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Author Topic: ripple: let's test it!  (Read 43518 times)
ryanAC
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February 22, 2013, 06:33:31 PM
 #101

Alright so I "deposit" 1000xrp and into Bitstamp and now I have no idea where it is. It shows up no where on the Bitstamp UI. Any help folks? 

The ripple forums are strangely quiet except for Cialas sales and private detectives. hmmm

Anyone able to clue the clueless in here please?

Good question... Where is the XRP that gets deposited to BitStamp?

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ryanAC
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February 22, 2013, 06:38:37 PM
 #102

I want to join the fun.
Anyone want to trust me?
rJA6mGHsw5yCynLFRe3rjGqaCMk2YpmuMy

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February 22, 2013, 06:42:06 PM
 #103

Quote
My ripple address: rKfd86S25PUdVquk41xedH5jNX4bZ8DiA7
I will add you bbit and grant 1 USD trust

Likewise.

Quote
One question: When you send or receive does it show the other users your Ripple account name, the contact name, or the Ripple address if they don't have you as a contact?
I sent 10 XRP to Akka, can you send me a few to see how your contact name comes up on my Ripple acct?

Good, question was wondering the same thing. I just signed up on Bitstamp to see if I can try all this for real also.  I'll send you some xrp's BitObsessed to see how this all works.



Umm....what does the -1 mean and the 0 in the middle? lol... this is after I trusted you with $1 USD.

The -1 is because the trust has been extended in both directions.  So, at the extremes, you could be owed $1 by him OR owe him $1 (or anywhere in between).  The 0 (current state) is where neither of you owes the other anything.
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February 22, 2013, 07:05:27 PM
 #104

Alright so I "deposit" 1000xrp and into Bitstamp and now I have no idea where it is. It shows up no where on the Bitstamp UI. Any help folks? 

The ripple forums are strangely quiet except for Cialas sales and private detectives. hmmm

Anyone able to clue the clueless in here please?

Good question... Where is the XRP that gets deposited to BitStamp?


Come on am I really the only one that deposited XRP into Bitstamp just because I could. Smiley

I guess its time to officially stamp newb on the forehead.

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February 22, 2013, 07:16:50 PM
 #105

Alright so I "deposit" 1000xrp and into Bitstamp and now I have no idea where it is. It shows up no where on the Bitstamp UI. Any help folks? 

The ripple forums are strangely quiet except for Cialas sales and private detectives. hmmm

Anyone able to clue the clueless in here please?

Good question... Where is the XRP that gets deposited to BitStamp?


Come on am I really the only one that deposited XRP into Bitstamp just because I could. Smiley

I guess its time to officially stamp newb on the forehead.

You can't just give something to someone and have them sit on it... this seems like one of the only things you can do atm...

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February 22, 2013, 07:46:57 PM
 #106

added you folks who posted their addresses in this thread so far

lebin, Mageant, gweedo, Severian, molecular

gave you some trust also

my address is

rUdPvX9YN1NwyniwiJeSW6y3YKZL84gsB6


trusted you with 1eur  (herzmeister, molecular)

rM3puGNYNQTWuqsQpkzxSpmWFqGGuY29Vb


I am starting to wrap my head around this thing...

I think the idea of extending small bits of trust to various people on the forum is fine but misguided, and is not really the way the system should be used. What we all should be doing is extending trust in BTC and USD to BitStamp (and other reputable businesses, but BitStamp seems to be the only gateway available at the moment)  Then it becomes easy to send USD or BTC to one another, because we all trust the same party (BitStamp).  The only way BitStamp is going to issue its IOUs into the system is if you deposit USD or BTC in a BitStamp account. So, assuming BitStamp is not operating on fractional reserve, all BitStamp USD or BTC in the Ripple system should be "backed" by actual USD or BTC sitting in BitStamp accounts.

Secondly, I think simply extending trust is not as scary as it initially sounds. If I extend 100 BTC of trust to BitStamp, I don't think I've done anything that can hurt me YET. All that does is allow BitStamp or anyone else to pay ME with "BitStamp BTC IOUs". If someone wants to send me BitStamp IOUs for free, great, no skin off my back!

It's only when I choose to actually trade something of value in exchange for these IOUs that I have the potential for loss. But that is completely independent of the trust granting step. If I choose to only trust BitStamp for 10 BTC, then I can NEVER receive any Ripple payment of more than 10 BTC, unless I choose to increase that trust level or to trust another gateway or Ripple user.

It's also worth pointing out that by depositing a balance of 10 BTC into a BitStamp account, I am IMPLICITLY trusting them to a level of "10 BitStamp BTC IOUs". All Ripple does is formalize that, and allow me to trade those units with others who also have formalized their trust for BitStamp in the Ripple system, without BitStamp itself being involved.

Ripple guys, please correct me if my understanding is mistaken.
so what happens if bitstamp gets hacked (again). we are all screwed?

