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Showing 20 of 25 results by duckbillp
Re: Ripple starter kit: 1000 XRP + credit line of 0.05 BTC from me — for 0.1 BTC
A credit line is not the same as giving. Or do you actually mean you will send 0.05 BTC (issued by one of the gateways)?
I have to say, it's a pretty bad deal, considering that 0.1 BTC would probably buy around 3000 XRP at the market at the moment.
I have to say, it's a pretty bad deal, considering that 0.1 BTC would probably buy around 3000 XRP at the market at the moment.
Not correct -- you don't need to make transactions in XRP, you can use any currency (and currency issuer, since any currency is linked to its issuer) you like.
Start with the wiki: https://ripple.com/wiki/Main_Page
Start with the wiki: https://ripple.com/wiki/Main_Page
Re: Ripple Scam: Centralized, Centrally Issued, Bribes exchanges, Closed Source
For the simple reason that $5k in debt isnt actually worth $5k (because of issues collecting and the fact that time = money) ripple will fail.
Great point. I can't wait till an exchange runs away and all the paid by opencoin ripple fanboys watch as their USD balance change from 500 to 0.No, it's not a great point. If you dislike the motives behind Ripple, I'd understand, but people seem to be upset with a lot of things that aren't really big issues. A promise of being paid one dollar sure is not the same as one dollar in your wallet, but this is just the same in real life. In real life, you "solve" this by dealing with banks. In Ripple, you will probably deal with gateways having a role very similar to banks. It's a bit of stretch imagining Ripple gateways becoming as large and trustworthy as banks (well, if you really consider banks that trustworthy), but the concepts are in essence the same.
...If the transaction costs are a major hurdle in getting people to start using Ripple...Users won't want the transaction cost to fluctuate orders of magnitude overnight, but that goes for holders of any currency.
It is a very common misconception to view the marginal XRP costs of a transaction as important (right now transactions cost 10 XRP). The real cost is the cost of opening a new Ripple account, which is 200 XRP. This is orders of magnitude greater.
Transaction costs are not particularly relevant to average users. In fact, Ripple transaction costs are orders of magnitude less than even Bitcoin! I think it would really help clarify things if people just forgot about Ripple's transaction costs and focused on the bigger effect of how new accounts get funded with their 200 XRP allocation.
For the statements I made above transaction costs can be substituted with account opening costs -- whatever costs are a hurdle to new users will do. You're right though that there should be more focus on the amount of XRP that is required to fund an account (and is bound to that account ever after).
Keeping a currency's exchange rate fixed is not cheap, and considering that they're starting out with a hoard of XRP that's not worth much (for a currency), it would be hard to keep it up.
If I believe this statement, then I must also believe that the numerous people who have invested 20+ man-years of development in the Ripple system did not think through their decision on how to monetize their invention and are taking an enormous risk that the entire effort will have been for nothing.
But they don't have to keep the exchange rate fixed to some given currency, they will profit anyway as long as enough people start using Ripple. If the transaction costs are a major hurdle in getting people to start using Ripple then can push down the cost / spread out more XRP, but unless the major use of Ripple is to hold XRP as a store of value or make transactions in XRP, keeping the XRP rate fixed relative to some other currency shouldn't be all that important. Users won't want the transaction cost to fluctuate orders of magnitude overnight, but that goes for holders of any currency.
The stated monetization strategy for the Ripple system is to hold some XRP and hope they increase in value. The optimal execution of this strategy is to balance the opposing goals of wide adoption versus XRP price maintenance. It is against their economic best interests to price transactions too high.
Yes, quite right. And that monetization strategy is where this whole project is rotten. Even so, if they manage to keep a balanced transaction cost it may well succeed (~ make the founders extremely rich).
The easiest way to stabilize transaction cost is to use the hoard of XRP to fix the price relative to another currency (e.g. Bitcoin).
