I don't know for sure if ripple is the latest and scariest in a long line of banking scams that ensure power remains in the hands of the bankers, or simply an opportunistic caretaker for the dying economic paradigm of central banking debt slavery. There is still plenty of money to be made out of the legacy system, perhaps that's all ripple is interested in?
From what I have read in the past about ripple and from what I've recently read on their website, I fear it is more likely the former.
ripple sits on the Federal Reserve's Faster Payments Task Force Steering Committee and co-chairs the W3C's Web Payments Working Group.
ripple website
They want to use blockchain technology to connect all the banks together, with ripple acting as the intermediary. Ok and what happens if they are successful? Who controls the network?
At present, around 25 validator nodes form the backbone of the ripple network, selected by ripple having demonstrated adherence to their criteria (some of which is perfectly legitimate.)
Stefan Thomas, CTO of ripple writes...
In order to maintain future network reliability and mitigate the risk of a single point of failure, RCL needs to be able to securely run without depending on any one entity. Today, RCL has 25 validator nodes running, but continuing to grow and diversify this list of recommended validator operators is a priority for us. Diversification means a variety of identities, geographic locations and software platforms, all of which will further mitigate the risk of a single point of failure.
ripple validators are chosen based on their merit as validators. That is to say, the most reliable, reputable, stable and secure validators will tend to appear on most people's UNLs.
So ripple "recommends" and someone "chooses" the validators....interesting. Who chooses? Who controls the criteria? How long before expediency or outright corruption interferes with this process? All banking scams begin by building confidence. Ripple and every ripple employee may be completely honourable and doing their best, but if the gaps are there, they will be exploited eventually.
Ultimately, the network has, from my point of view, a very dubious governance model in which, ripple has far too much influence. It would appear that every layer of protection we expect from blockchain based networks could be compromised. The software, the protocols, the validators....ushering in a new era of total banking control the banks can only dream about presently.
Most banks won't go near any blockchain network they can't control, yet they appear to be all over ripple.
15 of the top 50 banks work with ripple
30 active integrations
9 countries with banks implementing ripple in production
I would really appreciate it if someone with technical knowledge could post here or do their own post on ripple and explain if my concerns have merit. I am not into FUD, I've been concerned about ripple for a very long time. I think it is important for people to be aware of potential harm if networks without the right governance model is adopted. No freedom loving person wants to contribute unknowingly to the further enslavement of humanity on the very edge of freedom!
Happy Steeming
I do not like ripple mostly because I love the de-centralized aspect of crypto-currencies. But it is tough to sit and watch the value of the ripple continue to increase and not do anything about it. Apparently they are putting a lock on the network in June so the only coins in circulation will be the only coins available. Some believe this will drive the value even higher. We shall see.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I know what you mean. I think choices like that matter. Maybe not in the short term.....so load up if you want to make some gains! But in the end, we will need to choose the networks that are best for us in the long term and without leaving it too late! :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Agreed. 'Stellar Lumens' blockchain network recently partnered with Deloitte and now they are seeing massive gains too... The centralized blockchains are growing rapidly.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Good point. Stellar has very similar issues.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
To fight against global poverty and inequality we should be using tools that empower individuals. Ripple is empowering banks – those same institutions that have caused a lot of poverty and inequality to the world. Obviously I'm not a big fan.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You said it bud. Absolutely.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
this is a great write up, i am unsure about XRP and the bank backing it. There is some profit to be made with it in the short term tho i think.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you. Yes i think you are right. Having read the article busser provided the link for, it would seem that continued price rises may depend on further Japanese over-excitement or perhaps another nation coming on line in a big way.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Images say a million words here. Creepy!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
i'm still shuddering myself!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
good post I own ripple. But sometimes I feel I have a deal with the devil.
