We created a new Ripple Currency: The Favor (FAV)

[molecular]

How about we make a new currency on ripple called the Favor (XFV?).

Each time someone does me a favor, I'll send him 1 Favor via ripple.

What would happen?

[Akka]

What would happen?

Speculators would jump in and soon favours would be traded for BTC. Increasing the actual costs of favours to a amount where there couldn't be used for there once intended purpose anymore.

Soon after that [Enter Very Nice Guy] comes along and crashes the price buy selling Millions of favours.

[molecular]

Is this experiment in progress? Anyone succeeded creating new (user-defined) currency in Ripple so far?

I would really like to try this at some point. I think it's too early for this, though. Let's wait until the rippled is released and people can run servers and scale it up a bit testing with the existing currencies first.

[teejay11]

anyone can create own currency in Ripple system?

[molecular]

anyone can create own currency in Ripple system?

Maybe not technically yet, but in essence (or soon): yes, I'm pretty sure that's going to be possible easily. Can be used for example to run a local currency or niche currency or game currency or whatever.

EDIT: actually lol, I think it might already be possible: I managed to extend trust for "1 FAV" to someone (you can actuall enter stuff into the dropdown boxes).

Would someone trust me (rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU) with 1 FAV, please, so I can try sending some?

[zulzedd]

Would someone trust me (rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU) with 1 FAV, please, so I can try sending some?

5 FAV trusted!  
Tried to send 1 FAV, got this:

[molecular]

Would someone trust me (rpH3zuMch2GrrYX724xGWwbMGwiQ5RbSAU) with 1 FAV, please, so I can try sending some?

5 FAV trusted!  
Tried to send 1 FAV, got this:

thanks for the Favor, I sent you 1 FAV. At least i got no error. However I can't see "-1 FAV" in my balance and nothing in history.

I also noticed it took very long (20 seconds or so) to calculate the path. But it seems it found one.

I'm going to try to send another 0.1 FAV to you.

[molecular]

zulzedd, I sent another 0.1 FAV, that seems to have worked. Did you get it?

I'll try to send another 0.9 FAV.

I also just added trust to you with 5 FAV, so you should now be able to send me some.

[Digigami]

Alright I'm gonna give this ripple thinggy a try.. molecular I think I have trusted you with 1 FAV now as well

[molecular]

Alright I'm gonna give this ripple thinggy a try.. molecular I think I have trusted you with 1 FAV now as well

ok, but you didn't do me a favor . However, I'll send you 0.1 FAV.

also: YAY, a new debt-based currency is born:



and: FUCK, I'm already indebted

[molecular]

@zulzedd: can you post a screenshot of your 1 FAV balance?

@Digigami: what's your ripple address?

[Digigami]

Yay! I always wanted to be an early adopter of a new currency! 

Digi @ ripple  rHCSeQNZZz7FWbxvLjB2RzF1CrBeUcDj7J

[molecular]

Yay! I always wanted to be an early adopter of a new currency! 

Digi @ ripple  rHCSeQNZZz7FWbxvLjB2RzF1CrBeUcDj7J

you now are proud owner of 0.2 FAV

[molecular]

so... can I do anyone a favor? I have too much FAV debt.

[herzmeister]

how would you measure how much 1 favor is? one favor may take 5 seconds, another a whole day to do

something like "Hours" (1 hour of simple work, like any neighborhood help) should be built into ripple (fixed, i.e. in the dropdown). Then it would instantly replace all centralized barter websites.

[moocowpong1]

Placed a bid for 1 FAV. Let's figure out what the market thinks a favor from molecular is worth!

[Timo Y]

how would you measure how much 1 favor is? one favor may take 5 seconds, another a whole day to do

something like "Hours" (1 hour of simple work, like any neighborhood help) should be built into ripple (fixed, i.e. in the dropdown). Then it would instantly replace all centralized barter websites.

You don't measure it. The favor is already an irreducible "fundamental unit" in terms of which other things are measured.

If you and your Ripple friend mutually agree that it is a favor, then it is a favor!  If you don't come to an agreement, then it is not a favor!

Simple as that. Whether it takes 5 seconds or a whole day is irrelevant.

[jtimon]

something like "Hours" (1 hour of simple work, like any neighborhood help) should be built into ripple (fixed, i.e. in the dropdown). Then it would instantly replace all centralized barter websites.

+1
Well, maybe not instantly and not all, but a lot of them fast.

You can use HRS just like they're using FAV though.

[Tomatocage]

Another word for ”Favor” is ”Solid”, just sayin...

[herzmeister]

If you and your Ripple friend mutually agree that it is a favor, then it is a favor!  If you don't come to an agreement, then it is not a favor!

I basically meant that FAVs are not fungiible. For a FAV beween you and John Doe, I (as a 3rd party) have no clue which equivalent "favor" I could contribute to the community in order to get a FAV currency circulating in a meaningful way.

HRS would be more intuitive. It's a currency with a central bank that doesn't cheat: Our solar system. A day will continue to have 24 hours for the foreseeable ages.

You can use HRS just like they're using FAV though.

yup I know, but it would be nice if it was more "official" (i.e. in the dropdown list). Then we can introduce the Ripple system to many of those alternative money communities out there much more easily.