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

[TTBit]

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

Instead of owning a bitcoin, you give it to DR, and we give you a promise to pay (an IOU) for the bitcoin! This is counter-intuitive, as the reason many here on the forums were attracted to bitcoin for the ability to control their money. Granted, an IOU of 1.0 bitcoins < 1.0 bitcoins. But the value lost in specie vs IOUs is made up in the services that can be provided by the ripple network.

As much as we hate banks, most of us keep balances at a bank for a few reasons. It may be safer to keep $20,000 as an IOU at the local bank rather than keep 200 $100 bills at your house (theft/fire). It is easier to pay your bills with bank IOUs with checks, ACH, or bill pay than running around town with cash. Sending large amounts of money via bank wire across the country is best with the banking system of IOUs, rather than sending wads of cash via UPS.

To sum up, DR is a gateway that lets you get your BTC/LTC/TRC/NMC into and out of ripple IOUs on demand. Safe and automated.

Solutions that gateways, such as DividendRippler can provide:

* Safety. Having some of your BTC locked away at DR can make your portfolio safer than keeping it on a local machine.
* Due to double spends, merchants will value a BTC IOU from a trusted gateway > a random stranger specie BTC. Think vending machines, coffee shops, etc where waiting for confirms is not possible. Similar to green
addresses.
* Merchants and customers no longer have to agree on a currency to base the transaction. **This is huge** How many threads have you read "so and so just started accepting bitcoin!". Pfft. With ripple, a merchant can accept Sweedish Krona, and the customer can pay with Litecoin. Ripple finds someone who prefers Krona to Litecoin and makes the trade.

edited 2013-08-19: Added NMC

[pivavar]

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.

Ripple has message signing mechanism similar to bitcoin. Just wait till there is support in the client.
Just made my first couple of transactions on DR - it's a great service and terrific idea overall. Best of luck with it!

[BitCointransfers]

OK, I've been able to move a small quantity of LTC into my Ripple wallet via DR.  So far this has cost me 3 XRPs,  1 to establish trust, another one to update my redemption address and another to send the LTC to DR.  I'm a bit lost when it comes to the redeeming process.  What do I do and what will it cost me to:

1.  Redeem this amount in BTC into my Bitcoin wallet?

2.  Redeem this amount in LTC into my Litecoin wallet?


Also, curious about the back-end of DR, is this a custom server/service that is interacting with Ripple, LTC, BTC, TRC wallets or is it an instance of Rippled?


Thank You.

[nelisky]

OK, I've been able to move a small quantity of LTC into my Ripple wallet via DR.  So far this has cost me 3 XRPs,  1 to establish trust, another one to update my redemption address and another to send the LTC to DR.  I'm a bit lost when it comes to the redeeming process.  What do I do and what will it cost me to:

1.  Redeem this amount in BTC into my Bitcoin wallet?

2.  Redeem this amount in LTC into my Litecoin wallet?


Also, curious about the back-end of DR, is this a custom server/service that is interacting with Ripple, LTC, BTC, TRC wallets or is it an instance of Rippled?


Thank You.

Thank you for trying the service out. I don't understand why you had to pay XRP for sending LTC to DR though, can you elaborate on that?

Redeeming costs only the fees to the appropriate chain, these are described in https://dividendrippler.com/fees

As for the back-end it is a completely custom service that interfaces with our own local rippled, bitcoind, litecoind and terracoind servers.

[BitCointransfers]

Sorry your correct, only 2 ripples.  The third one was sent to establish my BTC redemption address.  I'm confused by the
" To Redeem   Transfer your Ripple funds to"  line followed by your ripple address and the destination tag ?dt=1xxxxx".  Should there not
be 2 of these address with destination tags since I have LTC and BTC redemption addresses?  If I send XRP to this address, does this solicit
a payment to my wallets?  if so which one BTC or LTC?  also how much to send?



Thanks.

[TTBit]

Sorry your correct, only 2 ripples.  The third one was sent to establish my BTC redemption address.  I'm confused by the
" To Redeem   Transfer your Ripple funds to"  line followed by your ripple address and the destination tag ?dt=1xxxxx".  Should there not
be 2 of these address with destination tags since I have LTC and BTC redemption addresses?  If I send XRP to this address, does this solicit
a payment to my wallets?  if so which one BTC or LTC?  also how much to send?



Thanks.

When you deliver an LTC IOU back to DividendRippler's ripple address, DividendRippler sends the stored LTC to the LTC address on record (specified by the dt=xxxxx). Similarly, when you deliver a BTC IOU created by DividendRippler, a BTC is sent. You would not want to deliver XRP to DividendRippler, it is only used for verification when changing addresses.

Keep in mind that what you send and what is delivered is not necessarily the same. You can send XRP from your client, but if BTC are delivered to DividendRippler at a specific dt=xxxxx address, this flags DividendRippler to send a specie payment to the dt=xxxxx on record, regardless of what was sent.

[BitCointransfers]

Sorry your correct, only 2 ripples.  The third one was sent to establish my BTC redemption address.  I'm confused by the
" To Redeem   Transfer your Ripple funds to"  line followed by your ripple address and the destination tag ?dt=1xxxxx".  Should there not
be 2 of these address with destination tags since I have LTC and BTC redemption addresses?  If I send XRP to this address, does this solicit
a payment to my wallets?  if so which one BTC or LTC?  also how much to send?



