Jump to content

Hi! I'm Bob


BobWay
 Share

Recommended Posts

Sorry I havent followed this thread past page 5 so this may have been asked already, but outside of banking, what other uses do you see that could benefit from XRP / ILP / XRPL? Real world stuff?

Edit: Microtransactions, gaming - Wietse Wind type projects (Elon Musk roof tile solar panels that feedback power into the grid and send payments to the owner - genius)

Edited by Guest
Link to comment
Share on other sites

49 minutes ago, BehindtheLedger said:

Point taken - a better wording would have been ‘financial institutions who have strict privacy requirements’

Are / were confidential transactions on the drawing board at Ripple (for the xrpl), or is it too risky or out of step with the open ledger concept?

I didn't mean to pick on you specifically. I just wanted to point out and "unknown unknown" that tends to be surprisingly important in opinion forming and decision making. If I tell you "I talked to 10 banks and they all hate the idea of a public ledger." you might quickly conclude that it is a bad it. The thing you didn't know was an important question to ask is, "what size banks were those?" and "did you talk to ANY banks that didn't reject on open ledger out of hand?"  It turns out in retrospect, those are hugely important to the discussion. But at the beginning, everyone just presumed that a bank was a bank.

Owing to its architecture, there are a lot of features you could add to rippled if you wanted to. In fact, if you look at the payment transaction you'll see a field called "invoice id". That exists because during the original design they though having "invoice" object in the ledger might come in handy. Turns out they decided not to implement that as a feature.

Private transactions don't really mesh will with rippled's concept of an open ledger. In order to implement pathfinding and multi-party atomic settlement it is necessary for nodes to know accounting relationships and balance information. I'm not saying it couldn't be added in some form, but I've never heard anyone suggest it should be added to the rippled ledger as feature. 

Link to comment
Share on other sites

2 hours ago, JoelKatz said:

The other thing that Arthur and I built into the ledger in the early days is community credit. That is, I think, even further ahead of its time and even harder to see a solid use case for in the near term. 

As a social worker this sounds like tubular bells. If I understand this correctly, community credit could help decentralizing government funding. Not given to local policymakers but to communities itself. Political disruption hmmm 🤔. Or do I misunderstand this? 

Link to comment
Share on other sites

11 minutes ago, Zerpenator said:

As a social worker this sounds like tubular bells. If I understand this correctly, community credit could help decentralizing government funding. Not given to local policymakers but to communities itself. Political disruption hmmm 🤔. Or do I misunderstand this? 

"community credit" or more often "social credit" is jargon and represents a different concept than you are describing.

Basically, social credit is a descendant of the Local Exchange Trading System (LETS) idea to improve liquidity among cooperating communities of individuals. It actually works without needing funding at all. You can consider all cryptocurrency a special case of a LETS system with no negative numbers.

"Classic RipplePay" the direct antecedent of Ripple was the first implementation of social credit.

Edited by BobWay
I sure make a lot of typos and autocomplete errors!
Link to comment
Share on other sites

2 minutes ago, BobWay said:

"community credit" or more often "social credit" is jargon and represents a different concept than you are describing.

Basically, social credit is a dependent of the Local Exchange Trading System (LETS) idea to improve liquidity among cooperating communities of individuals. It actually works without needing funding at all. You can consider all cryptocurrency a special case of a LETS system with no negative numbers.

"Classic RipplePay" the direct antecedent of Ripple was the first implementation of social credit.

Thanks Bob, I will look into it. 

Link to comment
Share on other sites

@BobWay I’ve just realised that I haven’t checked the price for 2 days! This thread has been amazing!

I hope I’m not alone in saying this, but I do find that a lot of the technical stuff goes right over my head.

Your posts here have been quite helpful in helping me understand some of the technicals and Bob’s Club will probably do so even more.

I’m a ‘hand’s on’ kinda guy and learn a lot more by having a go. I have dabbled a bit with Ripple API offline doing basic transactions and vanity wallets etc. on a Raspberry Pi.