Keeping a currency's exchange rate fixed is not cheap, and considering that they're starting out with a hoard of XRP that's not worth much (for a currency), it would be hard to keep it up. Well, it depends on how quickly XRP are destroyed and bound to new accounts. Perhaps they could keep it up for a while.
Maybe some of the founders are hoping that XRP will become the currency of the future and hoard it - but that would mean killing their company by pricing transactions to high.
This seems to be nothing but speculation. There is no clear reason why transactions would be too high just because the owners kept all their XRP, unless you think that the rest (50 billion) would be consumed very quickly. If every transaction costs a thousandth of an XRP, there would be a total of 5 * 10^13 possible transactions even without the founders' XRP. Transactions would be expensive if the supply of XRP were scarce, but it wouldn't be scarce just because the founders kept half of the supply.
Re: How can OpenCoin be profitable once they give away their code?
I wouldn't read too much into it, code not being 100% ready could certainly be part of the reasons. Even if they decide to withhold the source code for a year or two it's an understandable business decision.
A year or two?! That could hardly be called an open source project. I hope people stay cautious and don't invest their money in it at least until the source code is released, and until we know how decentralised Ripple really is.
Personally I'm not too worried about Ripple concentrating power in the hands of it's founders. The massive pre-mine and idealistic "Trust us to distribute them fairly!" approach is bad enough. But the crazy IOU and trust system is way too confusing for the average consumer. People don't want reputation-backed IOUs, they want cash in hand.
What difference is there between "cash in hand" and IOUs? The only difference I can see is in the degree they are trusted. After all, conventional cash is just as much fiat as any cryptocurrency IOU.
The idea is the Opencoin will not own Ripple, and that Ripple itself will be decentralized. The system won't be worth anything without gateways, but at the moment I don't see any clear reason why gateways couldn't operate legally. If they comply with the same laws as regular banks do, why not?
Some gateways might, giving the authority less of an excuse, however I suspect that many wouldn't comply. This probably would give them an excuse to try shutting down the entire network.
Of course we hope for the best scenario, and that the resistance of status quo is not too violent. However I think it's a given there will be plenty of bankrupcies of scummy gateways, and excuses to shut the whole thing down would be abundant.
Since anyone can run a rippled server, it would be hard to shut it down. Authorities could attack the gateways, but if a few non-shady gateways start operating that will be pretty difficult too. I'm not sure about the current ones. The location of Bitstamp seems slightly suspect, as if it would be hard to legally establish it in for example the US. WeExchange doesn't even have a stable website (I'm sure the layout is not supposed to look like that!) and is very new.
True, those people should go back to drooling back on their back porches and leave the early adoption to the early adopters :-)
Eventually those back porch people will be happily swiping their cards or paying by their phones not even suspecting that txs are clearing on the world-wide ripple network.
Eventually those back porch people will be happily swiping their cards or paying by their phones not even suspecting that txs are clearing on the world-wide ripple network.
The risk is even higher politically than technically. Before ripple can become a major financial clearing network, it's entirely possible that fed would make a move against ripple and its gateways ala egold. The fact that ripple is located in US doesn't help it either. True it's a lot more difficult to shutdown than egold, but you never know how much of a market would be left if OpenCoin is in trouble.
Same risk exists for bitcoin although to a lesser extent as bitcoin is not a corporation and does not involve banking system directly.
Kudos to ripple team to take on this uphill battle. I am thrilled to see that after the fall of egold and liberty dollar, bitcoin then ripple is now opening new battleground to free money itself from the clutch of states and their central banks.
The idea is that Opencoin will not own Ripple, and that Ripple itself will be decentralized. The system won't be worth anything without gateways, but at the moment I don't see any clear reason why gateways couldn't operate legally. If they comply with the same laws as regular banks do, why not?
I have a question, I did some trading and I turned 1 bitcoin into 1.5 bitcoin, now I want to take that 1.5bitcoin and put it into my bitstamp account. But when I go do that I get a message right before confirming it, that they will get 1.5bitcoin, and it also says "You can pay at most 1.515" why is that mean exactly? I don't want to be in debit to anyone right now?
