22 Feb '13, 1am

How is Ripple NOT a Bitcoin Killer? #bitcoin

I don't know man. How is it not a ponzi? I've been very suspicious of Ripple since I heard about it. They're basically trying to create millions out of thin air on the back of a nonexistent (so far) network of trust; their only use for the Bitcoin network is to nominally disassociate themselves with the lenders and borrowers who they're "letting" "mint" "currency". All three of those things in quotes. It's a disruptive concept but its value hinges on this opaque system of knowing whether the first and most-trusted people are really trusted, and aren't shills for the ponzi. I still regard it as a pyramid scheme, and unfortunately a really dangerous one that if it succeeds could and vanishes with all the money in transit could potentially gut the value of Bitcoins. They're basically guaranteeing themselves as lenders of last resort for a trust ring that they themselves will ...

Full article: http://www.thebitcointrader.com/2013/02/how-is-ripple-not...

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