Bitcoin Forum

Is it possible to issue your own currency with Ripple?

Yes, but everyone who accepts it would have to grant you a trust.  Getting people to do that would be the hard part.

You mean it's possible for me to issue my own currency right from the Ripple.com website? If so, how exactly would I go about it?

Send me some ripples to rrhoN8i2PT2FcgkvWTiyfzZ2PRMqtDVYyJ and I will trust you for the same..

https://ripple.com/client/

Yes, as soon as you have an account on ripple.com and have some Ripples in your account (you need at least a reserve of 200-300 to use all features of the system), you can do the following (substitute you/your for me/my):

1. I think up a 3-letter code for my new currency.  E.g., if I want my currency code to be my initials, it would be "MPF."

2. I advertise the availability of my new currency wherever I want, together with my Ripple address and instructions for buying them.  (My actual Ripple address, which you would use to get MPF units from me, is rnfLDQaxN7isxzWZuc6BM8jeiCb2WSGpdG.)

3. If you want to buy, say 1,000 units of my currency, you sign up for Ripple, get some XRP to pay transaction fees, and then grant a trust for "1000 MPF" to my Ripple address.  (Feel free to try this, with my actual address above.)

4. When I receive the agreed payment (in BTC or XRP or whatever), I then send you 1,000 MPF through the Ripple.com interface.  Note that these new units (which are ultimately just IOUs) get created out of thin air (they are backed by the trust you have in me).  (For demonstration purposes, I hereby announce that I will send up to 100,000 MPF to anyone who grants me the requisite trust, for nothing - since this is just a demonstration for anyone who wants to try it out.)

5. People holding my MPF units can send them to each other on Ripple, and even convert MPFs to/from other currencies using Ripple's built-in currency-exchange interface, by selecting my Ripple address as the exchange for the MPF units.  (This works since all MPF holders who do a trade with me as the exchange implicitly grant me a trust.)

6. Presumably, I will also allow people to sell their MPF units back to me and I will give them something back, something that is backing my units (otherwise, why would they trust the value of my units in the first place?).  (For purposes of this demonstration, however, I am not promising to give anything back - however I do hereby promise never to let the number of MPFs outstanding ever be greater than 1 trillion - so they may still have some value, like Bitcoin, due to scarcity.  :) )

Feel free to try out my new MPF currency, which I have just created by making the above announcements; it now available on Ripple at my above address.  Please allow up to 24 hrs. for me to notice that you've granted me the trust and send you your free MPF currency units.  :)

It is just that easy. I created the DYM last night (https://bitcointalk.org/index.php?topic=149533.0). There was actually a large trade in it already (100 DYM). Anyone else can create a currency called 'DYM', but it won't be redeemable for my 'DYM'. A DYM/XRP market showed up just a bit ago. Now anyone who has enough XRP can get a silver dime delivered to their door.

But what about these XRPs, I heard they were pre-mined? Could that be an issue?

Ok, I would like to test this.

Could someone trust me with 1 GOC please.

Also, how can we prevent currencies from getting mixed up? If anyone can issue GOC's, how do I know if they are legit or copies if I offer a service for GOC's?

Also, if I issue and give away GOC's, will other Ripple users be able to trade them with each other for BTC's or XRP's for instance? Or do all the transactions have to pass through me?

So I just got my Ripple account funded, and I'm looking at this.  Two things I can't figure out:
When you first send someone your new currency, I realize it's technically treated as an IOU, but am I right in that it has no value until there is an exchange?
How do you set some sort of exchange rate in order to act as the exchange for people sending or converting to/from your currency?

Maximum how much ripples are they donating for each account in Ripple GiveAway event?

I just can't believe people would adopt something like Ripples. 100 billion XRP premined! Ripple exchange is a good idea but XRP is just laughable. When one of the creator decides to cash out on XRP, because there are 100 billions of them, you had better watch out.

Good thing they're not meant to be a currency with a lot of value, and are just there to be used to pay for transactions so that it's not cheap to spam the network.