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https://ripplepay.com/

what do you all think of this?

Ripple is a monetary system that makes simple obligations between friends as useful for making payments as regular money.

Normally, if your friend Alice owed you $10, she would have to pay you back before you could make any use of that debt. If you were creative, however, you might be able to pass the debt on to someone else who knew and trusted Alice, in exchange for something you wanted. For example, you might be able to get a book you want from Bob, who also knows Alice, in exchange for letting Alice know that she now owes Bob $10. Instead of money, you used Alice's IOU to pay Bob. Alice acts as an intermediary between you and Bob.

Ripple does the same thing, only it takes the idea one step further. What happens if you want to get a haircut from Carol, who doesn't know Alice at all? Your $10 IOU from Alice isn't useful because Carol being owed money by Alice doesn't mean anything to Carol. But suppose you had a way to find out that Bob, who knows Alice, also knows Carol. You could talk to Bob and arrange for him to take Alice's IOU in exchange for giving his own IOU for $10 to Carol. Since Alice owes him exactly what he owes Carol, Bob is even on the deal. Both Alice and Bob act as intermediaries between you and Carol.

And that's how Ripple works. You create a profile on the system and indicate who you know and how much you trust them by connecting to people by email address and giving them credit limits. Then whenever you want to make a payment to another Ripple user using only friendly obligations, the system finds a chain of intermediaries connecting you to the person you want to pay, and records the payment in each intermediary's account all the way down the chain. You end up owing one of your "neighbours" on the system, and the payment recipient ends up being owed by one of her neighbours.

For more information, see the Frequently Asked Questions, or contact us with your questions.

Ripplepay.com is a part of the Ripple project to develop a peer-to-peer network protocol for making decentralized Ripple payments between users on different computers. To learn more, please visit the Ripple project homepage.

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I was hoping some people would understand the significance of a payment system with no central clearing house...

Lastly, 500 scepticredits for anyone who can suggest how to extend ripplepay to be a deposit taking institution.

** (BTW, this is not a currency. It is a distributed payments system. The currencies exchanged can be anything.)

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I was hoping some people would understand the significance of a payment system with no central clearing house...

Lastly, 500 scepticredits for anyone who can suggest how to extend ripplepay to be a deposit taking institution.

** (BTW, this is not a currency. It is a distributed payments system. The currencies exchanged can be anything.)

course theres a clearing house.

or at least a register of who is registered and what they have.

a clearing house only speeds up the clearance of balances...could be 1 hour, but we do it in 5 days....course the banks benefit.

course, a web site, that anyone uses, costs money...servers, backups, data fees and so on...then theres the rake for the owners, the server master, the programmer, the fraud detectives, the prosecutions and defendant fees....

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course theres a clearing house.

or at least a register of who is registered and what they have.

no, no clearing house.

payments are routed from A to B via nodes in the network.

for it to work each node only needs to know its neighbours and what currencies and credit limits they will accept.

course, a web site, that anyone uses, costs money...servers, backups, data fees and so on...then theres the rake for the owners, the server master, the programmer, the fraud detectives, the prosecutions and defendant fees....

no central website. Sure there is shared communication infrastructure (with decentralised ownership), but thats all.

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here you go bloo:

Credit networks represent a way of modeling trust between entities in a network. Nodes in the network print their own

currency and trust each other for a certain amount of each other’s currency. This allows the network to serve as a decentralized

payment infrastructure—arbitrary payments can be routed through the network by passing IOUs between trusting nodes in their

respective currencies—and obviates the need for a common currency. Nodes can repeatedly transact with each other and pay

for the transaction using trusted currency. A natural question to ask in this setting is: how long can the network sustain liquidity,

i.e. how long can the network support the routing of payments before credit dries up? We answer this question in terms of the

long term success probability of transactions for various network topologies and credit values.

