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Messages - alexkravets

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31
General Discussion / Re: ripple rally
« on: December 18, 2014, 05:21:39 pm »
Quote from: monsterer on December 18, 2014, 12:51:55 pm
Quote from: mf-tzo on December 18, 2014, 11:41:24 am
How much swift payment system is currently worth?

Find out what the daily amount of fiat transferred by swift is, compare to the daily XRP transaction volume, then scale the market cap of XRP according to that ratio.

Sir,

You are misinformed about Swift. Swift does secure messaging which allows correspondent banks to communicate intended transfers. It does not do Settlement of payments, that happens on legacy mutual ledgers between say BofA and Mitsubishi bank. This settlement is the error prone, often manual step that requires physical actions by bank employees.

Ripple specializes in standardized, zero counter-party risk near instant settlement of funds, where banks offload mutual legacy ledgers onto Ripple ledger, while offloading ALL risk onto market makers who must first obtain said banks IOUs and thereby immobilize their "cash deposits" before they can engage in currency pair spread seeking

For intro, see https://ripple.com/building-the-internet-of-money-video/
For details, read https://ripple.com/integrate/executive-summary-for-financial-institutions/



32
General Discussion / Re: ripple rally
« on: December 18, 2014, 05:11:41 pm »
Quote from: monsterer on December 18, 2014, 04:19:33 pm
I've got one for you, alex: what stops front-running from being possible in ripple?

Ripple consensus has no temporary leader node which signs a new ledger and therefore there is not even a temporary centralization where the updates to the global state are visible to a single node.

Compare this to PoW or [D]PoS blockchains, where the block solver or signer "knows the future" ahead of other nodes on the network

33
General Discussion / Re: ripple rally
« on: December 18, 2014, 03:58:28 pm »
Quote from: crypto_prometheus on December 18, 2014, 09:06:40 am
Quote from: alexkravets on December 18, 2014, 08:53:04 am
Ripple network in the future will likely converge into the same "cartel" as current Internet Autonomous Systems Cartel
(i.e. backbones that route traffic to each other "for free" while charging "downstream" ISPs and corporations for "internet connections")

If you consider Internet itself decentralized then that's your answer to whether or not Ripple will be decentralized in the long run.

Thanks for the info, alexkravets.

Do you think that it will ever be possible to have a market pegged asset exchange on Ripple, using XRP as collateral (like BTS)? Or do you think this is something that would clash with the banking services they are trying to provide?

It would be possible in theory, but given their prior comments and deeds I don't see RL going there ever

34
General Discussion / Re: ripple rally
« on: December 18, 2014, 08:53:04 am »
Ripple network in the future will likely converge into the same "cartel" as current Internet Autonomous Systems Cartel
(i.e. backbones that route traffic to each other "for free" while charging "downstream" ISPs and corporations for "internet connections")

If you consider Internet itself decentralized then that's your answer to whether or not Ripple will be decentralized in the long run.



35
General Discussion / Re: ripple rally
« on: December 18, 2014, 07:06:25 am »

Quote from: Helikopterben on December 18, 2014, 06:30:38 am
Quote from: alexkravets on December 18, 2014, 04:25:35 am
Quote from: Helikopterben on December 18, 2014, 01:50:29 am
I personally NEVER hold any value in any IOUs inside ripple, but rather use them for what they are meant to be used:

Cash-in & Cash-out.
Then what is the point of even attempting decentralization?  Why not just make ripple a centralized service completely?  It seems like it would be much easier.

Sir,

You confuse Ripple labs majority position in XRP the asset with control of the network or protocol.

Ripple is nether a PoW NOR a PoS ledger, it uses Ripple Consensus which is entirely different.

You or I are absolutely no less privileged from the point of Ripple consensus than Ripple labs.

At this time the DEFAULT UNL list contains RL nodes when you download the server but you can change it to whatever list of nodes you want. You are also free to lobby other nodes to add your servers.

De-facto the UNL nodes on most of the hundreds of rippled nodes out there still do contain RL nodes thereby keeping the network centralized at this time, in the long run banks will start listing each other thereby creating a de facto cartel but without a central operator and the network will become as decentralized as Internet routing is today


Sent from my iPhone using Tapatalk

36
General Discussion / Re: ripple rally
« on: December 18, 2014, 06:12:46 am »
Quote from: Helikopterben on December 18, 2014, 06:06:51 am
Ok.  Please explain how bitcoin and bts balances are fully contained within the ripple protocol with no third party risk.

