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Showing 7 of 7 results by throwawayman
Post
Topic
Board Bitcoin Discussion
Topic OP
Bitcoin financial services
by
throwawayman
on 02/03/2019, 17:26:22 UTC
So I know some members of this community like to participate in a good old bank bashing session and while I do agree we need to reform our financial system and disruptive technology
like bitcoin and other decentralized innovations are going to part of that I'd like to open up a bit of an open ended discussion about how you guys envision the important services that banks
and other financial institutions provide are going to be changed/replaced.

So for example loans are extremely important for upward economic mobility, is anyone aware of financial institutions that currently offer loans in bitcoin? Is this something that will only
happen when bitcoin has large usage comparable to fiat in order to be stable enough for an institution to even consider giving a loan?

Is there any novel solutions that make a loan self executing via smart contracts or will we always have to have trust trust when it comes to these kind of transactions?

What is the general sentiment regarding custodial services for people's bitcoin so they don't have to be concerned about storing it them selves?
Are there any examples of companies already successfully doing this?

Another reason people tend to open bank accounts rather than store money themselves is that they can get their money back in the event of being scammed
(a sense of security really). So is there any examples of companies providing insurance for people's bitcoin?

So there's several questions to get this kind of conversation started. Feel free to answer as many as you like or just give your own take on the topic in general.

Cheers.
Post
Topic
Board Bitcoin Discussion
Topic OP
Imagine I'm the average Joe. Sell me on the following.
by
throwawayman
on 03/02/2019, 17:23:24 UTC
If I'm the average adult and I don't know about: Bitcoin, how fiat and our modern financial system work.
Sell me on: why banks/fiat are bad and why Bitcoin is the solution.

Much of the discussion regarding this just consists of buzz words, regurgitated sound bites and cliché talking points.

So first: why are the banks/fiat bad?

Second: How does Bitcoin fix this?

Third: What would make the average consumer care?

(Climate change, obesity and corruption are all massive problems but in a world full of distractions,
no one really gives a shit) Bitcoin has a bit of a PR problem in regards to how the community and developers are going to
make the average consumer give a flying fuck about decentralization. Also keep in mind that most people are
willing to pay middle men if it gives them piece of mind and they don't have to question the world around them
and wrap their brain around new technology.

The first two are ten times easier than the third in my opinion, I'd appreciate replies to be free of jargon, sure most
people on this forum are going to understand you but they're not the ones you need to convince, it's the small
business owner, the person who shops online and the person with a savings account

Cheers.
Post
Topic
Board Altcoin Discussion
Topic OP
What makes one currency able to handle more TPS than another?
by
throwawayman
on 27/01/2019, 15:25:51 UTC
I'm always confused as to what factors actually contribute to a CryptoCurrencies capacity?

If you guys could provide a run down on what do the following blockchains do under the hood to have this TPS and what it's
limitations are in that regard than I'd appreciate it:

Bitcoin (7 TPS)

Ethereum (20 TPS)

IBM Blockchain (1000 TPS)

Ripple (1500 TPS)

Cheers.
Post
Topic
Board Altcoin Discussion
Topic OP
Questions regarding stable coins
by
throwawayman
on 19/01/2019, 18:11:20 UTC
I'm just looking for people to give me their honest opinion, pros and cons style, of the three methods currently used to stabilize a cryptocurrency.
Or talk about any other methods currently in use they're aware of.
Or your general thoughts on stabilization.
Whatever floats your boat really.

I'd like to mainly hear pros and cons for the following methods:

1. Fiat Collateralized
2. Crypto Collateralized
3. Non Collateralized (Central bank style smart contract)

Bonus question: Why is the non Collaterized method reliant on continual growth? Why don't fiat currencies face this same problem?
Post
Topic
Board Altcoin Discussion
Re: Give your best arguments as to why XRP is centralized.
by
throwawayman
on 13/01/2019, 21:59:24 UTC
I am just surprised at what could make you to create so much interest in a coin like this, to defend it, even when you are not a hodler of it.
I can confidently say that i invest in XRP and yet, despite that, i still see it as a centralized coin, because the larger part of it is controlled by some circles of people, most especially those in the team. There are also other reasons attached to it.

Hahaha, I know this seems like the typical shill thread. But I do this for a lot of projects. I make posts on reddit about Litecoin, Bitcoin, Cardano, Ethereum you name it. I don't hold any of them. Purely interested in technological criticisms.
Yeah, I understand that perspective. Would you consider coins like Bitcoin with large "whales" to be centralized for similar reasons? What projects in your opinions achieve decentralization the best?

Becuase most of the contributor in the Ripple network is owned by the Ripple company itself, that's all I need to conclude that Ripple is not decentralized. Then someone maybe claim it happen because ripple is forced to do it since the crypto community already have bad judgement to ripple and they can't gather the contributor from the community. But the actual thing is that the requirement to be network contributor in Ripple is too high, and that is the manipulation used by ripple to make their network stay centralized.

By contributor do you mean as a node that processes transactions or as a developer? Yes that is a fair criticism that all development is handled by Ripple as a company. But with a transparent code base and with anyone being able to be a validator, is that really a problem? Plenty of projects have developers who do great work and don't get paid nearly enough. Also the vast majority of people who contribute to Bitcoin for example do so through mining and running nodes and using it for transactions, developers are by far in the minority. However I'd love to see future projects be funded by a community pool that's managed by elected delegates (not sure if anyone's doing this yet) to make that aspect of projects less centralized also.

