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Thread: Is this a gimmick? |
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Thread Status: Active Total posts in this thread: 25
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Former Member
Cruncher Joined: May 22, 2018 Post Count: 0 Status: Offline |
Is this a gimmick?
https://www.computingforgood.org/ https://ripple.com/ Anyone familiar with Ripple Labs & XRP math based currency. Apparently it is similar to Bit coin or Doge coin. IMO: Both of these currencies can be viewed as pyramid schemes. quote: Ripple Labs plans to freely give away at least 55 billion XRP. Hmm I am always Leary of people who claim to give money away for nothing. Also this doesn't sound good quote: You will not be able to un-link these two accounts. (Ripple Labs and WCG) If I wanted to make money crunching I would be mining Doge coin - not donating my CPU's to WCG |
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Former Member
Cruncher Joined: May 22, 2018 Post Count: 0 Status: Offline |
No gimmick, there is a VERY LARGE Ripple team on here.....search Ripple
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Falconet
Master Cruncher Portugal Joined: Mar 9, 2009 Post Count: 3295 Status: Offline Project Badges: 
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I already transfered 23 euros to my bank account.
----------------------------------------It's not much but it helps to pay the electricity. AMD Ryzen 5 1600AF 6C/12T 3.2 GHz - 85W AMD Ryzen 5 2500U 4C/8T 2.0 GHz - 28W AMD Ryzen 7 7730U 8C/16T 3.0 GHz |
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ryan222h
Senior Cruncher Joined: Sep 4, 2006 Post Count: 425 Status: Offline |
It's a real currency not a gimmick. As with any new currency there will be wild swings in valuation until it either gains widespread acceptance or becomes worthless.
----------------------------------------You can disconnect from the ripple labs team at any time, but obviously you will stop gaining XRP.  [Edit 1 times, last edit by ryan222h at Jan 22, 2014 7:39:31 PM] |
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twilyth
Master Cruncher US Joined: Mar 30, 2007 Post Count: 2130 Status: Offline Project Badges: 
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It's definitely a gimmick so you shouldn't participate. You see the daily payout is fixed so until we get more people in the pool and they decide to raise the daily payout, as the just did recently, your not participating means more for the rest of us. Hehehehe.
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Former Member
Cruncher Joined: May 22, 2018 Post Count: 0 Status: Offline |
Is this a gimmick? What do you mean by "gimmick"? Is it a marketing scheme for Ripple? Sure. Do they actually pay out XRP for WCG participation? Yes. The payout rate is currently about 1 XRP per 400 WCG points (subject to change), and 1 XRP can be converted into about US$0.02 (also subject to change). You can do the math to see whether you want to bother with it. Apparently it is similar to Bit coin or Doge coin. IMO: Both of these currencies can be viewed as pyramid schemes. quote: Ripple Labs plans to freely give away at least 55 billion XRP. Hmm I am always Leary of people who claim to give money away for nothing. Here's why they're giving money away for nothing: Ripple is an online payment network. It has its own currency (XRP), but it can also be used to conduct transactions in other currencies. Ripple Labs is the company that created the payment network. They created 100 billion XRP in the beginning. That's all the XRP there will ever be. The XRP is worthless if nobody uses the payment network. So they're freely giving away a bunch of XRP to a bunch of different people to try and convince them to use the payment network. If it catches on, the remaining 45 billion XRP will help Ripple Labs pay for ongoing development of the network, and I'm sure it will give the company founders a nice payday as well. You're right to view it with a bit of skepticism, since it's all a bit speculative at this point, and Ripple Labs has plenty to gain from the whole deal. That said, if you're contributing to WCG already, you have nothing to lose by signing up with the Ripple Labs team and getting some XRPs in return for your contribution. You can cash them out for a couple cents apiece right now to help pay for your electric bill, or you can hold onto them in case they're worth more someday. If I wanted to make money crunching I would be mining Doge coin - not donating my CPU's to WCG That's up to you. I've mined some other cryptocurrencies in the past. I think this WCG Ripple deal is very competitive in terms of how much money you make per CPU hour (assuming you cash out your coins right away), and it has the added benefit of contributing to science rather than just wasting electricity on meaningless hash algorithms. |
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twilyth
Master Cruncher US Joined: Mar 30, 2007 Post Count: 2130 Status: Offline Project Badges:
