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17573526 No.17573526 [Reply] [Original]

What is the point of running an XRP validator node if it requires you to choose which nodes you trust for consensus? I can run a node and nobody would have me in their quorum slice as a trusted node so I would be wasting my time. There is no reward for running a node. It's essentially a centralized list of banks and institutions that trust one another validating transactions. This shit is not a public blockchain.

>> No.17573644

This is the blackpill that Ripple fags refuse to swallow.

>> No.17574261

Bump. Ripple fags please explain your chain if I'm wrong.

>> No.17574537

>>17574261
they are too busy coming up with a new memedate

>> No.17575259

>>17573526
Dont get me wrong, i hate that shitcoin. But isnt the whole point of banks that it IS centralized ? idk...

>> No.17575286

>>17574261
Ripple is a bet that the people who are in power will stay in power. What don't you guys get about this?

>> No.17575396

>>17575286
Thats what i mean

>> No.17575592

What is the point of XRP?

>> No.17575632

>>17573526
>It's essentially a centralized list of banks and institutions that trust one another validating transactions.
exactly

>> No.17575646

>>17573644
based.

>> No.17575649

>>17575632
basically this is called a "federation" in crypto and poa as in proof of authority. libra aimed to work in a similar way.

>> No.17575690
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17575690

>>17573526
Yep. I haven't read the ripple whitepaper, but I did read the Stellar whitepaper, which is a fork apparently. The whole consensus protocol relies on there being "quorum intersection" ... I won't get into the math details, but essentially the whole thing relies on a couple of highly connected nodes or full connectivity, the former being probably what happens in practice. I think it's a scheme to maintain central power while using a lot of math that people don't understand to basically make it centralized in practice.

>> No.17575718

>>17575690
>make it centralized in practice
but use jargon and theory to make it sound decentralized

>> No.17575759

>>17575592
Everything. Streamline payment rails, tokenize every kind of asset, smart contracts, become the backbone of the internet of value (W3C). Unfortunately, none of the news around this stuff has produced any gains for XRP which is why everyone is confused about it since rumors for other coins will get an easy ten percent bump.

>> No.17575760

>>17575718
it is decentralized but not trustless or permissionless. which is funny because decentralization was the only way bitcoin could achieve these properties. fucking hilarious.

>> No.17575770

>>17575690
I get that but see bitcoin for example.. It too is VERY centralized due to the huge hashpower from china (over 60% atleast)

>> No.17575835

>>17575770
>It too is VERY centralized
not really bitcoin is incredibly decentralized and also permissionless both to enter mining which is just a matter of money or to pay someone as you can be sure a miner eventually will not give a fuck about the others and mine your transaction so long you included a fee.

>> No.17575856

>>17575835
that said mining power concentration in china is a huge theoretical problem. it needs to be geographically better distributed and it will happen as it is no longer the cheapest to mine in china.

>> No.17575879

>>17575856
Sure, but isnt that the same with XRP, you can just put up a node.. Or am i wrong ?

>> No.17576091

>>17575879
no as this guy explained: >>17573526
you wouldn't be part of consensus
basically poa protocols are introducing a new (or old) establishment you have to trust not to stiff you.

>> No.17576154
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17576154

So is it a scamcoin then??

>> No.17576175

>>17576091
Thats the same as China forcing the 4 biggest pools to fuck up bitcoin.. So i guess it can happen with bitcoin too.

>> No.17576530

>>17575760
it really depends on what you mean by decentralized. like i said, i only read the stellar whitepaper, and the consensus protocol rests on the assumption of quorum intersection. if nodes in the quorum intersection collude, none of the guarantees of the consensus protocol are ensured. So, some nodes in the network have more power than others.

>> No.17576569

>>17575770
>>17575835
yea, because of the permissionless nature of bitcoin, anyone can start mining so the risk of a monopoly is lessened. whereas in ripple/stellar, it's kind of a "first move advantage"; the first nodes in the network will rapidly gain connections with other nodes and nodes wanting to join the network later will have a much harder time.

>> No.17576591

Stop talking about ripple like it has any relevance. It was just another illiquid shitcoin that pump and dumpers took advantage of during the 2017 Bitcoin bull run. The entire community is a bot network. Talking about the technology behind it is like talking about the logistics of an april fools joke from a decade ago.

>> No.17576749

centralized premined shitcoin.

>> No.17576772

>>17576569
Sure but again, isnt that just like a pool ??.. Also bitcoin requires SOO much more energy to keep running and safe.. Xrp doesnt require any energy and its loveable for the banks beacuse of the premining and controlable nodes..

>> No.17576790

>>17575759
Isn't it obvious it's being suppressed? Not rocket science

>> No.17576801

>>17576790
not much longer, this is the tipping point

>> No.17576804
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17576804

Holding 20k, will I make it?

>> No.17576854

>>17573526
>Not a public blockchain
You're right it's not. But you were fooled into believing the utopian bullshit that was spoonfed to you. It's a hoax. Yes. I'm telling you this now. It's a fucking hoax. Of course it is. You really think the banks would give up power? That they would just go away?

Completely delusional.

>> No.17577376

>>17576175
>Thats the same as China forcing the 4 biggest pools to fuck up bitcoin
not the same, also the individual miners can remove their hashpower from a pool faster than you blink.

>> No.17577436

>>17576772
no pools are like alliances that can dissolve within 5 minutes. the pool owner itself has as much power as the people participating continuously bestow on him. it would be trivial to abandon a compromised pool and reorg any damage it done.

the miners itself being residing in china is an issue 60-70% of hashepower is still presumably in china. this hash would leave slower could take weeks for it to migrate out of country and difficulty adjust slowly down. so yeah it's an issue.

>> No.17577470

>>17577436
Yeah the biggest problem is the energy consumption.. It cant get accepted.. Guess its more secure just not as easy for the average joe to join.

>> No.17577517

>>17576530
decentralized only means in the strictest sense is there is no central point of failure and in cryptos case there is no single authority to trust no single actor can scam you.

a federation is decentralized from inside perspective but centralized seen as a whole from outside.

>> No.17577882
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17577882

>>17577517
There is a single point of failure: the nodes at the "quorum intersection" (reference the stellar whitepaper). There could potentially be one or a handful of nodes at these quorum intersections. It's quite a brittle consensus protocol resting on a brittle assumption. Unless the network is almost fully connected (unlikely) or there are a few hubs of highly connected nodes, in which case there are a small number of nodes with a lot more power than others.