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Forum: Chat Room
Thread: Is this a gimmick? |
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Thread Status: Active Total posts in this thread: 25
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Tomahawk4196
Advanced Cruncher USA Joined: Aug 16, 2007 Post Count: 93 Status: Offline Project Badges: 
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You stated
----------------------------------------"They created 100 billion XRP in the beginning. That's all the XRP there will ever be." That seems like the fatal flaw - if a currency can't increase, how can the economy based on that currency grow? This is the fallacy ascribed to by anti-conservatives - they think that the rich can only get that way by taking from others, but the truth is that most of the rich create more value in the economy, and thereby grow it. They get rich by making the pie bigger, not by taking more from others. Also, there is something to be said for team loyalty - if the motivations of ripple labs was to do more work, they wouldn't care whose team you were on while doing that work. Good luck to you folks trying it out.  |
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widdershins
Veteran Cruncher Scotland Joined: Apr 30, 2007 Post Count: 677 Status: Offline Project Badges: 
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Is it a gimmick? No, I'd suggest it is simple pump priming to get the ripples they are issuing to be widely used. Once they are widely accepted their value will increase. I expect that the investors and creators behind Ripple will be waiting for that point to cash in their shares of the 45 billion.
Though we may retain some ripple crunchers when this current giveaway is over, I don't think we should delude ourselves about the fact that the vast majority will move on to the next money spinning offer. |
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Former Member
Cruncher Joined: May 22, 2018 Post Count: 0 Status: Offline |
First, As the starter of this thread I want to thank everyone for the many replies. I originally just assumed that XRP's were "mined" like BitCoin or DogeCoin. I was worried that Ripple Labs was trying to recruit miners for XRP's!
Apparently that would not be a problem with XRP's because they are not mined! Quote "They created 100 billion XRP in the beginning. That's all the XRP there will ever be." |
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ryan222h
Senior Cruncher Joined: Sep 4, 2006 Post Count: 425 Status: Offline |
Apparently that would not be a problem with XRP's because they are not mined! Quote "They created 100 billion XRP in the beginning. That's all the XRP there will ever be." They are in fact mined just like Bitcoin. The difference is with XRP we are doing meaningful "work" while mining, whereas Bitcoin uselessly wastes computing resources if I understand correctly. They created 100 Billion XRP, and they created 20 Millioin Bitcoin. Thats all there will ever be supposedly. Same as there will only be a finite amount of Gold that exists on earth. All 3 have to be mined.  [Edit 1 times, last edit by ryan222h at Jan 23, 2014 4:40:09 PM] |
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twilyth
Master Cruncher US Joined: Mar 30, 2007 Post Count: 2130 Status: Offline Project Badges: 
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Just as an aside, gold is also a deflationary medium of exchange and although I would have to check, I believe that was a big part of the reason why pretty much every nation on earth with possibly a few exceptions have abandoned the gold standard. Using fiat currency instead of one based on gold or some other commodity allows for much greater ease in adjusting the money supply as needed - as I've mentioned previously in this thread.
----------------------------------------However if you happen to be stuck with such a currency, the best alternative for engineering its stability is to have a central bank-like structure that has a huge reserve of the currency that can be bought and sold so as to keep the currency at a stable value vis-a-vis other currencies.   |
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