Thanks.

When you deliver an LTC IOU back to DividendRippler's ripple address, DividendRippler sends the stored LTC to the LTC address on record (specified by the dt=xxxxx). Similarly, when you deliver a BTC IOU created by DividendRippler, a BTC is sent. You would not want to deliver XRP to DividendRippler, it is only used for verification when changing addresses.

Keep in mind that what you send and what is delivered is not necessarily the same. You can send XRP from your client, but if BTC are delivered to DividendRippler at a specific dt=xxxxx address, this flags DividendRippler to send a specie payment to the dt=xxxxx on record, regardless of what was sent.

OK, I think I understand now..   I sent back .01 LTC IOU from my ripple wallet, the current status of this redemption is "retained".  I assume this is because your Fee for LTC redemption is 0.1?  Had I had enough of LTC IOU to cover this fee the balance would have made it to my LTC wallet right?

[TTBit]

Sorry your correct, only 2 ripples.  The third one was sent to establish my BTC redemption address.  I'm confused by the
" To Redeem   Transfer your Ripple funds to"  line followed by your ripple address and the destination tag ?dt=1xxxxx".  Should there not
be 2 of these address with destination tags since I have LTC and BTC redemption addresses?  If I send XRP to this address, does this solicit
a payment to my wallets?  if so which one BTC or LTC?  also how much to send?



Thanks.

When you deliver an LTC IOU back to DividendRippler's ripple address, DividendRippler sends the stored LTC to the LTC address on record (specified by the dt=xxxxx). Similarly, when you deliver a BTC IOU created by DividendRippler, a BTC is sent. You would not want to deliver XRP to DividendRippler, it is only used for verification when changing addresses.

Keep in mind that what you send and what is delivered is not necessarily the same. You can send XRP from your client, but if BTC are delivered to DividendRippler at a specific dt=xxxxx address, this flags DividendRippler to send a specie payment to the dt=xxxxx on record, regardless of what was sent.

OK, I think I understand now..   I sent back .01 LTC IOU from my ripple wallet, the current status of this redemption is "retained".  I assume this is because your Fee for LTC redemption is 0.1?  Had I had enough of LTC IOU to cover this fee the balance would have made it to my LTC wallet right?

Yeah, the 0.01 is basically lost. Ripple controls who owns the IOUs - 0.01 was sent in for redemption to the issuer, and no longer exists. Since the fee is 0.10, there is nothing to send.

[pivavar]

The processing system is currently offline, data may not be up to date!

Seeing this since yesterday. How long it's going to take?

[TTBit]

The processing system is currently offline, data may not be up to date!

Seeing this since yesterday. How long it's going to take?

I apologize. The number is the amount of seconds the server is behind, currently about 50,000 or 14 hours. I'm looking into it.

[TTBit]

This may be related to the upgrade to 2.24

[nelisky]

The processing system is currently offline, data may not be up to date!

Seeing this since yesterday. How long it's going to take?

I apologize for this, there was a somewhat serious issue with the internet connection of the processing machine. Everything should be back on track now.

[TheSpiral]

I'm missing something. Trusted the address, registered the account, sent the 1 XRP.... Then what? Everything looks fine, but how would I trade? Using the Trade option in ripple.com doesn't show up on the page, sending ripples to my account ?dt= just gets automatically refunded... So what's the next step?

[TTBit]

I'm missing something. Trusted the address, registered the account, sent the 1 XRP.... Then what? Everything looks fine, but how would I trade? Using the Trade option in ripple.com doesn't show up on the page, sending ripples to my account ?dt= just gets automatically refunded... So what's the next step?

DividendRippler doesn't hold XRP. The trading isn't done on DividendRippler's site, it is done on the ripple network. You need to bring up the BTC/XRP market in ripple, making sure the issuer of BTC is DividendRippler.

[pivavar]

The processing system is currently offline, data may not be up to date!

Seeing this since yesterday. How long it's going to take?

I apologize for this, there was a somewhat serious issue with the internet connection of the processing machine. Everything should be back on track now.

Thank you. All works and I got my LTC. Although they cost 5% less now:-(
On a positive side: could be worse:-)

[xilin]

DR.com is not working now.

[TTBit]

DR.com is not working now.

It is back up. Sorry for the downtime!

[dchapes]

I believe currently DividendRippler only makes issuing/inbound payments if there is sufficient direct trust. Have you considered instead allowing any ripple payment path that doesn't have fees? Either always or with a per address DR flag or something.

I suppose if you implemented the bridging protocol this might not be a problem/concern but currently someone might have sufficient BTC trust among friends who trust DR but their incoming blockchain payments are limited due to their BTC/DR trust.

[nelisky]

DividendRippler now supports NMC!

Everyone that has registered will have a new NMC issue address and can set their NMC redeem address. Don't forget to trust DR for NMC before you try to issue!

The redeem fees are fixed at 0.005 NMC which will used as tx fees for the outgoing transaction.

Thanks to snailbrain and his crew for improving namecoind enough to be usable by DR.

As always, let us know of any problems.

[pivavar]

I tried to redeem 15 LTC today and transaction still doesn't show up after a few hours.
Ripple TR ID 3971BB9B7EA8BAD6A9A472397FDD24AA0EAA85FE2E8131DDBDFD49C2048B902E