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February 22, 2013, 07:49:01 PM
 #107

Quote
My ripple address: rKfd86S25PUdVquk41xedH5jNX4bZ8DiA7
I will add you bbit and grant 1 USD trust

Likewise.

Quote
One question: When you send or receive does it show the other users your Ripple account name, the contact name, or the Ripple address if they don't have you as a contact?
I sent 10 XRP to Akka, can you send me a few to see how your contact name comes up on my Ripple acct?

Good, question was wondering the same thing. I just signed up on Bitstamp to see if I can try all this for real also.  I'll send you some xrp's BitObsessed to see how this all works.



Umm....what does the -1 mean and the 0 in the middle? lol... this is after I trusted you with $1 USD.

The -1 is because the trust has been extended in both directions.  So, at the extremes, you could be owed $1 by him OR owe him $1 (or anywhere in between).  The 0 (current state) is where neither of you owes the other anything.

Thanks for the clarification.  So how does one "complete the circle of trust"  ?  If I give him one $1 then what happens?


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February 22, 2013, 08:06:19 PM
 #108

so what happens if bitstamp gets hacked (again). we are all screwed?

Yes, of course. Same if you had a BitStamp account. Trust means possibility of failure. That's why you can limit your exposure to any issuer.
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February 22, 2013, 08:09:28 PM
 #109

I am starting to wrap my head around this thing...

Ok, but what is the point?

I mean; what can you do with ripple that you can't do already with other solutions?

You can trade USD claims for BTC claims or vice versa, at a distance, irreversibly, without involving a third party, or the blockchain.

Quote
And how do you do it?

Why would the founder of Mt.Gox build a system that makes Mt.Gox "obsolete"?

The founder of MtGox no longer owns MtGox. Also, it doesn't make MtGox obsolete. MtGox still performs the important function of price discovery.

Quote
Why doesent Mt.Gox have a ripple address?

Maybe they haven't gotten to it yet?
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February 22, 2013, 08:27:19 PM
 #110

so what happens if bitstamp gets hacked (again). we are all screwed?

Yes, of course. Same if you had a BitStamp account. Trust means possibility of failure. That's why you can limit your exposure to any issuer.

well, if I had a bitstamp account and would buy some coins and would sell them to someone....  then he would have the coins however hacked bitstamp would get.

that's why ripple needs an integrated proof of work coin to succeed.

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February 22, 2013, 08:56:57 PM
 #111

I just signed up, can someone send me a few XRP to get started?
rNexqWdz7q16e6PPBDsD2XxxzFS64SAEYS

also how do I trust someone else?

btc: 15sFnThw58hiGHYXyUAasgfauifTEB1ZF6
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February 22, 2013, 09:00:14 PM
 #112

Alright so I "deposit" 1000xrp and into Bitstamp and now I have no idea where it is.  Any help folks? 

The ripple forums are strangely quiet except for Cialas sales and private detectives. hmmm

You can't deposit XRP on bitstamp, only BTC or fiat currencies. I suggest you to ask bitstamp support.

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February 22, 2013, 09:06:54 PM
 #113

Alright so I "deposit" 1000xrp and into Bitstamp and now I have no idea where it is.  Any help folks? 

The ripple forums are strangely quiet except for Cialas sales and private detectives. hmmm

You can't deposit XRP on bitstamp, only BTC or fiat currencies. I suggest you to ask bitstamp support.

I can't figure it out. I deposited BTC to bitstamp and added bitstamp as a trusted person and tried to send BTC to it. I got the error in my screenshot up earlier in the thread.

I gave up.


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██
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▬▬ THE LARGEST & MOST TRUSTED ▬▬
      BITCOIN SPORTSBOOK     
   ▄▄
██
██
██
██
██
██
██
██
██
██     
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February 22, 2013, 09:10:37 PM
 #114

I still don't get it completely.

I call it a day and try to wrap my head around Ripple tomorrow.

All previous versions of currency will no longer be supported as of this update
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February 22, 2013, 09:13:36 PM
 #115

I still don't get it completely.

I call it a day and try to wrap my head around Ripple tomorrow.

+1. Just had a break (food with friends and stuff) but still feel things need to sink in over night. Feels like I'm still missing something.

Thanks a lot to everyone for lively discussions, hands-on testing and valuable information and guidance!

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February 22, 2013, 09:17:00 PM
 #116

So there probably should come a time when Ripple starts getting what we want done done in surprising ways whose details might involve obscure links between people none of whose direct trust line partners we even know or even know of.

s/Ripple/Facebook and you'll see that what you wrote is rampant digital utopianism.  Those links (read: inferences) draw a picture of your financial profile in unprecedented detail.  I'm sorry I don't share your glib outlook, but I'm simply not going to accept the potential welcome surprises of a few single digit percentage in transaction fees going "poof" in exchange for all my financial data INCLUDING personal credit-extension relationships-- which currently does NOT exist in digital form of any kind-- being available to a federation of third parties.  It's hard enough trying to keep track of what the big three credit-rating companies know about me, and who they share it with, as well as banks and cc's.  But that doesn't mean everybody should just willingly provide that and much more data to what will amount to the entire world.