So im also curious what technical experts has to say
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I also owned ripple several years ago. I don't begrudge anyone any gains they've made and I don't think the people at ripple are all out to get us. However, If i'm right about faux decentralisation, then we all need to be aware that there will come a time when we need to make a choice. The banks or us. Freedom or debt slavery.
I really hope someone technically savvy will comment!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think ripple won't be that big. It is just one of the first to grow up and so looks big compared comparatively to the others. Ripple value will be $1-10.
2018 will see it rolled out with lots of people using it and we are already begining to feel the effects of its current use, much of this driven by strong investor confidence and big backing. I think it will just occupy banking and act as the new Western Union money transfer among other things.
Other coins will have much higher market cap and usage.
I have invested in ripple, but I have also invested in other coins. The ripple rocket is launching today and the other rockets are launching tomorrow.
Ripple is a small player.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you for your insight, I hope you are right.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think it is good blockchain networks become part of the 'normal' world for the reason that this is required to get blockchain and de-centralised solutions more accepted by the mass. We can hope for a revolution, ie replace old systems and models by new systems and models in one go, but we all know that that is only theory and can never work in the world we live today with so much power to some of the companies and so much technology powering all the services we enjoy each day. Therefore we will have to go through a transition phase bring crypto from its invention stage to a mass market adoption stage through many in between stages. We are just at the beginning of the whole journey. Whether Ripple is a to be trusted independent party and coin for the future, that is up for debate. If you do not trust it? Don't buy the coin. But that doesn't mean someone can still continue to support running Ripples network, this will prevent the control of Ripples network to fall into a single power.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you very much for the comment edje. It is my view that the transition you talk of could happen very rapidly and that it is more about education and knowledge. Once a critical mass is reached.....3% of a population....I think the figure is, then acceptance or lack thereof can happen very quickly. What is important is that these issues are out there and are discussed.
If Ripple are able to control the validators / the criteria for selection / the software etc.....then they ultimately control everything on the network.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
When that happens, then Ripple becomes part of the future past so to speak. When that happens, no issues at all We have a gazillion other coins that can do whatever Ripple did yesterday. I would not be worried.
It can only go rapidily when the cryptos are made as simple as Euro/US$ or whatever fiat currency in stability and simplicity to handle these digitally. We are very very far from such situation, therefore I do not believe cryptos wil become mainstream in the next 3 years, probably it'll take more like 10 years or even more.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
nothing takes ten years anymore, try 10 months.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
LOL.... I think you are disconnected from reality! After 8 years only 1 BTC ATM in the city of Amsterdam, already here for some time with commission over 10%. VIVA with plans to roll out 1.000 ATMs worldwide, but takes at least 12 months for this. Several webshops supporting BTC already for years, but the number of webshops not really increasing. That are the facts, and they will be turned around in 10 months time.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Future telling is not easy. If you think you know anything in particular you are most likely foolish. My point is things are happening faster and faster every day. AI could speed up things even faster. The future is coming on fast.10 years isn't what it used to be.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I know, and that is why I'm not saying 20 years from now :)
Agree, and I'm one of the believers of AI singularity in 30-50 years.
That is a very bold statement! History tells us this. IP required decades, Internet required decades, mobile telephone required decades (my father had his first 'mobile' phone in 1982). Crypto will require at least 20 years, started 8 years ago. 8 years and only we are were we are...so at least 8 years before mass adoption, maybe longer, that is why I stated 10 years. But lets see, time will tell, but I can be a dreamer, but generally I'm a realist. Lets check back with each other in 10 months, and then each year to see where we are. Lets bookmark this conversation :)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Absolutely, my dad got his in92' and it was a useless brick that cost 500$. Yes let us check back. I do not think the past timelines will apply. fun
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Congratulations @benjojo! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPIf you want to support the SteemitBoard project, your upvote for this notification is welcome!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you steemit board, that's awesome!! I would upvote but i'm supporting non voting by the whales.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thanks for your feedback and glad you like it. No prob with the upvote ;)
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Interesting point of view is here: https://medium.com/@coin_and_peace/new-wave-of-japanese-investors-are-fueling-the-great-altcoin-bubble-a504383172ff
I rather agree with it
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Just read it. A very interesting perspective. It was a very convincing read actually. Thank you busser.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
excellent writing about XRP
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
thank you bud!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Holy crap, I love your take on Ripple. Buyer Beware!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Lol! Indeed!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
What do you think about stellar? Is it affected by ripple?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I think stellar is a clone of ripple and suffers from the same horrible risks and connections.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I suspected that, thanks
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
""So ripple "recommends" and someone "chooses" the validators....interesting. Who chooses? Who controls the criteria? How long before expediency or outright corruption interferes with this process?""
