W3C home > Mailing lists > Public > public-webpayments@w3.org > April 2013

Re: Ripple a scam?

From: Nathan <nathan@webr3.org>
Date: Fri, 26 Apr 2013 17:57:11 +0100
Message-ID: <517AB1E7.1070105@webr3.org>
To: Jeffrey Cliff <jeffrey.cliff@gmail.com>
CC: public-webpayments@w3.org, Manu Sporny <msporny@digitalbazaar.com>
I agree, I know a few of the ripple developers and they all assure me 
that they just want it critical-bugless before released.

Put it this way, I trust it enough to hold several hundred thousand XRP 
and use it daily and give feedback + submit issues, so I for one trust it.

Jeffrey Cliff wrote:
> It should be pointed out that the so far cloeed components are planned to
> be opened--the system is not yet stable enouhh and they are just trying to
> figure out how to do this in such a way thay they won't likely have to
> reset the ledger afterwards.   In the meanwhile  it is sensible to not use
> it, given the source isn't finished yet...but the criticism *as a system*
> that it is closed is imho invalid.
> On 2013-04-26 10:40 AM, "Nathan" <nathan@webr3.org> wrote:
>> Manu Sporny wrote:
>>> Interesting commentary on Ripple being a scam:
>>> http://ripplescam.org/
>>> #bitcoin #ripple #payswarm #w3c #futureofmoney
>>> Some of the arguments are fairly weak, I think the underlying assumption
>>> that the author is making is that Ripple is attempting to be Bitcoin (it
>>> isn't, it's a for-profit currency run by a corporation). So, if you
>>> trust Ripple, most of the arguments go away.
>>> The open source argument is pretty solid, so is the one about hoarding
>>> of XRPs. The OpenCoin developer arguing in the comment thread certainly
>>> didn't help defend Ripple.
>>> I think the real argument is whether or not Bitcoin is better than
>>> Ripple, and in this case, it completely depends on what you want out of
>>> the currency. Fast transactions? Use Ripple. Decentralized and open
>>> source? Use Bitcoin.
>>> Any commentary from payment folks on this list?
>> Yes! I use both daily, and heavily.
>> There are two things here:
>> a) Ripple as a clearance system.
>> b) Ripple XRP as a currency.
>> Ripple as a clearance system is rather good, it'd be better if it was open
>> source, but it's certainly setting the bar and more than usable (I use it
>> daily). Worst case the rippled project can be reimplemented using the
>> details on the wiki and using the API (which isn't great). The low friction
>> and latency is hard to live without once you are used to it.
>> Another + is that ripple has opensourced some rather good client libraries
>> in Javascript, and lots of tooling for it.
>> Ultimately you cannot directly compare Ripple and Bitcoin directly. You
>> can compare the currencies, in which case there are two ways to compare and
>> value them.
>> 1) Traditionally, where the value of the currency is the amount of trust
>> behind it
>> 2) In ripple case, where XRP is a utility of the network, in which case 1
>> XRP has the value of 10k-100k transactions depending on how the fees are
>> set.
>> The aside issue, is the distribution of the pre-mined currency. Are they
>> doing this to get rich and get out, or get rich while making things better
>> for the general population. If the first case then that sucks, if the
>> second case then who cares? I'm sure we all hope Satoshi and the original
>> bitcoin pushers are rich today, and likewise I hope the Ripplers will be
>> too.
>> Ultimately, a well defined clearance system similar to ripple, supporting
>> multiple currencies will and should become the norm, ripple is pushing the
>> populations in the right direction. That can't be a bad thing.
>> Best,
>> Nathan
Received on Friday, 26 April 2013 16:58:07 UTC

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