I never claimed that IOU balances have no counterparty risk, I merely stated that XRP carries none.

Any IOU issued by any issuer be it BTC or USD or BTS would carry the risk of that issuer not redeeming it or simply disappearing.

There is one notable edge case, the case of a central bank whose currency is forced onto the population by legal tender laws and tax collectors requiring it for payment of taxes issuing IOUs into Ripple.

Imagine Central Bank of Korea issuing KRW IOUs, those are inherently higher quality than any other KRW IOU issued by a private bank or a gateway, in some sense because KRWs can be printed ad infinitum, there's really no good reason not to "redeem" them into a bank balance at a Korean bank.

37
General Discussion / Re: Stellar
« on: December 18, 2014, 04:53:10 am »
Stellar to Ripple is what Litecoin was to Bitcoin ... mostly useless and mostly harmless "silver to XRP gold"

38
General Discussion / Re: ripple rally
« on: December 18, 2014, 04:39:59 am »
Quote from: toast on December 18, 2014, 04:33:15 am
Bridging asset doesn't mean its intended to be used as reserves.

At this time in world FOREX markets (which dwarf EVERYTHING else by a factor of 10x+ i.e. 5 Trillion USD in DAILY volume ),
the asset that's being used as a bridging asset is an IOU at one of Fed/FDIC backed TBTF banks (either US or US subsidiaries of EURO/Asian TBTF banks, which are themselves FDIC insured and Fed-backed)

All trades are denominated in lots of 5 million USDs.

Should XRP become a Bridging asset/currency ... it will have HUGE daily volumes and low volatility and will then perform the same role as currently performed by USD IOUs issued by TBTF banks.

If that's not a good currency to have reserves in, then I don't know what would be ...

Imagine that you are a Norwegian oil company selling oil to Japan.  It's NOT the case USD is used to conduct such transactions because OIL is denominated in USD, since modern finantial institutions will SETTLE the transaction in Yen or Norwergian Kroner for a tiny fee ... The reason such trades are PERFORMED in USDs is because of the existence of a spider web of Swap lines from foreign central banks to the Fed and a web of TBTF banks that have mutual ledgers with USD IOU's listed in them ... In other words, because an average Japanese bank does NOT have an average Norwegian bank as a trusted correspondent with mutally held collateral and a mutual ledger which closes daily ... but they both have such with Fed-backed TBTF banks ... that's the reason USD is the reserve currency of the world ... which is isomorphic to the role that XRP plays inside Ripple.


39
General Discussion / Re: ripple rally
« on: December 18, 2014, 04:29:56 am »
Quote from: toast on December 18, 2014, 02:08:22 am
What if the secret plan is for XRP to become the reserve currency?

This plan is NOT secret !

Ripple labs has stated in numerous white papers and primers that XRP is meant to serve the role of the counter-party risk free BRIDGING ASSET in the global decentralized instant-settlement FOREX exchange.

See https://ripple.com/knowledge_center/bridge-currency/

SHOULD XRP succeed in the long run, its eventual trajectory will take it toward USD 2.0 compare that to Bitcoin's Gold 2.0

Cheers ...

40
General Discussion / Re: ripple rally
« on: December 18, 2014, 04:25:35 am »
Quote from: Helikopterben on December 18, 2014, 01:50:29 am
Congratulations to the Ripple folks.  However, I prefer the security of a self-contained autonomous financial system such as bitcoin or bitshares.  As the fiat currency crisis deepens, defaults will inevitably occur with some ripple gateways IMHO.  Some gateways will be in need of a bailout and may or may not get them.  The only true flight to safety will be inside systems that are not subject to counterparty risk such as bitcoin and bitshares.  Ripple provides a much needed patch for the legacy banking system but I believe the entire legacy system needs to be replaced completely.  Make no mistake, when you trust a ripple gateway, you are trusting someone else with your money, which has been proven to be a bad idea.  Of course, who am I to argue with the market.

You speak out of ignorance of mechanics of Ripple AND mechanics of the current Bitcoin/BitShares ecosystem.

Any current Bitcoin of BTS exchange issues "account balances" a.k.a. IOUs. 

What Ripple does in ADDITION to Bitcoin is formalize the role of such entities in the protocol.

However, even tho Ripple Gateways do cash-in / cash-out operations into and out of Ripple, UNLIKE current banks or crypto exchanges ALL their balances are tradable and once issued, cannot (in general with some exceptions) be frozen.

So there is absolutely nothing new here.

I personally NEVER hold any value in any IOUs inside ripple, but rather use them for what they are meant to be used:

Cash-in & Cash-out.

