ripple: let's test it!

[molecular]

I didn't know where to put this so I chose the altcoins subforum because I expect to find the most open-minded people here

I'm intrigued by ripple. There's a lot of info out there and a beta client (web-base javascript).

Here are some links:

• http://ripple.com: main site, has links to wiki, forum. You can make a wallet there
• Is Ripple a Bitcoin Killer or Complementer? Founder of Mt Gox will launch Ripple
• Ripple giveaway (I received 50,000 XRP already)
• Ripple gateway
• irc channel #ripple on freenode

There's a built-in exchange. I added bitstamp (supposedly) to my contacts: rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B and now I can see an orderbook on the XRP/USD pair. I'd love to try it, but the best ask is 8,333.33333 XRP/USD. I think that's too high.

I only have XRP in my account currently.

I would like to find out wether I can issue some EUR or BTC myself and have people trust me with it. I'm really unclear how that would work. Any info?

So anyone want to post his contact info here so I can add some people to my contacts?

I'm rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU

[1714774475]

1714774475

[1714774475]

1714774475

[1714774475]

1714774475

[1714774475]

1714774475

[Severian]

I trusted you for 1 btc. It does neither of us any good as I don't have any btc on ripple yet. Trust me back if you want as that could change soon.

I tried to fund btc > ripple through weex.co last night and didn't succeed. I'm waiting to hear from them to see what's up.

I'm still wrapping my brain around this version of ripple but I can see the possibilities of a bitcoin/xrp world. The exchanges would be hard pressed to compete if Ripple gets any legs.

me:

rDqSvk6fRhKq5tSW7GpWFFHG5pG2XE3mtR

[2weiX]

Not before I understand how I can receive Ripplethings and turn them into Bitcoins.
Easily.
Automated.

ELI5, please.

[gweedo]

rKFX2Gvk4jLtgEGMC2qDmMi18Zw4bewrjK

add me up, I added molecular and I will add anyone back that wants me too.

Bid = 2,001.00000 Ask = 71,000.00000 Spread = 68,999.00000 Last price = n/a
Who will be the first to buy and sell and change that last price?

Also you need at least 200 XRP to start an account and look at the orderbook, from what I understand

[molecular]

I trusted you for 1 btc. It does neither of us any good as I don't have any btc on ripple yet. Trust me back if you want as that could change soon.

I tried to fund btc > ripple through weex.com last night and didn't succeed. I'm waiting to hear from them to see what's up.

I'm still wrapping my brain around this version of ripple but I can see the possibilities of a bitcoin/xrp world. The exchanges would be hard pressed to compete if Ripple gets any legs.

me:

rDqSvk6fRhKq5tSW7GpWFFHG5pG2XE3mtR

I'm going to go slow on the trust values since I can't really judge the implications just yet. Trusted you with 0.2 BTC for starters.

I tried putting BTC into my ripple wallet using weexchange.com, but I need to link a merchant, so I need to get a token somehow... any ideas?

[molecular]

rKFX2Gvk4jLtgEGMC2qDmMi18Zw4bewrjK

add me up, I added molecular and I will add anyone back that wants me too.

Bid = 2,001.00000 Ask = 71,000.00000 Spread = 68,999.00000 Last price = n/a
Who will be the first to buy and sell and change that last price?

Also you need at least 200 XRP to start an account and look at the orderbook, from what I understand

allright, added you and trust you with 0.2 BTC. Will add people based roughly on bitcointalk trust I put into them.

[molecular]

Not before I understand how I can receive Ripplethings and turn them into Bitcoins.
Easily.
Automated.

ELI5, please.

That's one of the things we're trying to find out, I guess.

[gweedo]

rKFX2Gvk4jLtgEGMC2qDmMi18Zw4bewrjK

add me up, I added molecular and I will add anyone back that wants me too.

Bid = 2,001.00000 Ask = 71,000.00000 Spread = 68,999.00000 Last price = n/a
Who will be the first to buy and sell and change that last price?

Also you need at least 200 XRP to start an account and look at the orderbook, from what I understand

allright, added you and trust you with 0.2 BTC. Will add people based roughly on bitcointalk trust I put into them.

So can someone explain what the adding of the trust actually does?

[Severian]

Trusted you with 0.2 BTC for starters.

Balanced accordingly.

I tried putting BTC into my ripple wallet using weexchange.com, but I need to link a merchant, so I need to get a token somehow... any ideas?

I'll let you know if I hear from them. My attempt threw a payment error message with very little info.

weex.co, not .com. My bad.

[Severian]

So can someone explain what the adding of the trust actually does?

It builds out personal credit networks. IOUs become one of the currencies on the network. If someone abuses the IOU system, they become locked out of other peoples' credit networks. It cuts down on scammers by making it expensive and inconvenient for them to operate.

I think that's close to the idea anyway.

[pof]

I suggest you to use Bitstamp as a gateway https://www.bitstamp.net/account/withdraw/ripple/ is far more trusted than weexchange.
You can deposit btc, and withdraw:
USD, EUR, BTC, GBP, YEN, CHF, AUD.
The fee is very low (0.2 %).

With ripple don't trust anybody that you would'n trust with BTC, cause the people you trust can borrow your money.

Read this before using it. https://ripple.com/working-with-ripple/

[molecular]

So I've been thinking about becoming a ripple gateway and read: https://ripple.com/wiki/Gateway_Integration_Manual

There's of course legal repercussions involved when handling customer funds in EUR, so this rough idea in my head fell back to offering BTC.

It further fell back to first trying to setup a rippled to support the network... let's see how that goes first and support the ripple network technically.

