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Thank you, that is what I wanted to make clear in my mind. Now, if you send me an 1 Btc Bitstamp IOU I need to have trust extended to Bitstamp for at least 1 Btc first, in order to be able to receive that 1 Btc IOU from you, otherwise the transaction will not go through, right?
Yep. If you don't trust anybody's BTC IOU's, I can't send you BTC. The client will say "No path found!" On the other hand, if you only trusted, say, WeEx BTC IOU's, I could still probably send you BTC even if I only had Bitstamp IOU's. I'd say I want to send you 1 BTC, and the network would find a third party (call her Carol) who held both WeEx and Bitstamp BTC IOU's. The network would send Carol my Bitstamp IOU's, and send you Carol's WeEx IOU's. I'd have to send her a little extra (Bitstamp) BTC as a transit fee for the service. All I would see of this was an "effective exchange rate": the client would tell me how much I'd have to pay to send 1 BTC, I'd hit send, and you'd have your WeEx IOU's. Edit: The chain of trust here is Me -> Bitstamp -> Carol -> WeExchange -> You Thanks, that how I thought it works, just wanted to clarify. |
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Question, If I have 1 Btc that has been withdrawn to Ripple from Bitstamp is that 1 Btc somehow labeled as such? In other words if I send 1 Btc that is an IOU from Bitstamp to someone in the ripple network can they then deposit the IOU to back to Bitstamp and withdraw that Btc to the Bitcoin Wallet of their choice?
afaik you are trading a bitstamp-bitcoin-iou which can be traded to "another-gateway-bitcoin-iou". only bitstamp-bitcoin-iou can be withdrawn through bitstamp ^^ PLEASE correct me if i am wrong  So are you saying that Ripple network labels the IOUs? If say you send me 1 Btc, that you withdrew from Bitstamp, in exchange for whatever (XRP, USD) will I be able to deposit that Bitstam IOU Btc to my Bitstamp account? Here's an example: I use the blockchain to send 1 BTC to my Bitstamp deposit address, then use the Ripple withdraw function. My Ripple account is now holding a 1 BTC Bitstamp IOU. Suppose you trust Bitstamp for at least 1 BTC. If I choose to send 1 BTC to your Ripple account, the network will detect the chain of trust Me -> Bitstamp -> You. It will lower my balance with Bitstamp by 1 BTC and increase your balance with Bitstamp by 1 BTC, so now I am owed nothing by Bitstamp and you are owed 1 BTC. I have transferred my Bitstamp IOU to you. You now look up your Bitstamp Ripple deposit address, and send it 1 BTC. Because the network forces an issuer to accept its IOUs at face value, it sees that it can send Bitstamp 1 BTC by lowering your balance with them by 1 BTC. You can now withdraw 1 BTC from Bitstamp to your Bitcoin address – you have redeemed that IOU for an actual bitcoin. At the end of the day, you have 1 "actual" BTC more than you started with and I have 1 "actual" BTC less. Thank you, that is what I wanted to make clear in my mind. Now, if you send me an 1 Btc Bitstamp IOU I need to have trust extended to Bitstamp for at least 1 Btc first, in order to be able to receive that 1 Btc IOU from you, otherwise the transaction will not go through, right? |
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Question, If I have 1 Btc that has been withdrawn to Ripple from Bitstamp is that 1 Btc somehow labeled as such? In other words if I send 1 Btc that is an IOU from Bitstamp to someone in the ripple network can they then deposit the IOU to back to Bitstamp and withdraw that Btc to the Bitcoin Wallet of their choice?
afaik you are trading a bitstamp-bitcoin-iou which can be traded to "another-gateway-bitcoin-iou". only bitstamp-bitcoin-iou can be withdrawn through bitstamp ^^ PLEASE correct me if i am wrong So are you saying that Ripple network labels the IOUs? If say you send me 1 Btc, that you withdrew from Bitstamp, in exchange for whatever (XRP, USD) will I be able to deposit that Bitstam IOU Btc to my Bitstamp account? |
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Question, If I have 1 Btc that has been withdrawn to Ripple from Bitstamp is that 1 Btc somehow labeled as such? In other words if I send 1 Btc that is an IOU from Bitstamp to someone in the ripple network can they then deposit the IOU to back to Bitstamp and withdraw that Btc to the Bitcoin Wallet of their choice?
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Is there any way to import a pre-existing private key?
+1 |
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Updated, does seem to be noticeably faster. Thank you for your work.
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Hello I am Kat   Hello Kat how are you? Are you new to Bitcoin? hi wyodude im new to Bitcoin Welcome aboard |
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Hello I am Kat Hello Kat how are you? Are you new to Bitcoin? |
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rwJBiKfYKRFX59GykztmGdedUvmV64LpaK
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Here is my uses for Btc:
Paying my daughter for chores
Investing in other people's projects- BTCJAM.com
Landing to speculators- bitfinex.com
Paying for VPN
Shopping for gas, in walmart etc.- bitcurex.com
Donating to causes I support, not all accept Btc but there is more and more as time goes by.
This is just practical uses but I also see a big value in being part of the solution to the problem created by the current fractional reserve monetary system.
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This is my 5 post so should be out of here.
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Didn't read through the whole post and someone probably mentioned it by now but "armory wallet" work pretty good for me security wise.
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It's always has been the rule that is applicable to all things not just Bitcoin. The "trusty ones" get burned and learn, those that don't keep banging their head against the brick wall
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O K I am game. Here is a post, start the timer
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bitcoin is comsuming a lot of my time.
i might es well introduce myself.
hi i am mumung.
Same here, I am wyodude |
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