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Author Topic: how do I withdraw bitcoins from ripple?  (Read 1798 times)
stslimited
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May 11, 2013, 01:01:18 AM
 #1

Hello

I sold my ripples for btc, in my ripple client.

so now I have several btc but can't figure out how to transfer those to a bitcoin wallet that I control!

help?
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TradeFortress
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May 11, 2013, 01:03:32 AM
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You cannot own bitcoins or any currency in ripple. You own debt, congratulations.

Check the RippleScam.org link in my sig. This is one of the reasons why Ripple is a scam - deceptive and misleading.
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May 11, 2013, 01:14:57 AM
 #3

Hello

I sold my ripples for btc, in my ripple client.

so now I have several btc but can't figure out how to transfer those to a bitcoin wallet that I control!

help?

All currencies in Ripple (other than XRP) are IOU's.   Just like when you have 4 BTC's in your account at MTGOX (for example), you don't actually have 4 BTC, but rather a PROMISE (IOU) from MTGOX that they'll put 4 BTC into the BTC address of your choice when you choose.

In order to remove the IOU's from Ripple, you need to deposit them with the issuer/gateway.   Right now there are very few gateways and I imagine your BTC is BTC-Bitstamp, which you would deposit in your Bitstamp account and then have it sent to whatever address you wanted like you would normally do.

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May 11, 2013, 01:17:08 AM
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The key thing is, IOUs are bad, and it is a bad idea to encourage using IOUs. You should only maintain a float on exchanges, because they can shut down. Bitcoin gives people to power to hold their own money - not trust a central authority (eg banks, "gateways", exchanges) to safekeep it.

Ripple is against everything Bitcoin, and I'm surprised it lasted this loan without an exchange being "hacked".
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May 11, 2013, 01:17:37 AM
 #5

You cannot own bitcoins or any currency in ripple. You own debt, congratulations.

Check the RippleScam.org link in my sig. This is one of the reasons why Ripple is a scam - deceptive and misleading.

You can own a currency in Ripple - XRP is the only non-trust based currency in Ripple.   It's the BTC of the Ripple system.

If you've ever kept even one BTC in an exchange then you owned debt.  

Are you really this much of an idiot or are you just on some sort of mission where the truth doesn't matter as long as you succeed?

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May 11, 2013, 01:18:47 AM
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If you've ever kept even one BTC in an exchange then you owned debt.  

Are you really this much of an idiot or are you just on some sort of mission where the truth doesn't matter as long as you succeed?

Everyone has owned debt. The question isn't about if you have owned debt or not, but rather is it a good thing?

Ripple encourages people to trade debt which are inherently worth less than what the debt represents, 100% of the time.
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May 11, 2013, 01:19:23 AM
 #7

You can own a currency in Ripple - XRP is the only non-trust based currency in Ripple.   It's the BTC of the Ripple system.

Didn't opencoin inc employees spread a bunch of FUD about how XRPs are not supposed to be a currency, oops now it is a currency apparently?  Roll Eyes
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May 11, 2013, 01:21:47 AM
 #8

The key thing is, IOUs are bad, and it is a bad idea to encourage using IOUs. You should only maintain a float on exchanges, because they can shut down. Bitcoin gives people to power to hold their own money - not trust a central authority (eg banks, "gateways", exchanges) to safekeep it.

Ripple is against everything Bitcoin, and I'm surprised it lasted this loan without an exchange being "hacked".


More idiocy.  

Of course it would be preferable to keep everything in a trust-free format like Bitcoin.  Unfortunately outside of your imaginary utopia, IOUs are used on a pretty regular basis.   Ripple allows for more control of how this is done and for people to participate in a system that is distributed rather than centralized.   It's a payment system that can include all currencies and it happens to have a Bitcoin-like currency in it, whereas Bitcoin is a currency that has a payment system that is exclusive to it.

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May 11, 2013, 01:22:02 AM
 #9

Hello

I sold my ripples for btc, in my ripple client.

so now I have several btc but can't figure out how to transfer those to a bitcoin wallet that I control!

help?

You should use one of gateways. This worked for me, but pay attention, there is a bug in their online wallet. The balance box does not show you exact balance, it truncates decimals. You need to hover you mouse over number to check out your exact balance.

Edit: this is my nail into ripple coffin  Smiley
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May 11, 2013, 01:24:15 AM
 #10

Of course it would be preferable to keep everything in a trust-free format like Bitcoin.  Unfortunately outside of your imaginary utopia, IOUs are used on a pretty regular basis.

