tmsr - Search: i

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mircea_popescu: i have my doubts this will pay much in the way of bills

mircea_popescu: anyway. unless i'm missing something fudnamental (which gets less and less likely as time goes by), ripple is the down syndrome suffering child of some people who really really wanted to matter

dub: mircea_popescu: I don't really see it in the current system but I'm not ruling out the utility of a !btc transaction system of some form

Namworld: I'd do it again anytime. 600 USD/hour is decent.

Namworld: oh, plus making a post when I saw the Ripple thread

Namworld: Well anyway... I got 5 BTC for 40k XRPs... 600 bucks for nothing...

mircea_popescu: i mean, other than getting retards priced out of BTC some playground where they can pretend like they'll matter later.

mircea_popescu: dub i don't see the merit. what is it ?

Namworld: I took the time to figure out the system and use it.

Namworld: I posted on the thread for my free XRP, didn't understand the system, left my XRP there

Namworld: The dumbest thing I've seen in a while.

dub: anyway I think we can agree ripple is retarded

Namworld: Except instead of paying someone, I send the payment to the issuer which gave me BTC for the IOUs

Namworld: Also, I sent money when I sent the BTC IOUs in a send money transaction

Namworld: Why do you insist on the fact I didn't use Ripple, I fuckin damn well used it, trading on the orderbook and sending money.

Namworld: I know that... doesn't change the fact I used all the damn system and it works the same way...

Namworld: Instead of a good being purchased tho, I got funds redeemed, actual BTCs

mircea_popescu: complete "i fucking don't understand what bitcoin is so here's a cat with a pancake on its head. just as good"

Namworld: Which is technically what I did when I sent BitStamp's their IOUs back. It's sending a payment through the send money feature.

dub: I don't think thats what the system is intended for

Namworld: Of course I could also have sent IOUs or XRPs as a payment transaction

Namworld: I used the intercurrency/IOUs trading orderbooks

Namworld: Not that I sent money in a transaction

Namworld: I'm saying I effectively used the trading system.

mircea_popescu: minus thomas, who i recall as a cheeky asshole.

Namworld: I effectievly tried the trading system

ericmuyser: I am a node that no one trusts

Namworld: I used ripple at the XRP for BTC step

dub: yeah I know

Namworld: Normally, I could have traded these IOUs for another issuer's IOUs

Namworld: I said trusting BitStamp for IOUs

Namworld: and BitStamp gave me my BTC which I withdrawn

Namworld: What I basically did is, trust BitStamp as an issuer for BTC

Namworld: I tried Ripple with the 40k XRP I received for free in one of those giveaways.

mircea_popescu: you trust me for 10k i trust you for 10k nonsense

dub: I thought ripple just replaces physical credit cards

mircea_popescu: if i accept your stuff for 10k btc i expect you to pay me whatever, 2k.

mircea_popescu: ericmuyser i kind of suspect you're not quite qualified to discuss systems.

mircea_popescu: i mean, remember that guy issued like 10k btc of debt to dozens of people didn't know about weach other ?

ericmuyser: unless i justify it

ericmuyser: and i dont want my friend giving away my money to a friend in need

ericmuyser: I would like to see approval requests/convos and whatever else. i trust a friend with 100 but i want to review what i'm trusting him with and for what, if it's a good reason etc.

mircea_popescu: irl trust is always to something. i trust you to suck my cock, but not to bake me a pie.

mircea_popescu: whether i make 100 or 100 bn dollars, you've trusted me already

ericmuyser: mircea_popescu: i do not trust you at all.

furuknap: Exactly. So, for anyone other than currency traders and speculators, I can't really see any benefit to Ripple. It doesn't have value beyond the value of a stamp, it doesn't solve any problems that haven't already been solved, and it's just another headache for users when they want to just pay the damn bill at the restaurant.

ericmuyser: i trust he has the fiat and when i make the exchange he will give it to me IRL

furuknap: Sure, but if I get a $1000 IOU from BofA, I can sell $124 of that without having to get BofA to issue a $124 and a $876 IOU.

ericmuyser: i would trust my friend has 100 bucks at any point to lend me, so i add him to my trust network

mircea_popescu: <Namworld> The issue is, Ripple is just plain stupid... << the more i learn about it the righter this seems

ericmuyser: i can go on there and say i have a million dollars or 100 baseball collectors cards, and you can say you trust i have them and what you value them at

ericmuyser: I heard they intend on allowing more strict IOU configuration but I have no source for that

furuknap: I think anyone who issues bearer bonds?

furuknap: Well, I'm officially, completely, and utterly underwhelmed. Thanks for the explanations, guys.

furuknap: Yeah, which is exactly what I'm trying to avoid by using BTC.