1. In the past as per I have learned from this forum, we have frozen out some XRP addresses so that the holder were unable to move their coins. I am sure still they can lock out our funds if they prefer.

2. Sometimes back they charged up to $20 for one XRP address to hold XRP. But, not sure whether it was only on few exchanges nor how it was implemented.

3. Basically no mining is possible. Mining is one method for how other decentralized systems are making sure about not having one central authority.

4. XRP devs (or some higher officials) keep claiming that their system is more decentralized than any other crypto but never seen any proof. When it is really decentralized then there will be no need to keep on emphasizing the same.

That first point is very interesting, having the ability to lock people out is a major red flag for me personally. Could you link me to anything relating that as I'd love to learn more about it.
Yeah charging for addresses is bad as well, whole point of digital currency is to bank people with no barriers to entry.
Well to be fair you don't necessarily need mining to make a system decentralized. Unless your critical of other consensus methods, which is of course a valid concern.
I think this is what you're referring to: https://ripple.com/insights/the-inherently-decentralized-nature-of-xrp-ledger/ Yeah, I'll believe it when I see it too, seems like a PR thing mostly.

1. The Ripple Company owns the majority of coins.
2. The developers are from the company.
3. The company can do whatever they want. There is no split since there is no chain.
4. It's not free to participate in the network (to validate tx), the company does that.

Yeah there's very little community governance of the protocol to be fair. Very valid criticism.
Well anyone can become a validator so that fourth point isn't really true. Unless I've misinterpreted.

Considering Ripple is the company and XRP is their ticker, I don't see how it is not centralized. They literally own most of the XRP tokens themselves and give out to other places themselves as well, when they are starting to work with a bank or whatever company they agree to work with they give XRP to them to use for transactions to make their transactions faster. As a technology it is much better than the current system for banks but as crypto currency that doesn't fly around here.

We do not need coins that are centralized in a way that a whole company can control so much of one coins life. Ripple company can literally say "we are closing shop, we are bankrupted" tomorrow and XRP will die in a minute, that basically shows how much XRP is tied to that company and its success, as long as Ripple is getting bigger, XRP is getting bigger, as soon as Ripple closes shop XRP goes away as well.

Yeah I appreciated what their tech can do for cross border payments and the like as well but your second point about a central point of failure is very true and is actually the main reason I don't hold any XRP.

When the developer is holding on to larger percentage of the whole tokens, if the whole tokens in circulation is diluted the whole market-cap will be more than BTC, do you people feel Ripple should be more valuable than Bitcoin. I have seen arguments in support of Ripple but for me the whole design of the tokens prove otherwise

Personally, I think BTC has more inherent value than Ripple but then again valuations of crypto is also speculation so who knows?

Cheers everyone for your perspectives.
Post
Topic
Board Altcoin Discussion
Re: Give your best arguments as to why XRP is centralized.
by
throwawayman
on 12/01/2019, 20:56:33 UTC
Take a look at the list of validators here: https://xrpcharts.ripple.com/#/validators. First of all there are many their own validators with ripple.com label. Second thing is UNL, press (?) near it at the top of the table. What the heck is that - Included in the recommended UNL? Why the heck anybody is allowed to include or exclude me from recommended UNL? The third thing is incentives to be a validator. There are no profit based incentives, no profit from being a validator. There is no sense to be a validator, because the requirements are too high. It's just ugly based centralized system.

Well from what I've heard as Ripple partners with more and more financial institutions and businesses they encourage them to run validators of their own. So Ripple expands its operations, the company running validators becomes less and less of a concern. Regarding the recommended UNL users don't have to use that as their UNL and according to Ripple's website: "Eventually, Ripple intends to remove itself from this process entirely by having network participants select their own lists based on publicly available data about validator quality."
And regarding incentives, there's no real incentive either to run Bitcoin full nodes but plenty of people still do because they want to help the network (often because they hold bitcoins i.e. have a stake). In the same regard, the companies and individuals who participate in the XRP Ledger also have "skin in the game" so to speak so are incentivised to make sure that the network remains healthy by running validators.

Also I don't think the requirements seem all that high. In order to be included in the recommended UNL you just need to be seen as a reliable validator: https://developers.ripple.com/run-rippled-as-a-validator.html#understand-the-traits-of-a-good-validator
And according to them the financial costs are "comparable in cost to running an email server in terms of electricity." The system requirements aren't too outrageous either: https://developers.ripple.com/system-requirements.html

Thanks for your perspective. Cheers.
Post
Topic
Board Altcoin Discussion
Topic OP
Give your best arguments as to why XRP is centralized.
by
throwawayman
on 12/01/2019, 20:17:08 UTC
Just as the title says. XRP/Ripple is often a topic of controversy among certain circles of this community so I'd like to see the claims that go along with this controversy to be expanded upon and substantiated.

Please present an actual argument and preferably explain why you believe your cryptocurrency(s)/project(s) of choice doesn't/don't face the issues you discuss.

P.S. I don't hold any XRP so I'm in no way a shill or a member of any tribe in this. Also buzz words, regurgitated talking points and "shitcoin /s" isn't really what I'm looking for.

Cheers.