I have talked with many of the devs from Ripple that post on BitcoinTalk often, they are so adamant that the XRP is required I feel that it's a stealth currency.
One developer was paid, instead of stock a billion ripples. The first thing Opencoin/Ripplelabs did was giveaway very small amounts to create artificial scarcity and then open an exchange (through Bitstamp) to sell off as many as possible for Bitcoins. At the peak Ripples were worth more than all the Bitcoins in the world.
I remember Joel (I think) was adamant that Ripple was not a currency at all, except we ended getting him to admit it was meant to be a competing currency to Bitcoin.
I do not trust them at all, especially now Google are involved in backing them.
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I have talked with many of the devs from Ripple that post on BitcoinTalk often, they are so adamant that the XRP is required I feel that it's a stealth currency.
One developer was paid, instead of stock a billion ripples. The first thing Opencoin/Ripplelabs did was giveaway very small amounts to create artificial scarcity and then open an exchange (through Bitstamp) to sell off as many as possible for Bitcoins. At the peak Ripples were worth more than all the Bitcoins in the world.
I remember Joel (I think) was adamant that Ripple was not a currency at all, except we ended getting him to admit it was meant to be a competing currency to Bitcoin.
I do not trust them at all, especially now Google are involved in backing them.
Hadn't heard about Google backing them, do you have details?
http://www.coindesk.com/google-ventures-invests-in-bitcoin-c...