4 BTC debt of TradeFortress (Ripple IOUs)

[arsenische]

I received 4 BTC IOUs issued by TradeFortress (rH3bZsvVUhzugvcYuJVoSYCEMHkfK6wHNv) recently.

I'm not sure if TradeFortress is going to repay it though. Probably not, because it was his "social experiment" to reveal the Ripple's disadvantages over bitcoin, and for some reason his topic got deleted.

What I'd like to do is to continue his experiment and to try to sell his debt via this auction.

If you win the auction, you will need to send real btc to address I assign to you, then grant trust to TradeFortress (rH3bZsvVUhzugvcYuJVoSYCEMHkfK6wHNv) and give me your Ripple address.

Minimum quantity: 1 TradeFortress BTC
Starting price: 0.01 BTC per 1 TradeFortress BTC
Minimum bid: 0.01 BTC

[arsenische]

And here is the countdown timer:

Timer removed. End time: 2013-05-18+00:00:00UTC

[Sukrim]

Has he stated anywhere that he even will honor this debt?
Have you received anything in return for these 4 IOUs? Generally anyone can issue arbitrary IOUs in ripple, as long as there is not even some intent by him to pay it back, you just got something equivalent to a piece of toilet paper that reads "this is worth 4 bitcoins from tradefortress".

Also why do you want to settle outside of ripple?

[arsenische]

Has he stated anywhere that he even will honor this debt?
Have you received anything in return for these 4 IOUs? Generally anyone can issue arbitrary IOUs in ripple, as long as there is not even some intent by him to pay it back, you just got something equivalent to a piece of toilet paper that reads "this is worth 4 bitcoins from tradefortress".

Also why do you want to settle outside of ripple?

Frankly speaking I don't remember the exact wording as his original post disappeared But he is a hero member, so probably he deserves some trust. IOU means "I owe you". It was issued by him, and probably he doesn't want to get a scammer tag. So theoretically there is a chance to get the money if you chase him. If you think this chance is higher than 1%, then you should participate in the auction

I want to settle it outside the Ripple to get some attention to my offer. And also I don't want to have simultaneous trust to him and to some other BTC issuer (I heard that Ripple can exchange IOUs of people you trust automatically, without your consent... not sure if it is true though).

[arsenische]

Oh, wow.. His giveaway topic is visible to me, here it is:

https://bitcointalk.org/index.php?topic=206948.0

To expose and bring awareness to the flaws in the Ripple payment system, I am giving away 1 BTC on Ripple.

This is a social experiment. Therefore, posts not consisting of an Ripple address to send 1 BTC to may be deleted.

How it works

1. Register for a bitcointalk.org forum account if you haven't
2. Complete the following steps in your light (not a full node) Ripple client:



So you can copy and paste the address we're sending your bitcoin from, it's rH3bZsvVUhzugvcYuJVoSYCEMHkfK6wHNv

3. Post your address here. I will send at least 1 BTC to your address.

That's it!

I suggest reading RippleScam.org afterwards. Please note that you must exchange your bitcoins with an liquidity provider (Ripple does this automatically, when paths are calculated) in order to withdraw them from a gateway.

[Akka]

And how do you plan to transfer this 4 BTC? Send me the 4 BTC via Ripple?

This will just mean that I have an IOU of 4 BTC from you. Now would you honour it?

That you can't actually get the 4 BTC was the point to show with this giveaway.

[arsenische]

And how do you plan to transfer this 4 BTC? Send me the 4 BTC via Ripple?

This will just mean that I have an IOU of 4 BTC from you. Now would you honour it?

That you can't actually get the 4 BTC was the point to show with this giveaway.

Yes, I would send 4 BTC to you. If I understand how it works correctly, then you don't need to trust me. You need to trust him.

[arsenische]

Yes, I would send 4 BTC to you. If I understand how it works correctly, then you don't need to trust me. You need to trust him.

I meant his BTC IOUs via Ripple of course.

[Sukrim]

As long as he doesn't set up a path to some node that actually will pay out e.g. BitStamp there is probably no way to get these IOUs and they are essentially worthless.

Generally in Ripple:
If you don't trust somebody, don't trust somebody. You can and will loose money that way.
Whoever put any trust at 100 BTC to TradeFortress in that thread is going to have a VERY bad time!

[arsenische]

Whoever put any trust at 100 BTC to TradeFortress in that thread is going to have a VERY bad time!

Do I understand it correctly, that it is risky to trust TradeFortress only if you have BTC IOUs from other issuers?

[Peter Lambert]

I guess I will start the bidding:

0.04 btc for 4 TradeFortressBTC on Ripple

[Sukrim]

Whoever put any trust at 100 BTC to TradeFortress in that thread is going to have a VERY bad time!

Do I understand it correctly, that it is risky to trust TradeFortress only if you have BTC IOUs from other issuers?

It is risky to trust anyone for BTC as soon as you trust TradeFortress. It is very likely that any other BTC IOU will be sucked from you as soon as possible if you keep a trust line to him - as you see people are already desperate enough to sell them for just 1% of what they are worth on paper (in reality they are probably worth 0).

[🏰 TradeFortress 🏰]

I guess I will start the bidding:

0.04 btc for 4 TradeFortressBTC on Ripple

I'll cover your 0.04, but this is a bad idea because the point is to show a BTC in ripple isn't a BTC

[Atruk]

0.05BTC for the 4 IOUs

[Peter Lambert]

I guess I will start the bidding:

0.04 btc for 4 TradeFortressBTC on Ripple

I'll cover your 0.04, but this is a bad idea because the point is to show a BTC in ripple isn't a BTC

0.0501 btc

I know it is not a real btc, that is why they are so cheap

[Atruk]

I guess I will start the bidding:

0.04 btc for 4 TradeFortressBTC on Ripple

I'll cover your 0.04, but this is a bad idea because the point is to show a BTC in ripple isn't a BTC

0.0501 btc

I know it is not a real btc, that is why they are so cheap

I know that too.

0.050101

[Peter Lambert]

0.0502

[superduh]

this is the first time that i'm witnessing people actually bidding up how much money they are going to lose.
i'm confused.

[Atruk]

0.0502

I fold.

[arsenische]

Oh, wow... Guys, thanks for bidding!

That's my first auction here, I am learning how it works. I saw in other topics that people usually bid <amount> @ <price> and topic starter posts the auction state, so here it is:

user	quantity @ BTC	remainder
Peter Lambert	4 @ 0.01255	0 remaining