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Title: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 01:38:28 AM In an effort to test ripple, trust, and alternative currencies, the DYM is born!
1 DYM is equivalent to 1 pre-1965 silver US dime (worth ~$2 at this time). Using ripple, you can trade it as if it were a real silver dime! I, TTBit (rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E) will provide 2 services for DYM. 1) Issue 1 DYM for every silver dime sent to me (you pay shipping) 2) Send 1 silver dime for every DYM sent to me (free US Shipping!!) Notes: Update 03/09: Upon request, I will now send a picture of your dimes before shipping. You can now sell your DYM on ebay! I am not going to make a market in DYM. Trust me only for receipt & delivery. There may or may not be a market for DYM by other parties. * In order to handle official TTBit DYM in ripple, you must trust the address (rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E) for an amount of DYM that you are willing to hold. * Your trust in TTBit means: 1) You trust me to properly identify & store dimes. 2) You trust me to properly ship & receive dimes. 3) You trust me to weigh dimes and allocate DYM accordingly. * delivery details: 1 silver US dime weighs 2.50 grams from the mint. You will receive 1.00 DYM for a dime with normal wear that weighs 2.47 grams (1 DYM = 2.47g silver dime). I will measure to 2 decimal places. Heavily worn dimes will get less than 1.00 DYM and a superior dime will get more based on the pro-rated weight. When refunding, you will get a dime worth at least what you deliver. Minimum delivery is about 1.00 DYM. * I will accept - and make good for delivery - pre 1965 quarters and half dollars at the pro-rated amount (i.e. 2 half dollars = 10 dimes) * I have issued ~2000 DYM to a 3rd party as the first trade! A market currently exists in the DYM (TTBit) / USD (Bitstamp) in ripple. * * PM me for a physical address. current inventory, 2000 silver dimes. https://dl.dropbox.com/u/12679676/pichost/03TTBitDYM.jpg Title: Re: Introducing Ripple Currency: DYM Post by: Monster Tent on March 06, 2013, 01:48:27 AM This is actually pretty cool.
Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 01:55:14 AM This is actually pretty cool. Thanks! Had to be done, right? More paths to getting into and out of the currency of your choice is better for everyone. Maybe it will get used, maybe it will work better some other way. Title: Re: Introducing Ripple Currency: DYM Post by: Sunny King on March 06, 2013, 04:12:55 AM Nice!
Expect more to follow ;) Gold and silver now look for their new digital world inside ripple, aka egold 2.0. ;D Title: Re: Introducing Ripple Currency: DYM Post by: drewdtom on March 06, 2013, 04:22:03 AM where do I apply to be a gateway? My silver dime selling site --> DontTreadOnMeme.com google "silver dime card" :)
Im still learning about ripple and need to understand it better before I jump right in but Im tempted to send you a few silver dime cards! Title: Re: Introducing Ripple Currency: DYM Post by: jed on March 06, 2013, 06:14:19 AM Are silver dimes pure silver? Why not just use XAG then any type of silver can be traded?
Title: Re: Introducing Ripple Currency: DYM Post by: goxed on March 06, 2013, 06:22:19 AM Test your silver
http://www.youtube.com/watch?v=jY0bbRx3K64 (http://www.youtube.com/watch?v=jY0bbRx3K64) Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 06:41:41 AM where do I apply to be a gateway? My silver dime selling site --> DontTreadOnMeme.com google "silver dime card" :) Im still learning about ripple and need to understand it better before I jump right in but Im tempted to send you a few silver dime cards! love the 20c gasoline cards ones. PM sent. As for gateways, a line of trust could be set up so that others could issue TTBit DYM, but at the moment the trust only goes one way. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 06:51:35 AM Are silver dimes pure silver? Why not just use XAG then any type of silver can be traded? its 90% (http://www.coinflation.com/) I thought about offering general bullion, but it would lead to delivering the worst silver rounds. I'd have to give premiums for eagles for example. The most common size is 1oz, and the amount of people who trust me for 1oz is less than who would trust me for 2.5 g. By using a recognizable, small, abundant coin, you get what I deliver and there are no issues. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 02:53:45 PM First trade in DYM/Bitstamp USD was made at $2.09! Not sure who it was. Though I haven't received them yet, I am expecting to issue a few more DYM in a few days. Title: Re: Introducing Ripple Currency: DYM Post by: Rawted on March 06, 2013, 03:08:13 PM whats the xrp/dym coinversion? i.e. how many xrp does it take to purchase a dime?
Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 03:25:17 PM whats the xrp/dym coinversion? i.e. how many xrp does it take to purchase a dime? Good question - I don't think ripple does that yet. There is a market for dym/bitstamp usd, and there is a market for xrp/bitstamp usd, so there should be an automatic way for ripple to fill multiple orders and provide market depth. Until then, looks like someone will have to do it manually. Does anyone know if this be a feature in the future by ripple, or will it have to be user created? Title: Re: Introducing Ripple Currency: DYM Post by: ahbritto on March 06, 2013, 04:09:10 PM Placing an order does not Ripple through any accounts other than the issuer of the currencies involved. You can place an order as long as you have some of what you're paying. Your order is authorization to exceed your current trust limit to complete the order. That is, you will receive what you asked for even if it goes over your trust limit.
In the future, the client may offer a currency conversion page. This would allow users to convert currency through Rippling. Meaning you would not need to acquire the currency to pay before placing an order and that the order would occur at market and would not persist on any order book. The next version of the server to be deployed will support immediate or cancel orders and fill or kill orders. These features may make their way to the client. Very soon now, the server will support order auto-bridging. This will effectively provide a synthetic order book. If both currencies of an order book are not XRP, the the order book is combined with orders that could be bridged with XRP. For example, a USD/bitstamp to BTC/weex order book would be combined with the USD/bitstamp to XRP order book bridged to the XRP to BTC/weex order book. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 04:43:24 PM Placing an order does not Ripple through any accounts other than the issuer of the currencies involved. You can place an order as long as you have some of what you're paying. Your order is authorization to exceed your current trust limit to complete the order. That is, you will receive what you asked for even if it goes over your trust limit. In the future, the client may offer a currency conversion page. This would allow users to convert currency through Rippling. Meaning you would not need to acquire the currency to pay before placing an order and that the order would occur at market and would not persist on any order book. The next version of the server to be deployed will support immediate or cancel orders and fill or kill orders. These features may make their way to the client. Very soon now, the server will support order auto-bridging. This will effectively provide a synthetic order book. If both currencies of an order book are not XRP, the the order book is combined with orders that could be bridged with XRP. For example, a USD/bitstamp to BTC/weex order book would be combined with the USD/bitstamp to XRP order book bridged to the XRP to BTC/weex order book. Going to be interesting to see how it all works. An issue I see is that BTC-E USD is worth more than Bitstamp USD. If you owed me $100 USD, I would prefer it be in BTC-E because I can buy 5% more bitcoins there. Therefore, people would be willing to sell DYM for 5% less to those who have BTC-E USD. Title: Re: Introducing Ripple Currency: DYM Post by: ahbritto on March 06, 2013, 04:58:02 PM ... An issue I see is that BTC-E USD is worth more than Bitstamp USD. If you owed me $100 USD, I would prefer it be in BTC-E because I can buy 5% more bitcoins there. Therefore, people would be willing to sell DYM for 5% less to those who have BTC-E USD. If the price of XRP becomes stable, all other currencies would likely have markets to and from XRP. This will automatically price USD(btce) vs USD(bitstamp) against all currencies. Additionally, There would be an automatic synthetic order book for both: DYM(ttbit)/USD(btce) and DYM(ttbit)/USD(bitstamp). Therefore, there would be no need to use Ripple trust paths to and from an orderbook.Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 05:07:45 PM ... An issue I see is that BTC-E USD is worth more than Bitstamp USD. If you owed me $100 USD, I would prefer it be in BTC-E because I can buy 5% more bitcoins there. Therefore, people would be willing to sell DYM for 5% less to those who have BTC-E USD. If the price of XRP becomes stable, all other currencies would likely have markets to and from XRP. This will automatically price USD(btce) vs USD(bitstamp) against all currencies. Additionally, There would be an automatic synthetic order book for both: DYM(ttbit)/USD(btce) and DYM(ttbit)/USD(bitstamp). Therefore, there would be no need to use Ripple trust paths to and from an orderbook.Ahhh, I see. That is probably why when I send 1 bitstamp USD back to bitstamp it calculates for 10 seconds and suggests 1.000000, max 1.1000000. Exciting stuff! Great work. Title: Re: Introducing Ripple Currency: DYM Post by: ahbritto on March 06, 2013, 05:42:35 PM ... That is probably why when I send 1 bitstamp USD back to bitstamp it calculates for 10 seconds and suggests 1.000000, max 1.1000000. David just made a huge fix to path finding. Expect it to be faster shortly. Eventually, it should be pretty much instant and live update. In the particular, in the case of sending IOUs to their issuer there is never a transfer fee. So, that really should be instant and show no overhead. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 06, 2013, 07:05:45 PM whats the xrp/dym coinversion? i.e. how many xrp does it take to purchase a dime? Large block of DYM/USD traded earlier today. A DYM/XRP market has been made. Thin and wide, but looks like you can get 1 DYM for 2500 XRP at the moment. Title: Re: Introducing Ripple Currency: DYM Post by: drewdtom on March 08, 2013, 09:37:28 AM I dont get it? if I can buy 1 DYM with XRP's will that DYM not be backed with a dime, or if its is backed will the XRP value be added to the DYM balance sheet too?