[markm]

Automating awaits someone actually automating what they want automated.

In principle, if you trust a bitcoin gateway for some bitcoin(s), any bitcoin-IOUs anyone sends you should automtically arrive at your account as your gateway's bitcoin-IOUs, not as bitcoin IOUs of someone you haven't chosen to trust for bitcoins.

So, to automate your apparent current preference for receiving bitcoins, you need, in essence, to tell your ripple client whose bitcoins, and how many of them, you trust.

Of course I actually meant, as does Ripple, bitcoin IOUs rather than actual on the bitcoin blockchain bitcoins. Thus far.

So technically, you need to tell Ripple whose bitcoin-IOUs, and how many of them, you trust.

If other lines of trust that aren't even really your business, and are not any concern or worry for you, exist out there somewhere, someone connected through webs of such trust lines who actually has some bitcoin IOUs should be able to send some to you.

A really simple setup would be that that person happens to trust the same bitcoin gateway's bitcoin IOUs as you do, and that they have some of that same bitcoin gateway's IOUs, and those are what they send you. (Those are, after all, at this point in the story the only IOUs you have chosen to trust.)

So automating the reciving of "Ripple side" "bitcoins" which really means Ripple IOU-tokens, issued by some specific Ripple accounts, is relatively easy for you; all you need do is tell Ripple how many bitcoins of trust you choose to extend to each of one or more bitcoin-gateways.

Actually getting blockchain-bitcoins is something bitcoin gateways often offer as a service. Such as a website where, if you have deposited with them some of their bitcoin IOUs, you can ask to have the corresponding bitcoins sent to a bitcoin address of your choosing, on the bitcoin blockchain.

-MarkM-

[Mageant]

@molecular:

I trusted you for 0.2 BTC. I also want to try out ripple.

If anybody here wants to trust me, I will trust them back.

rPDT5apJsfy8Jbz3M8jXzXskMsKAANhM9p

[markm]

It further fell back to first trying to setup a rippled to support the network... let's see how that goes first and support the ripple network technically.

Both of us can wait patiently together for the actual release of the source code of the server.

I hope to manage to adapt for various altchains the source code already provided for a web based IOUs-to-blockchain and blockchain-to-IOUs app, but that is on back burner until I get rippled source code, build rippled, and get rippled running.

You might notice in the running a gateway docs that gateway accounts should be configured to require destination codes. Configuring an account in that way is something else that so far seems to be best/easiest done using a rippled - a rippled of one's own so one can tell it RPC commands without needing to encrypt the commands. (The command to configure an account to require destination codes includes the account's secret as one of the input fields/arguments.)

Overall it has seemed so far that waiting for the server source code release is the current step in doing the above things.

-MarkM-

[lebing]

Mol, I trusted you for 1 btc and 5 usd

Here is my address: rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t

[molecular]

I suggest you to use Bitstamp as a gateway https://www.bitstamp.net/account/withdraw/ripple/ is far more trusted than weexchange.
You can deposit btc, and withdraw:
USD, EUR, BTC, GBP, YEN, CHF, AUD.
The fee is very low (0.2 %).

With ripple don't trust anybody that you would'n trust with BTC, cause the people you trust can borrow your money.

Read this before using it. https://ripple.com/working-with-ripple/

Ok, just deposited 1 BTC to bitinstant. As I understand, I can later withdraw 1 BTC to my ripple wallet. I'm still getting used to the terms... in doing this, who extends credit to whom?

[molecular]

Mol, I trusted you for 1 btc and 5 usd

Here is my address: rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t

I just discovered your address popped up in "advanced" -> "trust" list (with 0 trust of course).

I trusted you back, but "only" with 0.5 BTC, 5 USD.

I think we should go low on the trust values for now until we all understand the implications better. There will be people trying to scam us pretty soon . Not that I don't trust YOU, but I don't know exactly how these trust-lines work and who knows who YOU trust...? Thoughts?

[JoelKatz]

So can someone explain what the adding of the trust actually does?

Adding trust allows someone to owe you money -- potentially money that you might owe to other people. If you extend, say, 1 BTC of trust to me, and I stop using the Ripple system to hold Bitcoins and screw you, you may wind up owing 1 BTC to someone else or losing 1 BTC you held.

At this time, we are only recommending that people extend trust to gateways.

Again, if you extent $10 in trust to someone, you may wind up losing $10 you hold at a gateway and instead having them owe you $10. Instead of getting paid $10 for something, you may wind up having them owe you $10. Issuing trust to someone is like using them as a bank.

On the flip side, you can only hold someone's IOUs if you trust them to send you money. And you can exchange those IOUs for any IOUs they hold in the same denomination, or any credit available to them in the same denomination.

Ok, just deposited 1 BTC to bitinstant. As I understand, I can later withdraw 1 BTC to my ripple wallet. I'm still getting used to the terms... in doing this, who extends credit to whom?

That is correct. You are extending credit to bitinstant since you are allowing them to owe you at least 1 bitcoin. When you withdraw that bitcoin into your Ripple wallet, you will hold an IOU that says that bitinstant owes you 1 Bitcoin. You can then transfer or exchange that IOU on the Ripple system. People who have bitinstant accounts will value that IOU at 1 bitcoin since they can turn it into 1 bitcoin by redeeming it.

[2weiX]

errr. what.



Simple Scenario:

I am a merchant, accepting RPX for my goods.
You buy a crate of canned Mmmmmmmh.... for 140.000RPX

I need a gateway to instantly turn this around into BTC, send to my payment provider and THEN it's considered "paid".

All thus hubbub about trusted ripplebitcointokens from IOUs is way to WTF.