bookmarked.

Actually it was just an example. Since smart contracts in OT contain scripted clauses, this sort of logic is customizable. Therefore the market will be able to determine which contracts work best for which purposes. (And create the contracts they need.)

If it's completely impossible for Alice Bob to verify whether a SEPA transfer has been successful, then reputation systems (I believe) will fill the gap. (Though I would think that Bob would have access to an API to verify whether he received the funds.)

For example, instead of routing your transfers through "any ole person" you might prefer to route them through a more trusted party, such as a "gateway" (to use the Ripple nomenclature) -- although in OT that would not be someone issuing credit, but rather, someone buying/selling coins or colored coins. Perhaps 'Jorg' is just one of such services. Also on OT, that Jorg will not be operating a server but rather, using one, just like any other user.

Perhaps someday soon, 'Jorg' will just be a bank himself.

This is a good point, and ultimately the answer will lie in what kind of information can be queried from SEPA and other banking APIs.

Looks great! I will definitely bookmark it.

Nice, that made me think of this old thread : https://bt.irlbtc.com/view/6279.0

FYI the digitalis server has started using usage tokens -- so you will not be able to transact on that server without first contacting knotwork and asking him to give some usage tokens to your Nym.

I suggest for testing purposes, you run the localhost server (or contact knotwork and get some usage tokens.)

It's almost like - since Bitcoin is not going to scale well without transaction fees and wasted energy let's just keep building on top of the flawed protocol and start shifting load to more abstract layers. The problem here is that once a lower layer fails all the upper layers fail as well. You are now making the machine more complex than it needs to be - more inefficient with more moving parts. I now have a lot more trouble programming for and around this machine and building on it more since I need to take into account more moving parts, each which has a chance of breaking. This is not good engineering. Good engineering is fixing all the core problems and embracing the new system that you built, not building a house on top of a cracked, unstable foundation, but replacing the foundation.

My family has been building houses and shopping centers for many generations. If we reexamined a foundation we had poured, a foundation we had put blood and sweat and tears into, and that foundation was flawed, we repoured. While it is tempting to continue to build on that flawed foundation, perhaps add some arches and redistribute the weight of the house horizontally, the building would eventually fail. I tell you what, our houses and buildings have withstood the test of time. Don't let crypto-currencies die by building on a flawed foundation and ruining the reputation of crypto-currency. Break up the concrete, recycle that concrete, and transfer that value of the concrete and the experience to a new foundation.

Sorry Datz, the bullshit about your family's blood, sweat, and tears and foundations and all that... didn't do it for me.

I know you were going for the whole "emotional persuasion" job but it did not bring tears to my eyes.

I love how you talk about bitcoin's scalability as if what you're saying is self-evident and no one has ever discussed scalability issues before, or that everyone has accepted that it is not scalable. This couldn't be further from the truth.  I hope that lots of silly newbies read your post and believe what you say about Bitcoin's scalability, so that in the future they will eventually be corrected and will learn a thing or two about critical thinking. You are doing good in the world without even realizing it!

Scalability will be a piece of cake with Bitcoin. Sure, the protocol isn't anywhere near perfect right now, and there are still some projects to be finished before we're there (blockchain pruning, fully validating lite node that requires 0 trust and 0 centralization, etc) but these are all concepts that have been fleshed out and just need more "blood sweat and tears" dev time just like your family building those shopping centers. This is software in beta testing. We are STILL building the foundation, of a type of structure that has never been built before in the history of mankind, a technological and engineering marvel. Ripple? Ripple might have a few problems sorted out but they are not even anywhere close to decentralized, not open source; I won't even consider glancing at Ripple until it is both! LR just had millions of dollars of client funds seized. Some of them ML and nefarious criminals, but some honest folks. Ripple could be shut down and all client funds seized, in its current state. Let's not pretend we're comparing anything even remotely similar.

However, let's NOT let this turn into a RIPPLE VS BITCOIN thread (you started it ). Take your propaganda  elsewhere (and yes, it reads exactly like propaganda, cut out the blood sweat and tears hard working brick and mortar strong foundation bullshit, it sounds like you're speaking on a political commercial targeted to a group of 50-75 year old American men in the steelworker's union)