Archived

[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.

[1713481871]

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[1713481871]

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[1713481871]

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[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.