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My understanding is there are 100 billion pre-mined XRP coins all belonging to Open Coin who have a vague plan to distribute them at some point in time, fairly. Does anyone else see a problem with this or is there more to it than that? It seems to be far more centralized than any central bank we have at the moment.
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This was extensively discussed @bitcointalk.org, for one example see: https://bitcointalk.org/index.php?topic=146964.0
There is much more in other threads there.
Thanks - was hoping to get a more condensed version, it seems to me there is two schools of thought. 1 - they are used for anti-spam so have no inherent value, 2 - the are required for transactions so necessarily have value. These to opposing positions are made in the page you reference but it's hard to interpret which is correct. – q99ujacw – 2013-04-16T07:59:57.180
1Seems like you want a discussion not a real SE question. – dchapes – 2013-04-15T07:15:05.450
Hi Dave and Nick. What I was looking for was an answer such as 'Ripple does have pre-mined coins but this is irrelevant because the coins are used as an anti-spam mechanism and have no inherent value' .. or something like that. No need for a discussion and focused more around the strengths / weaknesses of the centralized distribution as pertaining to ripple than an explanation of how they are distributed - they have said themselves they won't reveal this. – q99ujacw – 2013-04-16T07:57:11.263