ripple: let's test it!

[JoelKatz]

If you have a github account, can you open an issue?
https://github.com/rippleFoundation/ripple-client/issues

[Peter Lambert]

So I got the free bunch of ripples, now I am not sure what do do with it.

my ripple address is rGsLivkDjTZHFQ8oV2h81uTcbTpgjEaEY7

One question I had, can other people see how much trust you have extended to them?

[jorgen]

I'm also constantly having problems with currency exchange: order book does not update and wallet occasionally goes offline without any reason. Also, I added trust to bitstamp address but program keep asking me to add trust to the same address each time I attempt withdrawing to my ripple wallet. After refreshing webpage all goes to norm except if I wasn't cicked offline. All in last firefox, win7

[JoelKatz]

One question I had, can other people see how much trust you have extended to them?

Yes. All trust lines are public because other people can use them. All balances are public because other people can use them.

[JoelKatz]

I'm also constantly having problems with currency exchange: order book does not update and wallet occasionally goes offline without any reason. Also, I added trust to bitstamp address but program keep asking me to add trust to the same address each time I attempt withdrawing to my ripple wallet. After refreshing webpage all goes to norm except if I wasn't cicked offline. All in last firefox, win7

These are the three issues that are at the top of my priority list. It will take us a few days to resolve as it requires both server and client changes that have to be coordinated.

[jorgen]

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

I'm rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU

I grant trust to molecular with 100 usd, but I have only 0.5 in my ripple acc now  

Please give me back some trust.

I'm rQay7bQ3XoZcT6E3c8uDopZdnWaMBxWea2

Thanks!

[Bitobsessed]

Thanks Joel I'll see if I can still get my head around it from what you said there! As I do see my You've placed an order to sell BTC for XRP, selling .03 BTC for 10,000 XRP per BTC (that is, 300 XRP for your .03 BTC)  now in "order book" so who see's this ? I'm assuming someone out there?
Anyone who looks at the order book will see. Anyone who tries to place a crossing offer will take it (assuming it is or becomes the best offer for that combination on the books). Assuming it's the best offer, anyone who tries to use XRP to pay Bitcoins to someone (possibly themselves) who accepts BitStamp Bitcoins will take it implicitly.

Thanks. Just so everyone knows what I'm talking about here is the flip-side to my above screenshot. Seems that order is out in the wild for "anyone" to see or a crossing offer  anyone want to test it out? I can return the XRP's if need be I'm just doing all this for testing purposes and getting my head around Ripple because this is the future of trust/credit.

I will try and test it out, but I am confused as to how exactly to calculate the order.  Is this correct?

[JoelKatz]

I grant trust to molecular with 100 usd, but I have only 0.5 in my ripple acc now  

You sure you want to do that? That means that if you ever hold USD in the system, molecular or someone else can take them from you and in exchange give you molecular IOUs, which he is under no obligation to honor.

[Bitobsessed]

I grant trust to molecular with 100 usd, but I have only 0.5 in my ripple acc now  

You sure you want to do that? That means that if you ever hold USD in the system, molecular or someone else can take them from you and in exchange give you molecular IOUs, which he is under no obligation to honor.

I thought that might be a little much to start with.  Unless he is your neighbor. 

[mrlithium]

Now that we have basically figured out the concept of trust, and IOU's and in essence one person acting as a bank would act, Can this be made into some sort of newbie tutorial? Because I have heard a few people say essentially: "wow wtf is this ripple stuff, even more confusing than bitcoin" And it doesnt have to be.

[markm]

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.

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.

Why doesent Mt.Gox have a ripple address?

Maybe they haven't gotten to it yet?

MtGox provides the really hard part, the navigation of the legally fraught with regulations interface between government fiat currencies and the real value that people really use on the real internet.

MtGox is basically a natural inhabitant for the "fiat gateway" niche in the Ripple ecosystem, that apparently has not yet officially taken up residence. I suppose not every financial services company in the world is going to immediately open up a branch in Ripple Country, but as Ripple Country expands more and more might find it a rich enough community to make opening up a branch there make sense to them.

