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I owe two friends money right now, and I have two friends who owe me more than that. In order for this to work I've got to get the one who owes me to agree to
by Canada 8y ago
I owe two friends money right now, and I have two friends who owe me more than that.
In order for this to work I've got to get the one who owes me to agree to create these credits and give them to me. Then, when I pay the credits to my 2 friends I owe, who is going to buy those so they can get their money out? How do I get the rest of my money out?
How could these debts be traded? Why would anyone buy them when they have to trust specific people they don't even know, and who may not even exist, to honor them?
The original Ripple concept failed for very good reason. When there's enough trust/credit/goodwill systems such as this don't add any value, and when there isn't they are useless.
- fiatjaf 8y agoThe original Ripple concept failed for an entirely different reason: no one could come up with a good routing and atomic payments implementation. Then Bitcoin appeared. I don't know why you're presenting such a wrong narrative as if it was the absolute truth everyone agrees.
- Canada 8y agoWhat year did Ripple debut?
- fiatjaf 8y agoRipple was never implemented.
- Canada 8y agoThey were certainly promoting that concept in 2012, and for years after that. Remember, everyone was going to be able to release their own promises on it... so you could have a Euro backed promise from X which you could swap on chain against some USD backed promise from Y? And XRP was supposed to be just the fee currency to pay for it? Am I wrong here? Did Ripple predate Bitcoin?