Introducing Ripple Currency: DYM

[bitaccumulation]

The "send" example worked.  Thanks.

[nameface]

Silver prices have done nothing in the last few weeks, so trading has been a bit thin.

Actually silver prices bottomed out and have begun rising again slowly. I predicted a $27 bottom, and I see a steady bull market for the rest of the year, with prices at least returning to 2012 highs of $34-35.

I'm not so sure about silver in the long run. Some investment capital flowing into bitcoin would traditionally be hitting the silver market. Despite a slow and steady rise in industrial demand, I think silver will stagnate.

[LoweryCBS]

Silver prices have done nothing in the last few weeks, so trading has been a bit thin.

Actually silver prices bottomed out and have begun rising again slowly. I predicted a $27 bottom, and I see a steady bull market for the rest of the year, with prices at least returning to 2012 highs of $34-35.

I'm not so sure about silver in the long run. Some investment capital flowing into bitcoin would traditionally be hitting the silver market. Despite a slow and steady rise in industrial demand, I think silver will stagnate.

Stagnate.  Thank god: an asset where I can put my dollars that I don't have to get up at 3am to check the price of 

[ericwt]

This thread is brilliant!

I am going to ponder on this for a while.

This is exactly what I was looking for in a trust network.

Thanks for sharing!

[jago25_98]

Can I trade XRP for DYM and just trust you to hold one for me as a test?

You know... regards ripple I haven't found a new usable trust pathway yet whereby I can trust someone I don't know through someone I already trust...
 this seems to be the whole point. I have made as many 1USD trust points to people I trust a little but still no paths found. Any tips? I also notice that there is only one Ripple server and I can't get the source to run my own gateway - did DYM manage to automate and the team allowed him to run a copy of ./rippled?

[TTBit]

Can I trade XRP for DYM and just trust you to hold one for me as a test?

You know... regards ripple I haven't found a new usable trust pathway yet whereby I can trust someone I don't know through someone I already trust...
 this seems to be the whole point. I have made as many 1USD trust points to people I trust a little but still no paths found. Any tips? I also notice that there is only one Ripple server and I can't get the source to run my own gateway - did DYM manage to automate and the team allowed him to run a copy of ./rippled?

There is a DYM/XRP market. I saw it last at 800 bid offered at 1200, but feel free to put in an order. You have to trust rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E to hold DYM.

As for the trust paths for USD, you still need to have USD, trust lines are not enough, it doesn't work like a credit card. Getting USD is easiest at bitstamp, sell $5 worth and withdraw via ripple.

DYM is just held in the client, no server needed.

[TTBit]

The power of ripple:

One way to fund your bitstamp account with USD is buying physical silver dimes, exchange for DYM through my service. Because others have placed bids in the market for bitstamp USD, you can use that to your advantage. Sending DYM in the example below will fill an order in the market, raise Bitstamp USD for yourself which is then sent to bitstamp. Beautiful, isn't it?





You can also withdraw via bitstamp USD, convert to DYM, take delivery of your dimes and cash out at a local coin dealer. In the future, bitstamp may ask how you would like your withdrawl, which you can ask for it in DYM.TTBit. Granted the DYM market is a bit thin at the moment - need more eyes on the market, and more willing to take delivery. But it does show the power of ripple, and how all assets become fungible with each other. I predict you will be able to fund your Bitstamp account with Arby's coupons in the not so distant future.

[scintill]

This is amazing.  Just sent a few bitcents to Bitstamp, sold for USD, withdrew to Ripple, bought some dimes with USD and XRP (free XRP from the giveaway!)  The slowest part was getting the bitcoins into Bitstamp!

I guess the moment of truth will be seeing if I can redeem my DYM, but I trust I can.  Thanks for setting up this experiment TTBit.

[scintill]

Just got my 25 dimes and 2 half-dollars (35 DYM).  It was quick shipping and good service from TTBit.

Frankly I know hardly anything about coins and their authenticity, but I think they're real.  They all seemed to be within the correct year range, and have a different "ping" and clink sound compared to more recent coins.  I might provide pictures or try more advanced tests if anyone would like.

Smooth transaction, I'm satisfied, and impressed with the power of Ripple.  Thanks again TTBit!

[jasonslow]

I'm interested about this DYM coin. How much shipping to the Philippines?

[TTBit]

I'm interested about this DYM coin. How much shipping to the Philippines?

Sorry, I ship US only. You may be able to find a proxy

[bitaccumulation]

I'm not clear on how the redeeming of DYM's is done.  If I send you a DYM how do you know where to send my physical DYM?   Do I need to let you know I'm going to send you a DYM before I do through another channel (PM)?   Or do I send the DYM and then contact you through PM?

Also, is there somewhere where it's explained how you created DYM's in Ripple?

Final question, you stated in your initial post (I think) that if someone sends you a dime that you will issue them a DYM.   How does that work?

Could something similar be done for gift cards?

