Introducing Ripple Currency: DYM

[TTBit]

In an effort to test ripple, trust, and alternative currencies, the DYM is born!

1 DYM is equivalent to 1 pre-1965 silver US dime (worth ~$2 at this time). Using ripple, you can trade it as if it were a real silver dime!

I, TTBit (rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E) will provide 2 services for DYM.
1) Issue 1 DYM for every silver dime sent to me (you pay shipping)
2) Send 1 silver dime for every DYM sent to me (free US Shipping!!)

Notes:

Update 03/09: Upon request, I will now send a picture of your dimes before shipping. You can now sell your DYM on ebay!

I am not going to make a market in DYM.  Trust me only for receipt & delivery. There may or may not be a market for DYM by other parties.

* In order to handle official TTBit DYM in ripple, you must trust the address (rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E) for an amount of DYM that you are willing to hold.

* Your trust in TTBit means:
1) You trust me to properly identify & store dimes.
2) You trust me to properly ship & receive dimes.
3) You trust me to weigh dimes and allocate DYM accordingly.

* delivery details: 1 silver US dime weighs 2.50 grams from the mint. You will receive 1.00 DYM for a dime with normal wear that weighs 2.47 grams (1 DYM = 2.47g silver dime). I will measure to 2 decimal places. Heavily worn dimes will get less than 1.00 DYM and a superior dime will get more based on the pro-rated weight. When refunding, you will get a dime worth at least what you deliver. Minimum delivery is about 1.00 DYM.

* I will accept - and make good for delivery - pre 1965 quarters and half dollars at the pro-rated amount (i.e. 2 half dollars = 10 dimes)

* I have issued ~2000 DYM to a 3rd party as the first trade! A market currently exists in the DYM (TTBit) / USD (Bitstamp) in ripple.

* For a limited time, I'll give 100 XRP for each dime sent to me.  

* PM me for a physical address.

current inventory, 2000 silver dimes.

[Monster Tent]

This is actually pretty cool.

[TTBit]

This is actually pretty cool.

Thanks! Had to be done, right?

More paths to getting into and out of the currency of your choice is better for everyone. Maybe it will get used, maybe it will work better some other way.

[Sunny King]

Nice!

Expect more to follow 

Gold and silver now look for their new digital world inside ripple, aka egold 2.0. 

[drewdtom]

where do I apply to be a gateway? My silver dime selling site --> DontTreadOnMeme.com google "silver dime card"

Im still learning about ripple and need to understand it better before I jump right in but Im tempted to send you a few silver dime cards!

 

[jed]

Are silver dimes pure silver? Why not just use XAG then any type of silver can be traded?

[goxed]

Test your silver
http://www.youtube.com/watch?v=jY0bbRx3K64

[TTBit]

where do I apply to be a gateway? My silver dime selling site --> DontTreadOnMeme.com google "silver dime card"

Im still learning about ripple and need to understand it better before I jump right in but Im tempted to send you a few silver dime cards!

 

love the 20c gasoline cards ones. PM sent. As for gateways, a line of trust could be set up so that others could issue TTBit DYM, but at the moment the trust only goes one way.

[TTBit]

Are silver dimes pure silver? Why not just use XAG then any type of silver can be traded?

its 90% (http://www.coinflation.com/)

I thought about offering general bullion, but it would lead to delivering the worst silver rounds. I'd have to give premiums for eagles for example. The most common size is 1oz, and the amount of people who trust me for 1oz is less than who would trust me for 2.5 g.

By using a recognizable, small, abundant coin, you get what I deliver and there are no issues.

[TTBit]

First trade in DYM/Bitstamp USD was made at $2.09! Not sure who it was.

Though I haven't received them yet, I am expecting to issue a few more DYM in a few days.

[Rawted]

whats the xrp/dym coinversion? i.e. how many xrp does it take to purchase a dime?

[TTBit]

whats the xrp/dym coinversion? i.e. how many xrp does it take to purchase a dime?

Good question - I don't think ripple does that yet. There is a market for dym/bitstamp usd, and there is a market for xrp/bitstamp usd, so there should be an automatic way for ripple to fill multiple orders and provide market depth. Until then, looks like someone will have to do it manually.

Does anyone know if this be a feature in the future by ripple, or will it have to be user created?

[ahbritto]

Placing an order does not Ripple through any accounts other than the issuer of the currencies involved. You can place an order as long as you have some of what you're paying. Your order is authorization to exceed your current trust limit to complete the order. That is, you will receive what you asked for even if it goes over your trust limit.

In the future, the client may offer a currency conversion page. This would allow users to convert currency through Rippling. Meaning you would not need to acquire the currency to pay before placing an order and that the order would occur at market and would not persist on any order book.

The next version of the server to be deployed will support immediate or cancel orders and fill or kill orders. These features may make their way to the client.

