Yearly user mint 10 PPC, 10% of his hotwallet value - easily covering transfer / exchange-to-Doge / rippling / OpenTransactions costs.
Peercoin - bare metal financial tool, value store, sustainable, predictable. Ripple and new to come - extensions, acceptance, trends, experiments.
And once again: Peercoin is one of a few, if not only one, that can peacefully coexist and gain from Ripple as their designs and purpose do not collide - even more: they add value to each other.
Edit: Ripple multisign (or voting pool) gateway (it may be called a bridge, doesn’t matter) is almost exactly what we’re looking for with OpenTransactions voting pools, funds inside OT are nothing else than IOUs. The difference is that Ripple is available now and gains adoption.
kac- I’m sorry, but can you do a better job of explaining what you’re talking about here? I’m seeing that you want us to use the Ripple network, but I can’t understand half of what you’re saying. It’s like you’re trying to cram everything into only one paragraph. Maybe write it all out and give us some expanded details?
I think what kac- is saying is that ripple can serve many of the functions of interfacing to the real world that we imagine possibly OT or side chains doing in the future. Peercoin is a store of value and can be exchanged with Ripple which can interface with the real world in many different ways.
P.S. I really like the graphic - as in the saying - a picture is worth a thousand words
Ripple is an excellent platform for making transactions and transferring value. It achieves high speed and high capacity by utilizing a network of trusted gateway servers. It solves many of the limitations of using traditional cryptocurrencies for everyday transactions.
XRP (Ripple “coins”) provide liquidity in transferring value across different currencies but they are not necessarily a great store of wealth because their value is ultimately dependent on trust in IOUs.
Peercoin, on the other hand, is a great store of value that is trustless (barring checkpoints) and decentralized. Wealth stored in Peercoin is potentially much more resistant to interference and manipulations by various jurisdictions and powers. Eventually Ripple gateways need an external, low-cost means of settling imbalances through a “backbone” currency such as Peercoin.
While I’ve always been a supporter of both Ripple and Peercoin, I believe that the role of Ripple could one day be replaced by a more decentralized and democratic substitute, perhaps something like Open Transactions.
In any case, I think this is at least part of what kac~ is trying to draw to our attention. Interestingly, I remember a while back that he actually proposed his own version of an alternative to Ripple in this thread:
I’d love to know if any progress has been made in this direction!
Back to example, you have 1000PPC in your savings (minting) and 100PPC that you can/will-to spend if you need.
1000PPCs generates 10PPC/yr in minting process: you can spend them on anonymization services, exchange fees, hot-wallet insurance, etc
You hold PPC because:
• you value it more than other currencies/commodities
• it has upper case ‘p’ in logo
• what was the question?
You probably want everyone to accept PPC but it’s impossible, you have to exchange your coins. Which crypto exchange is best? Currently it’s Ripple network, no question about it.
When you want to buy an item worth ~10PPC in other currency via Ripple network you have to:
A) send PPCs to the gateway (f.e. TheRock), wait for 3-6 confirmations and withdraw PPCs from gateway to your Ripple account, using ripple.com/client choose destination currency and amount, click send
B) prepare yourself earlier and keep 10+ therock:PPCs on your Ripple account ready
• no long term deposit = protection from TheRock’s default/theft/etc
• you have to wait 30-90 minutes to complete purchase - disqualifying
• no protection from TheRock dishonesty/failure [you can’t withdraw to Ripple account]
• funds available immediately
• you can place ripple-ASKs w/ deposited therock:PPCs = possible profit
• TheRock’s default will render therock:PPC deposit on your Ripple account ~worthless
C: you can improve B by spreading your deposit over more (lets say 10) gateways
C pros over B:
• in case of TheRock’s default you lose only 10% of your “hot wallet”
C cons over B:
• you have to manually “manage risk” by choosing and depositing into multiple gateways - practically disqualifying
There is also a D with:
• funds available immediately
• protection from TheRock’s default
• protection from TheRock’s dishonesty/failure
• no need for manual risk management
Funny thing is that I was also thinking about this the other day. The whole thing with multi-sig changes things, especially since fidor bank and “stuff” is using it. I’d have to do more research before I can add any value to the discussion though. But for sure, Ripple we know have gateways.
Anyway, my idea with Peercoin is that it should interface with as many other ecosystems coins and what not as possible, because that’s what a backbone currency does (providing liquidity is the most important thing - that’s why the world is buying US treasury bonds because its the worlds most liquid market (bonds are essentially USD))
I’m also very interested in the Open Bazaar project. It’s based on the DarkMarket by T. and I’ve got really high hopes for it. It will have escrow, multi-sig, rating and everything. Peercoins should be there too.