Right, it's much better to just trust whoever pays the most money to choose which transactions go in like Bitcoin does. Bitcoin's mining scheme inherently centralizes because it heavily favors whoever has the lowest cost of power and mining ASICs. That's going to be someone. Ripple's consensus scheme has no inherent preference for centralization versus decentralization.
If Ripple wound up with three companies in China choosing how many transactions go in and which ones they are, the stakeholders of the network could change that. Two months ago, Ripple was pretty much the only stakeholder. But that's changing now.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Bitcoin is a poor yardstick given the issues you point out. That doesn't make ripple any better by comparison in my opinion. Ripple is extremely centralised and in my view, impossible to trust into the future. As such it is a poor use of blockchain technology, servicing only those responsible for the terrible global economic situation.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
So Ripple may be better than bitcoin, but it's still not good enough for you? Ripple is centralized because it's a company. That's how companies work. But XRP trades on a public ledger.
Is that ledger perfectly decentralized today? No. But neither is bitcoin. You're holding XRP to a standard that nothing in existence can meet. And that's fine -- we hope to meet that standard by the end of the year.
XRP services anyone who submits transactions to the network. Anyone can run a server. Anyone can run a validator. Today, only about 8 companies are bothering to do this because the network doesn't have that many stakeholders. But expect to see that increase rapidly as new stakeholders emerge.
Is that what we hope to have going forward? No. But is it three Chinese companies you can't change no matter what? No. Unlike PoW, consensus doesn't inherently centralize nor does it create stakeholders whose interests are averse to those of the users.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I don't understand why you keep referring to BTC? There are clearly better technologies out there. You are using one of them now. As I said in my post, all the ideas and employees of Ripple may be honest but Ripple is far more open to corruption than other projects, it's that simple. You acknowledge it's an issue, it's always going to be an issue. The distribution of ripple...how it's all happened so far ensure that in my opinion. It's main client base seems to be bankers....who are responsible for the majority of the world's ills. Why stop at ripple with all its flaws when you can keep looking or keep innovating?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Because BTC is the furthest along and it's a good way to show unintended consequences of misaligned incentives.
I don't understand how you can defend this claim or what the basis for it is. Do you agree that all mined coins are more susceptible to corruption since the people with the lowest cost of power tend to all be in the same jurisdiction? Do you agree that all ICO coins are more susceptible to corruption because the developers tend to be rich before they deliver and have misaligned incentives because they are spending a pile of unencumbered money?
It seems we're being compared to mythical perfection.
Again, the way we did it is demonstrably superior to both the ICO model or the PoW model. We used the best method known at the time and I still don't know of anything better. It aligns incentives well -- the public can participate, but the token doesn't get diluted day one to fund development. It doesn't coerce the stakeholders to be whoever has cheap power, and it doesn't create a stakeholder (miners) who want high transaction fees -- averse to those who want to transact.
Nonsense. That's just the business model Ripple, the company, is going after. Businesses are promoting other coins that way too. And we're getting the banks to use a system they do not control.
