Nice system and very simple. Perhaps too simple. It's a pity that there is no measurement of value built-in. It is based on currencies to calculate your debt to an other.
I'm glad that you like it.
In fact I like the flexibility of allowing each pair of trusted parties quantify debts the way they want.
If I'm using ripple in Europe and tomorrow the Euro falls then the ripple debts are gone or what?
That depends on your agreement with your "ripple neighbor". Maybe neither of you were expecting that event and you have to decide what to do a posteriori. But there's trust between you and your debtor/creditor.
And besides that all the other shit of a debt-based system is still resident in ripple. In the perpetual coin system if one credit issuer is "blundering" not everybody in this system goes broke. You just lose the coins of that issuer.
No, if one participant (issuer of IOUs) defaults, the friend he owed the value to gets the hit. But the system, being decentralized, a network is far more resilient than the hierarchical and converging banking we have today.
Do you mean that villages, ripplepay or rain droplet sites could fall down?
There's a design for a decentralized protocol.
I'm still confused about the differences between ripple and the "credit coin" part of digital coin.
I'm looking for an exchange system completely disconnected from the current banking system, which has security, value based measurement technology and is self-correcting.
If you want perfectly stable cash-like money I have arrived to the conclusion that it's not possible.
But if you just need a stable unit to use it with mutual credit, in contracts and the like you don't need to issue or actually trade it. You just have to define it precisely.
You can use "hours of unskilled labor", terras (a proposed international currency backed by a basket of commodities),
your own basket of goods and services or even a given currency at a given time and then apply an index. For example, dollars from 1970 plus the CPI reported by the government or by shadowstats if you prefer.
Ripple software is perhaps great, but you need more rules and organisational stuff around it. Don't create all kinds of isolated money systems. Join others and make than ONE GOOD MONETARY SYSTEM separated from the commercial banks. Than "survival" is possible and you have power to overthrow the current fractional reserve money system, which is enslaving us all.
Ripple was conceived while trying to improve LETS to make it more scalable and don't have the different mutual credit communities isolated.
And there's many monetary systems out there better than the legal tender in papers and bank screens. I wouldn't criticize using an alternative monetary system for not being using the very good one. At least he's using one.
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