Ripple Story

BitMEX issued a scathing critique of ripple. They conclude that ripple does not share any characteristics with bitcoin or ethereum from a technical viewpoint. They cite that ripple was conceived to enable peer to peer network where parties could directly lend funds among themselves. They feel the ‘trust’ involved between the parties is unreliable and this puts into doubt the viability as a long term currency.

The main issue is that the primary parties are a few large banks and the system is more or less a centralized platform. They point out that ripple’s distribution of reserves to founding members and employees, they are not critical of the distribution but the question way it was done. Adding to this the rumors of internal disputes among the staff. See this article from Forbes.

https://www.forbes.com/sites/laurashin/2018/01/02/meet-the-crypto-billionaires-getting-rich-from-ripples-xrp/#7a9946cf3289

BitMEX upon examining the way ripple works has difficulty in understanding ripple’s inner working or how it has any of the convergent properties necessary for consensus systems. See attached photo, courtesy of thenextweb.com.

Lastly, BitMEX discovered that ripple appears to be missing 32,570 blocks from the start of the ledger and nodes are not able to obtain this data.

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Eric Binkley

It sounds like ripple is using the blockchain in a hybrid fashion. Which is the future of blockchain until blockchain developes out which is 5 years away.

6 months ago
Eric Binkley

We need a good story of how we came to be. I shall share it soon.

6 months ago
the dawn

nice post

4 months ago