Would it be possible to create a simple (noob friendly) ‘mini XRPLedger’ for the community to get involved with, where we could fire up a Raspberry Pi Node and replicate the real thing on a smaller, simpler and cheaper scale?

I think that would be a cool way to get the community involved and provide a good hands on experience for those without a Dev background.

Admittedly, I have know idea how much work that this would involve, so please forgive me if this is quite a mammoth task!

Link to comment
Share on other sites

34 minutes ago, BobWay said:

I didn't mean to pick on you specifically. I just wanted to point out and "unknown unknown" that tends to be surprisingly important in opinion forming and decision making. If I tell you "I talked to 10 banks and they all hate the idea of a public ledger." you might quickly conclude that it ...

No offense taken at all. On the contrary, grateful for your insights. And of course, banks are a heterogeneous bunch! 

Link to comment
Share on other sites

5 minutes ago, Flintstone said:

@BobWay I’ve just realised that I haven’t checked the price for 2 days! This thread has been amazing!

I hope I’m not alone in saying this, but I do find that a lot of the technical stuff goes right over my head.

Your posts here have been quite helpful in helping me understand some of the technicals and Bob’s Club will probably do so even more.

I’m a ‘hand’s on’ kinda guy and learn a lot more by having a go. I have dabbled a bit with Ripple API offline doing basic transactions and vanity wallets etc. on a Raspberry Pi.

Would it be possible to create a simple (noob friendly) ‘mini XRPLedger’ for the community to get involved with, where we could fire up a Raspberry Pi Node and replicate the real thing on a smaller, simpler and cheaper scale?

I think that would be a cool way to get the community involved and provide a good hands on experience for those without a Dev background.

Admittedly, I have know idea how much work that this would involve, so please forgive me if this is quite a mammoth task!

Honestly it might be more beneficial if we all setup validators, it literally takes seconds with the docker image Wietse @xrptipbot setup and he has an awesome guide on how to do it: 

It would be a great way to strengthen+diversify the XRP ledger!

Link to comment
Share on other sites

Hey @BobWay, I hope you are willing to answer noob questions as well. Well, here’s one...asking for a friend:

Let me ask you about a mathematical problem uuhm he is having. Let’s assume a FI would like to transfer $1M and the current price of xrp would be $1. So, they would be in need for 1M xrp. A year later the same FI wants to transfer $1M again. The price of xrp has reached $2 by that time (for whatever reason, say speculation).

They obviously need only 500k xrp to clear this transaction.

So, the higher the price of xrp, the less demand there seems to be. (And possibly less influence by speculators). But a declining demand usually would lead to lower prices per xrp. That “heating engine that cools itself” can only reach a certain temperature and stops at equilibrium. 

Have you guys been talking about that equilibrium scenario and what’s your take on this? Or what do we miss here? Given the total amount of xrp available it’s very hard to think of a time when demand outweighs supply. Or asked the other way round: will all the xrp from escrow ever be in the market?

Thanx!

 

Link to comment
Share on other sites

3 hours ago, JoelKatz said:

 

The other thing that Arthur and I built into the ledger in the early days is community credit. That is, I think, even further ahead of its time and even harder to see a solid use case for in the near term. I sometimes feel like I work for Twitter in 2000 and I'm trying to explain to everyone that for us to really grow, people need better phones. Of course, there was no Twitter in 2000 -- it was too early. I'm trying to find ways to make it later as quickly as possible.

Community credit like reward points for using credit cards or airline miles?

OR

Community credit towards building things on the XRPL / xrp ?

Link to comment
Share on other sites

2 hours ago, BehindtheLedger said:

Point taken - a better wording would have been ‘financial institutions who have strict privacy requirements’

Are / were confidential transactions on the drawing board at Ripple (for the xrpl), or is it too risky or out of step with the open ledger concept?

They can just build another layer of the ledger to off book privately.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.