I need to get hooked in to the DYM to see if I can understand it better. Can I add the currency to my drop down menu if I dont have any and what do I need to do past trusting the address you posted? rsZvcvACPWoTN2Eazzb5radzQX18s3DuK8 Title: Re: Introducing Ripple Currency: DYM Post by: nelisky on March 08, 2013, 10:07:12 AM I dont get it? if I can buy 1 DYM with XRP's will that DYM not be backed with a dime, or if its is backed will the XRP value be added to the DYM balance sheet too? I need to get hooked in to the DYM to see if I can understand it better. Can I add the currency to my drop down menu if I dont have any and what do I need to do past trusting the address you posted? rsZvcvACPWoTN2Eazzb5radzQX18s3DuK8 Only 2000 TTBit/DYM exist, and they are all backed up by real dimes (you have to trust TTBit to be honest, of course). So when you buy with XRP you are buying one of those 2000 DYMs and thus one that is fully backed by real dimes. To trade on DYMs (and have them appear in the balance sheet and currency dropdown) you just need to trust TTBit's address for however many DYMs you trust him for. You can only receive as many as you trust. Enter his address in the trust add, write DYM in the currency and state how many to trust and you are good to go. Title: Re: Introducing Ripple Currency: DYM Post by: Monster Tent on March 08, 2013, 10:14:32 AM If you could send each owner of a coin in a specialised currency "dividends" it would be equivalent to a decentralized stock market.
If you think about it each bitcoin is 1/21 000 000 share of the bitcoin "company" Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 08, 2013, 10:52:39 AM I dont get it? if I can buy 1 DYM with XRP's will that DYM not be backed with a dime, or if its is backed will the XRP value be added to the DYM balance sheet too? I need to get hooked in to the DYM to see if I can understand it better. Can I add the currency to my drop down menu if I dont have any and what do I need to do past trusting the address you posted? rsZvcvACPWoTN2Eazzb5radzQX18s3DuK8 My DYM iou is backed by 1 silver dime. I will deliver a silver dime to you if you send me 1 DYM. How you acquire that DYM is up to you. The 3 easiest ways now are to send me 1 silver dime, buy one with bitstamp USD, buy one with XRP. In order to hold DYM, you must trust rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E for DYM in the amount you are willing to hold. You wouldn't want to create an order to buy 20 DYM, but only trust me with 3. Adding DYM/USD to your drop down menu? I don't know how to do that. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 08, 2013, 10:56:14 AM Update: Total DYM is down to 1990, there was a redemption. Giving away 100 xrp for sending in dimes for DYM. Title: Re: Introducing Ripple Currency: DYM Post by: drewdtom on March 08, 2013, 11:27:55 AM Okay, its all falling in to place now, but your selling real silver dimes for a two week old digital currency. A currency that no one can predict what will happen with. I'm not say not to but crazy stuf friend :)
Its not unlike the dollar really, I hold my cash in silver (more and more in bitcoin) and I have no idea when the dollar I uses day to day is going to completely crumble, but I do sleep well at night knowing I can still put gas in my car with the paper in my pocket tomorrow, I dont have any expectation that XRP's with exists in the real world tomorrow. Just saying... but on with the experiment! DYM is not an option in the trust drop down, I do however trust TTbit for 1BTC. How to add DYM exactly, Im buying :) Title: Re: Introducing Ripple Currency: DYM Post by: nelisky on March 08, 2013, 11:31:21 AM Okay, its all falling in to place now, but your selling real silver dimes for a two week old digital currency. A currency that no one can predict what will happen with. I'm not say not to but crazy stuf friend :) Its not unlike the dollar really, I hold my cash in silver (more and more in bitcoin) and I have no idea when the dollar I uses day to day is going to completely crumble, but I do sleep well at night knowing I can still put gas in my car with the paper in my pocket tomorrow, I dont have any expectation that XRP's with exists in the real world tomorrow. Just saying... but on with the experiment! DYM is not an option in the trust drop down, I do however trust TTbit for 1BTC. How to add DYM exactly, Im buying :) It doesn't need to be an option, you can manually type it in. Title: Re: Introducing Ripple Currency: DYM Post by: nelisky on March 08, 2013, 11:41:37 AM Okay, its all falling in to place now, but your selling real silver dimes for a two week old digital currency. A currency that no one can predict what will happen with. I'm not say not to but crazy stuf friend :) Its not unlike the dollar really, I hold my cash in silver (more and more in bitcoin) and I have no idea when the dollar I uses day to day is going to completely crumble, but I do sleep well at night knowing I can still put gas in my car with the paper in my pocket tomorrow, I dont have any expectation that XRP's with exists in the real world tomorrow. Just saying... but on with the experiment! DYM is not an option in the trust drop down, I do however trust TTbit for 1BTC. How to add DYM exactly, Im buying :) Also, beware of extending trust to individuals (as opposed to issuers). TTBit is DYM's issuer, so that is fine, but trusting him for BTC at this moment may give you some grief, not because he is not to be trusted but because Ripple isn't yet handling that as well as it should (but that is being fixed). As for the "two week old" part, consider this; If you hold silver and you store it in a bank's safe (not saying you do, just go along with it) you hold the silver, it is yours, not pegged to the dollar and all but... you have to trust the bank to not steal your silver. That's what is happening here, you are trusting TTBit to hold the silver for you. Ripple is just a ledger, and a public one for that matter, meaning that if tomorrow ripple just dies, never to be seen again, I'll still have access to that ledger and, even if I didn't, you trust TTBit to give you the silver as per the DYM you held so as long as you can convince him you actually held that much. Ripple facilitates all this and is an amazing tool for that, but we are used to dealing with 3rd party insurance, banks are audited, we have protection so we don't need to do due diligence to assert we are dealing with small or no risk. With bitcoins and ripple there's a dramatic change there, we are solely responsible for whom we trust and (with ripple) for how much we trust them. Ripple facilitates, keeps books, processes transfers, but it is your responsibility to know there is no recourse, trust only those that you actually trust and for how much you trust them. Title: Re: Introducing Ripple Currency: DYM Post by: drewdtom on March 08, 2013, 12:01:10 PM All good food for thought ;)
But really, when I go to the tust page, and enter TT's address, and add the amount, the next filed is a drop down for currency type. DYM is not an option. Must be missing something simple? Title: Re: Introducing Ripple Currency: DYM Post by: drewdtom on March 08, 2013, 12:04:08 PM It doesn't need to be an option, you can manually type it in. Yeah, it was that simple, thanks Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 08, 2013, 12:16:38 PM Okay, its all falling in to place now, but your selling real silver dimes for a two week old digital currency. A currency that no one can predict what will happen with. I'm not say not to but crazy stuf friend :) I am not selling or buying any dimes. Buyers and sellers come together on ripple and trust me to hold the dimes they are trading. Some have dimes that want XRP, some have USD that want dimes. By having a 3rd party hold the dimes, it opens the door to more trades. crazy stuff indeed my friend! If I can suggest: I think I know what you want to do. Don't trust me with BTC, trust me for DYM (say 5). Title: Re: Introducing Ripple Currency: DYM Post by: drewdtom on March 08, 2013, 12:57:11 PM oh this is fun. I now have 1 DYM (only cost me 2500 magic internet moneys) and I can trade it all around the world, anyone who I give it to can redeem it at anytime. It is now possible to exchange this silver dimes over the internet fast and easy. The world will never be the same!