“The team at RBS used… Ripple… to add various crypto-currencies onto the FXMicropay service… The team included Richard Crook, head of technology governance, (AND) distinguished engineer(S), all at RBS… The judges were unanimous in choosing RBS as the eventual winner of the two day hackathon commenting that the product represented the highest level of disruption and most closely represented the capital markets nature of the challenge.” (http://www.finextra.com/News/FullStory.aspx?newsitemid=26704)
I’ve seen other news like this previously. Hm, I’m gonna take a more serious look at Ripple I think.
What is the different between Open Transactions and Ripple?
Thanks, that was a good list of links!
I’ve been very much in the camp of OT and don’t really like Ripple. Since Ripple has been touting collaboration with banks and what not, I’ve thought a little bit about why banks fancy working with Ripple. I get some funny ideas thinking about it:
One thing I dislike about Ripple, is that it is an IOU system. Banks I think don’t have as much of an issue with this I think. They are used to dealing with IOU’s.
One thing I dislike about Ripple, is that Ripple Labs pre-mined all the coins and that the network have been (still is?) totally owned and controlled by them. Banks I think don’t see this as a problem of “centralization” I think. If something goes horrible wrong or they run into trouble, it means they know who to turn to (Ripple Labs).
For those two reasons (along with the features on Ripple that are actually really good), I could very well see Ripple expand and though OT is in my opinion superior, if Ripple gets enough gateways, there will be an incentive for banks to have presence on the Ripple network. Let’s call it the network effect for lack of better words.
I don’t fancy Ripple, but I think it’s good if Peercoin stuff is present on the network.
I was looking into XRP just prior to encountering PPC, and thought it sounded like a good idea. There is a cryptocurrency group on Facebook that I belong to, and the moderator is quite fond of it. But after reading this thread, I’m not so sure. This may be due to the fondness I’ve developed for PPC since downloading the wallet recently.
[quote=“learnmore, post:5, topic:2794”]Ripple is an excellent platform for making transactions and transferring value. It achieves high speed and high capacity by utilizing a network of trusted gateway servers. It solves many of the limitations of using traditional cryptocurrencies for everyday transactions.
XRP (Ripple “coins”) provide liquidity in transferring value across different currencies but they are not necessarily a great store of wealth because their value is ultimately dependent on trust in IOUs.[/quote]
It seems that Ripple is no longer the only actor on that market (providing stable currencies).
Bitshares and Nu are representing corporations that try to achieve the same.
While I don’t have followed Bitshares closely, I spent some time trying to find out how Nu works.
Those who already know about Nu might skip the rest of this comment.
For the rest: visit their homepage or read my brief summary here:
Nu has been created utlizing the Peershares template, so effectively it’s a Peercoin fork with adjusted attributes.
Nu is running a block chain which is secured by PoS. PoW has been used for bootstrapping the network, but is no longer in use.
The Nu network has created a split between the currency units that are created by Nu, which are called NuBits (NBT) and the assets that represent the corporation, called NuShares (NSR).
While NBT are stable in price being pegged 1:1 to USD and variable in amount, NSR are stable in amount while being variable in price (in fact the amnount is not completely stable; new NSR are created in the minting process).
The block chain contains transactions of both NBT and NSR and is secured by minting with the NSR solely.
So the “owners” of the Nu network are responsible for the security of it.
While minting votes are cast into the blocks. With those votes the NSR holders can participate in decisions.
I’m not going into detail regarding the voting. I justed wanted to name it because of its democratic approach.
[quote=“learnmore, post:5, topic:2794”]Peercoin, on the other hand, is a great store of value that is trustless (barring checkpoints) and decentralized. Wealth stored in Peercoin is potentially much more resistant to interference and manipulations by various jurisdictions and powers. Eventually Ripple gateways need an external, low-cost means of settling imbalances through a “backbone” currency such as Peercoin.
While I’ve always been a supporter of both Ripple and Peercoin, I believe that the role of Ripple could one day be replaced by a more decentralized and democratic substitute, perhaps something like Open Transactions.[/quote]
Peercoin is indeed the backbone currency for Nu, because dividends that Nu pays, are transferred to Peercoin addresses, which are associated to each NuShares address.
[quote=“learnmore, post:5, topic:2794”]In any case, I think this is at least part of what kac~ is trying to draw to our attention. Interestingly, I remember a while back that he actually proposed his own version of an alternative to Ripple in this thread:
I’d love to know if any progress has been made in this direction![/quote]
I wonder whether NBT can be used to fulfill the need for gateways being traded at exchanges that do well being DOS protected.
The hub would basically be a NuBits wallet, right?
Communication between ghub and gateway is only available in the form of the open source NuBot that can hook into exchanges via API.
I’m referring to this:
[quote=“kac-, post:13, topic:2515”]Viacoin has OP_CHECKLOCKTIMEVERIFY on mainnet from few days, no problems so far.
I stuck on searching tools for more generic framework. I want something solid and… flexible
Core elements needed:
DoS protecting gateways- hubs(banks) cannot be exposed to public, hub should dial-in into gateway, so do clients
I’d appreciate any interesting idea how to piece together this Frankenstein.[/quote]