ripple: let's test it!

[jtimon]

9 ) Someone resubmits some of your old transactions which are now valid again and your account is drained.

One possible solution would be to have some kind of efficient "dead accounts" structure in the ledger that would track deleted accounts so that they could never be re-created.

I guess this means my proposal to substitute the sequence with a hash has been ruled out.
Am I right?

[1714917742]

1714917742

[1714917742]

1714917742

[1714917742]

1714917742

[1714917742]

1714917742

[markm]

No big deal, it just means you and your friend now have a permanent "joint account" you can both access/use.

-MarkM-

[louisBSAS]

The Ripple web client is not saving my contacts between sessions. Is it supposed to?
I'm using LocalBrowser mode. Is this why it initial wanted to store my blog on a server somewhere?

Or maybe I have a browser configuration option wrong somewhere.
I'm using Safari 6.0.3 on a OS X 10.8.3

+1

Mine doesn't either.  I am using Windows7 - Chrome

See  https://bitcointalk.org/index.php?topic=145896.msg1924442#msg1924442

I have now recommended three new people to Ripple - sat and watched them sign up.  All had the same experience:

Sign up
Add contacts/trust
Upon logging in for the second time, Contacts vaporized - gone.

(trust entries are still there, but only the ripple address - not the name)

[Red]

Its a bug. a regression. They are working to fix it.

[louisBSAS]

Its a bug. a regression. They are working to fix it.

JoelKatz was not familiar with it when I had first posted.  He said "you must have been signed on from two computers - the only way that could happen"

Glad they are aware of it anyway - Thanks.

[JoelKatz]

JoelKatz was not familiar with it when I had first posted.  He said "you must have been signed on from two computers - the only way that could happen"

Glad they are aware of it anyway - Thanks.

Yeah, I was not aware of it when you first posted. Since then, it's been happening to everyone, including me.

[louisBSAS]

JoelKatz was not familiar with it when I had first posted.  He said "you must have been signed on from two computers - the only way that could happen"

Glad they are aware of it anyway - Thanks.

Yeah, I was not aware of it when you first posted. Since then, it's been happening to everyone, including me.

Hi JoelKatz,

Is there any word on fixing the contacts bug?  I want to bring in more users, and it makes it difficult without the ability to add people, trust them, etc.

[JoelKatz]

Is there any word on fixing the contacts bug?  I want to bring in more users, and it makes it difficult without the ability to add people, trust them, etc.

The bug has been found and fixed. Now all that's left is for it to go through QA and get pushed to the live servers, which can happen in a day.

[thisisgil]

I'm probably missing something here, but when I try to transfer a btc from ripple to bitstamp I get the message "No Path Found" - why would this be?

[Peter Lambert]

I'm probably missing something here, but when I try to transfer a btc from ripple to bitstamp I get the message "No Path Found" - why would this be?

What sort of BTC is it? As far as I know, Bitstamp does not trust anybody, so you can only send them BTC if you are holding BitStampBTC or somebody who is holding BitStampBTC trusts you, then it can ripple through them and they end up holding your IOUs instead of BitStamps.

[JoelKatz]

I'm probably missing something here, but when I try to transfer a btc from ripple to bitstamp I get the message "No Path Found" - why would this be?

Ripple cannot always guarantee that you will be able to trade what you have for what you want. It will do its best to allow you to do so if there is someone else who has what you want and wants what you have, or some combination of people who can make that path work. Whatever you have, likely nobody is willing to trade it for a Bitcoin at BitStamp. People are only obligated to do what they have agreed to do.

If you want to be guaranteed that your Bitcoins will be accepted by Bitstamp, then ensure your only Bitcoin pathway is to Bitstamp. Then anyone who wants to pay you has to solve this problem for you. You get to decide what assets you hold.

[greBit]

Any kind person out there who can help a Ripple sceptic play with the client...

A loan of 300 xrp would be greatly appreciated

rapQiLup5DspTpr9kJrKYVH7rfPvP3ddti

[Rampion]

People granting trust to anonymous people on the interwebz like there's no tomorrow.

Congratulations Ripple, you are democratizing the very characteristics we hate about the banking system: creating money out of thin air because of a trust and debt based system.

I can foresee huge scams coming, spirals of debt collapsing and as it always happens, the weakest link will be left holding the bag.

And at the end of the day, if Ripple succeed you will be all set for life - because the only thing with a real value inside your system will be XRP's. The rest of "money" in it is just valueless paper, debt, IOU's.... So your Ripples will skyrocket in value. And how many will you hold to? 50 billion? 20 billion? Can we have a concrete figure?

[JoelKatz]

People granting trust to anonymous people on the interwebz like there's no tomorrow.

Congratulations Ripple, you are democratizing the very characteristics we hate about the banking system: creating money out of thin air because of a trust and debt based system.

I can foresee huge scams coming, spirals of debt collapsing and as it always happens, the weakest link will be left holding the bag.

"Ripple is bad because it lets people do bad things." If Ripple was a hammer, you would forecast people having sore thumbs.

And at the end of the day, if Ripple succeed you will be all set for life - because the only thing with a real value inside your system will be XRP's. The rest of "money" in it is just valueless paper, debt, IOU's....