It's a whole huge discussion on weather or not Ripple is currently centralized or de-centralizable in the future.

And I can answer specific questions, but I see 9 out of 10 people criticise Ripple out of complete ignorance about what it is.

Just spend an hour reading the wiki and come out better informed next time: https://wiki.ripple.com/Main_Page

41
General Discussion / Re: ripple rally
« on: December 17, 2014, 11:07:42 pm »
BTS Gateway with a BTS in/out bridge basically automates deposits and withdrawls in and out of BitShares as a side benefit.

Somebody with JPY or KRW or BTC or USD can now simply SEND those assets and have them AUTOCONVERTED into BTS for deposit into their Bitshare accounts

42
General Discussion / Re: ripple rally
« on: December 17, 2014, 10:46:12 pm »
Quote from: Rune on December 17, 2014, 08:53:27 pm
I think it would make more sense for us to make an XRP gateway on the bitshares network. Then XRP could be easily traded against bitUSD too. We might even want to have bitXRP.

This is great, but keep in mind this:

Ripple Labs needs bitXRP MUCH LESS than Bitshares needs a BTS gateways inside Ripple.

Currently BTS liquidity is really poor because essentially there's only btc38 clunky chinese exchange trading it for CNY and a little for BTC. 

This is unacceptable. 

By simply installing RL's gateways software, BTS will suddenly become quoted and tradable vs. millions of dollar's worth of daily liquidity. 

All without fees, but even better ... you'll be able to send BTS to your BTC brain wallets and get auto-conversion on the fly ! 
Think that over again ... 

What are the steps today to sell off some BTS ?

1. Go to btc38 and open an account.
2. Sell some BTS for CNY    (pay fee & spread)
3. Sell those CNYs for BTC  (pay fee & spread)
4. Send those BTCs out (3 btc at a time ! cumbersome btc38 requirement) to your coinbase/circle account (pay withdrawal fee)
5. Sell those BTCs to deposit into your USD account.

This is just way too crazy ...

I do know that some "onramps/offramps" are in the works according to bytemaster but until then (and even afterwards !)

BTS gateway inside Ripple would be nice.

Remember liquidity begets liquidity, conversely once liquidity disappears everything disappears ... just ask Mastercoin

43
General Discussion / Re: ripple rally
« on: December 17, 2014, 10:36:03 pm »
Today's blog post w/ a short explanatory video about Ripple from RL

https://ripple.com/building-the-internet-of-money-video/

44
General Discussion / Re: ripple rally
« on: December 17, 2014, 08:41:51 pm »
Quote from: Bitcoinfan on December 17, 2014, 08:35:25 pm
@alexkravets

Appreciate you stopping here and giving us your time. 

Tell us-- we're curious about what has attracted you to ripple?  And where do you see Ripple in one year from now?  5 years from now?

Just to color it with similar marketed products.  What do you think of Bitshares and Bitcoin --- and what do you see coming from them in the future?  We're very much open to hearing your honest views-- the good, the bad, and the ugly.

Thank you.  I also happen to be a big and early BTS supporter & holder :-)

Ripple's novel consensus algorithm which required no mining AND its economic model of "anybody can issue any asset to anyone AS LONG AS the recipient explicitly indicates willingness to hold such issued IOUs" attracted me.

I think Ripple has really bright prospects. 

In a way it is another binary-outcome scenario:

Either Ripple will fail or its snowballing network effect will take over the Forex trading worldwide at which point XRP will function within that market somewhat like USD does today...

If you want a grand vision to daydream about then think of Bitcoin as Gold 2.0 but XRP as USD 2.0

45
General Discussion / Re: ripple rally
« on: December 17, 2014, 08:38:18 pm »
Quote from: Ander on December 17, 2014, 08:23:54 pm
Quote from: spartako on December 17, 2014, 08:17:29 pm
I think ripple and bitshares are not direct competitor and can work together in a great way.

If you want the ideals of current banking system, ripple is the best implementation.

If you want the ideals of bitcoin, bitshares will be (I hope) the best implementation

I agree.   Perhaps we can use Ripple to enable easy onramps into BTS from USD, CNY, and other currencies.  This would be very useful.

It would be very useful for a BTS gateway inside ripple to be launched and for a BTS inbound / outbound bridge to be created similar to BTC ... This is much easier than it appears, but it requires a competent BTS gateway operator.  RL recently released gatewayd as a starting package for such. See https://github.com/ripple/gatewayd

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