There is no way to ensure the network is in precisely the same condition when it processes the transaction as it is in when you form the transaction. To prevent transactions from failing unnecessarily, the client generally applies an extra 1% "slush" to ensure the transaction goes through. This could result in a transaction leaving you in debt. I don't think there's currently any way to change this behavior. (You could always transfer 1% less, I suppose.)Why is the transaction less likely to fail by transferring a little more than the user intends to transfer?
At the moment the ripple network has a lot of isolated disconnected nodes. It's not enough to distribute initial XRPs, one must also ensure enough incentive for people to connect to each other and to establish at least minimal lines of trust in their local currencies or BTCs.
Why not do a cascading distribution where people get an initial allocation for simply signing up, solving a CAPTCHA and verifying their email by clicking on a link and then they would get additional bonuses over time for connecting out to friends and family ?
Why not do a cascading distribution where people get an initial allocation for simply signing up, solving a CAPTCHA and verifying their email by clicking on a link and then they would get additional bonuses over time for connecting out to friends and family ?
For one thing, this would allow people to sign up for as many accounts as they can create email addresses, and receive XRP for each of them. Second, connecting (extending trust) to friends and family is not necessarily desirable, and it shouldn't be encouraged unless you have a good reason to do it.
Simply requiring aged gmail or yahoo accounts helps prevent multi account sign ups, similar to how only aged bitcointalk.org accounts receive the giveaways. Gmail had referrals by friends in its beta early access period, same can be done for ripple accounts, this would just create some scarcity for them at first. Encouraging connectivity in the long run is desirable to create viable paths in the network, for now that maybe deferred.
This would take away the anonymity that Ripple offers. They are trying to sell Ripple on its privacy enabling features similar to that which bitcoin can offer. I know most people don't care about their online privacy but bitcoiners tend to do so more than the average person when it come to tx's.
I don't think they're trying to sell Ripple on privacy-enabling features. From the Ripple wiki (https://ripple.com/wiki/Introduction_to_Ripple_for_Bitcoiners):
"Anonymity is not a design goal for ripple. ripple does have features to provide privacy."
This only values the ripple marketcap at ~ $38,750,000. It's worth WAY more than that.
It should be worth way less than that. Ripple may not get to the point of any notable adoption considering the XRP distribution. But if they do, those ripples may become worth a lot -- until the consensus system decides to value them less
Re: Ripple: A revolution, or a pre-mined currency scam? ANALYSIS
The source code will supposedly become available at some point.
Maybe by that time we should have a distribution list or something ready so we can immediately make a new RIpple network, immediately distributing all of its Ripples "equitably" ?
-MarkM-
Maybe by that time we should have a distribution list or something ready so we can immediately make a new RIpple network, immediately distributing all of its Ripples "equitably" ?
-MarkM-
Even so, the question of how would probably swamp up any democratic efforts.
At the moment the ripple network has a lot of isolated disconnected nodes. It's not enough to distribute initial XRPs, one must also ensure enough incentive for people to connect to each other and to establish at least minimal lines of trust in their local currencies or BTCs.
Why not do a cascading distribution where people get an initial allocation for simply signing up, solving a CAPTCHA and verifying their email by clicking on a link and then they would get additional bonuses over time for connecting out to friends and family ?
Why not do a cascading distribution where people get an initial allocation for simply signing up, solving a CAPTCHA and verifying their email by clicking on a link and then they would get additional bonuses over time for connecting out to friends and family ?
For one thing, this would allow people to sign up for as many accounts as they can create email addresses, and receive XRP for each of them. Second, connecting (extending trust) to friends and family is not necessarily desirable, and it shouldn't be encouraged unless you have a good reason to do it.
This all looks quite interesting. I've signed up, but it seems there is no possibility to get XRP at the moment (I was too late for the giveaway). Does anybody have 300 XRP (should be enough to enable the basic features) or so to spare?