Neither you nor I have any idea of the kinds of inferences that can be made with this data, or even with seemingly innocuous metadata (esp. when aggregated).  At least with Bitcoin methods exist to mitigate problems one might run into with say, inferences between a BTC address and a forum posting-- you can't erase those associations, but you can easily start over.  What does the Ripple userbase do when they read a study that details the negative consequences of showing everything to everyone, all the time, for little in return?  Like Facebook, they'll be locked in to the relationships they've created within the network-- there's no way everyone in your trust network can just generate a new address or something.  (And federation doesn't alleviate this problem-- see Diaspora.)  Users would be trapped, just like they are in the current banking system, except that they've given even more power over to the new system in the form of comprehensive financial and social data.  I think it's safe to say now that such data becomes the real currency of any network that claims to protect personal data by policy instead of by design.

Recently a friend of mine got a hacked email account where the idiot hacker claimed to be that person on a trip to Europe and needed thousands of euros.  What happens when an account hack is paired with inferences from the financial trust network, and the hacker asks for a credit extension based on the data about how that contact has granted credit within the network as a whole? 1000s or Euros suddenly becomes a number that is a lot more reasonable to the recipient.  There are probably much more nefarious uses to which the aggregate data can be put-- the fact that I even have to struggle to think them up is a good example of how nefarious the bigger problem of digital utopianism is.
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February 22, 2013, 09:19:08 PM
 #117

Alright so I "deposit" 1000xrp and into Bitstamp and now I have no idea where it is.  Any help folks? 

The ripple forums are strangely quiet except for Cialas sales and private detectives. hmmm

You can't deposit XRP on bitstamp, only BTC or fiat currencies. I suggest you to ask bitstamp support.

I can't figure it out. I deposited BTC to bitstamp and added bitstamp as a trusted person and tried to send BTC to it. I got the error in my screenshot up earlier in the thread.

I gave up.

If you trust bitstamp that means that you can WITHDRAW Btc from Bitstamp to Ripple, not viceversa.

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February 22, 2013, 09:27:02 PM
 #118

Alright so I "deposit" 1000xrp and into Bitstamp and now I have no idea where it is.  Any help folks? 

The ripple forums are strangely quiet except for Cialas sales and private detectives. hmmm

You can't deposit XRP on bitstamp, only BTC or fiat currencies. I suggest you to ask bitstamp support.

I can't figure it out. I deposited BTC to bitstamp and added bitstamp as a trusted person and tried to send BTC to it. I got the error in my screenshot up earlier in the thread.

I gave up.

If you trust bitstamp that means that you can WITHDRAW Btc from Bitstamp to Ripple, not viceversa.

Hmmm... so let me get this straight I have BTC balance BitStamp - I hit withdraw BTC to Ripple those are either put in as XPR or BTC correct? I did that and got a nasty error about it not being a trusted source yet its added as a trusted source.


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bpd
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February 22, 2013, 09:36:29 PM
 #119


Hmmm... so let me get this straight I have BTC balance BitStamp - I hit withdraw BTC to Ripple those are either put in as XPR or BTC correct? I did that and got a nasty error about it not being a trusted source yet its added as a trusted source.

Could be buggy, but double check that you trusted BitStamp with BTC, not XRP or USD, and that the limit is sufficient for what you're trying to withdraw.

This whole sequence worked flawlessly for me:

1. Grant trust in BTC and USD to BitStamp (in Ripple)
2. Deposit BTC to BitStamp through usual method
3. Withdraw BTC from BitStamp via Ripple (must be less than amount you established trust for)
4. Deposit BTC back to BitStamp via Ripple
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February 22, 2013, 09:40:53 PM
Last edit: February 22, 2013, 09:54:43 PM by bbit
 #120

Quote
Could be buggy, but double check that you trusted BitStamp with BTC, not XRP or USD, and that the limit is sufficient for what you're trying to withdraw.

Crap I think I know what I did wrong ....

Quote
This whole sequence worked flawlessly for me:

1. Grant trust in BTC and USD to BitStamp (in Ripple)
2. Deposit BTC to BitStamp through usual method
3. Withdraw BTC from BitStamp via Ripple (must be less than amount you established trust for)
4. Deposit BTC back to BitStamp via Ripple

I'll double check this process that you did thanks!

edit:finally got it lol...

edit: So I guess next is to make an order to sell the BTC?  so I did an order my question is who see's it ? Meaning I did a    Sell   BTC/XRP    0.03 BTC      I have no idea I'm doing but put that order out there who see's it ?


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