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RE: FCK/YOU Money: The Rise and Fall of XRP
What is the "it" you are referring to? Bitcoin -- where three companies in China choose which transactions go in?
What is the "it" you are referring to? Bitcoin -- where three companies in China choose which transactions go in?
I don't have anything that satisfies my trust requirements that the actors in control are not colluding. These are the types of trust assumptions Bitcoin builds on.
With bitcoin, the actors are whoever has the best price on power and the best ASICs. There's no way to know whether or not such actors will collude and, today, they're all controlled by the government of China should it choose to exercise such control. By contrast, Ripple's consensus algorithm is not inherently centralizing in this way. It won't decentralize itself, but it's possible for it to be, and remain, truly decentralized. Ripple is committed to making this happen and has absolutely no incentive not to make it happen.
Well, RCL is a very worthy technology for a mostly decenteralized settlement network, I hope to see better node decentralization in the future. The same does not apply to XRP IMO.
Bitcoin and Ripple are very different projects - I do not find it entirely accurate to compare the projects in this way. I don't want to argue about the hypothetical collusion between Chinese miners; we can do that some other time :).
I disagree with this statement. See, I just don't like taking your word for it.
Nobody knows how to build a perfect system yet. If you're not interested in an objective comparison of Ripple to its "competitors", I'm not sure what other conversation we can have.
I agree; there is a difference however, between the RCL system and the XRP token that follows along. I am all for the tech behind RCL - I am skeptical about the use of XRP when in the end it comes down to 'trust us'. I don't want to trust anyone.
Just curious now that you mention it but how should one trust a "blockchain trustless" exchange. Aren't all blockchains that are focused on trustless relationships operating relatively the same way? I'm only asking is all.
I am not sure if I understand exactly what you are getting at, Bitcoin is 'trustless' because I can independently verify the entire transaction history. XRP does not operate in this trustless manner that Bitcoin is founded on. It is a pseudo crypto.
Hey Kyle,
I'm just a guy who's trying to figure this out. I'm certainly not an expert but guess i'm asking, irregardless of it being xrp/btc or other, what are the requirements for making a blockchain system "trustless" (whether it's a token or cryptocurrency)? What makes xrp a pseudo crypto...or even point me in the direction if you could so i could do a little research. Again, still learning this stuff myself.
I think a pretty simple argument for XRP is that Ripple holds so much of it. Why wouldn't Ripple do everything they can to foster a healthy market and make sure that XRP is used within their software. If the price of XRP rises, the biggest winner is Ripple.
Still comes down to 'trust us'.
I'd go further and say their goal is to say "trust them".
Hate on Bitcoin security all you want. Your a developer? for a pseudo-decentralized consensus ledger.
I don't hate on bitcoin security. I just have a realistic, rather than a naive, view of what it can, and has, accomplished. If you don't realistically see the weaknesses of one scheme, you can't rationally compare it to another.
The problem with bitcoin is that the stakeholders are chosen by external, inherently centralizing, factors. And worse, the stakeholders have a strong incentive to see the transaction fees be high. This is not by any stretch a fatal flaw, and bitcoin would probably have already gotten past it if people were honest about it. It just shows that the naive view that mining is inherently decentralizing and governance will take care of itself through everyone acting selfishly, doesn't always work out as well as you might hope.
I'm still very bullish on bitcoin and expect it to be the dominant cryptocurrency for some time, maybe forever. But it will always have poor censorship resistance due to its reliance on PoW -- unless that reliance changes.
Not to mention that some actors are much more selfish than others.
Thus, you have inherently different levels of selfishness which ultimately lead to the emergence of some dominance hierarchy that creates a disproportionate power differential over time.
As you, I am not saying that this is bad, but I am far more willing to place my trust in a company that has something to lose from fucking up (e.g.: 20 billion Ripple). The stake that the owner's of the company hold are what insures their integrity.
Are we talking about the RCL or XRP... Becasue I have a realistic understanding of the security that Bitcoin offers.
I think there are a lot more to these two statements than you make it seem. I agree with most of what you detail, although with with many small caveats. I think there is a place in this space for many different systems - each offering degrees of 'security', 'decentralization' and such. XRP and BTC will coexist dispite their large differences in centralization.
I agree. I'm a huge supporter of both systems. Since XRP doesn't have to fight the inherently centralizing tendency of PoW, XRP should be more decentralized that bitcoin by the end of the year. And, I suspect, bitcoin will improve its decentralization and censorship resistance as well.
Expect for the fact that XRP is inherently centeralized in the first place or am I just entirely off base here?
To be clear - I am a huge supporter of both systems also.
the xrp ledger is not centralized. You are very off base.
the xrp ledger is a decentralized exchange in of itself. Shows how much you know about crypto.