[TTBit]

I'm not clear on how the redeeming of DYM's is done.  If I send you a DYM how do you know where to send my physical DYM?   Do I need to let you know I'm going to send you a DYM before I do through another channel (PM)?   Or do I send the DYM and then contact you through PM?

Also, is there somewhere where it's explained how you created DYM's in Ripple?

Final question, you stated in your initial post (I think) that if someone sends you a dime that you will issue them a DYM.   How does that work?

Could something similar be done for gift cards?

Simply PM me, "I want to redeem an amount of DYM, will be coming from address r....., Please send the physical dimes to Bob Smith, 123 Maple Street, anytown USA." When I see the DYM come in, I'll ship them out right away at my expense. Think of DYM as a warehouse receipt for a physical dime. The supply of DYM decreases with a redemption.

I've had plenty of people send me physical dimes. I'll give you my physical address, and you ship at your cost, with instructions to "please credit ripple address r....." When I receive, I credit the DYM to that ripple address. The amount of DYM will increase by what what received.

How are they created? I didn't do anything other than "send 1 DYM to r....." from my client to someone that gave me a dime. Its important to note that when sending DYM back to me, I only trust myself for DYM.  If your cousin starts up a DYM, I can not honor them, would have to be redeemed by your cousin.

Not sure how to enforce gift cards, what if someone sends you stolen gift cards, but not discovered until the gift card IOU was issued? There is no way to recall an IOU once in the ripple system.

[bitaccumulation]

Simply PM me, "I want to redeem an amount of DYM, will be coming from address r....., Please send the physical dimes to Bob Smith, 123 Maple Street, anytown USA." When I see the DYM come in, I'll ship them out right away at my expense. Think of DYM as a warehouse receipt for a physical dime. The supply of DYM decreases with a redemption.

I've had plenty of people send me physical dimes. I'll give you my physical address, and you ship at your cost, with instructions to "please credit ripple address r....." When I receive, I credit the DYM to that ripple address. The amount of DYM will increase by what what received.

Thanks.  You may want to paste that in your initial post for the uninitiated like myself.

How are they created? I didn't do anything other than "send 1 DYM to r....." from my client to someone that gave me a dime. Its important to note that when sending DYM back to me, I only trust myself for DYM.  If your cousin starts up a DYM, I can not honor them, would have to be redeemed by your cousin.

So I can come up with any 3 letter item?   I could trust myself for GFT and that could become a new currency for gift cards?

Not sure how to enforce gift cards, what if someone sends you stolen gift cards, but not discovered until the gift card IOU was issued? There is no way to recall an IOU once in the ripple system.

I don't know the answer to that question.  It just crossed my mind that gift cards might be something that could move easily through Ripple.  There must be a way to verify balances since there are companies that buy and resell these cards as a business.  In fact, one of these companies might be a good candidate for a Gateway. 

[TTBit]

So I can come up with any 3 letter item?   I could trust myself for GFT and that could become a new currency for gift cards?

Not quite, the trick is to have others trust you for GFT. I may have mis-spoke in my last reply, I don't trust myself for DYM, I just issue them. Since I am the issuer, I am forced to take them back in ripple.

[bitaccumulation]

So I can come up with any 3 letter item?   I could trust myself for GFT and that could become a new currency for gift cards?

Not quite, the trick is to have others trust you for GFT. I may have mis-spoke in my last reply, I don't trust myself for DYM, I just issue them. Since I am the issuer, I am forced to take them back in ripple.

Makes sense.  So the minute someone trust me for GFT, then that new GFT iou will be created in the ledger, yes?

Also, gift cards are not uniform like dimes are, some gift cards are worth less than others and if a business ever closed it's gift cards would be worth nothing.   So how in Ripple could those different gift cards be distinguished?  It wouldn't seem wise to use a three letter designation for hundreds of gift cards.   Is there a way to create a subcategory like GFT-AMZ to signify an AMAZON gift card?  (Don't mean to get off topic and I'll move this to another thread if you'd prefer).

[hathmill]

Interesting n cool ur doing this! I am doing my best to understand how this works. Now what if you manage to build some trust, could u then start to buy stuff for your own freshly minted coins - without having the actual backing which if people knew would cause a "run on the bank" but until then would enable you to get things for free? Whats at stake is your rep. and possible legal actions I guess. Perhaps you could use a "goal keeper" (someone poor that would do anything for a little money) and build up aa huge user base before issuing unbacked coins, soo that people dont noricee it. Would Ripple make this possible?

[RavinTavin]

Cool Idea!

[Stephen Gornick]

DYM got a mention in this Salon article:

 - http://www.salon.com/2013/07/04/revolutionizing_the_banking_industry_one_cryptocurrency_at_a_time_partner/

[TTBit]

DYM got a mention in this Salon article:

 - http://www.salon.com/2013/07/04/revolutionizing_the_banking_industry_one_cryptocurrency_at_a_time_partner/

Awesome. Issued and redeemed many DYM over the last few months!