So just to get back to theory a bit, you are selling in the sense that the person who took delivery of 10 dimes has no obligation to buy back in and send you the dimes back, if a rush of people wanted deliver I imagen that you would be converting your XRP in to something that would buy you more silver (BTC or USD) How in the future would you show that you do have the dimes and how would we know that there are as many DYM's in the market as dimes you say you have? I trust you, but how will others with out driving down south and meeting you face to face? Also, nelisky if ripple where to fail, would the system still run? my understanding is that nodes on the network are getting payed to operate, if the XRP fees they get are not worth anything would they process transaction on the network. (very limited understanding of the ripple system, I just asume it a lot like bitcoin in this case) Title: Re: Introducing Ripple Currency: DYM Post by: nelisky on March 08, 2013, 01:20:03 PM oh this is fun. I now have 1 DYM (only cost me 2500 magic internet moneys) and I can trade it all around the world, anyone who I give it to can redeem it at anytime. It is now possible to exchange this silver dimes over the internet fast and easy. The world will never be the same! So just to get back to theory a bit, you are selling in the sense that the person who took delivery of 10 dimes has no obligation to buy back in and send you the dimes back, if a rush of people wanted deliver I imagen that you would be converting your XRP in to something that would buy you more silver (BTC or USD) How in the future would you show that you do have the dimes and how would we know that there are as many DYM's in the market as dimes you say you have? I trust you, but how will others with out driving down south and meeting you face to face? Also, nelisky if ripple where to fail, would the system still run? my understanding is that nodes on the network are getting payed to operate, if the XRP fees they get are not worth anything would they process transaction on the network. (very limited understanding of the ripple system, I just asume it a lot like bitcoin in this case) I don't know the specifics of the contracts between nodes, if there are any, but while ripple is fundamentally different from bitcoin it does have one thing in common, the network is distributed which means that as long as there are 2 nodes, the network is alive between them (though disconnected from the rest, if there is a rest, and reconnection may invalidate things that diverged, just like in bitcoin). So, when you said ripple dying I assumed no nodes communicating. Since I can run a node myself I have a copy of the ledger locally. Keep in mind ripple is still closed beta to some extent so there are not enough nodes in the wild to support the network on such fails, which is a good thing at the moment as the rules and code are still being tweaked and the ripple team has some control over which versions are available and thus prevents network partitioning. As for you question to TTBit, let me try to explain. The person who took delivery gave back the IOUs to TTBit, which means TTBit doesn't owe that person the 10 dimes anymore... this is the real kicker, we usually see money as something of substance (even though that is more often than not untrue) but in this case there is no misunderstanding, having a DYM is not having a dime, in fact TTBit has no DYMs at all, there's no such thing for him as the issuer. What there is is a balance of dimes TTBit states he has and owes you. When he sends the coins and receives the DYMs he is in reality destroying the DYMs, because he owes them no more. This means that if a bunch of people wanted delivery, that bunch of people would hold IOUs they would be redeeming and TTBit's "DYM contract" states he holds the physical dimes for every DYM issued, thus he would most simply send out the dimes and the IOUs would be extinguished. Now, if demand would rise and he wanted to put more DYM into the market, keeping with the rules he put forward initially, he would have to acquire the dimes through whatever means he chose and hold them physically before issuing more IOUs, but that's just because he chose to do business like that. You can choose to say you'll sell DYMs without holding dimes, but you can't sell TTBit DYMs without him holding the dimes, and for you to sell your own DYMs others need to trust you for them. Title: Re: Introducing Ripple Currency: DYM Post by: nelisky on March 08, 2013, 02:07:23 PM Chances to win 1 DYM at TAABL.net (http://taabl.net/pick?_=5139eefa4d8b2007d8fc0d5f)!
Currently 1 DYM goes for ~$2 or roughly 0.045 BTC, so I have started a BitPick for 1 DYM (there will be two in total, one after the other) with bets priced at 0.005 BTC. NOTE: This is a Pick 2, meaning it will win when the first 2 hex chars of a block hash match your bet, so it will likely be awarded quickly and with a very small bet count! You need to act fast if you want it :) Common BitPick rules apply, the winner must be able to sign a message with the sending bitcoin address private key. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 08, 2013, 02:23:04 PM oh this is fun. I now have 1 DYM (only cost me 2500 magic internet moneys) Haha, very nice! Quote How in the future would you show that you do have the dimes and how would we know that there are as many DYM's in the market as dimes you say you have? This is where the trust comes in, and a market may develop. I could pay an auditor to audit the stash. If you try to redeem and I don't have any dimes, you have another avenue to sue (me and the auditor). As it stands now, I only offer my reputation. Quote I trust you, but how will others with out driving down south and meeting you face to face? Trust in me would need to grow. If ripple fails, that doesn't mean my IOUs are no good, just the network. I'd still redeem. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 09, 2013, 03:46:13 PM After watching some silver dimes go off on ebay for high prices, I am introducing a way to convert DYM->PayPal. Upon redemption of DYM, I can send a photo of your specific dimes for auction on ebay. You can then direct me to ship to the buyer's address. You never have to touch a dime! Conversely, if you buy some dimes on ebay and want DYM, you can have them shipped to me. PM me before you redeem please. Paying 1000 XRP/$1 face for the next $20 face converted to DYM. Title: Re: Introducing Ripple Currency: DYM Post by: Jenger on March 10, 2013, 02:47:16 PM I don't understand. Why would anybody purchase dimes on ebay, pay a high premium, and then ship them to you for "DYM"?
