10 confirmations, so about 13 minutes

Why did you choose TODAY of all days to do this heinous thing?

James

Except everybody who has anything on deposit would lose a significant percentage of their value. As it is not only are we confronted with horrible fees, EVERYONE with any NXT deposited at dgex is looking at an instant and unwarranted 20% loss of market value.

This might be short term, but the timing is suspicious and it creates a big hill to climb just when we should be celebrating the release of source code.

James

Unless dgex raises fees to 30%!

James

I suggest you give people 3 days to withdraw under old rules if they want to. After that you can charge whatever fees you want, just publish them

James

NXT price is down 20% due to what dgex did. Do you think I am advocating the peercover gateway to make a few bucks promoting ripple? It is a strategic need for NXT to be able to trade freely. Now on the day of src release, NXT opponents will say the price dropped 20%. This does not bother you? This belongs in some backwater thread?

My interest is in long term NXT valuation. Dropping 20%+ on source code release day kind of makes it hard to spin it in a positive way. If we can establish a market price untainted by giant fees tacked on without warning in any other way, let me know.

I just don't feel nxtchg's server can handle replacing dgex volumes. I also wouldn't want to trade there if any glitch makes my NXT disappear and that's the terms of service.

James

P.S. this whole thing could be an orchestrated attempt to hurt NXT. Does this not bother anybody else?

yes you can do that, but it requires more sophistication and complexity. If we stick to just NXT/BTC then no need to worry about XRP rates, etc. Ripple has dozens of independent markets, the company holds about 20% from what I can tell with its "founders". They have also stated that they will give away 55% to the world, which they are actually doing through their WCG giveaway. The rest I imagine they are selling.

I told you there are similarities between ripple and NXT. They are both proof of stake, they both have "founders" that still own a big chunk. They are both still in beta test. Really more like cousins and I think we should work together instead of compete. There are plenty of competitors out there.

Long term ripple offers fiat gateway services to NXT, actually it already does. This is a useful thing to have for NXT'ers

James

sent you 30XRP
I think you can use a peercover ripple wallet as it is just a ripple wallet that is linked to peercover. If it doesn't work, let me know and I will find out. You can always just make another wallet and send XRP to your new wallet

To deposit NXT go to the simpleGateway URL in my sig. Click on deposit and NXT and follow instructions

James

ripple is to NXT as classical music is to grunge rock
both are music, even though each group will claim the other group is not. It is my assessment that they can both coexist peacefully and advantageously to each other. A symbiosis.

If you ever want to convert NXT to USD, ripple makes it trivially easy. Maybe you don't want to, you don't have to. ripple is oriented toward being the cross currency payment system. NXT as you know is quite a bit more than that. Is there overlap, sure, probably around 5%. Gee, that's about what dgex is charging isn't it. Keep paying dgex usurious fees or trade on ripple without cost.

The only cost is because people are not using peercover's ripple gateway. If we used it, spreads will come down. The high spread is the only cost and that is because people are not using it.

James

PLEASE do not spread misinformation, about ripple or anything else.
ripple has some centralized aspects, but if we just use ripple for  trading platform and avoid any XRP trading, it is simply an exchange. Actually a distributed exchange.

I am not saying use ripple for all its features, just for trading the specific NXT/BTC pair. No XRP conversions, you don't have to get tainted with ripple's corporate ooze

James

We trade NXT/BTC there is NO need for XRP conversions.
I am taking care of the ripple newbies, not out to gouge them or trick them with large spreads

James

I would recommend starting with BTC and NXT.  There are plenty of fiat gateways (including peercover) but with the usual paperwork delays.

Step 1: create ripple acct
Step 2: post your ripple address and I will send you 30 XRP
Step 3: goto simpleGateway and deposit BTC (need to add trustline for this)
Step 4: goto ripple wallet trade page and select NXT/BTC with peercover ra9eZxMbJrUcgV8ui7aPc161FgrqWScQxV as issuer
Step 5: enjoy frictionless trading by submitting buy and sell orders

James

P.S. Step 6, send me back my 30XRP or .001 BTC or 10NXT

It is chicken and egg. If we just started trading peercover NXT/BTC on ripple, there will be liquidity. We don't need to worry about any other thing trading on ripple. NXT/BTC is like a colored coin that is just using ripple for exchange.