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If it catches on, the remaining 45 billion XRP will help Ripple Labs pay for ongoing development of the network, and I'm sure it will give the company founders a nice payday as well. I very much doubt that the people who created this system will use the remaining XRPs to benefit themselves or that the primary purpose is to help pay for the system. One of the problems with any currency is stability. We've seen that problem manifest in the wild swings in the value of bitcoins. The way you deal with such instability is by having a central bank that can buy and sell currency when needed - much like what the federal reserve does. However since all digital currencies are deflationary - i.e., they have a fixed supply once all mining has been completed - they can't create and destroy units of the currency the way the fed creates and destroys dollars. This is one of the best selling points of digicurrencies. But the downside is that there is no means of regulating the value of the currency. What the fed does is increase and decrease the money supply as dictated by economic demand. Normally what it SHOULD do is increase the money supply when economic activity increases and decrease it when we have a recession. However anyone who has been paying attention since the financial crisis knows that not strictly how it works. When you have an economy that is inseparably tied to a particular currency, you can advance a particular economic agenda by manipulating the currency the way the fed has. Digicurrencies are not necessarily tied to any particular country or economy. However that does NOT mean that it is not desirable to have a mechanism by which the value of the currency can be stabilized. The purpose I believe will be served by the roughly 1/3 of the XRPs not distributed will be to help provide such stability. How? By selling XRP's when the demand is high and buying them back when demand is low - essentially acting as a central bank to stabilize their value. |
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Former Member
Cruncher Joined: May 22, 2018 Post Count: 0 Status: Offline |
Is this a gimmick? What do you mean by "gimmick"? Is it a marketing scheme for Ripple? Sure. Do they actually pay out XRP for WCG participation? Yes. The payout rate is currently about 1 XRP per 400 WCG points (subject to change), and 1 XRP can be converted into about US$0.02 (also subject to change). You can do the math to see whether you want to bother with it. Apparently it is similar to Bit coin or Doge coin. IMO: Both of these currencies can be viewed as pyramid schemes. quote: Ripple Labs plans to freely give away at least 55 billion XRP. Hmm I am always Leary of people who claim to give money away for nothing. Here's why they're giving money away for nothing: Ripple is an online payment network. It has its own currency (XRP), but it can also be used to conduct transactions in other currencies. Ripple Labs is the company that created the payment network. They created 100 billion XRP in the beginning. That's all the XRP there will ever be. The XRP is worthless if nobody uses the payment network. So they're freely giving away a bunch of XRP to a bunch of different people to try and convince them to use the payment network. If it catches on, the remaining 45 billion XRP will help Ripple Labs pay for ongoing development of the network, and I'm sure it will give the company founders a nice payday as well. You're right to view it with a bit of skepticism, since it's all a bit speculative at this point, and Ripple Labs has plenty to gain from the whole deal. That said, if you're contributing to WCG already, you have nothing to lose by signing up with the Ripple Labs team and getting some XRPs in return for your contribution. You can cash them out for a couple cents apiece right now to help pay for your electric bill, or you can hold onto them in case they're worth more someday. If I wanted to make money crunching I would be mining Doge coin - not donating my CPU's to WCG That's up to you. I've mined some other cryptocurrencies in the past. I think this WCG Ripple deal is very competitive in terms of how much money you make per CPU hour (assuming you cash out your coins right away), and it has the added benefit of contributing to science rather than just wasting electricity on meaningless hash algorithms. It's also a relatively fair way to distribute some XRP. |
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yoro42
Ace Cruncher United States Joined: Feb 19, 2011 Post Count: 8979 Status: Offline Project Badges: 
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I think I'll stay with my team.
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yojimbo197
Advanced Cruncher Joined: Jun 30, 2012 Post Count: 83 Status: Offline Project Badges: 
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It's also a relatively fair way to distribute some XRP. In theory, this is true. However, in practice not exactly so. Those who can afford to buy cloud service computing time have effectively skewed payment and distribution towards a few people. Ironically, the Ripple Labs CEO said recently "The(Bitcoin) mining is rewarding people to run supercomputers. Mining isn’t necessary – it’s simply a method to prevent double spending. We thought that mining was quite wasteful he says, citing the energy used, and its undemocratic aspect."-http://www.coindesk.com/chris-larsen-ripple-is-http-for-money/ I would suggest putting a cap on XRP's awarded per person/account. This would encourage more people to participate and discourage cloud computing XRP miners. The end result would be XRP's distrubted over a larger number of people.  [Edit 1 times, last edit by yojimbo197 at Jan 23, 2014 2:07:56 AM] |
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