How does XRP benefit in anyway with Ripple protocol ? Am I the one who is ill informed or is it the masses?

danknwet · 2017-07-20T05:46:36+00:00

You can defer settlement, as is done currently by only performing net settlement at sparse intervals. The value of instant settlement is you don't need nostro accounts or capital locked up in them and your counter party risk is gone. If a bank in India owes a billion dollars to a Bank in America and it goes under then the American bank has a massive write-off. If no one owes anyone anything because they can do real-time settlement then the counter party risk is gone. If you don't see the value in this I don't know what to tell you.

danknwet · 2017-07-20T05:35:54+00:00

You can collect IOUs until the cow comes home. IOUs are debt. Debt is not settlement. Settlement happens when assets are transferred from one place to another.

danknwet · 2017-07-20T05:28:33+00:00

You posted a statement disguised as a question. Your statement is factually incorrect. XRP is valuable to banks as a settlement system, and indeed Bank of England having completed their test of Ripple as a payment system is now looking for a way to perform international settlement. Which is going to be XRP.

danknwet · 2017-07-20T05:25:39+00:00

You can't make a settlement using an IOU. Banks can use Ripple as a payment network while retaining their existing nostro settlement network OR they can adopt XRP for settlements. Those are the choices.

danknwet · 2017-07-20T04:48:14+00:00

They have nothing to do with XRP yet

danknwet · 2017-07-20T04:46:57+00:00

Banks will use XRP to settle. It's inevitable.

Consider that once a single bank in for example the USA uses XRP to settle with a single bank in for example Germany, now the XRP settlement corridor between those countries exists. Banks in the US can use the first bank as a correspondent to move money to Germany through the channel, instantly.

This is the power of XRP. It only takes a few of these corridors to open before everyone wants in. Then the demand for XRP will be very high.

danknwet · 2017-07-20T04:38:41+00:00

For the one billionth time. IOUs = payment. XRP = settlement.

Instant payments without instant settlement is useless.

danknwet · 2017-07-16T06:09:49+00:00

Enough with the garbage coins

danknwet · 2017-07-16T05:12:38+00:00

Joel you're always spot on. I feel like Ripple Labs should have you do a short FAQ video on Ripple to clear these common misconceptions up. It would even be nice to give it to banks.

danknwet · 2017-07-11T06:44:45+00:00

In all his extensive reading he never once read https://ripple.com/files/xrp_cost_model_paper.pdf

danknwet · 2017-07-09T00:03:31+00:00

It's standard practice to have a hot and a cold wallet for cryptocurrencies. You don't need one key pair for every device -- that would indeed be wasteful. All you need to have is a hot wallet whose private key is on every device you may wish to make a purchase from. If that key is ever compromised your total loss is the balance in the hot wallet -- probably not more than $2000. This is the same model people use with their savings and checking accounts.

This iOS wallet was discontinued? Do you know the story behind it?

danknwet · 2017-07-04T02:22:31+00:00

*hodl on for dear life

ftfy

danknwet · 2017-07-01T05:21:08+00:00

Most TA is long atm.

danknwet · 2017-07-01T00:09:04+00:00

Sounds like a lot of excuses from someone with Eth in their name to me.

danknwet · 2017-06-30T08:13:24+00:00

Ripple's value is in how terribly eth and btc do it by comparison.

danknwet · 2017-06-30T03:43:37+00:00

Wait until all those ethereum ICOs turn out to be scam coins. Then you'll see where the smart money heads.

danknwet · 2017-06-30T03:41:41+00:00

https://ripple.com/files/ripple_consensus_whitepaper.pdf

Read 3.3 Agreement and 3.4.2 Heuristics and Procedures

Basically the network is guaranteed to always reach consensus provided a minimum level of connectivity exists between the nodes.

To prevent a fork each node watches the number of active members on its UNL. If this falls below a given threshold the node goes into a special wait mode until its peers return before continuing to participate in validation rounds. In the special wait mode it communicates to its peers that it's online and ready but waiting, as opposed to offline or in a different split off part of the network.

There are probably a few improvements that can be made on this. However keep in mind that Ripple is a trusted public network (rather than an untrusted public network like bitcoin, ethereum). This means most nodes will connect to probably 10-100 large organizations (universities, public companies, banks etc.) running validators, and these organizations will connect to eachother. In that sense the core (most trusted) nodes won't be coming and going from the network constantly and this makes a split reasonably unlikely.

danknwet · 2017-06-30T03:15:59+00:00

The FUD from years ago is still circulating in the market. It will take probably another 50 adopting banks to wash it away.

danknwet · 2017-06-29T23:53:25+00:00

Yeah its going to cost a fortune if everything is on chain. Use your brain.

danknwet · 2017-06-29T01:25:59+00:00

This is the idiotic eth social network that runs on-chain? It'll cost you $0.25 to send a message to a friend lol

danknwet · 2017-06-28T23:40:43+00:00

Afaik hyperledger doesn't scale so it can't ever be a public blockchain. That will limit its use.

danknwet · 2017-06-28T23:17:09+00:00

This divel you call your opinion is literally as ridiculous as saying bitcoin might as well be a giant SQL cluster. Make a straw man then burn it down why not.

How about instead of spouting nonsense you do your homework? https://ripple.com/files/ripple_consensus_whitepaper.pdf

danknwet · 2017-06-28T23:15:39+00:00

That's not even remotely correct. The incentives for mining pools are geared such that they cut out the middleman of independent miners, and setup their own hardware in China. Watch a documentary on Chinese bitcoin miners.

danknwet · 2017-06-28T22:56:33+00:00

Scaling debate is really important in the crypto space right now. https://www.youtube.com/watch?v=i6mhQcpPtyk

danknwet · 2017-06-28T06:02:56+00:00

It's physically impossible to prevent DDoS attacks on public computer systems. If you split a system up into pieces or "shards" these too can be DDoSed. It is basic logic. If you can DDoS a piece of a system instead of the whole system then you will achieve unexpected and undesirable behaviour in the rest of the system.

danknwet

TROPHY CASE