There are only two known "attacks" you can perform with a large amount of XRP.
First, you can dump a large amount of XRP on the market. This will reduce the value of XRP, which OpenCoin would have to report as a loss. The net effect would be that people who hold XRP as a store of value would be harmed. So if you choose to use XRP as a store of value, you ...
The blob vault URL lets you choose who you trust to hold your wallet. While the wallet is encrypted, the organization that holds your wallet could attempt to brute force your password with the only limits being their computational resources.
The selection of web socket IP and port allows you to choose what Ripple server you want to connect to. The plan is ...
Is the wallet name/passphrase just for convenience (easy to remember)?
Yes. Because anyone trying to steal your funds would first have to get hold of your wallet file before he could use the passphrase, it doesn't have to be quite as secure as the secret.
Why can't the wallet name/passphrase be changed?
Because then you'd have two passphrases you'd have ...
I'm seeking for an authoritative answer for myself, but it seems the answer to the first question is:
On account creation (and whenever you login) you can set the "Fetch
wallet from" option to one of "Payward", "Payward and Local Browser"
or "Local Browser".
Download "ripple-paper-wallet" https://github.com/OctillionSA/ripple-paper-wallet
Write down or Print out your paper wallet.
The public key starts with "r" is your Ripple address.
The private key starts with "s" is your "Secret", keep it safe! You can also use ...
Nothing ever happens in Ripple unless some transaction initiates it. Precisely matching orders are permitted under some circumstances to provide enhanced liquidity. The primary purpose of order books in Ripple is to provide liquidity for payments. Having matching offers on the books permits payments in either direction with zero spread.
The wallet name/passphrase is the key to the wallet file. The wallet file contains the secret key. The secret key is the key to the funds.
If you lose the wallet file, you can still access your funds with the secret key.
If you lose the secret key, it's there in the wallet file.
If you lose both the wallet file and the secret key, then you've lost access ...