So you think that Ripple will replace the entire multi-trillion dollar fiat economy with a crypto-currency that cannot be inflated, and that's bad because it'll make some people rich. Gotcha.

So your Ripples will skyrocket in value. And how many will you hold to? 50 billion? 20 billion? Can we have a concrete figure?

We can't predict the future and it makes no sense for us to commit to a plan that prevents us from adapting to changing circumstances. We currently expect to give 50 billion away to drive adoption.

[Rampion]

People granting trust to anonymous people on the interwebz like there's no tomorrow.

Congratulations Ripple, you are democratizing the very characteristics we hate about the banking system: creating money out of thin air because of a trust and debt based system.

I can foresee huge scams coming, spirals of debt collapsing and as it always happens, the weakest link will be left holding the bag.

"Ripple is bad because it lets people do bad things." If Ripple was a hammer, you would forecast people having sore thumbs.

And at the end of the day, if Ripple succeed you will be all set for life - because the only thing with a real value inside your system will be XRP's. The rest of "money" in it is just valueless paper, debt, IOU's....

So you think that Ripple will replace the entire multi-trillion dollar fiat economy with a crypto-currency that cannot be inflated, and that's bad because it'll make some people rich. Gotcha.

So your Ripples will skyrocket in value. And how many will you hold to? 50 billion? 20 billion? Can we have a concrete figure?

We can't predict the future and it makes no sense for us to commit to a plan that prevents us from adapting to changing circumstances. We currently expect to give 50 billion away to drive adoption.

Wow, so you are willing to hold onto 50% of the whole currency supply?? That's ambitious.

Now tell me about the FED and centralized power. What if one day you feel playful and want to dump all your XRP's to drive the price to 0 and ruin some folks just for the lulz?

Yeah, that's some crazy shit, you are not so bad... But my point is that you really need to trust the guys holding 50% of the total money supply, don't you? That's a problem with Ripple, you need to grant too much trust to a single private entity.

Honestly, I thought Bitcoin's purpose was to address the trust issue.

[virtualfaqs]

There should be an option to add an interest rate on the IOUs.

[JoelKatz]

There should be an option to add an interest rate on the IOUs.

We will support interest through contracts, but IMO, it's not necessary and doesn't work well. If a $10 IOU from me is worth $9, then we can just trade the $10 IOU for $9 and there's no need for interest because it's an even exchange.

You have to know the time horizon to value an asset that pays interest. For example, if one person owes you $10 at 10% and another person owes you $10 at 15%, which asset is worth more? Well, you might think it's the one at 15%, but if they pay you back tomorrow, the interest rate is irrelevant. So you must know the time horizon to value an asset with interest. But if you do know the time horizon, the interest is not needed. If I'm going to loan you $100 at 10% and I know the time horizon is a year, we can just make the IOU for $110. There's no need for interest.

This is a bit oversimplified, but hopefully the basic idea comes across.

[virtualfaqs]

There should be an option to add an interest rate on the IOUs.

We will support interest through contracts, but IMO, it's not necessary and doesn't work well. If a $10 IOU from me is worth $9, then we can just trade the $10 IOU for $9 and there's no need for interest because it's an even exchange.

You have to know the time horizon to value an asset that pays interest. For example, if one person owes you $10 at 10% and another person owes you $10 at 15%, which asset is worth more? Well, you might think it's the one at 15%, but if they pay you back tomorrow, the interest rate is irrelevant. So you must know the time horizon to value an asset with interest. But if you do know the time horizon, the interest is not needed. If I'm going to loan you $100 at 10% and I know the time horizon is a year, we can just make the IOU for $110. There's no need for interest.

This is a bit oversimplified, but hopefully the basic idea comes across.

Well most people who take a loan can't usually pay you back the next day unless it was for some risky gambling proposition 

Hmm... how about something like a 1 year loan with compound interest so the quicker someone pays the less they owe. After 1 year if it's not paid, then the loan will default and it will extend to all your vouchers who cosigned your loan automatically rippling through the network.

[JoelKatz]

Hmm... how about something like a 1 year loan with compound interest so the quicker someone pays the less they owe.

That's redundant. Already, the quicker they pay, the sooner they destroy the obligation. Having them pay more interest as well would be double dipping.

Say I trade a chair for a couch, and we agree that the chair and the couch are equal in value but that we'll swap back in a year. If I trade you back earlier, you get the couch back sooner, but I don't have the chair for as long. There's no reason either of us should charge the other. So long as the two things exchanged are roughly equal in value (which they must be, or the exchange wouldn't have taken place), it doesn't matter how long the exchange goes on. Loans in Ripple are exchanges of more liquid IOUs for less liquid IOUs of equal value.

After 1 year if it's not paid, then the loan will default and it will extend to all your vouchers who cosigned your loan automatically rippling through the network.

It can't default because it was paid at the time it was made.

[SebastianJu]

I think as long as only a few big players (here exchanges) take part... ripple will be of very limited use... i think ripple owners should put their effort in bringing in such big players... only then i can imagine that people will find ripple more and more useful...