If we get people trading this on ripple, the spreads will become smaller and remember there are no fees, so if you can't get a trade you like, just withdraw.

 there is now over 50,000 NXT available in the NXT/XRP orderbook, only my 1000 NXT/BTC

spread is 2.85/3 XRP. Not great, but not bad.

All we need is more inventory. Then again, we could just pay dgex all our NXT in fees, is that better than getting dirty with ripple?

James

Regardless of its future we can trade NXT/BTC without fees, now. Not the future. Peercovers business model is long term and based on forging fees.

As much as people say they don't like ripple, I see a lot in common between them, but let's not get into some sort of debate over if it has a future or not. Not really the point. ripple is here to stay, so is NXT. Why not utilize ripple for what it is able to do?

James

P.S. I forgot 20XRP is the minimum, you need 30XRP to start trading. I will send 30XRP to anybody that needs it. Just send me back 10NXT or .001 BTC or the 30 XRP when you are setup

OK, I put up a small amount of NXT/BTC on ripple at .0001

You can make buy and sell offers from the ripple.com wallet. You just need to type in NXT/BTC in the dropdown as it is not in the hardcoded list. Put in peercover's address ra9eZxMbJrUcgV8ui7aPc161FgrqWScQxV for both issuers

Now in a few seconds the orderbook appears and you can place buy and sell orders.

James

P.S. you will need 20XRP to get going. I will send you this, just post your ripple wallet. Once you are setup you can send it back to me, or NXT equivalent, whatever. We just need a more active market to set the real price of NXT.

ripple is as much of a scam as NXT is
that is just a term that people who have not spent anytime to study things call anything they don't understand.

Nothing is perfect. Things are what they are. Take from each what it can do well and ignore the rest

James

You need 20XRP. Send me your wallet address I will send it to you. You can repay me in NXT in my sig or via ripple send to rfHFcdmZgUKAFVYCaWWfYni6q8H7wLhFXr

For those who don't know in ripple you can send NXT or anything to another person and it will automatically show you a selection of what you have in your wallet that would convert to the desired amount

James

 Peercover/ripple

NXT, BTC, LTC BUY and SELL: 0.00%

NXT deposits: 0%

BTC deposits: 0%

LTC deposits: 0%

NXT cashouts: 0.0%, automated

BTC cashouts: 0.0%, automated

LTC cashouts: 0.0%, automated

Also, I think aldrin has added more inventory! There is now NXT available for 3 XRP which is around .0001 BTC and about right for what the price should really be. Maybe this whole dgex thing is to make NXT price go down on the day src was released. I think the true market price should be set on ripple

I have had many request for how to trade using peercover/ripple.

1st step is to just create a ripple wallet to get id. Then go to the link in my signature and deposit BTC. I won't be making a market in NXT/LTC today.

As soon as BTC is transferred, you will get BTC in your wallet and you will be able to trade NXT/BTC. I will try to get some competitive offers there within an hour. So, everybody get ripple acct, go to simpleGateway and get your ripple wallet funded with BTC. Oh, you have to create a trust line by going to the ripple wallet's advanced page and clickon "Add trust" and select BTC and put in peercovers address along with the size of your BTC deposit. This allows you to make a deposit of BTC.

If you can post when you get stuck I will help. If you need some XRP to start I will send you some. If you succeed, please post and explain how difficult it wasn't

James

P.S. The whole ripple process is very similar to what people will have to do for colored coins, so might as well get some practice

Even with a bit of increase, within a year you will recoup 800,000 NXT, which seems to be very high to me, especially if all withdrawals were manual.

Transactions fees will continue to increase, probably not doubling every week, but still it is reasonable to expect all the losses to be recouped within 6 months, probably more like 4 months once all the new features are live.

It is strategically important for the NXT community to have a frictionless trading platform. Forging fees are plenty to cover costs and if you are in it for the long run, eliminate all fees. If you are in it for the short run, give people 3 day amnesty to bail. If you don't care at all about NXT community, continue with your current approach. Maybe you can write a book about how your keep customers happy.

James

P.S.Peercover was willing to invest in all the development, NXT leakage, etc. and be in it for the long term forging revenue model. Actions speak louder than words. Support the company that supports the NXT community.