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Old 26th February 2021, 10:19 PM   #1041
psionl0
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Originally Posted by ChrisBFRPKY View Post
Today the Federal Reserve suffers widespread disruption to payment services.

https://www.cnn.com/2021/02/24/busin...ire/index.html
I doubt that bitcoin could handle the volume of transactions that fedwire does. (The Ripple network might be an alternative though).
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Old 27th February 2021, 03:22 PM   #1042
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Originally Posted by psionl0 View Post
Not as impressive as their record with bitcoin. They have predicted 1000 out of the last 0 end of bitcoin forevers.
Here is another 0 prediction soundly argued.

"If Bitcoin were to be adopted as a global reserve currency," he speculates, "the Bitcoin price will probably be in the millions, and those miners will have more money than the entire [US] Federal budget to spend on electricity."

"We'd have to double our global energy production," he says with a laugh. "For Bitcoin."


https://www.bbc.com/news/science-environment-56215787

Elon Musk busted.
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Old 27th February 2021, 07:43 PM   #1043
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Originally Posted by psionl0 View Post
I doubt that bitcoin could handle the volume of transactions that fedwire does. (The Ripple network might be an alternative though).
Ripple isn't a cryptocurrency. It's a centralized block chain that could be taken over or controlled by a single entity.

IMO decentralization is a must to qualify as a cryptocurrency. Otherwise, you may as well continue to use Paypal.
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Old 27th February 2021, 11:12 PM   #1044
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Originally Posted by ChrisBFRPKY View Post
Ripple isn't a cryptocurrency. It's a centralized block chain that could be taken over or controlled by a single entity.
That isn't my understanding.

Ripple and Stellar are both decentralized networks that require consensus instead of competition to add new transactions to the chain. Although they have their own crypto currencies, their primary purpose is to transfer IOUs across the network. They rely on individuals having access to a "trusted gateway" on the network to work.
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Old 27th February 2021, 11:15 PM   #1045
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The software requires exponential power demand.
Winkelvoss bros would be selling now.
I bet they are not dumb.

Last edited by Samson; 27th February 2021 at 11:26 PM.
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Old 27th February 2021, 11:17 PM   #1046
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Except quantum computing can mend this unforeseen glitch in the tree that grows to the sky.
Maybe Jack understands.
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Old 28th February 2021, 11:21 AM   #1047
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Originally Posted by psionl0 View Post
That isn't my understanding.

Ripple and Stellar are both decentralized networks that require consensus instead of competition to add new transactions to the chain. Although they have their own crypto currencies, their primary purpose is to transfer IOUs across the network. They rely on individuals having access to a "trusted gateway" on the network to work.
Their fancy way of putting it is that Ripple uses a distributed consensus ledger using a network of validating servers.

In English it simply means it's a centralized blockchain. Instead of validations across a decentralized network they rely on validations from "their" servers. Like Paypal, a closed system. Which effectively means they can create as many tokens as they want at anytime they wish to sell when they wish.

It's why I never bought into XRP.
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Old 28th February 2021, 07:33 PM   #1048
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Originally Posted by ChrisBFRPKY View Post
Their fancy way of putting it is that Ripple uses a distributed consensus ledger using a network of validating servers.

In English it simply means it's a centralized blockchain. Instead of validations across a decentralized network they rely on validations from "their" servers. Like Paypal, a closed system. Which effectively means they can create as many tokens as they want at anytime they wish to sell when they wish.

It's why I never bought into XRP.
Don't conflate the crypto with the transfer mechanism (this is the same mistake that many make with bitcoin vs bitcoin exchanges).

It is true that the validating nodes in Ripple form a "private club" which requires a 51% consensus before new nodes can be admitted. OTOH each node in Stellar can take part in the transaction validation process and anyone can run a Stellar node.

The real question is whether transactions can be controlled or blocked. This seems unlikely with Stellar but there was an incident in Ripple where the funds of one of the founders, Jeff McCaleb, were frozen after he left Ripple in 2015.
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Old 3rd March 2021, 08:27 PM   #1049
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Originally Posted by psionl0 View Post
Don't conflate the crypto with the transfer mechanism (this is the same mistake that many make with bitcoin vs bitcoin exchanges).

It is true that the validating nodes in Ripple form a "private club" which requires a 51% consensus before new nodes can be admitted. OTOH each node in Stellar can take part in the transaction validation process and anyone can run a Stellar node.

The real question is whether transactions can be controlled or blocked. This seems unlikely with Stellar but there was an incident in Ripple where the funds of one of the founders, Jeff McCaleb, were frozen after he left Ripple in 2015.
This. To me it has to be decentralized to be a cryptocurrency. I'm well aware others may disagree but in a nutshell, that's my take on it. A centralized blockchain/server group could be taken over by a government agency. Game over for that coin.
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Old 3rd March 2021, 10:29 PM   #1050
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Originally Posted by ChrisBFRPKY View Post
This.
It is worth noting that Ripple Labs promised that for every new node that was admitted into their validation network, they would remove one. (I don't know how far they have gotten with this).

Originally Posted by ChrisBFRPKY View Post
A centralized blockchain/server group could be taken over by a government agency. Game over for that coin.
That's silly. Why would the Ripple nodes vote to give government owned nodes a majority say in the consensus process? (And don't forget that this can't happen with Stellar).

You might as well speculate on the possibility that a government might gain 51% of the bitcoin mining power.
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Old 4th March 2021, 09:32 PM   #1051
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Originally Posted by psionl0 View Post

That's silly. Why would the Ripple nodes vote to give government owned nodes a majority say in the consensus process? (And don't forget that this can't happen with Stellar).

You might as well speculate on the possibility that a government might gain 51% of the bitcoin mining power.
Because there's only around 835 of them and going against the Federal Government always ends in the same result. "I fought the law and the law won."
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Old Yesterday, 12:34 AM   #1052
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Originally Posted by ChrisBFRPKY View Post
Because there's only around 835 of them and going against the Federal Government always ends in the same result. "I fought the law and the law won."
The idea that the government would seek to destroy the Ripple network (even if it was constitutional) is pure CT.
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Old Today, 02:14 PM   #1053
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Originally Posted by psionl0 View Post
The idea that the government would seek to destroy the Ripple network (even if it was constitutional) is pure CT.
It's not so much a fear that the government or some other entity will shut down the Ripple network, it's the knowledge that it could be shut down or taken over/edited. For instance, as you already noted above, someone could decide whether your coins/assets would be frozen, without any attack on the network.....That's why I compared it to Paypal, it's just numbers in a centralized ledger. This means individual control. Not something cryptocurrencies are known for.

To a smaller degree there exists some of the same fear about decentralized coins being 51% attacked, but that need not be the case with Ripple. There is no attack required.

Ripple is not for me for the reasons outlined. I know people have certain favorites and to each his own. I suppose Jeff McCaleb could probably explain it better, but there it is.
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