I was wondering to experiment with ripples for my local shop of artworks.The ripple network seems to be interesting for some of my friends, who have no money, but good skills.
I have registered to the ripple website and explored it a little.My account said that : I currently don't have any ripples (XRP).Then it forwarded me to a funny combination of letters:rDuEraqUXpRM5xiJoGsjsif7AiR2dVJsxk
What do I do with that long sequence of letters ?Is it a code that I can enter somewhere ?--
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Sincerely yours,
Apostolis Xekoukoulotakis
In the video explaining Ripple on the original site, they do act as IOU`s.
On 2/20/13, Apostolis Xekoukoulotakis <xeko...@gmail.com> wrote:Exactly, that's my point about them not really having a price, because
> The price of transaction is paid when you buy the xrp, not when you make a
> transaction, like a video game token/coin.
they've been giving away, not sold yet.
> they will change the base fee <https://ripple.com/wiki/Transaction_Fee>
> I dont know all the details either. But the most important for someone who
> has many xrp is this:
> transactions pers second * price in dollars of a transaction.
>
> So one who holds all the xrp would give some, that would create a currency
> price for xrp in dollars.
> Then depending on the transaction speed, and the amount of xrp they gave,
> to maximize the above equation.It's not about what they would want to do but about what they can do.
>
> This is economics 101, its what companies do.
Maybe I'm being repetitive, but being free software anyone can start
another network with its own hostcoin, so the value of xrp is not
assured.
> Now, another thing, I dont think xrp are necessary at all. Ripple isYou don't have to host your account in any server as is done with the
> intrinsically
> attack resistant. What they should have done is put a small fee per user to
> be given to the server hosting the account, otherwise zero cost.
> Then limit transactions per link between accounts.
current web client. The server in that case is only storing your
wallet encrypted by your password (that's why you cant forget it).
If you mean the server they trust to give you a valid ledger? Then
what about people that run their own servers? They don't pay fees?
If there's no cash, which IOUs are valid to pay the fees?
> The only real attack on ripple is the sybil attack which is negated by theIf the ledger doesn't have its own scarce resource, there's many
> above.
possible Sybil attacks.
The simplest one: create infinite accounts for the network to spread
through the network and then store in those many places.
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I don't see the ripple as any kind of currency that folks could buy stuff with, let alone horde for that purpose. However, I do see the holders of the ripple reserves wielding a lot of power insofar as maintaining such a cache would enable them to engage lots of bogus ripple activity.
And the idea of having to do stuff with Ripple on a per-token basis seems kind of extraneous. Can't Ripple nodes just ignore misbehaving users?
Ryan
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