This whole buying PM shares and letting others hold onto them for you goes against everything I have ever been told about investing / collecting PM. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 10, 2013, 03:07:53 PM I don't understand. Why would anybody purchase dimes on ebay, pay a high premium, and then ship them to you for "DYM"? This whole buying PM shares and letting others hold onto them for you goes against everything I have ever been told about investing / collecting PM. It is currently better to buy DYM (or deliver to me) and sell on ebay. But as that happens, the price of DYM should be bid up to that of ebay prices. If it overshoots, I expect it to swing the other way. Buying PM and having someone else store them for you is a risk. DYM is not for those wanting to hold for 10 years. But some people need to sell, and some are looking to buy. We have all trusted our BTC to exchanges for IOUs in return. I'm sure MtGox right now has a pretty good supply of BTC that they don't own. Many still hold some mybitcoin IOUs. But we take those IOUs at risk because it makes it easier to achieve our financial goals. If you don't place any orders in DYM and don't extend trust to me, you can't be hurt by it. But you can't benefit either. Title: Re: Introducing Ripple Currency: DYM Post by: baggyp on March 13, 2013, 02:31:28 AM I don't understand. Why would anybody purchase dimes on ebay, pay a high premium, and then ship them to you for "DYM"? This whole buying PM shares and letting others hold onto them for you goes against everything I have ever been told about investing / collecting PM. It is currently better to buy DYM (or deliver to me) and sell on ebay. But as that happens, the price of DYM should be bid up to that of ebay prices. If it overshoots, I expect it to swing the other way. Buying PM and having someone else store them for you is a risk. DYM is not for those wanting to hold for 10 years. But some people need to sell, and some are looking to buy. We have all trusted our BTC to exchanges for IOUs in return. I'm sure MtGox right now has a pretty good supply of BTC that they don't own. Many still hold some mybitcoin IOUs. But we take those IOUs at risk because it makes it easier to achieve our financial goals. If you don't place any orders in DYM and don't extend trust to me, you can't be hurt by it. But you can't benefit either. My question, and I am really just a newb when it comes down to it and you have 10+ times more posts than me... but what is in this for you? This seems like alot of effort and you are not even keeping a cut? Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 13, 2013, 10:52:48 AM I don't understand. Why would anybody purchase dimes on ebay, pay a high premium, and then ship them to you for "DYM"? This whole buying PM shares and letting others hold onto them for you goes against everything I have ever been told about investing / collecting PM. It is currently better to buy DYM (or deliver to me) and sell on ebay. But as that happens, the price of DYM should be bid up to that of ebay prices. If it overshoots, I expect it to swing the other way. Buying PM and having someone else store them for you is a risk. DYM is not for those wanting to hold for 10 years. But some people need to sell, and some are looking to buy. We have all trusted our BTC to exchanges for IOUs in return. I'm sure MtGox right now has a pretty good supply of BTC that they don't own. Many still hold some mybitcoin IOUs. But we take those IOUs at risk because it makes it easier to achieve our financial goals. If you don't place any orders in DYM and don't extend trust to me, you can't be hurt by it. But you can't benefit either. My question, and I am really just a newb when it comes down to it and you have 10+ times more posts than me... but what is in this for you? This seems like alot of effort and you are not even keeping a cut? I am exploring ideas as a gateway for other things. Business is easier with higher levels of trust -- although you can argue so is scamming. Getting in on the ground floor of a brand new technology might pay of handsomely in the future, all for a few hundred dollars of shipping & insurance now. And it hasn't been a lot of effort, ripple is doing the hard lifting - accounting and trading. Ultimately, I love shit like this and think its super cool. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 14, 2013, 01:59:11 AM Update: Total DYM supply has been increased to 2185.91. I'm going to close the XRP bonus for DYM, paid 20,000 XRP. Be sure to check out the DYM (rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E) / Bitstamp USD market (rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B) Title: Re: Introducing Ripple Currency: DYM Post by: random_cat on March 14, 2013, 06:46:22 PM This is very interesting.
Supposing I fetch $100 face of junk silver (and a scale -- I barely trust my present scale to measure my coffee), I too could issue DYMs according to TTBit's specification. If a few trust me as well as TTBit then we establish a market for TTBid DYM / random_cat DYM. Now I also happen to trust TTBit for 20 DYM. If I understand properly, assuming my DYMs match the standard that means I must drive 20 TTBit DYMs out of the market (and into my wallet) unless TTBit also extends trust my direction. For larger transactions, the other trusters make the market. This changes with access to the quality and transaction measures in the ripple system. Have I got that correct? Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 14, 2013, 08:04:47 PM This is very interesting. Supposing I fetch $100 face of junk silver (and a scale -- I barely trust my present scale to measure my coffee), I too could issue DYMs according to TTBit's specification. If a few trust me as well as TTBit then we establish a market for TTBid DYM / random_cat DYM. Now I also happen to trust TTBit for 20 DYM. If I understand properly, assuming my DYMs match the standard that means I must drive 20 TTBit DYMs out of the market (and into my wallet) unless TTBit also extends trust my direction. For larger transactions, the other trusters make the market. This changes with access to the quality and transaction measures in the ripple system. Have I got that correct? Good question, anxious to see how it works in ripple. I dont understand why you would have to drive 20 TTBit DYMs out of the market. But suppose you don't offer free shipping and random_cat DYM trade at a discount to TTBit DYM. Those who hold both issues would have one DYM total balance. This is similar to BTC-E USD trading to a premium over MtGox USD because BTC-E coins are cheaper, but yet only one USD balance would display in the account. Now, someone with TTBit DYM wants to buy something, but that person only trusts random_cat DYM. When he sends DYM, will orders be filled in the TTBit / random_cat DYM market to make it work, or will the sender be credited with XRP? Title: Re: Introducing Ripple Currency: DYM Post by: moocowpong1 on March 15, 2013, 01:19:04 AM Let's call the person trusting both of you for DYM "Bob". DYM payments will "ripple through" Bob. If Bob trusts both of you to hold DYM and all the other settings are standard, then he's telling the system he values the two IOU's equally (but wants a small fee to switch between them). As people convert one to another, Bob might end up holding different IOU's than he started with. (But with the same or slightly greater total DYM balance.) If people value random_cat DYM less than TTBit DYM, then Bob will probably end up holding random_cat's.
When the client supports input and output qualities, Bob will be able to set his account to value them differently – maybe random_cat DYM are worth 90% of a TTBit DYM to him. If Bob holds 100 random_cat DYM, Eve has TTBit DYM, but Alice only accepts random_cat DYM, then Eve can send Bob 90 TTBit DYM and send his 100 random_cat DYM to Alice to pay her 100 DYM. Bob's happy, because even though he has less DYM, he has the ones he prefers. I think this is how Ripple works, but I'm still not sure about how I feel about this behavior. At times I think it would be a lot simpler to do away with the "rippling" part of Ripple and just use the exchange for every issuer pair. Title: Re: Introducing Ripple Currency: DYM Post by: random_cat on March 15, 2013, 04:19:27 AM Good question, anxious to see how it works in ripple. I dont understand why you would have to drive 20 TTBit DYMs out of the market. But suppose you don't offer free shipping and random_cat DYM trade at a discount to TTBit DYM. Those who hold both issues would have one DYM total balance. This is similar to BTC-E USD trading to a premium over MtGox USD because BTC-E coins are cheaper, but yet only one USD balance would display in the account. Now, someone with TTBit DYM wants to buy something, but that person only trusts random_cat DYM. When he sends DYM, will orders be filled in the TTBit / random_cat DYM market to make it work, or will the sender be credited with XRP? The driving TTBit DYMs into my wallet is my (speculative) ceteris paribus expectation from the asymmetry of the trust relation. With a small network, I would not think it stable since very small shifts in trust (expressed in the brain, not the software) or value could cause market makers to create very wide spreads. My understanding from what I have read so far is that the two DYMs are completely separate currencies that happen to have similar names. That means there must be some exchanger(s) in the path(s) who charge(s) some spread. Is the exchange function to be automatic? From reading the gateway implementation description it would appear so. I believe it was in https://bitcointalk.org/index.php?topic=149533.0 that I read about the need to reserve a bit of extra for a spend to cover fluctuations. How does one gracefully shutdown a gateway with no time limit on the debt? Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 23, 2013, 10:24:45 PM Total DYM outstanding: 2549.3055! Silver prices have done nothing in the last few weeks, so trading has been a bit thin. Thanks to everyone who participated. Moving many of the silver to a secure location. I plan on supporting this for as long as it takes. The response has been better than I expected. Photo of an anxious DYM holder sent me: https://dl.dropbox.com/u/12679676/pichost/A665DFBB.jpg (they are pretty cool, plug for his site - http://donttreadonmeme.com/) Title: Re: Introducing Ripple Currency: DYM Post by: rpietila on March 23, 2013, 10:37:36 PM Wow, Silvervault seems to be holding about 1,500,000 DYM, making it one of the largest holders in the world!!