Ripple address: rsa8BE2DfzLC52XQMUv3gECoZXQL7FNGig
Ripple address: rsa8BE2DfzLC52XQMUv3gECoZXQL7FNGig
sure, it's done.
Thanks Molecular, that's appreciated.
I registered on ripple.com and tried to login again next day.
Maybe my "account" is saved in a cookie, which are deleted daily..?
I copied all ripple addresses in this thread here until now:
With this being mine:
However, with a million addresses being published in the giveaway thread a list doesn't seem to be of any use at all.
However #2, I don't know what exactly I want to achieve with my address being stated here..
However #3, I still am undecided how to use ripple now. Trust everyone with 0.01 BTC? Trust the known veterans with 1 BTC? Trust my real-life buddies with 100 BTC? Is ripple of any use for me anyway, concerning gateways? Will I (and everyone else here) be scammed to death?
Ah, I didn't even start with questions concerning opencoin and XRPs.
More questions every other minute!
Ente
Quote
Payward Wallet not found (Username / Password is wrong)
I could login/restore my account by entering the secret key.Maybe my "account" is saved in a cookie, which are deleted daily..?
I copied all ripple addresses in this thread here until now:
Code:
bitstamp rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B
molecular rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU
Severian rDqSvk6fRhKq5tSW7GpWFFHG5pG2XE3mtR
gweedo rKFX2Gvk4jLtgEGMC2qDmMi18Zw4bewrjK
Mageant rPDT5apJsfy8Jbz3M8jXzXskMsKAANhM9p
lebing rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t
herzmeister rUdPvX9YN1NwyniwiJeSW6y3YKZL84gsB6
ribuck ra3a5cfr83b5FTh1YDURqWQh8HTbHEwdyD
Spekulatius rNHf9nnX4JgHferxjRxmapDev7mWQZ6XXd
Bitobsessed rKfd86S25PUdVquk41xedH5jNX4bZ8DiA7
Akka r9RpJFpD6vkKhgHhrRjkgofSbNsE1oYFZ1
bbit rB7qiwEDrcMShUN3Jd8LwXr4RJ7RWBaQu8
ryanAC rJA6mGHsw5yCynLFRe3rjGqaCMk2YpmuMy
phelix rM3puGNYNQTWuqsQpkzxSpmWFqGGuY29Vb
kokojie rNexqWdz7q16e6PPBDsD2XxxzFS64SAEYS
Peter Lambert rGsLivkDjTZHFQ8oV2h81uTcbTpgjEaEY7
jorgen rQay7bQ3XoZcT6E3c8uDopZdnWaMBxWea2
Belkaar rJVshcxcxSAXkgzg1PiUQWr5TodTNAETva
grondilu rpuebQXsR7kAst5yidD6fmGmJHD4niXzbo
Timo Y rG8VFQPaJB2gNjx29Et1wKUJettQP1eLmk
Melbustus rKAw7uHrdUUEqtfFhBBHe6unyh57PLpCc4
Aahzman r9TWUUN8duW1rDqJ2yz2wjksc8A9BpxPUh
AlexNeto rp3Papsq3aXf3gswfgfaqgegjLAEVaw8V1
thoughtcourier rn7iD6DpnCwH8kjJDCsENibMXkgmJkRCRz
znort987 rnozMbmRYfqvn15iBFNeeRJs95gagR2B46
RaTTuS rw65MQQDpWQYGxFEtcQk3r6dpeZ2gx5zff
romerun rU3cgYfpu9jedq8GnW43ArEntsWTD6Sg4n
PRab rEdaspCuZQWrxrGiGMQW3iPXjmEnfUxkqN
molecular rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU
Severian rDqSvk6fRhKq5tSW7GpWFFHG5pG2XE3mtR
gweedo rKFX2Gvk4jLtgEGMC2qDmMi18Zw4bewrjK
Mageant rPDT5apJsfy8Jbz3M8jXzXskMsKAANhM9p
lebing rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t
