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[chriswen]

closed

[1714930884]

1714930884

[1714930884]

1714930884

[1714930884]

1714930884

[shibaji]

In the step 5 : you have mentioned you will send LTC - would that be you will send IOU ? I am somewhat confused.

Also, I do not see any way to send LTC out in the drop down menu. I need to study more - this is all very confusing :-/

[shibaji]

I think I am kind of getting this now. Are there known USD/XRP gateways ? What is the exchange rate now for LTC/XRP ?

I just have 2 LTC (yes, I know only 2 LTCs  ) - I can use that to test your system if it is ok with you. I am very new to all these, and although I did purchase few BTCs, I could only mine 2 LTCs using my PC (quad core), running for 1 wk/24 hrs :-)

[bitcool]

tried to follow those steps but:
>>>>> 3.  Trust my gateway account rDihBcUrrfDwUBZWBcuP2z5n47KVLQFNQH Trust me with x amount of LTC.

How could I do that, when "LTC" doesn't appear in the pull-down list?

All I am seeing in the list are BTC and bunch of fiat units.

If you don't mind, can you share with us how you setup your LTC gateways? I am very interested to know.

[shibaji]

Actually you can just type in the selection box - delete/backspace the current option and write LTC - I also stumbled in this step.

Then again, when I granted the trust, it was waiting and waiting and I clicked on stop waiting. Let's see if it worked once chris is back tomorrow (he went to bed)

[shibaji]

Interesting! After refunding jar's 300 XRP, and trusting chriswen for 2LTC, my balance dropped to 299XRP, and got a low XRP warning ! :-)

[bitcool]

Actually you can just type in the selection box - delete/backspace the current option and write LTC - I also stumbled in this step.

Then again, when I granted the trust, it was waiting and waiting and I clicked on stop waiting. Let's see if it worked once chris is back tomorrow (he went to bed)

thanks! never thought the list can be changed

My trust request was immediately granted, interesting.

[shibaji]

Actually you can just type in the selection box - delete/backspace the current option and write LTC - I also stumbled in this step.

Then again, when I granted the trust, it was waiting and waiting and I clicked on stop waiting. Let's see if it worked once chris is back tomorrow (he went to bed)

thanks! never thought the list can be changed

My trust request was immediately granted, interesting.

I tried second time, and now things worked fine. May be a temporary glitch in the network - either my side or the server side.

[bitcool]

Great, I can see two pairs: LTC/XRP & LTC/BTC, both order books seems to be empty, so I went ahead and created two orders.

Looks like it allows me to sell BTC for LTC, even though I have zero balance in BTC?

[shibaji]

Great, I can see two pairs: LTC/XRP & LTC/BTC, both order books seems to be empty, so I went ahead and created two orders.

Looks like it allows me to sell BTC for LTC, even though I have zero balance in BTC?

How did you get those pairs ? Did you create them ? Did you add chriswen's gateway address ?

[shibaji]

Now that my balance dropped to 299 XRP, I cannot grant trust :-( ... and I mistakenly added chriswen's other ripple address to trust instead of the gateway. Need 2 XRP to get upto speed.

[bitcool]

Now that my balance dropped to 299 XRP, I cannot grant trust :-( ... and I mistakenly added chriswen's other ripple address to trust instead of the gateway. Need 2 XRP to get upto speed.

sent you 2.2 

[shibaji]

Now that my balance dropped to 299 XRP, I cannot grant trust :-( ... and I mistakenly added chriswen's other ripple address to trust instead of the gateway. Need 2 XRP to get upto speed.

sent you 2.2  

Awesome! Thanks a ton - I could add chriswen's gateway address now to trust. Will do the rest tomorrow.

Also added rDihBcUrrfDwUBZWBcuP2z5n47KVLQFNQH as LTC/XRP gateway provide, and orderbook showed up. I think I am seeing bids placed by you :

For LTC/XRP:

Order book
Sum
LTC
Amount
LTC
Bid Price
XRP
100   100   100.00
101   1   1.00
Ask Price
Amount
Sum
There are currently no asks for this pair.

For LTC/BTC:

Order book
Sum
LTC
Amount
LTC
Bid Price
BTC
25   25   0.0080
26   1   0.0001
Ask Price
Amount
Sum
There are currently no asks for this pair.


