Jump to content
TokenBaby

6 superstitions concerning XRP

Recommended Posts

4 hours ago, ElMoskito said:

1. Myth: Ripple Consensus Ledger is centralized or a permissioned ledger

That's not a myth. RCL is centralized for now. Most of the validators are owned by Ripple Labs. You cannot be a validator without being added by RL, the central authority. Decentralized with a central authority? Mouhahaha. What about the votes for the amendments? Who can vote except the validators? Can't you modify the protocol and the rules with an amendment?... Come on.

 

Dear @ElMoskito, I am sorry but you are WRONG.

I did not intend to go open with this, but your furious and nervous comments force me to tell you a little story of my own validator that I am running since about October 2016. I am not a Ripple employee and never was. After I set the machine up (~2 hours), the node was accepted within some 30 minutes. My impression was that it all was fully automated. Currently it has 21 valid connections to other validators and nodes.

You can go, pay a few bucks for your very own virtual machine, buy some cheap certificate and within a couple hours a new validator called "ElMoskito" can be running too!

How would that be possible if RCL is centralized in the way you try to suggest?

Edited by Duke67

Share this post


Link to post
Share on other sites

@Duke67 

Is your validator part of the UNL for the Ripple validators? Do they trust your validator?

It is very possible that I'm misunderstanding something here but when I look at https://ripple.com/ripple.txt it appears that Ripple validators only trust other Ripple validators and that other validators on the network by and large trust the other Ripple validators not your validator.

Edited by cmbartley

Share this post


Link to post
Share on other sites

@cmbartley, honestly I do not take care too much about that machine. It always starts with contacting RL1-5 and very soon, within a minute, about 20 connections is being established. There is a mechanism to build a network of nodes automatically. "Historically" my validator shows 0.99+ agreement rate, so I guess it's being accepted.

Share this post


Link to post
Share on other sites
3 minutes ago, Duke67 said:

@cmbartley, honestly I do not take care too much about that machine. It always starts with contacting RL1-5 and very soon, within a minute, about 20 connections is being established. There is a mechanism to build a network of nodes automatically. "Historically" my validator shows 0.99+ agreement rate, so I guess it's being accepted.

 

That doesn't mean you're in UNL of other nodes.

 

 

Share this post


Link to post
Share on other sites

I'd be interested to know why MIT dropped their validator, why Bitstamp, Gatehub, and global iD aren't running validators, why technology partners like Earthport and Tenemos aren't running validators, and why partner banks aren't running publicly verified validators. 

On another note, I can't get magine how difficult it is to launch a company in such a public and open way as Ripple has. Kudos.

Share this post


Link to post
Share on other sites

So one of many challenges with FIs seems to be to make them actually understand how a distributed ledger (using a social consensus algo) is supposed to run. Maybe the stakes aren't high enough for the FIs and they think it's not worth it (yet?), as there isn't a carrot like with bitcoin's block reward and tx fees for miners. On the other hand, I don't think those FIs would fall for a reward based validation system as it essentially wouldn't run by the network's common good or honesty. Or maybe the FIs are still figuring out the concept of "frenemies" in the context of social consensus dledgers. Anyway, that's one hell of a puzzle for ripple to solve.

XRP distribution has also been a tough nut to crack, but I'm way more optimistic regarding that than I was a few years ago. Been getting much better than it used to be. It used to be terrible, now it's only "fairly bad" currently. MM incentive program may potentially turn out to be a great way to distribute XRP and improve XRP liquidity.

All in all, personally I am an optimist. Ripple has surprised me positively too many times to start doubting them now. XRP is still 100% speculative and its potential is very difficult to understand, therefore its daily/seasonal ups and downs are irrelevant to me right now. There isn't a distributed ledger system being used by serious FIs right now, zero. Volume created by cryptos is ~100% speculative.  I'm in this because ripple has gathered quite a group of badasses and they are already working with FIs and fintech software giants behind the closed doors. They might actually be the ones to pull off the challenge of luring institutions to start using a public dledger.

Share this post


Link to post
Share on other sites
5 hours ago, xtrapower said:

@Hodor U want this forum to be a echo chamber?

How did you arrive at this conclusion? 

I've never objected to an open, sometimes aggressive discussion of topics.  But tone matters.  I stood on the sidelines on the previous forum and watched its owner continually pollute the forum with his own negative rants.  I won't stand by idly again, and I certainly won't be shamed into silence. 

Share this post


Link to post
Share on other sites
4 hours ago, Duke67 said:

 

Dear @ElMoskito, I am sorry but you are WRONG.

I did not intend to go open with this, but your furious and nervous comments force me to tell you a little story of my own validator that I am running since about October 2016. I am not a Ripple employee and never was. After I set the machine up (~2 hours), the node was accepted within some 30 minutes. My impression was that it all was fully automated. Currently it has 21 valid connections to other validators and nodes.

You can go, pay a few bucks for your very own virtual machine, buy some cheap certificate and within a couple hours a new validator called "ElMoskito" can be running too!

How would that be possible if RCL is centralized in the way you try to suggest?

I'm not wrong. You can be a validator (even if you need to see your account validated by RL that acts like a central authority). But that's not because you're a validator that's you can vote for amendments. In fact only Ripple validators can.

@cmbartley mentionned it correctly.

Share this post


Link to post
Share on other sites
1 hour ago, Hodor said:

How did you arrive at this conclusion? 

If tone matters then I should feel insulted by your post:

It was a bit short for an answer.

 

Edited by ElMoskito

Share this post


Link to post
Share on other sites

×