances that this will happen are pretty good, considering the deafening silence Zero Reserve has met so far. Frankly, I am coming to the conclusion that the community does not want an OpenSource distributed exchange with no strings attached. What they really want is:

Centralized exchanges that are more trustworthy than your friends, like MtGox
Banks that take better care of you than your friends, like Laiki Bank or Lehman Bros
Centralized exchanges where withdrawed Bitcoins can be assigned to a name and address by the government, so the government can keep us safe.
Centralized exchanges that can be shut down by either the banks or the government so money laundering can be prevented for our own good
Keep their money in Banks where it is safe, until the government feels the need to confiscate it for the good of us all like in Cyprus last year
the government to know exactly how many Bitcoins you have so the IRS can tax you on it, for the good of us all

Quote from: oakpacific on June 08, 2014, 07:49:08 PM

Further, if you can have a cryptographic proof of transfer, why the need for IOUs?

You don't, in a world where crypto currencies are dominant. This is not our world, though. We are living in a world where debt is money. A distributed FIAT<->Bitcoin exchange therefore MUST have a debt leg to each deal. Once legacy fiat money has been phased out, ZeroReserve is obsolete.

I understand your feelings here.
Alas, don't underestimate the thousands of lurkers here! I, for example, didn't contribute a single word here, but am following closely. This time, I didn't feel like actively testing the system yet, the shock of what ripple turned out to be was too much for me I guess..

There are 35k views here.
It will gain more momentum when people actually play with the code.
This one will have, and has to have, an even stronger network effect than Bitcoin itself.

Thank you for what you are contributing to this world.

Ente