We show that a number of well-known graph families have the remarkable property that repeated transactions do not result

in a loss of liquidity. Further, we show using simulations that the success probability of transactions in Erd¨os-R´enyi and powerlaw

networks depends only on average node degree and credit capacity, not on network size. Finally, we compare liquidity in

credit networks to that in a centralized payment infrastructure and show that credit networks are not significantly less liquid;

thus we do not lose much liquidity in return for their robustness and decentralized properties.

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a trusting node needs a program/programmer to decide the trusts.

a program resides somewhere...it is a clearinghouse.

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a trusting node needs a program/programmer to decide the trusts.

no. if my neighbouring nodes are my face to face friends and family and business contacts, I am able to determine trust and assign credit levels without assistence from any program.

a program resides somewhere...it is a clearinghouse.

there is a program, but it is a router, an aggregator of information about routes outside my circle of trust.

any there would be many, I could pick the router I like best, and change if rom day to day.

there is no central node - its a flat network, unlike the current system which is a hierarchy.

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no. if my neighbouring nodes are my face to face friends and family and business contacts, I am able to determine trust and assign credit levels without assistence from any program.

there is a program, but it is a router, an aggregator of information about routes outside my circle of trust.

any there would be many, I could pick the router I like best, and change if rom day to day.

there is no central node - its a flat network, unlike the current system which is a hierarchy.

you have to trust the nodes.

otherwise the system is wide open to fraud.

that needs a reference..somewhere.

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you have to trust the nodes.

you need to trust the nodes adjoined to you only, because your are only exposed to credit risk with you neighbouring nodes, and then only in so far as the credit limits you assign them. Outside your circle, it's someone else's problem.

otherwise the system is wide open to fraud.

in a peer to peer system you can only be defrauded by your own connections.

that needs a reference..somewhere.

an internet protocol network doesn't need a central reference, it just needs a routing table at each node.

what is the central reference for the internet?

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you need to trust the nodes adjoined to you only, because your are only exposed to credit risk with you neighbouring nodes, and then only in so far as the credit limits you assign them. Outside your circle, it's someone else's problem.

in a peer to peer system you can only be defrauded by your own connections.

an internet protocol network doesn't need a central reference, it just needs a routing table at each node.

what is the central reference for the internet?

I beleive its 5 DNS servers in USA...

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I beleive its 5 DNS servers in USA...

exactly, but there is no reason we need to use those servers. its a matter of convienience.

I can setup a network between myself and my peers without any resort to the servers in the US. If you think teh US controls china's internet, you'd be wrong.

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https://ripplepay.com/

what do you all think of this?

Ripple is a monetary system that makes simple obligations between friends as useful for making payments as regular money.

Normally, if your friend Alice owed you $10, she would have to pay you back before you could make any use of that debt. If you were creative, however, you might be able to pass the debt on to someone else who knew and trusted Alice, in exchange for something you wanted. For example, you might be able to get a book you want from Bob, who also knows Alice, in exchange for letting Alice know that she now owes Bob $10. Instead of money, you used Alice's IOU to pay Bob. Alice acts as an intermediary between you and Bob.

Ripple does the same thing, only it takes the idea one step further. What happens if you want to get a haircut from Carol, who doesn't know Alice at all? Your $10 IOU from Alice isn't useful because Carol being owed money by Alice doesn't mean anything to Carol. But suppose you had a way to find out that Bob, who knows Alice, also knows Carol. You could talk to Bob and arrange for him to take Alice's IOU in exchange for giving his own IOU for $10 to Carol. Since Alice owes him exactly what he owes Carol, Bob is even on the deal. Both Alice and Bob act as intermediaries between you and Carol.

And that's how Ripple works. You create a profile on the system and indicate who you know and how much you trust them by connecting to people by email address and giving them credit limits. Then whenever you want to make a payment to another Ripple user using only friendly obligations, the system finds a chain of intermediaries connecting you to the person you want to pay, and records the payment in each intermediary's account all the way down the chain. You end up owing one of your "neighbours" on the system, and the payment recipient ends up being owed by one of her neighbours.

For more information, see the Frequently Asked Questions, or contact us with your questions.