In our accounting: 150,000 AGD, where AGD is defined at exactly 24,71 grams of the said coins. How can we cooperate in conquering the world? ;D Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 23, 2013, 10:44:08 PM Wow, Silvervault seems to be holding about 1,500,000 DYM, making it one of the largest holders in the world!! In our accounting: 150,000 AGD, where AGD is defined at exactly 24,71 grams of the said coins. How can we cooperate in conquering the world? ;D Silvervault? I guarantee those are not DYM.TTBit. Title: Re: Introducing Ripple Currency: DYM Post by: rpietila on March 23, 2013, 10:52:13 PM Wow, Silvervault seems to be holding about 1,500,000 DYM, making it one of the largest holders in the world!! In our accounting: 150,000 AGD, where AGD is defined at exactly 24,71 grams of the said coins. How can we cooperate in conquering the world? ;D Silvervault? I guarantee those are not DYM.TTBit. Ah, my bad. DYM was the IOU that is based on silver dime, right (not the dime itself)? So as Silvervault holds 150,000 AGD, it could issue 1,500,000 DYM against it, or is the issue of DYM only possible by you? Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on March 23, 2013, 11:09:29 PM Wow, Silvervault seems to be holding about 1,500,000 DYM, making it one of the largest holders in the world!! In our accounting: 150,000 AGD, where AGD is defined at exactly 24,71 grams of the said coins. How can we cooperate in conquering the world? ;D Silvervault? I guarantee those are not DYM.TTBit. Ah, my bad. DYM was the IOU that is based on silver dime, right (not the dime itself)? So as Silvervault holds 150,000 AGD, it could issue 1,500,000 DYM against it, or is the issue of DYM only possible by you? My misunderstanding. DYM is 10 cents face of 90% junk silver. Anyone could issue DYM, but I'll only redeem the ones issued by myself for obvious reasons. Title: Re: Introducing Ripple Currency: DYM Post by: rpietila on March 23, 2013, 11:14:06 PM Wow, Silvervault seems to be holding about 1,500,000 DYM, making it one of the largest holders in the world!! In our accounting: 150,000 AGD, where AGD is defined at exactly 24,71 grams of the said coins. How can we cooperate in conquering the world? ;D Silvervault? I guarantee those are not DYM.TTBit. Ah, my bad. DYM was the IOU that is based on silver dime, right (not the dime itself)? So as Silvervault holds 150,000 AGD, it could issue 1,500,000 DYM against it, or is the issue of DYM only possible by you? My misunderstanding. DYM is 10 cents face of 90% junk silver. Anyone could issue DYM, but I'll only redeem the ones issued by myself for obvious reasons. Yeah, but if you would trust in us to hold that 1M+ DYM, then we would have a network of mutual trust. We redeem yours, you redeem ours, and ripple keeps the ledger. This way the banking worked in early-mid 1800s :) Title: Re: Introducing Ripple Currency: DYM Post by: annette786 on March 24, 2013, 05:48:11 AM I have granted trust of 1 DYM to your address and received confirmation. In very specific steps, what do I do next to see the market to buy DYM with XPR? thanks in advance.
Title: Re: Introducing Ripple Currency: DYM Post by: nelisky on March 24, 2013, 11:54:44 AM I have granted trust of 1 DYM to your address and received confirmation. In very specific steps, what do I do next to see the market to buy DYM with XPR? thanks in advance. You go to the Advanced tab and cick on trade. Remove the currency pair from the drop down (you have to select the text box and manually delete the text there) and enter DYM/XRP. You should see TTBit's address or whatever alias you put in your contact in the DYM issuer next to the currency pair dropdown. If not, click on change issuer and select TTBit. Click on Order Book below and in a few secs you should get the order book. Title: Re: Introducing Ripple Currency: DYM Post by: annette786 on March 24, 2013, 03:37:08 PM Ahh. Thank you. I had bitstamp's address as I thought they were making the market.
Title: Re: Introducing Ripple Currency: DYM Post by: drewdtom on March 29, 2013, 10:55:00 AM OK, so I have 5.5 DYM, anyone still selling DYM for XRP? I have some ripples left to burn and silver is cool with me!
I would also like to try and trade my DYM's for a product or service, is there anyone who has such trust in TTBit DYM that they have any interesting offers for me? Basically my point is this: I'm not sure if this could be an acceptable traded currency unless TTBit was willing to make a run at a public awareness campaign attached to it... just thinking here... very happy with my DYM buy in... IN TTBit.DYM I trust! Title: Re: Introducing Ripple Currency: DYM Post by: bitcool on March 29, 2013, 12:20:25 PM Any DYM market yet?
Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on April 01, 2013, 01:11:46 AM OK, so I have 5.5 DYM, anyone still selling DYM for XRP? I have some ripples left to burn and silver is cool with me! I would also like to try and trade my DYM's for a product or service, is there anyone who has such trust in TTBit DYM that they have any interesting offers for me? Basically my point is this: I'm not sure if this could be an acceptable traded currency unless TTBit was willing to make a run at a public awareness campaign attached to it... just thinking here... very happy with my DYM buy in... IN TTBit.DYM I trust! Thanks for the kind words. I am working on DYM and ripple. I will hit the goods section in bitcointalk and offer up my services there. There are some vultures (in a good way) over there that would increase the liquidity of DYM. Once the depth/liquidity/trust is there, I expect other items to be traded for DYM, say silver bullion, etc. There have been a few bugs with ripple that have kept me from moving forward, but it appears to be mostly fixed. Keep trusting TTbit.DYM! Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on April 01, 2013, 01:14:39 AM Any DYM market yet? Markets in: DYM / XRP DYM / Bitstamp USD have a decent bid/ask, and do have a few trades every now and then. I am guessing the BTC market has been too volatile for a tight market to develop. Title: Re: Introducing Ripple Currency: DYM Post by: sron on April 01, 2013, 06:08:01 AM Any DYM market yet? Markets in: DYM / XRP DYM / Bitstamp USD have a decent bid/ask, and do have a few trades every now and then. I am guessing the BTC market has been too volatile for a tight market to develop. TTBit, I'm making a spreadsheet list of new Ripple currencies and contracts and I listed yours (check signature) - any plans for creating further new contracts? Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on April 01, 2013, 09:54:28 AM Any DYM market yet? Markets in: DYM / XRP DYM / Bitstamp USD have a decent bid/ask, and do have a few trades every now and then. I am guessing the BTC market has been too volatile for a tight market to develop. TTBit, I'm making a spreadsheet list of new Ripple currencies and contracts and I listed yours (check signature) - any plans for creating further new contracts? Thanks for the listing. I don't have anything to announce at the moment, will let you know when something is worthy. Title: Re: Introducing Ripple Currency: DYM Post by: bitaccumulation on April 08, 2013, 09:29:49 PM I see a whole bunch of offers for DYM/XRP but none for DYM/BITCOIN-bitstamp
I'm confused a little but I thought I saw somewhere that one of the benefits of this system is that it will find a path between what you have and what is being offered. So if I wanted to use BTC to pay, it would let me by converting it to XRP and completing the transaction. Is this incorrect? Title: Re: Introducing Ripple Currency: DYM Post by: dchapes on April 08, 2013, 09:38:32 PM I see a whole bunch of offers for DYM/XRP but none for DYM/BITCOIN-bitstamp If you're talking about path finding that only comes into play with the "send"/"pay" interface and not (currently) with the trade interface. To experiment, try sending 0.0001 DYM to TTBit (the issuer); just don't actually hit "SEND" and nothing will happen but you can see the possibilities that Ripple found; it will likely include XRP and probably BTC (if you hold any). Sadly the send page used to include the effective exchange rate but they removed that.I'm confused a little but I thought I saw somewhere that one of the benefits of this system is that it will find a path between what you have and what is being offered. So if I wanted to use BTC to pay, it would let me by converting it to XRP and completing the transaction. Is this incorrect? The developers mentioned adding synthetic trades to the order book so that some of this could be done via the trading interface but it hasn't happened yet (E.g. if so that you'd see a synthetic DYM/BTC offer based on any DYM/XRP and BTC/XRP offers and if you entered a matching offer it would actually do the other two trades for you). Title: Re: Introducing Ripple Currency: DYM Post by: bitaccumulation on April 08, 2013, 09:58:29 PM The "send" example worked. Thanks.