herzmeister rUdPvX9YN1NwyniwiJeSW6y3YKZL84gsB6
ribuck ra3a5cfr83b5FTh1YDURqWQh8HTbHEwdyD
Spekulatius rNHf9nnX4JgHferxjRxmapDev7mWQZ6XXd
Bitobsessed rKfd86S25PUdVquk41xedH5jNX4bZ8DiA7
Akka r9RpJFpD6vkKhgHhrRjkgofSbNsE1oYFZ1
bbit rB7qiwEDrcMShUN3Jd8LwXr4RJ7RWBaQu8
ryanAC rJA6mGHsw5yCynLFRe3rjGqaCMk2YpmuMy
phelix rM3puGNYNQTWuqsQpkzxSpmWFqGGuY29Vb
kokojie rNexqWdz7q16e6PPBDsD2XxxzFS64SAEYS
Peter Lambert rGsLivkDjTZHFQ8oV2h81uTcbTpgjEaEY7
jorgen rQay7bQ3XoZcT6E3c8uDopZdnWaMBxWea2
Belkaar rJVshcxcxSAXkgzg1PiUQWr5TodTNAETva
grondilu rpuebQXsR7kAst5yidD6fmGmJHD4niXzbo
Timo Y rG8VFQPaJB2gNjx29Et1wKUJettQP1eLmk
Melbustus rKAw7uHrdUUEqtfFhBBHe6unyh57PLpCc4
Aahzman r9TWUUN8duW1rDqJ2yz2wjksc8A9BpxPUh
AlexNeto rp3Papsq3aXf3gswfgfaqgegjLAEVaw8V1
thoughtcourier rn7iD6DpnCwH8kjJDCsENibMXkgmJkRCRz
znort987 rnozMbmRYfqvn15iBFNeeRJs95gagR2B46
RaTTuS rw65MQQDpWQYGxFEtcQk3r6dpeZ2gx5zff
romerun rU3cgYfpu9jedq8GnW43ArEntsWTD6Sg4n
PRab rEdaspCuZQWrxrGiGMQW3iPXjmEnfUxkqN
With this being mine:
Code:
Ente rNEtVs4kNeESF5HbWCDZMYcWwKZ5iKwUEr
However, with a million addresses being published in the giveaway thread a list doesn't seem to be of any use at all.
However #2, I don't know what exactly I want to achieve with my address being stated here..
However #3, I still am undecided how to use ripple now. Trust everyone with 0.01 BTC? Trust the known veterans with 1 BTC? Trust my real-life buddies with 100 BTC? Is ripple of any use for me anyway, concerning gateways? Will I (and everyone else here) be scammed to death?
Ah, I didn't even start with questions concerning opencoin and XRPs.
More questions every other minute!
Ente
I'm fooling around with Ripple too. The list is long, so I'm just going to add the top 3 people from that list and grant .05 BTC trust to each.
My ripple address is rMpB2AsrDTdbynCB48hg8MwHLD4wtXJfRJ
Different question. I've granted 0.6 BTC trust to bitstamp and hold 0.3 BTC/bitstamp. I was fooling around and dropped my trust to bitstamp from 0.6 BTC to 0.2. My account showed that I still held 0.3 BTC/bitstamp, exceeding my trust limit. Shouldn't lowering trust levels below existing IOUs owned have triggered some process whereby 0.1 BTC/bitstamp was immediately returned to bitstamp and converted into BTC, thereby bringing my balance in line with trust granted?
It seems like a bad idea to simply choose a few people from a list and extend trust to them, it destroys the whole idea of trust. Be careful with it!
This all looks quite interesting. I've signed up, but it seems there is no possibility to get XRP at the moment (I was too late for the giveaway). Does anybody have 300 XRP (should be enough to enable the basic features) or so to spare?
Ripple address: rsa8BE2DfzLC52XQMUv3gECoZXQL7FNGig
Ripple address: rsa8BE2DfzLC52XQMUv3gECoZXQL7FNGig