[ANN] DividendRippler.com Anonymous BTC/LTC/TRC/NMC Ripple Gateway

[Zoiner]

OK so far so good, got something on there.  Now what do I do?

Can I trade?

How do I set an ask limit?

How do I say my coin are available for swapping with XRP say? and then offer them up?


Equally, how do I make an offer with XRP for coin etc?

[TTBit]

OK so far so good, got something on there.  Now what do I do?

Can I trade?

How do I set an ask limit?

How do I say my coin are available for swapping with XRP say? and then offer them up?


Equally, how do I make an offer with XRP for coin etc?

Thanks!

Yes, you can trade. In ripple, advanced -> trade. To trade dividendrippler.com ious, you will need to set the issuer to dividendrippler (rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX) and most likely bitstamp if trading vs USD.

For trading BTC (dividendrippler) vs XRP, advanced->trade. Select BTC/XRP. Set issuer to DividendRippler.com. The market will be displayed under "order book". The order entry is pretty straight forward, enter how many BTC you are willing to part with for XRP. There is a tab for "Buy BTC" and one for "Sell BTC".

[Zoiner]

OK so far so good, got something on there.  Now what do I do?

Can I trade?

How do I set an ask limit?

How do I say my coin are available for swapping with XRP say? and then offer them up?


Equally, how do I make an offer with XRP for coin etc?

Thanks!

Yes, you can trade. In ripple, advanced -> trade. To trade dividendrippler.com ious, you will need to set the issuer to dividendrippler (rfYv1TXnwgDDK4WQNbFALykYuEBnrR4pDX) and most likely bitstamp if trading vs USD.

For trading BTC (dividendrippler) vs XRP, advanced->trade. Select BTC/XRP. Set issuer to DividendRippler.com. The market will be displayed under "order book". The order entry is pretty straight forward, enter how many BTC you are willing to part with for XRP. There is a tab for "Buy BTC" and one for "Sell BTC".

Thank you!  Put up a trade, now I will see what happens, if anything

[Zoiner]

OK, so far so good, done some trading and got various coin in the wallet.

Can you confirm something for me.

As I understand it, while I may have XRP in my wallet, I don't actually have BTC or LTC etc but an IOU for that amount from an issuing provider /gateway.

When I pass them on to a third party presumably that party has to trust my wallet for the amount, which in turn confers trust back on the issuer eg DividendRippler.com or Bistamp etc.

So what is set up is a chain of trust back to the original issuer?

So the wallet cannot hold BTC directly and I cannot redeem into the Ripple wallet only back to an original source (such as a real BTC wallet or a Voucher or a bank)?

Have I got these right?

So the web of trust is basically as good as the originating gateway which actually holds the BTC or USD etc that I have put in.

On the other hand the transactions at ripple level are near instantaneous. 

Is there anything I've missed?

[TTBit]

OK, so far so good, done some trading and got various coin in the wallet.

Can you confirm something for me.

As I understand it, while I may have XRP in my wallet, I don't actually have BTC or LTC etc but an IOU for that amount from an issuing provider /gateway.

yes, dividendrippler.com holds the physical BTC, LTC, TRC in our wallets. Your ripple wallet holds the IOUs from dividendrippler.

When I pass them on to a third party presumably that party has to trust my wallet for the amount, which in turn confers trust back on the issuer eg DividendRippler.com or Bistamp etc.

When you pass dividendrippler IOUs to a 3rd party, that party does not have to trust you at all, nor you trust the 3rd party. But they do have to trust dividendrippler to be able to redeem the IOU, as the IOUs are not able to be counterfeit. It is different in real life - if I paid you with a coupon for a free BigMac, you might question the IOU is authentic (did I print it up on my color printer?). In ripple, you need to trust McDonalds for delivering on the BigMac, because its provable they issued it.

In this sense, I wouldn't describe it as a chain of trust. In fact, you can pay someone with your DividendRippler IOUs that doesn't trust DividendRippler. If that person trusts Bitstamp, ripple will find someone who trusts DividendRippler AND Bitstamp, and adjust their balances so that payment can be made.

Let me know if I didn't answer your question...

[Zoiner]

When you pass dividendrippler IOUs to a 3rd party, that party does not have to trust you at all, nor you trust the 3rd party. But they do have to trust dividendrippler to be able to redeem the IOU, as the IOUs are not able to be counterfeit. It is different in real life - if I paid you with a coupon for a free BigMac, you might question the IOU is authentic (did I print it up on my color printer?). In ripple, you need to trust McDonalds for delivering on the BigMac, because its provable they issued it.