Title: Re: Introducing Ripple Currency: DYM Post by: nameface on April 09, 2013, 09:51:23 PM Silver prices have done nothing in the last few weeks, so trading has been a bit thin. Actually silver prices bottomed out and have begun rising again slowly. I predicted a $27 bottom, and I see a steady bull market for the rest of the year, with prices at least returning to 2012 highs of $34-35. I'm not so sure about silver in the long run. Some investment capital flowing into bitcoin would traditionally be hitting the silver market. Despite a slow and steady rise in industrial demand, I think silver will stagnate. Title: Re: Introducing Ripple Currency: DYM Post by: LoweryCBS on April 09, 2013, 09:57:15 PM Silver prices have done nothing in the last few weeks, so trading has been a bit thin. Actually silver prices bottomed out and have begun rising again slowly. I predicted a $27 bottom, and I see a steady bull market for the rest of the year, with prices at least returning to 2012 highs of $34-35. I'm not so sure about silver in the long run. Some investment capital flowing into bitcoin would traditionally be hitting the silver market. Despite a slow and steady rise in industrial demand, I think silver will stagnate. Stagnate. Thank god: an asset where I can put my dollars that I don't have to get up at 3am to check the price of ;) Title: Re: Introducing Ripple Currency: DYM Post by: ericwt on April 10, 2013, 09:52:47 PM This thread is brilliant!
I am going to ponder on this for a while. This is exactly what I was looking for in a trust network. Thanks for sharing! :) Title: Re: Introducing Ripple Currency: DYM Post by: jago25_98 on April 15, 2013, 10:39:27 AM Can I trade XRP for DYM and just trust you to hold one for me as a test?
You know... regards ripple I haven't found a new usable trust pathway yet whereby I can trust someone I don't know through someone I already trust... this seems to be the whole point. I have made as many 1USD trust points to people I trust a little but still no paths found. Any tips? I also notice that there is only one Ripple server and I can't get the source to run my own gateway - did DYM manage to automate and the team allowed him to run a copy of ./rippled? Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on April 15, 2013, 12:52:00 PM Can I trade XRP for DYM and just trust you to hold one for me as a test? You know... regards ripple I haven't found a new usable trust pathway yet whereby I can trust someone I don't know through someone I already trust... this seems to be the whole point. I have made as many 1USD trust points to people I trust a little but still no paths found. Any tips? I also notice that there is only one Ripple server and I can't get the source to run my own gateway - did DYM manage to automate and the team allowed him to run a copy of ./rippled? There is a DYM/XRP market. I saw it last at 800 bid offered at 1200, but feel free to put in an order. You have to trust rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E to hold DYM. As for the trust paths for USD, you still need to have USD, trust lines are not enough, it doesn't work like a credit card. Getting USD is easiest at bitstamp, sell $5 worth and withdraw via ripple. DYM is just held in the client, no server needed. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on April 15, 2013, 04:06:03 PM The power of ripple:
One way to fund your bitstamp account with USD is buying physical silver dimes, exchange for DYM through my service. Because others have placed bids in the market for bitstamp USD, you can use that to your advantage. Sending DYM in the example below will fill an order in the market, raise Bitstamp USD for yourself which is then sent to bitstamp. Beautiful, isn't it? https://dl.dropboxusercontent.com/u/12679676/pichost/20130415llrjlripple.jpg You can also withdraw via bitstamp USD, convert to DYM, take delivery of your dimes and cash out at a local coin dealer. In the future, bitstamp may ask how you would like your withdrawl, which you can ask for it in DYM.TTBit. Granted the DYM market is a bit thin at the moment - need more eyes on the market, and more willing to take delivery. But it does show the power of ripple, and how all assets become fungible with each other. I predict you will be able to fund your Bitstamp account with Arby's coupons in the not so distant future. Title: Re: Introducing Ripple Currency: DYM Post by: scintill on April 27, 2013, 10:43:26 AM This is amazing. Just sent a few bitcents to Bitstamp, sold for USD, withdrew to Ripple, bought some dimes with USD and XRP (free XRP from the giveaway!) The slowest part was getting the bitcoins into Bitstamp!
I guess the moment of truth will be seeing if I can redeem my DYM, but I trust I can. Thanks for setting up this experiment TTBit. :) Title: Re: Introducing Ripple Currency: DYM Post by: scintill on April 30, 2013, 01:09:22 AM Just got my 25 dimes and 2 half-dollars (35 DYM). It was quick shipping and good service from TTBit.
Frankly I know hardly anything about coins and their authenticity, but I think they're real. They all seemed to be within the correct year range, and have a different "ping" and clink sound compared to more recent coins. I might provide pictures or try more advanced tests if anyone would like. Smooth transaction, I'm satisfied, and impressed with the power of Ripple. Thanks again TTBit! Title: Re: Introducing Ripple Currency: DYM Post by: jasonslow on April 30, 2013, 02:38:40 AM I'm interested about this DYM coin. How much shipping to the Philippines?
Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on April 30, 2013, 01:01:18 PM I'm interested about this DYM coin. How much shipping to the Philippines? Sorry, I ship US only. You may be able to find a proxy Title: Re: Introducing Ripple Currency: DYM Post by: bitaccumulation on April 30, 2013, 04:48:27 PM I'm not clear on how the redeeming of DYM's is done. If I send you a DYM how do you know where to send my physical DYM? Do I need to let you know I'm going to send you a DYM before I do through another channel (PM)? Or do I send the DYM and then contact you through PM?