Cool - so the concept works! :-)

[DannyM]

Now that my balance dropped to 299 XRP, I cannot grant trust :-( ... and I mistakenly added chriswen's other ripple address to trust instead of the gateway. Need 2 XRP to get upto speed.

If you set the trust to 0 for a contact, it frees the XRP reserves for that trust line.

[shibaji]

Yeah, if you did the wrong one set it to 0 then you can set up another credit line.

And if you wanted to do another currency pair you could use bitstamp BTC or bitstamp USD or weex USD , etc...

Let me know when you are online and we can continue with the LTC experiment.

[zulzedd]

I'm in, let's try!
_{Set order 10 LTC for 100 XRP} 

[takinbo]

chriswen: This is awesome! I just trusted your gateway and I'm looking to buying some LTC and playing around with the system. Did you need to set up a rippled server to get your gateway started?

[matthewh3]

Is this just a proof of concept idea or do you plan to maintain the gateway forever.  Otherwise why should anyone value your gateways trust of that above any other internet user.

[matthewh3]

Is this just a proof of concept idea or do you plan to maintain the gateway forever.  Otherwise why should anyone value your gateways trust of that above any other internet user.

Yes, I wish to maintain the gateway into the foreseeable future.

Yup, the whole point is that I'm supposed to be trustworthy.  You can trust that I have reserves to back the litecoins.  Also, after a website gets implemented it would be easier to cashout ltc from my gateway.  This way you can give ltc that have a lot more value to them.

Well I'm not being funny but I don't trust you (yet) and I barely even trust BITSTAMP.  So you'll have to show users/customers that you are in for the long term and aren't just going to rob everyone once you have got bored of your new project.  I'm not trying to spread FUD on your idea as I run a small BTC and a small LTC investor projects that have required a lot of trust in me.  So wish you luck but as being the only LTC gateway (yet) doesn't enable me trust you with my LTC.

[matthewh3]

Is this just a proof of concept idea or do you plan to maintain the gateway forever.  Otherwise why should anyone value your gateways trust of that above any other internet user.

Yes, I wish to maintain the gateway into the foreseeable future.

Yup, the whole point is that I'm supposed to be trustworthy.  You can trust that I have reserves to back the litecoins.  Also, after a website gets implemented it would be easier to cashout ltc from my gateway.  This way you can give ltc that have a lot more value to them.

Well I'm not being funny but I don't trust you (yet) and I barely even trust BITSTAMP.  So you'll have to show users/customers that you are in for the long term and aren't just going to rob everyone once you have got bored of your new project.  I'm not trying to spread FUD on your idea as I run a small BTC and a small LTC investor projects that have required a lot of trust in me.  So wish you luck but as being the only LTC gateway (yet) doesn't enable me trust you with my LTC.

okay, that's why i said to just do a small amount for now.

You'll have to show a business plan that proves it stupid of you to rob depositors to gain any traction.  Otherwise you should be definitely be stating "don't deposit any more than you can risk to loose".

[matthewh3]

How would you recommend I gain trust?

Come up with a sound and foolproof business plan on how you are going to keep the gateway operational long term.  Instead of just leaving the prospect of stealing everyone's coins once you get bored with the project and disappearing into the ether.

[shibaji]

I have been playing with the system (the ripple/XRF thing as a whole) for few days. What I think at this point is there is a long way to go. This is way too complex for average joe to understand. There needs to a paradigm shift in usability aspects. I have seen multiple brilliant and technical concept/project fail due to requiring expert user.

To get en-mass adaptation lot of work remaining.

I thank chriswen wholeheartedly, because of who I was able to get into this experimentation and study. I hope ripple system take off, as there are lots of potential - however - the plus side of this gaping hole in usability means lots of new ideas and ideas for startup to serve the newfound community.

[freequant]

I have been playing with the system (the ripple/XRF thing as a whole) for few days. What I think at this point is there is a long way to go. This is way too complex for average joe to understand. There needs to a paradigm shift in usability aspects. I have seen multiple brilliant and technical concept/project fail due to requiring expert user.

That's why OpenCoin is launching Ripple in this community. It will likely start as a niche system for OTC transactions, and start gaining traction as Bitcoin becomes mainstream and people start to look for ways to borrow or buy Bitcoins from their friends.

[annette786]

1) Can you tell me what the difference is between the gateway you created and what TTBit did here:

https://bitcointalk.org/index.php?topic=149533.0

2) Also, I still don't understand what roll bitstamp plays in all this? 