In this sense, I wouldn't describe it as a chain of trust. In fact, you can pay someone with your DividendRippler IOUs that doesn't trust DividendRippler. If that person trusts Bitstamp, ripple will find someone who trusts DividendRippler AND Bitstamp, and adjust their balances so that payment can be made.

Let me know if I didn't answer your question...

Thank you.  That is interesting.

In effect the interrelated matrix of mutually trusting issuers is the guarantee that is passed on when I pay someone from my wallet.  And everybody has to trust somebody somewhere.

I do hope this takes off.

One last question then.

I am not allowed to hold more of a currency from yourselves than I have given explicit trust for.

I can have a more of a currency if I have two sources, so 10BTC from you and 10BTC from Bitstamp means I can have up to 20BTC but no more.

I think I have answered it ... no need to reply.

Thank you again.

[Taccomc]

can anyone confirm they are getting better trades for xrp  on dividendrippler.com  then using bitstamp  ? 

[dchapes]

can anyone confirm they are getting better trades for xrp  on dividendrippler.com  then using bitstamp  ? 

Since all the XRP trades (other than OTC trades) are done within Ripple I'll assume you mean trades of BTC/Bitstamp:XRP vs trades of BTC/DividendRippler:XRP both on Ripple. You can look at the charts like https://ripplecharts.com/market/BTC:Bitstamp/XRP but as far as I know there isn't a chart anywhere for DividendRippler. You can get the full BTC/DividendRippler order book from within Ripple or you can just look at the latest ask/bid pair at https://dividendrippler.com

Currently, the most active BTC/XRP market is the BTC/Bitstamp one and the most active USD/XRP market is the USD/Bitstamp one.
DividendRippler however has the currently most active LTC and TRC related markets within Ripple.

[wpk]

Depositing BTC into the Issue Address has worked flawlessly. Got it in my Ripple account and was able to trade with it.

But going back seems to be broken (atm?). I sent some amount of BTC DR IOUs to the Redeem address (including the correct dt). The amount has been deducted from my Ripple account. But one hour later not even a sign of incoming BTC is showing on my BTC wallet, nor is the transaction listed on the DR website Recently Redeemed.

I know intermittently "the processing system is currently offline", so maybe that's the issue? It wasn't offline when I submitted the funds though. Any outlook on when I will receive the BTC? If needed I can pm the Ripple transaction number.

[nelisky]

Depositing BTC into the Issue Address has worked flawlessly. Got it in my Ripple account and was able to trade with it.

But going back seems to be broken (atm?). I sent some amount of BTC DR IOUs to the Redeem address (including the correct dt). The amount has been deducted from my Ripple account. But one hour later not even a sign of incoming BTC is showing on my BTC wallet, nor is the transaction listed on the DR website Recently Redeemed.

I know intermittently "the processing system is currently offline", so maybe that's the issue? It wasn't offline when I submitted the funds though. Any outlook on when I will receive the BTC? If needed I can pm the Ripple transaction number.

I assume yours is the transaction that was marked 'retained'. Can you send me a link or a hash that allows me to verify?

There is one transaction that has been wrongly marked retained and I'm investigating why that happened. The 'currently offline' we are trying to resolve so it doesn't happen so often, but while annoying it shouldn't have any relation to these issues.

Thank you for you patience and help!

[wpk]

Sent you a PM with the transaction hash. Actually it is not the one showing as "ratained", rather it is not showing on the website at all.

[wpk]

Thanks, all works again.

In the meantime I found somebody trying to update my redemption addresses so I'd like to report this as a sort of security issue: Anybody can read the ripple addresses on the front page and fill them in in the search bar, then edit the redemption addresses. Obviously the "victim" still needs to send 1XRP to DR for the changes to take effect, but this is a fairly small step for somebody who doesn't yet understand the system I think.

In my case somebody tried to change all three addresses to "3", which I guess would have led nowhere even if I accepted them. But playing around with this a little more it seems like I can fill in anything for those addresses. I imagine the next attacker will fill in his BTC address, and then two lines reading something like "Network security issue." "Please update to the indicated addresses." I am sure some people will fall for it.

Well, just to let you know... Maybe stress somewhere to ONLY send 1 XRP if you are *absolutely* certain you changed them yourself. Also, *not* to change them shortly after a transaction, because chances of people picking up your account from the frontpage are rather large.

[nelisky]

Thanks, all works again.

In the meantime I found somebody trying to update my redemption addresses so I'd like to report this as a sort of security issue: Anybody can read the ripple addresses on the front page and fill them in in the search bar, then edit the redemption addresses. Obviously the "victim" still needs to send 1XRP to DR for the changes to take effect, but this is a fairly small step for somebody who doesn't yet understand the system I think.