Ripplepay.com is a part of the Ripple project to develop a peer-to-peer network protocol for making decentralized Ripple payments between users on different computers. To learn more, please visit the Ripple project homepage.

Fxxx me.

Give me fiat.

Slavery fxxx, where do i sign?

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you have to trust the nodes.

otherwise the system is wide open to fraud.

that needs a reference..somewhere.

bloo - scepticus is right on this one (there are ways to the trust up so you don't have to trust the comms network), you might have to let it go.

More importantly, is it going to get more than 2000 users ? I imagine it has the same 'tipping points' as any other payment systems in terms of enough people using it for it to be useful for the next people. Quite a few people I know accept cash.

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https://ripplepay.com/

what do you all think of this?

Ripple is a monetary system that makes simple obligations between friends as useful for making payments as regular money.

Normally, if your friend Alice owed you $10, she would have to pay you back before you could make any use of that debt. If you were creative, however, you might be able to pass the debt on to someone else who knew and trusted Alice, in exchange for something you wanted. For example, you might be able to get a book you want from Bob, who also knows Alice, in exchange for letting Alice know that she now owes Bob $10. Instead of money, you used Alice's IOU to pay Bob. Alice acts as an intermediary between you and Bob.

Ripple does the same thing, only it takes the idea one step further. What happens if you want to get a haircut from Carol, who doesn't know Alice at all? Your $10 IOU from Alice isn't useful because Carol being owed money by Alice doesn't mean anything to Carol. But suppose you had a way to find out that Bob, who knows Alice, also knows Carol. You could talk to Bob and arrange for him to take Alice's IOU in exchange for giving his own IOU for $10 to Carol. Since Alice owes him exactly what he owes Carol, Bob is even on the deal. Both Alice and Bob act as intermediaries between you and Carol.

And that's how Ripple works. You create a profile on the system and indicate who you know and how much you trust them by connecting to people by email address and giving them credit limits. Then whenever you want to make a payment to another Ripple user using only friendly obligations, the system finds a chain of intermediaries connecting you to the person you want to pay, and records the payment in each intermediary's account all the way down the chain. You end up owing one of your "neighbours" on the system, and the payment recipient ends up being owed by one of her neighbours.

For more information, see the Frequently Asked Questions, or contact us with your questions.

Ripplepay.com is a part of the Ripple project to develop a peer-to-peer network protocol for making decentralized Ripple payments between users on different computers. To learn more, please visit the Ripple project homepage.

YES BUT I FIND THAT MOST PEOPLE CANT BE TRUSTED.THAT IS TO SAT CAN YOU LEND ME MEANS CAN YOU GIVE ME.

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exactly, but there is no reason we need to use those servers. its a matter of convienience.

I can setup a network between myself and my peers without any resort to the servers in the US. If you think teh US controls china's internet, you'd be wrong.

you could.

but how would I know about it. how could I join it?

and worse...without physical exchange "money", what happens when the comms go out?

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bloo - scepticus is right on this one (there are ways to the trust up so you don't have to trust the comms network), you might have to let it go.

More importantly, is it going to get more than 2000 users ? I imagine it has the same 'tipping points' as any other payment systems in terms of enough people using it for it to be useful for the next people. Quite a few people I know accept cash.

from the OPs quote"

the system finds a chain of intermediaries connecting you to the person you want to pay,

I rest my case.

Guys, I have no axe to grind with any of these ideas. but as a replacement to the current system, there needs to be something in place that doesnt rely on a third party to make an exchange happen.

credit cards, debit carded bank accounts, cheques, all require an intermediary for debts to be settled.

its THIS system that has failed.. Its THIS system that creates bubbles and non payment. FIAT cash always works, its our money borrowed by us....against....what? our own labour and wealth creation.

Im afraid creating billions in credit backed on ponzi asset lending schemes devalues the system and makes it vulnerable.

note the "cure"..its the issue of new cash. the cash was NEVER in doubt. the intermediaries are the fail points.

Thats why I am sceptical in any system that breeds intermediaries.

Edited by Bloo Loo

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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