Ripple (XRP) - please comment on the freeze protocol
I just read the Bitstamp "Terms of Use" and, if I interpret this correctly, Ripple is worst than classic money: even when it your wallet, its not really yours and they can freeze it and not allow you to send it anywhere but back to the issuer. Here is what they wrote:
"Bitstamp similarly reserves the right to freeze Ripple accounts in accordance with the new policy announced by Ripple Labs set to take effect September 15, 2014.
As explained by Ripple Labs:
The freeze protocol extension gives gateways the ability to 1) globally freeze all their issued funds, or 2) freeze funds issued to a particular user. Frozen funds may only be sent back to the gateway who issued them. The global freeze feature allows a gateway to freeze all balances issued by it. The gateway may still issue payments. Accounts holding frozen balances may return the funds to the gateway.
The individual freeze is intended primarily for complying with regulatory requirements which may vary from one jurisdiction to another . It also allows gateways to freeze individual accounts issuances in order to investigate suspicious activity. These features allow gateways to better operate in compliance of laws and regulations."
(source: bitstamp.net/terms-of-use/)
Does this mean that Ripple does not have the most basic feature of a crypto currency?
When you first learn about crypto currency they explain that its main advantage over classic money is that you own it you can do with it whatever you want, no one can freeze it or decide where you send it.
Am I misinterpreting what Bitstamp wrote? If not, what is the purpose of Ripple? Bank currency for fast money transfer and better control over it, even deep down in your wallet?
Please comment.
"Bitstamp similarly reserves the right to freeze Ripple accounts in accordance with the new policy announced by Ripple Labs set to take effect September 15, 2014.
As explained by Ripple Labs:
The freeze protocol extension gives gateways the ability to 1) globally freeze all their issued funds, or 2) freeze funds issued to a particular user. Frozen funds may only be sent back to the gateway who issued them. The global freeze feature allows a gateway to freeze all balances issued by it. The gateway may still issue payments. Accounts holding frozen balances may return the funds to the gateway.
The individual freeze is intended primarily for complying with regulatory requirements which may vary from one jurisdiction to another . It also allows gateways to freeze individual accounts issuances in order to investigate suspicious activity. These features allow gateways to better operate in compliance of laws and regulations."
(source: bitstamp.net/terms-of-use/)
Does this mean that Ripple does not have the most basic feature of a crypto currency?
When you first learn about crypto currency they explain that its main advantage over classic money is that you own it you can do with it whatever you want, no one can freeze it or decide where you send it.
Am I misinterpreting what Bitstamp wrote? If not, what is the purpose of Ripple? Bank currency for fast money transfer and better control over it, even deep down in your wallet?
Please comment.
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