I see the trade function for when you want to put something in the market for anyone to purchase, but what if you want to do a private trade? Two people agree to something outside of Ripple and want to use Ripple to complete the transaction (almost like an Escrow). How do you go about that?
In the future you'd likely be able to use Ripple
contracts.
(note, the details on that wiki page would be hidden behind a user friendly interface in the client). Keep in mind that Ripple is in Beta; it's not complete.
In the mean-time you could find a trusted third party to act as escrow/intermediatary or just both use 'send'. This is very much like how current
bitcoin-otc trading works.
There might be a clever way to kludge the existing trading system to do what you ask, but it's non-obvious how to do it (at least to me).
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Thanks. I had read the contract part previously (it looks awesome), but I'm not sure they need any of that functionality to do what I'm suggesting.
You just put in an order like you normally do and the other side could either accept or decline. Nice and easy.