Very soon now, the server will support order auto-bridging. This will effectively provide a synthetic order book. If both currencies of an order book are not XRP, the the order book is combined with orders that could be bridged with XRP. For example, a USD/bitstamp to BTC/weex order book would be combined with the USD/bitstamp to XRP order book bridged to the XRP to BTC/weex order book.

[TTBit]

Placing an order does not Ripple through any accounts other than the issuer of the currencies involved. You can place an order as long as you have some of what you're paying. Your order is authorization to exceed your current trust limit to complete the order. That is, you will receive what you asked for even if it goes over your trust limit.

In the future, the client may offer a currency conversion page. This would allow users to convert currency through Rippling. Meaning you would not need to acquire the currency to pay before placing an order and that the order would occur at market and would not persist on any order book.

The next version of the server to be deployed will support immediate or cancel orders and fill or kill orders. These features may make their way to the client.

Very soon now, the server will support order auto-bridging. This will effectively provide a synthetic order book. If both currencies of an order book are not XRP, the the order book is combined with orders that could be bridged with XRP. For example, a USD/bitstamp to BTC/weex order book would be combined with the USD/bitstamp to XRP order book bridged to the XRP to BTC/weex order book.

Going to be interesting to see how it all works. An issue I see is that BTC-E USD is worth more than Bitstamp USD. If you owed me $100 USD, I would prefer it be in BTC-E because I can buy 5% more bitcoins there. Therefore, people would be willing to sell DYM for 5% less to those who have BTC-E USD.

[ahbritto]

... An issue I see is that BTC-E USD is worth more than Bitstamp USD. If you owed me $100 USD, I would prefer it be in BTC-E because I can buy 5% more bitcoins there. Therefore, people would be willing to sell DYM for 5% less to those who have BTC-E USD.

If the price of XRP becomes stable, all other currencies would likely have markets to and from XRP. This will automatically price USD(btce) vs USD(bitstamp) against all currencies. Additionally, There would be an automatic synthetic order book for both: DYM(ttbit)/USD(btce) and DYM(ttbit)/USD(bitstamp). Therefore, there would be no need to use Ripple trust paths to and from an orderbook.

[TTBit]

... An issue I see is that BTC-E USD is worth more than Bitstamp USD. If you owed me $100 USD, I would prefer it be in BTC-E because I can buy 5% more bitcoins there. Therefore, people would be willing to sell DYM for 5% less to those who have BTC-E USD.

If the price of XRP becomes stable, all other currencies would likely have markets to and from XRP. This will automatically price USD(btce) vs USD(bitstamp) against all currencies. Additionally, There would be an automatic synthetic order book for both: DYM(ttbit)/USD(btce) and DYM(ttbit)/USD(bitstamp). Therefore, there would be no need to use Ripple trust paths to and from an orderbook.

Ahhh, I see. That is probably why when I send 1 bitstamp USD back to bitstamp it calculates for 10 seconds and suggests 1.000000, max 1.1000000.

Exciting stuff! Great work.

[ahbritto]

... That is probably why when I send 1 bitstamp USD back to bitstamp it calculates for 10 seconds and suggests 1.000000, max 1.1000000.

David just made a huge fix to path finding. Expect it to be faster shortly.

Eventually, it should be pretty much instant and live update.

In the particular, in the case of sending IOUs to their issuer there is never a transfer fee. So, that really should be instant and show no overhead.

[TTBit]

whats the xrp/dym coinversion? i.e. how many xrp does it take to purchase a dime?

Large block of DYM/USD traded earlier today. A DYM/XRP market has been made. Thin and wide, but looks like you can get 1 DYM for 2500 XRP at the moment.

[drewdtom]

I dont get it? if I can buy 1 DYM with XRP's will that DYM not be backed with a dime, or if its is backed will the XRP value be added to the DYM balance sheet too?

I need to get hooked in to the DYM to see if I can understand it better. Can I add the currency to my drop down menu if I dont have any and what do I need to do past trusting the address you posted?

rsZvcvACPWoTN2Eazzb5radzQX18s3DuK8

[nelisky]

I dont get it? if I can buy 1 DYM with XRP's will that DYM not be backed with a dime, or if its is backed will the XRP value be added to the DYM balance sheet too?

I need to get hooked in to the DYM to see if I can understand it better. Can I add the currency to my drop down menu if I dont have any and what do I need to do past trusting the address you posted?

rsZvcvACPWoTN2Eazzb5radzQX18s3DuK8

Only 2000 TTBit/DYM exist, and they are all backed up by real dimes (you have to trust TTBit to be honest, of course). So when you buy with XRP you are buying one of those 2000 DYMs and thus one that is fully backed by real dimes.

To trade on DYMs (and have them appear in the balance sheet and currency dropdown) you just need to trust TTBit's address for however many DYMs you trust him for. You can only receive as many as you trust. Enter his address in the trust add, write DYM in the currency and state how many to trust and you are good to go.