Any exchanges of XRP for fiat currencies. Results in a credit to the ledger and the ledger only shows the XRP side of the transaction.
Holy shit that sounds like an insane safety risk! How is it possible that such an "exclusion" doesn't paralyze the entire network?
I mean, what if someone claims to have got more or less fiat than what was determined in the ledger? Assuming he tampers non-blockchain transaction ata.
Ripple is not as decentralized as other crypto implementations. You need preapproval to transact so there is a presumption of trust amongst network participants.
This is also why you often here Ripple referred to as more scalable than Bitcoin. Security measures can be less intense given the preapproval process. So transactions can be verified in a more computationally efficient fashion in XRP than BTC.
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Sounds like Ripple isn't exactly my choice then - for now, at least.
Thanks!
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