899000+ entries in 0.642s
mircea_popescu: pigeons you want
to give
that a read say if i've fucked up anything ?
mircea_popescu: (start with 100 scam bux,
trade for 100 cvasi-scam bux,
trade
these for 100 not reallt scam bux, cash out 100 bux)
mircea_popescu: it's worse
tho, in as you can probably
traverse up
the
tree
aknap3: guess
that's pretty much your defect #3
aknap3: thought
there was something about ripple
trust being
transitive, so if you
trust someone, you are also
trusting
their judgment of others, but maybe I misunderstood it
mircea_popescu: [\\\] finally came
to me when i saw your dasehs. magic.
[\]: shakaru was
the name, you had
that right
[\]: I was just keeping
track of who was owed what
kakobrekla: paypal is a scam and half of
the world uses it
kakobrekla: could be just one of
those scams
that doesnt fail.
mircea_popescu: my bet is
that Namworld's 5 btc is coming from
the naive investors
trying
to push it
mircea_popescu: i have my doubts
this will pay much in
the way of bills
dub: at some point you realise
that prolific masturbation doesnt pay
the 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
mircea_popescu: very
theoretical and not particularly related
to ripple.
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: oh, plus making a post when I saw
the Ripple
thread
Namworld: except ~1 hour
to use
the Ripple orderbook
to
trade XRPs for IOUs and sign up and cashout on BitStamp
Namworld: Low cost
transactions,
they get financed.
mircea_popescu: i mean, other
than getting retards priced out of BTC some playground where
they can pretend like
they'll matter later.
Namworld: They should just not have allowed
trading
them and charge like 1 cent per XRP, and use 1 per
transaction.
Namworld: Not my fault if XRPs is designed
to be a currency like any other IOUs, on
top of serving as
tokens for
transactions.
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: If people valuate XRPs it becomes a currency
traded on
the system just as much.
Technically, XRPs are designed
to
trade exactly
the same as any other issued currency on
the system.
dub: Namworld: you didnt send money, you
traded your ability
to send money for some btcs
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.
mircea_popescu: dub ideally people stupid enough
to put btc in get releived of
the btc
dub: Namworld: agreed, you didnt use ripple
though
dub: its just convenient
that its
turned into a system
to
transfer a lot of BTC
to its creators
Namworld: Not my fault if people give so much value
to XRPs
Namworld: I know
that... doesn't change
the fact I used all
the damn system and it works
the same way...
dub: its 'sold' as a way
to
transfer value between
two parties, not
transfer value
to holders of XRPs
Namworld: Ripple is a multicurrency
trading platform.
Namworld: Instead of a good being purchased
tho, I got funds redeemed, actual BTCs
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.
mircea_popescu: "Even Roger Ver, a.k.a. "Bitcoin Jesus" has
to pay his supply chain
to keep
the Bitcoin Store running, so he can't use Bitcoins either. Roger Ver doesn't accept Bitcoin, he accepts US dollars from BitPay. If even Bitcoin Jesus isn't interested in Bitcoins
themselves,
then why not let customers use
their local currencies from
the get-go and
take out
the Bitcoin middleman?"
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
dub: moneypaks is probably better
than CC's for
this example
Namworld: I'm saying I effectively used
the
trading system.
dub: Namworld: so sure, you can buy and sell stolen credit cards right now, its not really using credit cards
though
mircea_popescu: Arthur Britto, Stefan
Thomas, and David Schwartz are major contributors
to Ripple's development, and all played an active role in Bitcoin's early successes.
mircea_popescu: same disaster of commons spiral of death as
the price for used cars.
Namworld: The "credit cards" appear in
the system and are
traded
the same way as IOUs...
mircea_popescu: they
tokenize
this
trust. so basically... instead of having properly identified units you just have one "ripple"
dub: you
tried
the
trading system in
the same way
that selling credit cards is using
the credit system
mircea_popescu: the worse part is
that not only have
they no way
to specify da fuck exactly you
trust,
Namworld: That XRPs are overvalued is not my problem, and if users want
to buy
them...
Namworld: I effectievly
tried
the
trading system
Namworld: yeah... but XRP for BTC IOUs
trade works
the same way as IOU X for IOU Y
trade.
dub: you didnt participate in ripple beyond
that
Namworld: WHich is a
trade between
two users
ericmuyser: and BitStamp is a single node many people
trust
to exchange on
their behalf, and not die
Namworld: I used ripple at
the XRP for BTC step
dub: no you
traded some 'IOUs' for btc
Namworld: Normally, I could have
traded
these IOUs for another issuer's IOUs
Namworld: I said
trusting BitStamp for IOUs
dub: you didnt
transact over ripple
dub: thats not
trusting ripple
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.
dub: you still rely on at least
two 'centralised' parties
to
transact with anotehr person
mircea_popescu: that reason is
that you need
to get paid. nobody
this stupid has any money
mircea_popescu: basically
there's a reason retards were
trusting each other randomly
dub: I
thought ripple just replaces physical credit cards
Namworld: and giving
them
to you
to go
trade around
Namworld: credit issuer gets nothing. Unless
they charge a fee for creating
these IOUs
mircea_popescu: if i accept your stuff for 10k btc i expect you
to pay me whatever, 2k.
ericmuyser: lol you really need
to bake fees into it eh
mircea_popescu: you're basically providing liquidity,
the only sane way
this works is if you get a % fee for each guy you
trust
Namworld: Not
that
there's no backing... obviously if you're willing
to accept X IOUs, it assumes you're also
trusting
that
the issue has backings