So what are you for:

(i) revolutionizing payments and take trust away from money

or

(ii) keep things the same with central banks and governments controlling currency

They are mutually exclusive. If you support Ripple, you do not support open payments, you do not support FOSS software, and you do not support cryptocurrencies.
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May 11, 2013, 01:25:16 AM
 #11

OP, next time sell me your XRP to me for BTC.  I'll pay you straight away.
https://bitcointalk.org/index.php?topic=198682
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May 11, 2013, 01:25:53 AM
 #12

1) Login to Bitstamp.net (create an account if you don't have one)

2) Go to Deposit

3) Click Ripple

4) Send the Bitcoin balance from Ripple client to the address shown in Bitstamp
*Note you can only send USD or Bitcoins to this ripple deposit address, if you try to send XRP or other currencies they will send it back*

5) Bitcoin balance will appear in Bitstamp

6) Go to Withdraw in Bitstamp and enter your bitcoin address

Done.

 
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bitaccumulation
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May 11, 2013, 01:30:51 AM
 #13

Of course it would be preferable to keep everything in a trust-free format like Bitcoin.  Unfortunately outside of your imaginary utopia, IOUs are used on a pretty regular basis.

So what are you for:

(i) revolutionizing payments and take trust away from money

or

(ii) keep things the same with central banks and governments controlling currency

They are mutually exclusive.

If you can explain how you plan on stopping central banks and governments from controlling money, I'd love to hear it.   Governments have a thing called TAXING POWER.  That taxing power dictates what form taxes must be paid in, no way around that.   In addition, there is a thing called legal tender laws.   They are very useful (at least in the US) in making sure that all contracts and debts must be paid in legal tender, you cannot require people to pay in gold for example (and even if you do a judge can translate that into dollars).   It is through legal tender laws (amongst other devious plots and plans) that they robbed people who had gold clauses in their contracts in the USA, by making them unenforceable.

I would however, love to hear your master plan to sidestep these realities and get the guy who wants to buy a pizza to stop using his debit card from his bank (essentially an IOU) and instead go through the trouble of exchanging USD to get Bitcoin in order to do so.   I'm talking about the average person who didn't mine BTC over the last few years and doesn't have a bunch of them.  Please, do tell me this plan.

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dave111223
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May 11, 2013, 01:36:22 AM
 #14

This also works the other way around, so for example lets say you wanted to put Bitcoins into Ripple or buy some XRP you could do:

1) Go to Bitstamp.net

2) Go to Deposit

3) Go to Bitcoin and send Bitcoins to the address shown

4) Bitcoins will appear in your balance

5) Go to Withdrawal -> Ripple

6) Enter your ripple address and enter the Bitcoin amount

7) Your Bitcoin balance will be removed from Bitstamp and show up in you Ripple client instead

*Optional*
If you want to convert your Bitcoins to USD or XRP

Cool In Ripple client go to Advanced -> Trade

9) Click "Change Issuer" and add the Bitstamp exchange address: rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B

10) You will now see an order book and you can enter trades to sell your Bitcoins for USD or XRP

 
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May 11, 2013, 02:24:50 AM
 #15

1) Login to Bitstamp.net (create an account if you don't have one)

2) Go to Deposit

3) Click Ripple

4) Send the Bitcoin balance from Ripple client to the address shown in Bitstamp
*Note you can only send USD or Bitcoins to this ripple deposit address, if you try to send XRP or other currencies they will send it back*

5) Bitcoin balance will appear in Bitstamp

6) Go to Withdraw in Bitstamp and enter your bitcoin address

Done.

THANK YOU

just turned my free ripples into 3.63 btc, so $428.34 as of time of writing, the transfer was very fast thanks to ripple, now doing the slow transfer to one of my wallets

who asked for the lecture on debt, I don't mind ripple? thanks again dave!

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May 11, 2013, 04:48:00 PM
 #16

lol wow looks like I sold at the right time!

I heard there was another giveaway, where is it?
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July 04, 2013, 07:45:29 AM
 #17

1) Login to Bitstamp.net (create an account if you don't have one)

2) Go to Deposit

3) Click Ripple

4) Send the Bitcoin balance from Ripple client to the address shown in Bitstamp
*Note you can only send USD or Bitcoins to this ripple deposit address, if you try to send XRP or other currencies they will send it back*

5) Bitcoin balance will appear in Bitstamp

6) Go to Withdraw in Bitstamp and enter your bitcoin address

Done.

I'm having trouble with this step
"5) Bitcoin balance will appear in Bitstamp"

How long do I wait? Is this meant to be instant, or is it done manually by some ripple elf? I've been waiting a couple of hours and there's no indication of anything inbound in my bitstamp acount.
Uggh.. this is such an opaque system.

edit: ok - so I found some sort of inspection tool where I can look at the Bitstamp payment address:
https://ripple.com/graph/#rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B
great.. a hideous blob which brings me no closer to seeing my own transaction.

Also saw on that site - total ripples: 99,999,999,983.5767
gosh.. at approx 6000 XRP to 1 BTC - that's *only* about 16.6 Million BTC worth of centrally issued bits... 

@electricwings   BM-GtyD5exuDJ2kvEbr41XchkC8x9hPxdFd
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