Also, is there somewhere where it's explained how you created DYM's in Ripple? Final question, you stated in your initial post (I think) that if someone sends you a dime that you will issue them a DYM. How does that work? Could something similar be done for gift cards? Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on April 30, 2013, 05:22:52 PM I'm not clear on how the redeeming of DYM's is done. If I send you a DYM how do you know where to send my physical DYM? Do I need to let you know I'm going to send you a DYM before I do through another channel (PM)? Or do I send the DYM and then contact you through PM? Also, is there somewhere where it's explained how you created DYM's in Ripple? Final question, you stated in your initial post (I think) that if someone sends you a dime that you will issue them a DYM. How does that work? Could something similar be done for gift cards? Simply PM me, "I want to redeem an amount of DYM, will be coming from address r....., Please send the physical dimes to Bob Smith, 123 Maple Street, anytown USA." When I see the DYM come in, I'll ship them out right away at my expense. Think of DYM as a warehouse receipt for a physical dime. The supply of DYM decreases with a redemption. I've had plenty of people send me physical dimes. I'll give you my physical address, and you ship at your cost, with instructions to "please credit ripple address r....." When I receive, I credit the DYM to that ripple address. The amount of DYM will increase by what what received. How are they created? I didn't do anything other than "send 1 DYM to r....." from my client to someone that gave me a dime. Its important to note that when sending DYM back to me, I only trust myself for DYM. If your cousin starts up a DYM, I can not honor them, would have to be redeemed by your cousin. Not sure how to enforce gift cards, what if someone sends you stolen gift cards, but not discovered until the gift card IOU was issued? There is no way to recall an IOU once in the ripple system. Title: Re: Introducing Ripple Currency: DYM Post by: bitaccumulation on April 30, 2013, 06:07:02 PM Simply PM me, "I want to redeem an amount of DYM, will be coming from address r....., Please send the physical dimes to Bob Smith, 123 Maple Street, anytown USA." When I see the DYM come in, I'll ship them out right away at my expense. Think of DYM as a warehouse receipt for a physical dime. The supply of DYM decreases with a redemption. I've had plenty of people send me physical dimes. I'll give you my physical address, and you ship at your cost, with instructions to "please credit ripple address r....." When I receive, I credit the DYM to that ripple address. The amount of DYM will increase by what what received. Thanks. You may want to paste that in your initial post for the uninitiated like myself. Quote How are they created? I didn't do anything other than "send 1 DYM to r....." from my client to someone that gave me a dime. Its important to note that when sending DYM back to me, I only trust myself for DYM. If your cousin starts up a DYM, I can not honor them, would have to be redeemed by your cousin. So I can come up with any 3 letter item? I could trust myself for GFT and that could become a new currency for gift cards? Quote Not sure how to enforce gift cards, what if someone sends you stolen gift cards, but not discovered until the gift card IOU was issued? There is no way to recall an IOU once in the ripple system. I don't know the answer to that question. It just crossed my mind that gift cards might be something that could move easily through Ripple. There must be a way to verify balances since there are companies that buy and resell these cards as a business. In fact, one of these companies might be a good candidate for a Gateway. Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on April 30, 2013, 06:11:58 PM So I can come up with any 3 letter item? I could trust myself for GFT and that could become a new currency for gift cards? Not quite, the trick is to have others trust you for GFT. I may have mis-spoke in my last reply, I don't trust myself for DYM, I just issue them. Since I am the issuer, I am forced to take them back in ripple. Title: Re: Introducing Ripple Currency: DYM Post by: bitaccumulation on April 30, 2013, 06:16:03 PM So I can come up with any 3 letter item? I could trust myself for GFT and that could become a new currency for gift cards? Not quite, the trick is to have others trust you for GFT. I may have mis-spoke in my last reply, I don't trust myself for DYM, I just issue them. Since I am the issuer, I am forced to take them back in ripple. Makes sense. So the minute someone trust me for GFT, then that new GFT iou will be created in the ledger, yes? Also, gift cards are not uniform like dimes are, some gift cards are worth less than others and if a business ever closed it's gift cards would be worth nothing. So how in Ripple could those different gift cards be distinguished? It wouldn't seem wise to use a three letter designation for hundreds of gift cards. Is there a way to create a subcategory like GFT-AMZ to signify an AMAZON gift card? (Don't mean to get off topic and I'll move this to another thread if you'd prefer). Title: Re: Introducing Ripple Currency: DYM Post by: hathmill on April 30, 2013, 06:39:28 PM Interesting n cool ur doing this! I am doing my best to understand how this works. Now what if you manage to build some trust, could u then start to buy stuff for your own freshly minted coins - without having the actual backing which if people knew would cause a "run on the bank" but until then would enable you to get things for free? Whats at stake is your rep. and possible legal actions I guess. Perhaps you could use a "goal keeper" (someone poor that would do anything for a little money) and build up aa huge user base before issuing unbacked coins, soo that people dont noricee it. Would Ripple make this possible?
Title: Re: Introducing Ripple Currency: DYM Post by: RavinTavin on June 01, 2013, 11:56:34 AM Cool Idea!
Title: Re: Introducing Ripple Currency: DYM Post by: Stephen Gornick on July 05, 2013, 08:49:46 PM DYM got a mention in this Salon article:
- http://www.salon.com/2013/07/04/revolutionizing_the_banking_industry_one_cryptocurrency_at_a_time_partner/ Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on July 06, 2013, 02:30:03 AM DYM got a mention in this Salon article: - http://www.salon.com/2013/07/04/revolutionizing_the_banking_industry_one_cryptocurrency_at_a_time_partner/ Awesome. Issued and redeemed many DYM over the last few months! Title: Re: Introducing Ripple Currency: DYM Post by: Stephen Gornick on July 06, 2013, 10:03:11 PM Had to be done, right? More paths to getting into and out of the currency of your choice is better for everyone. Maybe it will get used, maybe it will work better some other way. BillPin app has now recognized Beer as a currency, ... - http://blog.billpin.com/2013/07/beer-now-a-legitimate-currency As a result, after considering what TTBit did using silver dimes I feel it is now time for me to replicate that by issuing MGD (beer) vouchers through Ripple. In an effort to test ripple, trust, and alternative currencies, the DYM is born! 1 DYM is equivalent to 1 pre-1965 silver US dime (worth ~$2 at this time). Using ripple, you can trade it as if it were a real silver dime! I, TTBit (rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E) will provide 2 services for DYM. 1) Issue 1 DYM for every silver dime sent to me (you pay shipping) 2) Send 1 silver dime for every DYM sent to me (free US Shipping!!) 1 MGD voucher is equivalent to 1 bottle of Miller Genuine Draft (MGD) (worth $0.25 at this time). Using ripple you can trade it as if it were a real beer! I will issue 1 MGD voucher for every bottle sent to me (you pay shipping). Would there be any interest in this (other than interest from me as "issuer"? ;D ) [Edit: This was intended as a joke, but now that I think seriously about it ... if I provided beer redemption through Billpin, this would work, wouldn't it?] Title: Re: Introducing Ripple Currency: DYM Post by: buryfarmer on July 27, 2013, 06:34:00 PM I really wish TTBit offered silver maples instead of silver dimes. :-(
Title: Re: Introducing Ripple Currency: DYM Post by: jago25_98 on August 19, 2013, 12:09:07 AM I had 1DYM in my wallet... now it's gone?
Can't see any trace of it moving in the transaction history... Title: Re: Introducing Ripple Currency: DYM Post by: TTBit on August 19, 2013, 10:17:44 AM I had 1DYM in my wallet... now it's gone? Can't see any trace of it moving in the transaction history... find it? this is a ripple question, I don't have any control over the IOUs after issuing. Title: Re: Introducing Ripple Currency: DYM Post by: joesmoe2012 on August 19, 2013, 10:54:33 AM All mines are still safelu in my wallet.
Title: Re: Introducing Ripple Currency: DYM Post by: JoelKatz on August 19, 2013, 10:56:52 AM I had 1DYM in my wallet... now it's gone? If you want to PM me your Ripple address, I'd be happy to investigate for you and either post the results publicly or privately. Obviously, that's not supposed to be possible.Can't see any trace of it moving in the transaction history... Title: Re: Introducing Ripple Currency: DYM Post by: jago25_98 on August 19, 2013, 12:52:29 PM Thanks. Will send you a PM.
Don't panic people. TTBit gave me the DYM very generously to help with testing. I just thought it was cashed in, which is fine with me of course. Perhaps I've sent it to someone for testing and forgotten about it... but I would expect that to be visible. This is a good test of things. I had 1DYM in my wallet... now it's gone? If you want to PM me your Ripple address, I'd be happy to investigate for you and either post the results publicly or privately. Obviously, that's not supposed to be possible.Can't see any trace of it moving in the transaction history... Title: Re: Introducing Ripple Currency: DYM Post by: joesmoe2012 on August 19, 2013, 02:37:34 PM Happy to send you 1 free DYM to replace the missing one if it doesn't turn up, in thanks towards TTBit's Efforts.
Title: Re: Introducing Ripple Currency: DYM Post by: nameface on August 19, 2013, 03:25:21 PM Maybe you made a transaction in a different currency than DYM, and because of your trust line settings and the rippling effect a conversion of your DYM was the cheapest payment path? But, I think you would've had to have elected to perform a transaction this way?
