NuBit vs Ripple

[Excoin]

Ripple is centralized and NuBits is decentralized.

[crypto_coiner]

What’s exactly centralized in Ripple?
I dont grasp how they operate

[Shiroe]

Well, if you want to send money between different gateways you’ll need to trust people.

The similarity is that with nubits you also have to trust that you’ll get money when you withdraw, but with nubits you just need to trust the currency. All custodians basically work together and the risk is placed on nushareholders.

[Shiroe]

Ripple has a centralized currency XRP, but its more about the platform it brings then the currency.

[crypto_coiner]

Do they use a satoshi blockchain or not ?

[crypto_coiner]

https://www.cryptocoinsnews.com/xrp-price-rise-gives-ripple-500-million-market-cap/

[desrever]

Ripple is a trademarked registered company, not even a DAC

[crypto_coiner]

Stellar appears to be similar to ripple - and they claim to be decentralized.

Learn - Stellar

"Like a traditional ledger, the Stellar ledger records a list of all the balances and transactions belonging to every single account on the network. A complete copy of the global Stellar ledger is hosted on each server that runs the Stellar software. Any entity can run a Stellar server.

These servers form a decentralized Stellar network, allowing the ledger to be distributed as widely as possible. The servers sync and validate the ledger by a mechanism known as consensus."

[crypto_coiner]

Interesting - what do you mean exactly by trusting ppl and the currency?
Why ripple does not use satoshi blockchain?

[Ben]

https://wiki.ripple.com/Consensus

[Excoin]

This project is very confusing to me.

They to offer open source code. But the repository is a vagrant box with the code pre-installed. I don’t see an actual client and their documentation suggests that most people use them as a centralized service.

Also they say nonprofit at the top and at the bottom of the page say not-for-profit which are entirely different.

I was considering adding them at one point but they don’t make it easy to use their network without using their centralized service.

[crypto_coiner]

The scheme does not seem simple - based upon a global ledger replicated on a sufficient number of servers.

Why ripple could be useful?
Where are its vulnerabilities?

[Excoin]

Well a global ledger replicated on several servers is exactly how bitcoins works. That is one of the primary achievements. However specification source code (example code) for the Bitcoin protocol isn’t a development VM with software preinstalled. Stellar does not provide a sufficiently secure way of implementing the software. When I’m looking for spec code, I expect to see a basic client that explains their protocol. So their entire project confuses me and but maybe there is something I’m missing.

Ripple being centralized suffers from having a single point of failure and a single point of control/surveillance.

[crypto_coiner]

recent hack:
https://bitcointalk.org/index.php?topic=823064.0

[mhps]

Ripple being centralized suffers from having a single point of failure and a single point of control/surveillance.

Was that the reason why Jed McCaleb, the lead developer, left Ripple and created an open source version (Stellar) ?

[Sabreiib]

It seems Jed dislikes traditional authority while others are fond of flattering banks and existing financial order.

Nubits is like Ripple because we are fans of federal reserve, and centralized LPC operation.

[Ben]

Nubits is like Ripple because we are fans of federal reserve, and centralized LPC operation.

I’m sorry we’re not moving fast enough for you.

[Sabreiib]

I believe Nubit buy/sell wall will get decentralized and NSR already decentralized.

[masterOfDisaster]

At least Nu is moving in the (in my opinion) right direction

[crypto_coiner]

In your opinion, what is this right direction?