ripple: let's test it!

[Deprived]

Would be nice if some of you would respond my trust!

My Ripple Address: rNHf9nnX4JgHferxjRxmapDev7mWQZ6XXd

Thx

P.S.: I also trust ribuck (ra3a5cfr83b5FTh1YDURqWQh8HTbHEwdyD) with 0.01 BTC and
gweedo (rKFX2Gvk4jLtgEGMC2qDmMi18Zw4bewrjK) with 0.025 BTC

This is a sreiously bad idea - and one of the scams I see as being likely to happen quite a lot (NOT accusing you of scamming - but what you're doing is exactly what a low-level scammer would do).

How it works is this:

Scammer extends trust to loads of people - but deposits no assets so that trust can't be realised.
Scammer asks people he trusted to trust him back.
Some idiots trust him back.
Scammer withdraws BTC based on that trust - leaving victims holding IOUs from him instead of BTC (if they trusted in some other currency then he borrows in that currency, converts to BTC and withdraws).
Scammer vanishes.

Extending trust because you can is dumb.  Extend trust only when you need to.

[1713901983]

1713901983

[1713901983]

1713901983

[Bitobsessed]

Trusts
Molecular 1 USD
Spekulatius 1 USD

Please trust back so I can start to see how this thing works

My ripple address: rKfd86S25PUdVquk41xedH5jNX4bZ8DiA7

Well getting to it, Ripple seems to be down at the moment.  The wallet will not load.

[Akka]

Yup, doesn't load for me too.

Just when I wanted to jump in and try this out. 

[Bitobsessed]

I wonder if we already broke the network?  That is mostly a joke, but I would like to know what is going on.

[JoelKatz]

Yup, doesn't load for me too.

Just when I wanted to jump in and try this out. 

We have the network in a very paranoid mode still where if it thinks anything might be wrong, it stops things and preserves state. The server handling normal client queries thought something was wrong. The error has been cleared. We are prioritizing protecting assets over availability at the moment.

[Akka]

Yup, doesn't load for me too.

Just when I wanted to jump in and try this out. 

We have the network in a very paranoid mode still where if it thinks anything might be wrong, it stops things and preserves state. The server handling normal client queries thought something was wrong. The error has been cleared. We are prioritizing protecting assets over availability at the moment.

It's OK. I'm still in figuring this out mode, anyway. And security should always have priority.


Ok, I'm now adding most of the posters of this thread with "can afford to loose" trust amounts.

Lets play around a little bit.  

If you want to trust me back:

r9RpJFpD6vkKhgHhrRjkgofSbNsE1oYFZ1

[Bitobsessed]

Yup, doesn't load for me too.

Just when I wanted to jump in and try this out. 

We have the network in a very paranoid mode still where if it thinks anything might be wrong, it stops things and preserves state. The server handling normal client queries thought something was wrong. The error has been cleared. We are prioritizing protecting assets over availability at the moment.

It's OK. I'm still in figuring this out mode, anyway. And security should always have priority.


Ok, I'm now adding most of the posters of this thread with "can afford to loose" trust amounts.

Lets play around a little bit.  

If you want to trust me back:

r9RpJFpD6vkKhgHhrRjkgofSbNsE1oYFZ1

I will trust 1 USD please trust back.  Trying to figure this out.

[bbit]

I added:

molecular
gweedo
severian

to my ripple account. I'm trying to figure out how all this works.

Add me if you want:

rB7qiwEDrcMShUN3Jd8LwXr4RJ7RWBaQu8

edit: added Akka  

what is yours Bitobsessed ?

added!  & trusted $1 USD.

[Bitobsessed]

Trusts
Molecular 1 USD
Spekulatius 1 USD

Please trust back so I can start to see how this thing works

My ripple address: rKfd86S25PUdVquk41xedH5jNX4bZ8DiA7

Well getting to it, Ripple seems to be down at the moment.  The wallet will not load.

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

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?

[bbit]

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

Likewise.

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.

[Zedster]

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?

[bbit]

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?

I'll find out myself what your going through in a few minutes as I sent some BTC to BitStamp and will convert it to xrp's at least thats what suppose to happen.
I'll keep peep's informed here. Also, who wants some XRP's? Like to test it out in 10 increments.

Nasty fail! Or I'm just retarded! or both! I don't get it I have BitStamp as a trusted address?

[Akka]

Thx bbit.

Recived you XRP.

I have to confess, I still don't quite get it  


Edit: Oh, they where from Bitobsessed. Now I have to fix my address-book.

[bbit]

Thx bbit.

Recived you XRP.

I have to confess, I still don't quite get it  

It is odd isn't it. Can't wrap my head around it. Also, I was able to "edit" the "trust" I gave BitObessed from $1 to .50 cents  how the heck is that going to work in real life? I'm assuming I can't edit (locked) it if the transacation is really going?  very confusing.

edit: Yes, hadn't sent you any yet! on it's way here. Let me know if my contact name shows up or how it looks on your end.

edit: Done!  

[Zedster]

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?

I'll find out myself what your going through in a few minutes as I sent some BTC to BitStamp and will convert it to xrp's at least thats what suppose to happen.
I'll keep peep's informed here. Also, who wants some XRP's? Like to test it out in 10 increments.

I am going the other way though. XRP->BTC (maybe), more to see what happened.  Didn't really think they would poof though.  Live and learn.

[Bitobsessed]

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

Likewise.

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.

Not quite sure yet, now it looks like this.  I am guessing you used $0.50 USD on something?



EDIT: Ah I see you changed the trust.  This is goofy as hell.  I am going to keep trying to learn, but not like I did with BTC back in the day staying up all night reading. LOL

[Akka]

Works fine:

[bpd]

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.

[bbit]

Works fine:

Good!

Also, Molecular was right about it doubling up:

[Bitobsessed]

It is showing triples on my wallet.