In my case somebody tried to change all three addresses to "3", which I guess would have led nowhere even if I accepted them. But playing around with this a little more it seems like I can fill in anything for those addresses. I imagine the next attacker will fill in his BTC address, and then two lines reading something like "Network security issue." "Please update to the indicated addresses." I am sure some people will fall for it.

Well, just to let you know... Maybe stress somewhere to ONLY send 1 XRP if you are *absolutely* certain you changed them yourself. Also, *not* to change them shortly after a transaction, because chances of people picking up your account from the frontpage are rather large.

Yeah, we most certainly need to get a better workflow there. All ideas are welcome at this stage, of course, and the only thing we really want to avoid is forcing users to register with passwords and personal data although we might end up allowing that option in addition to the system in place.

The one change I haven't introduced yet but is in the make is getting away with the 1 XRP fixed value and instead using a random value for registration/change. This makes it slightly better but doesn't resolve the problem, of course.

[nelisky]

The way redeeming works has changed, where we used to charge whatever fee the network would require for a transaction we are now only charging a fixed fee, which for now will be the minimum fee required:

BTC - 0.0005
LTC - 0.1000
TRC - 0.0000

We will cover any extra fees for sending transactions. The up to date fees are available at https://dividendrippler.com/fees

[mokahless]

FYI, there is no auto refresh. I spent 10 minutes with the registration pending page open before I searched for my address on another tab to find that it had indeed been registered.

[wpk]

Yeah, we most certainly need to get a better workflow there. All ideas are welcome at this stage, of course, and the only thing we really want to avoid is forcing users to register with passwords and personal data although we might end up allowing that option in addition to the system in place.

The one change I haven't introduced yet but is in the make is getting away with the 1 XRP fixed value and instead using a random value for registration/change. This makes it slightly better but doesn't resolve the problem, of course.

Things I can think of so quickly:
- when in edit state mention the IP address that issued the edit and when.
- if the IP address doesn't match your IP address print a big fat red warning message.
- during the period your account is in edit state, don't allow another edit. (is this already the case?)

[nelisky]

Yeah, we most certainly need to get a better workflow there. All ideas are welcome at this stage, of course, and the only thing we really want to avoid is forcing users to register with passwords and personal data although we might end up allowing that option in addition to the system in place.

The one change I haven't introduced yet but is in the make is getting away with the 1 XRP fixed value and instead using a random value for registration/change. This makes it slightly better but doesn't resolve the problem, of course.

Things I can think of so quickly:
- when in edit state mention the IP address that issued the edit and when.
- if the IP address doesn't match your IP address print a big fat red warning message.
- during the period your account is in edit state, don't allow another edit. (is this already the case?)

IP address warnings are not trivial to implement given the current architecture of the system, but certainly something I'll try to push for.
There already is a single edit per 5 minute period limit, so you don't have someone change the addresses behind your back before you have a chance to ack the change.

[wiggi]

•   No trust is needed to destroy an IOU. This means you don’t have to trust DR in order to accept specie payment from DR IOUs!

What about non-DR IOUs, is it possible to send Bitstamp IOUs to DR’s ripple address?
(without risk of instantly getting a bad conversion rate for the specie when there is no liquid DR-IOU/Bitstamp-IOU market)

[TTBit]

•   No trust is needed to destroy an IOU. This means you don’t have to trust DR in order to accept specie payment from DR IOUs!

What about non-DR IOUs, is it possible to send Bitstamp IOUs to DR’s ripple address?
(without risk of instantly getting a bad conversion rate for the specie when there is no liquid DR-IOU/Bitstamp-IOU market)

Yes, you can send Bitstamp BTC IOUs to a DR ripple address to get the actual BTC in the client. What really happens is ripple finds someone who trusts DR and Bitstamp for BTC, and swaps balances so that you can withdraw the DR IOUs. The conversion rate is 1:1, there is no bid/ask between bitstamp and DR. This is why the Trade Fortress "BTC giveaway" was so dangerous. Ripple will find someone who trusts Trade Fortress and DR (or Trade Fortress and Bitstamp) and swap IOUs in their account, replacing good IOUs with worthless Trade Fortress IOUs.

Note you have to pay bitstamp the transfer fee (they charge 0.20%). So if you have 1.000 BTC in Bitstamp, you can withdraw 0.998 BTC to a DividendRippler BTC address.

[Remember remember the 5th of November]

So what are IOUs and what does this website basically let me do? In layman terms, please.