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Guest Vinnie

What Did Ripple Do Wrong?

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@Vinnie From a more technical point of view, what ripple did wrong is:

* Choosing javascript/node.js as language for their main API, because at the moment more people are implementing bots and UI-less applications instead of front end. And Java is definetely the winner when it comes to scientific/ financial or serious computing in general. To me it looks like you jumped on the node.js hype train :D

* Not maintaining the ripple-lib-extensions library, even if bugs are reported

* Not providing enough easy code examples (scripts that actually do something and get you excited). I mean I am over that beginner level by now, but it was quite frustrating at the beginning sometimes. Although I got good help in the forums.

 

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3 hours ago, Vinnie said:

This thread is to get everyone's opinion on the mistakes that Ripple has made in the last 5 years. I'll get it started:

* Failed to promote XRP as a digital currency
* Failed to promote RCL's technical strengths to the cryptocurrency community
 

initial distribution -- has to be number one, HAS TO BE!

seriously... they wanted to make a financial product for the whole world, for financial inclusion, the world's greatest digital asset... and the very first thing they do... is take TWENTY PERCENT of the entire supply?!?!?!?!

were they drunk?! i can understand a sociopath like jed, but chris larsen too -- what was going on??? madness

i am NOT saying they did not deserve a reward, but come on, 20%!!! that's like saying... i am going to issue a new currency in my country, oh btw... i will take 20% -- just a few trillion here and there, no big deal...

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15 minutes ago, zerpdigger said:

were they drunk?! i can understand a sociopath like jed, but chris larsen too -- what was going on??? madness

4

Jed was in charge then. That pretty much says it all right there. 

I think the justification was something like... it gives us the ability to retain some control and do good, even if investors don't want to do anything but make themselves rich. lol

On a happy note, the founders now have closer to 10 Bill than 20 Bill and Jed's share is going down every week. 

Edited by Apollo

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27 minutes ago, zerpdigger said:

initial distribution -- has to be number one, HAS TO BE!

seriously... they wanted to make a financial product for the whole world, for financial inclusion, the world's greatest digital asset... and the very first thing they do... is take TWENTY PERCENT of the entire supply?!?!?!?!

were they drunk?! i can understand a sociopath like jed, but chris larsen too -- what was going on??? madness

i am NOT saying they did not deserve a reward, but come on, 20%!!! that's like saying... i am going to issue a new currency in my country, oh btw... i will take 20% -- just a few trillion here and there, no big deal...

Indeed, even those Medieval Feudal Kings weren't that greedy ....

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27 minutes ago, Apollo said:

I think the justification was something like... it gives us the ability to retain some control and do good, even if investors don't want to do anything but make themselves rich. lol

yeah, i think so too -- and btw, i am NOT opposed at all to ripple having custody of the funds, and keeping control over supply... but for just a few individuals to own so much was -- and still is -- a total nightmare! 

12 minutes ago, kanaas said:

Indeed, even those Medieval Feudal Kings weren't that greedy ....

rothschild ain't getting' none! 

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4 hours ago, Vinnie said:

This thread is to get everyone's opinion on the mistakes that Ripple has made in the last 5 years.

1. Not effectively promote XRP.  (That has now started to change, however).  

2. Ignore the potential growth in the market for crypto-investors and fans.  The overall market cap of all alt coins including BTC, ETH, and XRP, has continued to grow to substantial levels. 

3. Not have an easy-to-download and use wallet like other alt coins.  I know, I know... XRP tech works differently than other coins, blah blah, but it's still a big miss in my book. 

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7 minutes ago, Omnis said:

The initial stake for Chris, Jed and Arthur was a huge mistake. 

It's easy to say that five years on. Being one of the first cryptos to market post Bitcoin I see how it would be easy to distribute XRP like you would stock where 20% for founders is a completely reasonable number. For example I think Zuckerberg alone had 28% of shares when Facebook went public, not including any holdings of other employees. I think what matters is that they acknowledge it for what it is and lock it up accordingly to fix the problem. Excited to see the blue prints for this.

Edited by Xi195

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2 minutes ago, Xi195 said:

It's easy to say that five years on. Being one of the first cryptos to market post Bitcoin I see how it would be easy to distribute XRP like you would stock where 20% for founders is a completely reasonable number. I think what matters is that they acknowledge it for what it is and lock it up accordingly to fix the problem. Excited to see the blue prints for this.

 

I think it was irresponsible providing such large stakes to each other without any kind of agreement. It is now sorted, but it is still one of the biggest mistakes OpenCoin made. 

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3 minutes ago, Xi195 said:

It's easy to say that five years on. Being one of the first cryptos to market post Bitcoin I see how it would be easy to distribute XRP like you would stock where 20% for founders is a completely reasonable number. I think what matters is that they acknowledge it for what it is and lock it up accordingly to fix the problem. Excited to see the blue prints for this.

It was a mistake. Not just because it depressed the price for all that time, but also for the perception when building relationships

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8 minutes ago, kanaas said:

It was a mistake. Not just because it depressed the price for all that time, but also for the perception when building relationships

Clearly it was a mistake in hindsight. My point is that it's much easier to see that five years on than it would've been at the time. 

1 minute ago, Professor Hantzen said:

Oh come on that's not fair at all.  Ripple had nothing to do with Ethereum Classic.

lol Maybe @fatcat thinks Ripple was the DAO hacker.

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