Namworld: I guess XRP could be used as a default currency

furuknap: Litecoin has been adopted! I'm a Litecoin fanboi so don't speak badly of my second mistress.

Namworld: What I'm saying

ericmuyser: but I think it's in the grand design to use them as payment

furuknap: Why would I want to transfer my money through an exchange? I just want to buy a cup of coffee or tip the stripper...

furuknap: And you have to trust that issuer. I understand so far. I just don't understand what it gives me as a normal person, having X of currency Y, beyond the ability to change X of Y to Z of W.

furuknap: So... I start with 1 BTC. What benefit will Ripple give me that I can't get form just having and using my BTC?

furuknap: I must be utterly stupid...

furuknap: Yeah, because why would I want to do that? I could just trade it for USD or any other currency.

furuknap: So... You run exchange X and I buy an IOU from you to sell it back to you? In other words, a plain, regular loan?

furuknap: I still don't get it. I get an IUO from whom and why could that be worth squat to me?

furuknap: Wow. Crypto-trade may actually launch in less than 24 hours. I'd buy shares, but I can't seem to get my jaw back up from the floor.

ThickAsThieves: i think i made $20 profit

ThickAsThieves: i dabbled in prosper years ago

mircea_popescu: i'd blog about that retard but the problem is the 1% idiots that read trilema and don't understand wtf would probably triple his trafic

ThickAsThieves: i wonder who gets more paybacks prosper or btcjam

furuknap: As in, I have no idea how the fuck it works.

furuknap: I'm not joking, but despite having tried, I still don't understand Ripple.

ThickAsThieves: http://www.thebitcointrader.com/2013/05/i-was-offered-550-to-say-that-ripple-is.html

ThickAsThieves: if i had bought bitcoins instead of lunch a few years ago id be rich!

furuknap: I'm... not... entirely sure this is the best promotional video Devcoins could get... http://www.youtube.com/watch?v=K_Axa9_yXF4

ThickAsThieves: hacked twice if i recall

furuknap: The site is trading with a massive 4 full AM shares, though (it's a 1/1000 PT) so I'm not expecting any huge market moves elsewhere.

mircea_popescu: recently i mean

furuknap: I haven't looked into that exchange at all, but the AM PT just recently launched so either someone is very stupid or very brave if this is a scam site.

mircea_popescu: didn;'t cryptostocks turn scammy or am i confused

mircea_popescu: i don't think at any point in the > 5000 years history of arbing

TomServo: I thought the problem was not having to trust a third party?

mircea_popescu: i guess people are just keen to do stuff

mircea_popescu: ThickAsThieves i been asking that for ~2 hours

mircea_popescu: maybe. i'm still not sure why exactly it is a problem.

jurov: yes i know, but i'm optimistic it will be solved long term

TomServo: jurov: I guess 'is meant to' at this point - it appears incomplete

TomServo: I think open transactions is meant to solve these issues.

jurov: i think mp is the wrong person to ask things from... you want to have corporations that issue something like gpg-signed share certificates

BitHub: true? i would love to understand it

mircea_popescu: i dont recall whio's running the hf pt.

BitHub: BF mpex intergration example, i could have an account at bf and mpex and buy shares from bf and transfer it to mpex for a fee, both exchanges share the fee. Now i can trade my sdice shares on mpex, vice versa

pgp: i see

mircea_popescu: i recall looking at it early 2012 or so

TomServo: pgp: I think opentransactions might be the thing you're looking for.

pgp: I don't care about delay, just the ability to move it

pgp: yes, but let's look at how it work for financial markets. I can hold a stock certificate in my name (personal wallet), or I can deposit with my broker and put it in "street" name (broker's wallet and trade it on an exchange - ANY exchange - in the US that would mean 7 major exchanges, but 20 or so dark pools. Every share is identical and fungible.

BitHub: i really miss glbse

BitHub: i would actually like to sign up and use it, something different from BF and btct