Thanks.

[ancore]

How would you recommend I gain trust?

Come up with a sound and foolproof business plan on how you are going to keep the gateway operational long term.  Instead of just leaving the prospect of stealing everyone's coins once you get bored with the project and disappearing into the ether.

If he ultimately doesn't want to go through with it he could also buy back his IOU's, that in itself would be very interesting to see IMO

( @chriswren did you get my pm, i'm new here don't know if I sent it right?)

 

[ancore]

ok so first I sent chriswen 2LTC via the litecoin blockchain
he then issued me a 2 ltc IOU through ripple  (I had to grant him a trust first)

then I added under the trade section new value LTC/XRP and clicked change issuer I entered chriswen's ripple addres
and then i could see the order book with your orders and i sold 1 LTC for 250 XRP this cost me 1 XRP to place the ask

so every single action you initiate in ripple costs you 1 XRP is this always going to be so or different once there are real servers besides Ripple itself

also who got my litecoin I want it back,   just kidding

[ancore]

I'm guessing my ltc went to ripple address rnziParaNb8nsU4aruQdwYE3j5jUcqjzFm
can anyone confirm

is there any way for me to know directy? I only got a ripple transaction number when i did the trade

[ancore]

ok we are learning a lot of things

i placed a 1 ltc ask for 250 there was a bid of 1 ltc for 250.0099
and ripple gave me 250 for 1 ltc exactly, yet the other person didn't get 1 ltc
this seems wrong

[ancore]

you are right the main interface only shows 4 decimal points and I wrongfully assumed I only had 1 ltc left
so XRP are probably not divisble
I should read some more info about ripple, I guess, but finding out this way is fun!

[ancore]

you are right again I'm going to bed, can't think straight

 can you as an issuer see our trades in ltc directly?

[DannyM]

I'm guessing my ltc went to ripple address rnziParaNb8nsU4aruQdwYE3j5jUcqjzFm
can anyone confirm

is there any way for me to know directy? I only got a ripple transaction number when i did the trade

That's right I got it. Right now the client doesn't show that, but you can see it: https://ripple.com/wiki/index.php/RPC_API

[DannyM]

27 LTC has been issued!

"Generally, we call a company a "gateway" if:

1) They offer a reasonable "redeem on demand" agreement to a large group of people.

2) People have good reason to value their IOUs at close to face value.

3) They make it their business to issue IOUs."

So, 1) i think anyone can reasonably ask to redeem their litecoins.  It's not automated but I have the reserves and I will give LTC in exchange for my LTC IOUs.

2) These LTC IOUs are backed by LTC.  I do not plan to do fractional reserve banking.

3) Yup this is for my gateway account.  It's main business is to issue IOUs not lend money to people.  These IOUs are liquid and can be redeemed for LTC.

Since you state you are keeping full reserves backing these IOUS, you could publish the address you store them at (maybe sign a message with that address too) so the public can always see the backing coins are there.

[ancore]

also give some details about your security
how are you protecting your ripple password?

[bitcool]

and then i could see the order book with your orders and i sold 1 LTC for 250 XRP...

I just sold my LTC  for 350 XRP, looks like LTC is appreciating fast 

[suppp]

Interesting scheme, can you automate it? I mean create automatic gateway like bitstamp or weexchange

[sron]

I'm making a spreadsheet list of new Ripple contracts and currencies and I took the liberty to list yours there, please feel free to update if you find any inaccuracies (link in signature.

[Limie]

How is this working out for everyone? I am thinking about trying this...hmmm....

[Zeke_Vermillion]

Someone should offer a discount. Otherwise I have no reason to move LTC into your Ripple IOUs. For example, I should get a Ripple IOU for 1.05 LTC per each hard-currency LTC (haha) that I give you.

[hyh]

I try to trust your ripple address, but LTC seems not exists in the dropped down menu.

[hyh]

it's a freeform box.  Just type LTC.

Does that mean I can really make up something like 1i2uC, and if my group trust me about that, we can trade on that? Sounds really awesome.

[DannyM]

Since chriswen honors my requests for payment I have rated his ripple address accordingly:

http://report.rippleunion.com/for/rDihBcUrrfDwUBZWBcuP2z5n47KVLQFNQH

[prophetx]

Chris, is this still operating?