Title: Re: Introducing Ripple Currency: DYM Post by: JoelKatz on August 19, 2013, 08:33:29 PM Maybe you made a transaction in a different currency than DYM, and because of your trust line settings and the rippling effect a conversion of your DYM was the cheapest payment path? But, I think you would've had to have elected to perform a transaction this way? He would have had to elect to pay with his DYM, and it would have had to perfectly consume exactly the 1 DYM he had, which seems unlikely unless he paid exactly 1 DYM to someone.Title: Re: Introducing Ripple Currency: DYM Post by: jago25_98 on August 19, 2013, 09:08:25 PM Happy to send you 1 free DYM to replace the missing one if it doesn't turn up, in thanks towards TTBit's Efforts. Thanks buddy but no need, you hang on to that for the moment :-) TTBit, can you see a transaction to me of any kind? Any PM's between us, anything in threads. Any record of it in your wallet. I'm very sure I had one DYM at some point. I'm also pretty sure I haven't sent it anywhere but not 100% on that. Certainly I can't remember sending it anywhere. What I do have though is a lot of trust lines setup. I was trying to do as much as I can with Ripple as a test and also practicing with it. Joel has been on the case. So far he's found no transaction, only the trust line from me. Everybody else don't worry so much yet. We haven't found any problems so far and my memory is all er have to go on so far. Has there been any bugs like this before? As I say I do have a lot of trustlines setup. Title: Re: Introducing Ripple Currency: DYM Post by: JoelKatz on August 19, 2013, 09:46:07 PM Has there been any bugs like this before? As I say I do have a lot of trustlines setup. Nobody has reported having funds and then not having them where we couldn't find them having the funds in the first place. I hope he's just remembering incorrectly and the DYM was never sent or was sent to some other account. It should be impossible for funds to disappear, but even more impossible for history to show funds never having appeared in the first place.Title: Re: Introducing Ripple Currency: DYM Post by: jago25_98 on August 20, 2013, 09:43:20 AM Having searched around I can see that I have had LTC and TBL stored with TTBit but still no trace of DYM.
I suppose I just have to chalk up to a false memory getting mixed up in the LTC and TBL testing. The strange thing is that I could swear blind that I had 1DYM in my balances. I remember so clearly that it was there. It makes sense because my goal at the time was to get a minimal balance on every currency available and to setup as many trustlines as possible at minimal balance for testing. So if I didn't have 1DYM then I wouldn't have had the full set which seems like an easier thing to remember. Anyway, this isn't enough to go on so let's forget about this for the mo. What can I say. Funny thing memories. Apologies all round I guess. Title: Re: Introducing Ripple Currency: DYM Post by: jago25_98 on August 21, 2013, 11:50:27 PM OK. It looks a lot like a DYM was sent:
Quote Quote from: jago25_98 on Today at 12:23:11 AM Yes. Basically I too remember receiving a DYM for testing but it's not in my records. I remember because i was so flattered :-) ( https://bitcointalk.org/index.php?topic=149533.msg2970274#msg2970274 ) JoelKatz from Ripple has a look and only found trustlines. But I was sure you sent me a DYM, no? I still think it's possible this is either a bug or some way funds have moved in an unexpected way. What exactly did we say in this conversation? Was it a PM or thread? I can only see mention of the hushmail We can find no record of me ever having a single DYM. On april 15th, I sent this message: ----- Had a long reply going in the thread, but my power went out and it became a small reply when power came back. Why don't you PM me your ripple address, and I can send you 1 DYM to play with, or a few USD from bitstamp. I'd like to get as many eyes on DYM and ripple as possible. ----- You replied: ----- Great, thanks! r82ovvXckDPTbJ7adQxqQ38dQ7MWXXW3F any tips on how I can use this new trust line to discover trust with someone new? That's the unique application I'm interested in. I think that's the thing that draws me to Ripple even though I don't like the lack of source and centralisation. I figure that you accounts cannot be affected by any change in the rate of XRP - just the price of bringing funds out right? Connecting to me might give you some more trust lines I think? I've been extending some trust to people. I've been able to extend to many but not in any large amount. I checked my credit rating (can't remember the ripple credit rating site) and it said I missed a payment - wtf!? Anyways, thanks :-) ----- And I would have GUESSED I sent a DYM, but I have no record of that in the PMs we sent or in my ripple account. I would have used ripple address rhR5j5LXsujSuwG2bcn1P39utdTA79ceaW, as I wouldn't have sent a DYM from the issuer address without a specie payment. But you would have had to of trusted "rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E" for DYM in order to receive a DYM. So it could be I tried to send it, a trust line didn't exist, and I just forgot about it. Or I completely forgot about it. With me offering to send a DYM, I don't think I would be a jerk and purposely not send one, we're talking $2 or so. But I do remember sending DYM to someone to play around with, thought it was you. It would have had to been someone interested in DYM. I'll search through some more PMs. Title: Re: Introducing Ripple Currency: DYM Post by: Stephen Gornick on September 23, 2013, 07:49:45 PM I was at an event in which silver was one of the forms of money accepted. I had some silver dimes with me and used them to pay for dinner and later drinks. That as the first time I had ever used junk silver in trade (rather than simply buying or selling a precious metal for investment purposes).
What was interesting was that even these little silver dimes were not of fine enough granularity. For instance, in paying for a beer. One silver dime was too little. Two silver dimes was a little high. If the merchant accepted DYM (a silver dime-backed voucher issued through Ripple), I could have paid with the precise amount (e.g. 1.6419 DYM). I think that Ripple (and DYM) is something with great potential. Title: Re: Introducing Ripple Currency: DYM Post by: prophetx on October 09, 2013, 10:47:45 AM this is a very cool idea.
can you explain how the implementation is done? are DYM's only traded within the ripple network or can one take them offline? did you need to implement the gateway for this? tia Title: Re: Introducing Ripple Currency: DYM Post by: Sukrim on October 09, 2013, 12:48:11 PM "Gateway" only means that you are offering to issue and redeem tokens ("IOUs") on Ripple - this can be done manually or automated/scripted.
Ripple transactions can be blinded, just like Bitcoins too, so they could be kinda taken offline and redeemed later. It is much easier and more convenient to leave them inside Ripple. Title: Re: Introducing Ripple Currency: DYM Post by: prophetx on October 16, 2013, 04:50:16 PM "Gateway" only means that you are offering to issue and redeem tokens ("IOUs") on Ripple - this can be done manually or automated/scripted. Ripple transactions can be blinded, just like Bitcoins too, so they could be kinda taken offline and redeemed later. It is much easier and more convenient to leave them inside Ripple. Can you point me to an online reference to how this is done, manually or otherwise? I am putting together research on the various technology sets that would enable p2p asset trading, and would like this info (or as much as exists) for ripple, already have it for Mastercoin and Colored Coins. Title: Re: Introducing Ripple Currency: DYM Post by: Sukrim on October 18, 2013, 07:28:55 AM You should look at the gateway related pages/sites in the official wiki as a starter.
It can be done manually of course, otherwise you'd need to use the API that rippled exposes. The official client also does nothing more than to ask for publicly known data over a websocket connection and send locally signed transactions back, if necessary. A gateway would act similarly. Transaction blinding is done in the current github giveaway, you can check the source code in Javascript from their page. Title: Re: Introducing Ripple Currency: DYM Post by: mccoyspace on November 04, 2013, 09:15:34 PM If people are wondering how to issue new custom currencies in the ripple web client, it is really easy, almost counter-intuitively so.
Say there is an issuer and a receiver. The issuer announces a ripple address and a 3-letter currency name. (This doesn't even have to take place for the next steps to work). In the Ripple web client the receiver goes to Advanced->Trust and clicks the + The receiver then adds the issuer's Ripple address, the amount of currency to trust, and the 3 letter currency name. (note: it will say USD by default, with a pulldown showing other currencies. Just click in the USD field. delete those letters and type in the name of the new currency -- that's it) Then click grant trust. Now you are ready to accept the issuers IOUs denominated in the new currency. If the issuer has the receiver's ripple address, the issuer can now send currency denominated in that new currency. Here's how. Click send, type the receiver's ripple address in, change the currency from XRP to the 3 letter currency name you chose, type in how many units to send, and click send. That's it. Your account page will show a negative balance of that currency type, but there is no problem in running that deficit. It's an IOU. Also, your transaction history will show the receiver's ripple address as granting you trust for the new currency unit. And just like that you have issued your own promissory currency unit. Both parties do have to have XRPs to do these transactions and trust assignments. I have used the DYM in several ways: mailing one down to TTBit and getting credited, trading in and out of it through the web client. It all worked great. A really cool implementation. |