Well, I don't agree about the flaws you see. But I do agree that Ripple is not perfect and we have no intention of stopping the innovations. We've been innovating with things like ILP and standardizing payment protocols and so on, and we aren't going to stop.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
BTC is not the furthest along. Ripple is centralised from the ground up. If you can't see that, you don't care to. That does not make you a bad person in my opinion, just blinded. I wish you the best of luck, I can't say the same for ripple. Thank you for the good natured debate. Take care bud.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Excellent analysis to open eyes of people like me with inability to measure depth
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I'm wondering the same. David Schwartz who is one of the CTO or maybe ex-CTO of Ripple has reply to one of my comment on Steemit today. Yeah you heard that right. Look it up here. You'll enjoy it very much!
https://steemit.com/ripple/@hilarski/i-am-highly-disappointed-with-the-crypto-currency-world-and-the-rise-of-the-banker-coin-ripple#@teamsteem/re-hilarski-i-am-highly-disappointed-with-the-crypto-currency-world-and-the-rise-of-the-banker-coin-ripple-20170516t214803207z
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Hi teamsteem, thanks for posting and for the link. I read all the comments and links including his post about fractional reserves. To be honest I'm aghast. I find it incredible that an intelligent and as far as I know, good person can spout such absolute nonsense. Of course you can and should educate everyone about how the financial system works...it would be easy. The reason we don't is because the corruption of the banking system interferes with education. It is in their interest that people do not understand. Fractional reserve banking is a huge problem...why do we need interest? Because the value of our currencys are being perpetually destroyed by the bankers. Why does most of the world's wealth and power reside in the hands of a tiny fraction of people? Because the fractional reserve system gives bankers a claim on all the world's economic activities for no risk or effort to them for a measly dash of interest in return. We've all seen the cost of this fraud, combined with others. The banks are never held to account when their crimes go wrong, they control the interest rates and they outright print money and give it to themselves. It is obvious to anyone not suffering from cognitive dissonance that these banking practices are abhorrent and lead to the destruction of economies and the debt slavery of people. It's very sick and very sad. Ripple is of the same ilk so we just shouldn't go near it.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
"Fractional reserve banking is a huge problem"
This is the most important information on the internet.
I would like to help push the truth!
@benjojo, I am backing you 100%
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Thank you very much for your support, I completely agree with you.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Any currency that is mentioned in the same breath as the federal reserve, should be treated with suspicion. Yes people want to make money, but I thought that crypto was going to take the power away from these banker criminals, not allow them more. Everything in the world needs to change at the moment, and the biggest stumbling block is the banks grip on money. Break that block, and then you will see things changing, including governments who may even start listening to what their voters are saying. I have felt for a while that governments around the world are being very quiet about crypto. But I am sure that they are working in the shadows. The words " You will be assimilated" comes to mind.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Definitely! You are absolute right. The hope is we can educate enough people and show the what freedom looks like then they will vote with their money and ripple will disappear.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
The more you share with us about ripple the more I am blown away how they will do whatever it takes to maintain power in work that is becoming decentralized.
I have several friends that won't touch ripple because it would be going against everything they stand for.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
I really enjoyed reading your article. Very interesting concept and one that I agree with 100%. I feel that this is the banks trying to make a power grab: they're entirely aware of the impact on their financial interests cryptocurrency will have, and its proven popularity is a sign that times are changing in favour of the people and less so for the banks. Western controlled media is singing the songs and praises for Ripple while condemning Bitcoin and Ethereum (and many other competitive cryptocurrencies), so what makes Ripple so different? In my mind, the media, owned by the banks is throwing messages about buying, investing and selling as much Ripple as possible. My problem with it is that it is centralised: it can be administrated and managed by individuals elected by major corporations seeking to profit, so I wouldn't doubt that interest rates/fees will raise in favour of these businesses rather than in favour of the investors. I do not trust it. It scares me. Bitcoin and others were created with the freedom of the people in mind. It's a movement against debt slavery, and in my opinion, Ripple reverses this digital revolution to try and maintain corporate control of the masses.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit