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Thread: Bitcoin 2.0: Can 'Ripple' Make Digital Currency Mainstream? | Ripple vs. Bitcoin

  1. #1

    Default Bitcoin 2.0: Can 'Ripple' Make Digital Currency Mainstream? | Ripple vs. Bitcoin


    Wiki: Ripple (monetary system)


    Bitcoin 2.0: Can Ripple Make Digital Currency Mainstream?


    Fast Company


    It has been a nail-biting year for people who hold Bitcoins, an open-source digital currency that has quickly gained traction in the tech community. Last June, Bitcoins were worth $5. By April 2013, they were up to $266. Then they dropped to $70 in April. They were back up to $108 by May 7. Bitcoin is volatile. We know that much. It’s also vulnerable. Mt. Gox, the biggest Bitcoin exchange (where users go to exchange Bitcoins for other currency)--was recently faced with multiple DDoS attacks , shutting down the site temporarily.

    But here’s the thing about open-source currencies: they’re open to improvement. Ripple, a platform that just received funding from Google Ventures, Andreessen Horowitz, Lightspeed Venture Partners, and others, has created both an alternative to Bitcoin and a distributed currency exchange for Bitcoiners (and others) who aren’t comfortable using only Ripple’s currency, known as XRP.

    Bitcoiners could have reason to be suspicious of Ripple right off the bat. Whereas Bitcoin was created anonymously and relies on a foundation to standardize and protect the currency, Ripple is the product of OpenCoin, a public-facing company that just raised funding from a number of firms. OpenCoin plans on holding 25% of all the XRP in existence--the idea being that as the currency becomes more valuable, the company will have more resources to fund its operations (and presumably, to make its founders quite wealthy). There’s nothing intrinsically wrong with OpenCoin wanting its currency to rise in value, but the system is dramatically different from Bitcoin.

    OpenCoin co-founder Chris Larsen believes that having a central company behind the currency is to its users’ benefit. "Bitcoin does a great job with a group of folks working through a foundation, and ad hoc contributions," he says. "We thought we could get that too, and also get a core group to nurture this thing for a few years."

    The Mechanics of Ripple

    The Ripple platform serves two purposes: it’s a distributed open-source payment network, and it’s the home of the newly minted XRP currency. As a payment network, Ripple provides free global payments without chargebacks (minus a $0.0001 per transaction network charge, implemented as a security precaution against hackers), the ability to pay in any currency using a distributed currency exchange, and an open protocol that any developer can use. "The Ripple network is a protocol. It’s like HTTP for money. Users, merchants, anyone can use it for free without a license," explains Larsen.

    Participants can exchange dollars, yen, Euros, and even completely made-up currencies, all of which are entered into the system via "gateways." Larsen says: "A UI designer and myself can be a gateway to each other. A gateway can be a friend, neighborhood, a group. Most gateways will be larger. It’s like the way Paypal works--you give them $100, they create a $100 balance." The largest Ripple gateway right now is Bitstamp, which is used to buy and sell Bitcoins.
    ...


    Full Article:
    http://www.fastcoexist.com/1682032/b...ncy-mainstream


    Other Articles:

    Ripple Labs Announces $3.5 Million Investment Round

    IDG Capital Partners and Google Ventures Invest in Ripple Developer OpenCoin

    The Crypto Currency Company That Google is Investing In

    Bitcoin rival Ripple looks to make waves

    'Ripple' Digital Currency Challenges Bitcoin

    Bitcoin Maverick Returns for New Crack at Digital Currency

    Now Backed By Andreessen & More, OpenCoin Looks To Build A Better Bitcoin — And A Universal Payment Ecosystem

    What comes after Bitcoin?

    The promise of Ripple

    Ripple, a Peer-to-Peer Financing Network, Could Make Bitcoin Great (Or Destroy It)

    Google Ventures invests in OpenCoin, the firm behind Bitcoin exchange Ripple

    'Ripple' is the New Bitcoin: Adventures in Virtual Currency

    How Ripple Plans to Take on Bitcoin

    Core Innovation Capital Backs Ripple Labs
    Last edited by FrankRep; 12-08-2013 at 07:48 PM.
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  3. #2

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    Ripple is centralized and has no supply cap. They are also keeping 25% of the current supply on hand. The whole thing sounds worse than pre-mined alts.

    How do you get money into Ripple? Is it via paypal? I can get funds into Bitstamp much faster via traditional wire. 2 days.
    Last edited by muh_roads; 12-08-2013 at 07:47 PM.

  4. #3

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    I may have to study this to see what justifies giving it the name "bitcoin 2.0". So far, it seems like it would make more sense to label it "Paypal 2.0".

  5. #4

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    Quote Originally Posted by Neil Desmond View Post
    I may have to study this to see what justifies giving it the name "bitcoin 2.0". So far, it seems like it would make more sense to label it "Paypal 2.0".
    Ripple also includes its own internal Ripple currency, XRP (sometimes called ripples). Users of the Ripple network are not required to use XRP as a store of value or a medium of exchange.
    http://en.wikipedia.org/wiki/Ripple_...tary_system%29
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  6. #5

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    Quote Originally Posted by Neil Desmond View Post
    I may have to study this to see what justifies giving it the name "bitcoin 2.0". So far, it seems like it would make more sense to label it "Paypal 2.0".
    That is the best way to put it.

    What they are advertising here with Ripple is something that is pegged to the dollar 100% so it is stable "unlike Bitcoin", they say. Only a Keynesian that doesn't understand supply and demand would say this is Bitcoin 2.0

    How Ripple expects to keep the price stable will be based on diluting or extracting from their 25% pool most likely. And probably increasing the supply later when needed if their business grows. Sounds like a digital central bank.

  7. #6

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    Quote Originally Posted by FrankRep View Post
    Ripple also includes its own internal Ripple currency, XRP (sometimes called ripples). Users of the Ripple network are not required to use XRP as a store of value or a medium of exchange.
    http://en.wikipedia.org/wiki/Ripple_...tary_system%29
    Why would you consider it a store of value if its purpose is to follow the dollar?

    EDIT: For all the hating I see you do in other threads about Bitcoin, you clearly haven't done your homework.
    Last edited by muh_roads; 12-08-2013 at 08:15 PM.

  8. #7

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    Quote Originally Posted by Paladin69 View Post
    Ripple is centralized and has no supply cap.
    This nails it.
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  9. #8

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    Quote Originally Posted by Paladin69 View Post
    Ripple is centralized and has no supply cap.
    Quote Originally Posted by extrmmxer View Post
    This nails it.
    XRP can not be debased. When the Ripple network was created, 100 billion XRP was created.
    - https://ripple.com/wiki/Ripple_credits
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  10. #9

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    Quote Originally Posted by FrankRep View Post
    XRP can not be debased. When the Ripple network was created, 100 billion XRP was created. The founders gave 80 billion XRP to the Ripple Labs.
    - https://ripple.com/wiki/Ripple_credits
    FTFY because you curiously left out the next sentence. It's like an 80% pre-mined alt.

    So is it 80% or is it 25%? Somebody needs to update their wikipedia page. They must have re-thought how they advertise themselves and realized owning 25% of the currency you created sounds better than owning 80%...lol

    Also I doubt greatly they won't just dilute the currency since it is centrally controlled. Peercoin has a limit of 2 billion, but they admit more will be created due to the nature of its system. And with Ripple, we're talking about something made by a company where outsiders get no say in its development process. Their "version" of open-source just means they allow you to see what they are doing...(for now).

    The difference between this thing and Bitcoin is night and day. Bitcoin is a community. And thankfully the price isn't pegged or controlled. Unlike Ripple where the intent is to fix the price.
    Last edited by muh_roads; 12-08-2013 at 08:43 PM.

  11. #10

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    Ripple is 100% pre-mined. What they are doing is giving away ripples. There hasn't been any announcement on how they expect to do this entirely or fairly. I signed up and got 5,000 ripples for simply signing up. Might as well head there and do so yourself.

    I'd only need like 60K more to buy a bitcoin!
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  12. #11

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    Quote Originally Posted by kpitcher View Post
    Ripple is 100% pre-mined. What they are doing is giving away ripples. There hasn't been any announcement on how they expect to do this entirely or fairly. I signed up and got 5,000 ripples for simply signing up. Might as well head there and do so yourself.

    I'd only need like 60K more to buy a bitcoin!
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  13. #12

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    When I was younger , Ripple meant something else .

  14. #13

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    Quote Originally Posted by oyarde View Post
    When I was younger , Ripple meant something else .
    For me it means there's no surf - only ripples.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  15. #14

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    Quote Originally Posted by dannno View Post
    The first step to signing up is to join the "World Community Grid"
    I agree. It sounds like a trap. I think the head guy at Ripple has wine & dined with regulators in the past.

  16. #15

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    Quote Originally Posted by Paladin69 View Post
    That is the best way to put it.

    What they are advertising here with Ripple is something that is pegged to the dollar 100% so it is stable "unlike Bitcoin", they say. Only a Keynesian that doesn't understand supply and demand would say this is Bitcoin 2.0

    How Ripple expects to keep the price stable will be based on diluting or extracting from their 25% pool most likely. And probably increasing the supply later when needed if their business grows. Sounds like a digital central bank.
    Hmmm... methinks this "Ripple" is a ploy to get people to move from bitcoin to Ripple where they can control them. It won't work, though.
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  17. #16

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    Quote Originally Posted by dannno View Post
    The first step to signing up is to join the "World Community Grid"

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