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Title: Ripple - Private Trades Post by: bitaccumulation on April 09, 2013, 08:31:07 PM I see the trade function for when you want to put something in the market for anyone to purchase, but what if you want to do a private trade? Two people agree to something outside of Ripple and want to use Ripple to complete the transaction (almost like an Escrow). How do you go about that?
In other words, if I send $1000US-BITSTAMP to Joe Blow and he is supposed to give me 5 BTC-BITSTAMP I have to hope he sends it if I use the basic send button, but if I put it in the Trade section - then anyone can fulfill the deal and the private deal gets destroyed. How do we do private trades that do the same thing that the public trade interface does? Title: Re: Ripple - Private Trades Post by: Un zafado cualquiera on April 09, 2013, 10:03:12 PM I see the trade function for when you want to put something in the market for anyone to purchase, but what if you want to do a private trade? Two people agree to something outside of Ripple and want to use Ripple to complete the transaction (almost like an Escrow). How do you go about that? In other words, if I send $1000US-BITSTAMP to Joe Blow and he is supposed to give me 5 BTC-BITSTAMP I have to hope he sends it if I use the basic send button, but if I put it in the Trade section - then anyone can fulfill the deal and the private deal gets destroyed. How do we do private trades that do the same thing that the public trade interface does? i guess you have to grant trust to him. that is the usual way Title: Re: Ripple - Private Trades Post by: bitaccumulation on April 09, 2013, 10:09:17 PM i guess you have to grant trust to him. that is the usual way Why would I have to trust them if we are using notes (IOUS) that we both trust? I would like to do the same type of transaction that can be done in an exchange order except privately - then no trust is needed in the other party - we just need to trust the gateways that issued the notes. Title: Re: Ripple - Private Trades Post by: dchapes on April 10, 2013, 12:10:42 AM I see the trade function for when you want to put something in the market for anyone to purchase, but what if you want to do a private trade? Two people agree to something outside of Ripple and want to use Ripple to complete the transaction (almost like an Escrow). How do you go about that? In the future you'd likely be able to use Ripple contracts (https://ripple.com/wiki/Contracts). (note, the details on that wiki page would be hidden behind a user friendly interface in the client). Keep in mind that Ripple is in Beta; it's not complete.In the mean-time you could find a trusted third party to act as escrow/intermediatary or just both use 'send'. This is very much like how current bitcoin-otc (http://bitcoin-otc.com/) trading works. There might be a clever way to kludge the existing trading system to do what you ask, but it's non-obvious how to do it (at least to me). Title: Re: Ripple - Private Trades Post by: bitaccumulation on April 10, 2013, 12:38:39 AM I see the trade function for when you want to put something in the market for anyone to purchase, but what if you want to do a private trade? Two people agree to something outside of Ripple and want to use Ripple to complete the transaction (almost like an Escrow). How do you go about that? In the future you'd likely be able to use Ripple contracts (https://ripple.com/wiki/Contracts). (note, the details on that wiki page would be hidden behind a user friendly interface in the client). Keep in mind that Ripple is in Beta; it's not complete.In the mean-time you could find a trusted third party to act as escrow/intermediatary or just both use 'send'. This is very much like how current bitcoin-otc (http://bitcoin-otc.com/) trading works. There might be a clever way to kludge the existing trading system to do what you ask, but it's non-obvious how to do it (at least to me). [/quote] Thanks. I had read the contract part previously (it looks awesome), but I'm not sure they need any of that functionality to do what I'm suggesting. You just put in an order like you normally do and the other side could either accept or decline. Nice and easy. Title: Re: Ripple - Private Trades Post by: dchapes on April 10, 2013, 01:43:58 AM You just put in an order like you normally do and the other side could either accept or decline. Nice and easy. I'm saying the client could present it exactly that way, and would use contracts behind the scenes to accomplish it. The client can't do what you want without either contracts or requiring changes to the server specific to this one feature. The smart thing is to hold off on this feature until contracts are available and not to hack it in.[Disclaimer, I have no relationship to OpenCoin or the developers so I have no idea on how/if/when they're planing any contract support or how it would look in the client.] |