Ripple has price discovery itself though, with arbitrage, so eventually it will be Ripple providing price discovery and the "exchanges" we are used to will get to focus more on what they do best, which is getting our virtual wealth out to meatspace for us and our meatspace wealth back into the virtual world for us.

-MarkM-

[markm]

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.
[...SNIP...]

Yes, very important points, had to be said, glad someone did, saved the rest of us a whole bunch of keystrokes!

Heaven and Hell are both places you can live in, interchangeably, right where you are right now, psychologically. You can go back and forth.

That won't change your real situation, you are unlkely to shift between quantum realities with different timelines or whatever the just will it and it will happen crowd are saying in their be a millionaire just by believing you are ebooks (only $99.99, pay now with irreversible new ecurrency!) but the freedom you do have just inside your own mind and feelings about your situation is awesomely massive.

But can therefore allow one to be "manic", wonderfully happy, even in some gosh-awful situations.

Which can be really good for survival once you are in such situations (you can still live a happy life even after you abandon your facebook account with no way to undo what you already did by giving them information).

But can lead you into some gosh-awful situations if used up front, that is, feeling all manic / happy about a situation YOU ARE NOT YET IN!

Live happily with how much information you've already spewed out onto the internet, but

BE CAREFUL WHAT MORE YOU PUT OUT THERE!!!

-MarkM-

[markm]

On the one hand, I find it mind-blowing that people are sitting in their basements helping to test and refine what might become the new global credit system.

On the other hand, if it's so hard for the nerds of bitcointalk to grok this, will Joe Public ever manage to?

I had a similar thought: compared to ripple, bitcoins seems easy and straightfoward to understand. We can't even explain bitcoin to the masses properly. How the hell can we explain ripple.

I'm hoping this is just bias, though. Maybe ripple is easier to understand for Joe Schmoe than bitcoin,... time will tell.

"Don't worry your little head about it [Darling / Joe / Schmuck / Whoever], we [men / rich fat cat bankers / technocrats] take care of all that confusing stuff, you just be a good [whatever] and go [do the dishes / mow the lawn / watch your baseball game / work 40 hours a week for forty years / mind your own business]."



-MarkM-

[markm]

what need is there for an exchange with ripples built-in exchange system. mtGox will be degraded to just being a fiat gateway, no?

If you had any real world realistic idea of how much crap is involved in "just being a fiat gateway" you would be glad to know all our so crucial to our whole ecosystem fiat gateways, our major ports through which so much of the trade between the real online world and the real meatspace world passes, can leave "price discovery" to others so they can devote their full energies to making sure our virtual<->meatspace trade-routes remain open.

-MarkM-

[markm]

and in the end, if everyone uses ripple... POOF: no need for real money?

Real what?

What is this "real money" of which you write?



-MarkM-

[molecular]

But there's also this distributed exchange book built into Ripple (under Advanced > Trade), that I'm still trying to figure out. I've placed some orders into the system, but for some reason they have not showed up in the book.

I second this. My suspicion is that ones own orders don't show up in the book.

[molecular]

there are definitely orders being created automatically somehow. Just woke up (so I did definitely not do anything in my ripple client four hours ago, I was asleep):

[molecular]

I guess you need to hit refresh. I always have to do it and every time I do it kicks me offline.

Thanks for this, experienced exactly that:

• tried to place an order in "advanced" -> "trade"
• failed saying something about "invalid previous tx"
• hit "reload in browser"
• shows login page
• I log in, enter order again, no error
• order does not show in "my orders" list, only my 2 previous orders are there
• reload, login
• order shows (in "my orders" but not in public order book)

[molecular]

One question I had, can other people see how much trust you have extended to them?

yes, they can:



you can see here, for example, severian trusts me with 0.25 BTC while I trust him with 0.1 BTC

[Monster Tent]

One area where ripple could shine is microtransactions. Being instant and free has its advantages over waiting 60 minutes for a block to propagate.