ripple: let's test it!

[Melbustus]

Looks like you trusted me for 0.01BTC Timo Y. Just reciprocated...

One thing I don't understand:
When I added trust for molecular, it dropped my XRP balance by 1. When I added trust from Timo Y, my balance stayed the same.

[1713304631]

1713304631

[1713304631]

1713304631

[JoelKatz]

When I added trust for molecular, it dropped my XRP balance by 1. When I added trust from Timo Y, my balance stayed the same.

The display you see is rounded. Mouseover the balance to see it with full details. It's probably got a .9999x ending on it.

[molecular]

I think that was me.

but how?

I went to the 'trade' page, and tried to set up a trade. I am not sure why it shows up under your name?

It got fixed (in the code, don't know if released yet): https://github.com/rippleFoundation/ripple-client/issues/233

[molecular]

It seems to me this thing could make bitcoin-otc obsolete.  Am I wrong?

no, bitcoin-otc deals can involve anything, not just money. Also: I doubt there will be paypal ripple gateways with low fees, for example. Also: ripple gateways are likely going to be subject to KYC, AML, ... rules, which bitcoin-otc provides a way around. Ripple is also not going to be a replacement for localbitcoins.com for that reason.

[molecular]

I can't give trust to bitstamp:



And then:



What am I missing?

known bug, restart client and it should work.

[molecular]

Hah, molecular's gateway is taking off. There's a few bids for BTC molecular/XRP...

heh, indeed.

How does one become a gateway?

moocowpoing1 was using the term loosely. I'm not a "real" gateway. For one: a "real" gateway doesn't typically trust others (I do). I also don't offer automated withdrawals and stuff like that. Also: I have no fees.

[molecular]

Hah, molecular's gateway is taking off. There's a few bids for BTC molecular/XRP...

heh, indeed.

How does one become a gateway?

You need to setup a rippled but the source isn't release the last time I checked so right now you can't

I'm not sure about that. Is this really the case (you have to run a rippled to be a gateway)?

[bbit]

Hah, molecular's gateway is taking off. There's a few bids for BTC molecular/XRP...

heh, indeed.

How does one become a gateway?

You need to setup a rippled but the source isn't release the last time I checked so right now you can't

I'm not sure about that. Is this really the case (you have to run a rippled to be a gateway)?

Yes, its not out yet. You have to "apply" in a since I think. This is how BitStamp got in.

[JoelKatz]

I'm not sure about that. Is this really the case (you have to run a rippled to be a gateway)?

You don't literally have to. But you would have a hard time processing withdrawals without running your own server. Theoretically, you could do it if you layered your own software on top of the parts of the client that communicate with the server, but I don't think anyone's done that yet.

You could do it by processing all transactions manually in the regular client, but you couldn't use destination tags, so you'd have a somewhat roundabout process for withdrawals. Someone would have to say "Hey, my Ripple account is X and I want to withdraw Y". You say, "Okay, send me the funds you want to withdraw". Then you match them based on the Ripple account they were sent from.

[markm]

How does one become a gateway?

If you have to ask, you probably don't have the technical skills, in which case maybe the answer boils down to hire people with the technical skills and let them take care of the technical side.

If you mean how do you get licensed as a money services business, credit union or bank, even your legal team and your chartered accountants might not know that off the top of their heads.

-MarkM-

[grondilu]

Where is the thread where I could tell everyone how awesome I think this project is?

[molecular]

Where is the thread where I could tell everyone how awesome I think this project is?

you can make one. could result in interesting discussions.

maybe "boil down what ripple is into one short sentence"

[grondilu]

Where is the thread where I could tell everyone how awesome I think this project is?

you can make one. could result in interesting discussions.

maybe "boil down what ripple is into one short sentence"

I'll make a poll, because I suspect this is going to be a bit controversial.

[molecular]

Where is the thread where I could tell everyone how awesome I think this project is?

you can make one. could result in interesting discussions.

maybe "boil down what ripple is into one short sentence"

I'll make a poll, because I suspect this is going to be a bit controversial.

be sure to post the link here

[molecular]

I'm going to try removing my bitstamp BTC trust. This might result in the bitstamp BTC IOUs I hold to be converted to IOUs from any of the many people I still trust with BTC.

Note that I'm doing this for testing purposes, nothing indicates bitstamp isn't trustworthy.

[grondilu]

be sure to post the link here

Here you are:  https://bitcointalk.org/index.php?topic=146555.msg1555215#msg1555215

[grondilu]

I'm going to try removing my bitstamp BTC trust. This might result in the bitstamp BTC IOUs I hold to be converted to IOUs from any of the many people I still trust with BTC.

Note that I'm doing this for testing purposes, nothing indicates bitstamp isn't trustworthy.

Good idea.  I was also wondering if the trust system is persistent or retro-active.

[molecular]

just managed to git clone the client repo and have the client running locally now.

here's what I used to get it to work.

https://ripple.com/wiki/Ripple_Client

what it doesn't tell you explicitly: after build, "cp config-example.js config.js"

why would one do this? Maybe to be able to play with / look at the code and/or incorporate patches earlier.

[Aahzman]

r9TWUUN8duW1rDqJ2yz2wjksc8A9BpxPUh

Trying to get started, sent some BTC to my bitstamp account, but i can't withdraw to XRPs because i don't have XRPs in my Ripple wallet yet and can't set up a trust for Bitstamp? I think that's where I'm at :-)

[molecular]

r9TWUUN8duW1rDqJ2yz2wjksc8A9BpxPUh

Trying to get started, sent some BTC to my bitstamp account, but i can't withdraw to XRPs because i don't have XRPs in my Ripple wallet yet and can't set up a trust for Bitstamp? I think that's where I'm at :-)

you need xrp, at least 300, I think. It's a prerequisite to establishing trust, making transactions,... if I understood correctly.