Bitcoin bridge - Ripple

[Funky Al]

I know there's a lot of negativity around Ripple on here but this announcement surely strengthens Bitcoin?

https://ripple.com/blog/bitcoin-bridge-lets-ripple-users-make-payments-to-bitcoin-accounts/

[MJGrae]

I know there's a lot of negativity around Ripple on here but this announcement surely strengthens Bitcoin?

https://ripple.com/blog/bitcoin-bridge-lets-ripple-users-make-payments-to-bitcoin-accounts/

This is hands down the number one thing that I wanted Ripple to implement ASAP. Though I'm worried that signing transactions and whatnot isn't really possible if sending from a Ripple address.

[Funky Al]

What do you mean by this? The merchant won't know where the payment comes from?

[cdog]

Ripple is entirely superfluous. Why would I need a Ripple account to send BTC when I can send BTC using Bitcoin QT, or Coinbase?

Ripple is against everything that Satoshi Nakamoto envisioned with Bitcoin. Its simply an attempt to cash in on Bitcoin's popularity, and WILL FAIL.

[MJGrae]

Ripple is entirely superfluous. Why would I need a Ripple account to send BTC when I can send BTC using Bitcoin QT, or Coinbase?

Ripple is against everything that Satoshi Nakamoto envisioned with Bitcoin. Its simply an attempt to cash in on Bitcoin's popularity, and WILL FAIL.

Ripple is absolutely not against everything Satoshi Nakamoto envisioned. You definitely need to open your eyes and think a little harder. Ripples adds an excruciating amount of utility to bitcoin and electronic transactions as a whole. It is easier for me to load my Ripple account with USD than it ever has been to get USD into an exchange to buy bitcoins. But with Ripple, I can instantaneously change my USD into BTC, EUR, CNY, and almost any other currency all from one single interface, and I can also trade all of those vehicles against one another. Now I can send BTC directly from my Ripple wallet and not have to cash it out to an exchange and then wire it out to another wallet? I'm game.

What do you mean by this? The merchant won't know where the payment comes from?

Yes, I'm curious if the sending address that the merchant would see is the gateway's address or what. If it is the gateway address, then individuals would not be able to sign a message to prove that the transaction came from them.

[Stephen Gornick]

From another thread:

Many people are sitting on XRP funds they received for free, without realizing that these funds can today be used to buy bitcoins.

[...] now with Ripple's "Bitcoin Bridge" it is even simpler to cash out your XRPs into bitcoin!
 - http://gigaom.com/2013/07/02/ripple-allows-payments-to-any-bitcoin-address-straight-from-its-client

[Funky Al]

It is easier for me to load my Ripple account with USD than it ever has been to get USD into an exchange to buy bitcoins.

Is this possible yet? I can't see anywhere you can actully buy XRP yet.

From another thread:

Many people are sitting on XRP funds they received for free, without realizing that these funds can today be used to buy bitcoins.

[...] now with Ripple's "Bitcoin Bridge" it is even simpler to cash out your XRPs into bitcoin!
 - http://gigaom.com/2013/07/02/ripple-allows-payments-to-any-bitcoin-address-straight-from-its-client

just tried this,I can get 0.17 for the 1050 xrp I have - I'll hold on the them for now

I can see both sides of the arguement over Ripple and I still haven't made me mind up. I don't like that it's central but developments like this can only help Bitcoin long term. I'd like to see a good argument on why this is a bad thing...any takers?

[MJGrae]

It is easier for me to load my Ripple account with USD than it ever has been to get USD into an exchange to buy bitcoins.

Is this possible yet? I can't see anywhere you can actully buy XRP yet.

From another thread:

Many people are sitting on XRP funds they received for free, without realizing that these funds can today be used to buy bitcoins.

[...] now with Ripple's "Bitcoin Bridge" it is even simpler to cash out your XRPs into bitcoin!
 - http://gigaom.com/2013/07/02/ripple-allows-payments-to-any-bitcoin-address-straight-from-its-client

just tried this,I can get 0.17 for the 1050 xrp I have - I'll hold on the them for now

I can see both sides of the arguement over Ripple and I still haven't made me mind up. I don't like that it's central but developments like this can only help Bitcoin long term. I'd like to see a good argument on why this is a bad thing...any takers?

You can now link a U.S. bank account to SnapSwap.us and use that to directly transfer funds into your Ripple wallet. In fact, OpenCoin themselves is giving 1k XRP to anyone who verifies their bank account on SnapSwap.

I personally did this and put 200 USD into my wallet to test it out. Took 2-3 days but didn't have to deal with excess wire fees or anything like that. I think I paid something like $2.80 to SnapSwap for the transaction which is significantly lower than any other option I've dealt with for getting funds to a BTC exchange.

[cdog]

Ripple is entirely superfluous. Why would I need a Ripple account to send BTC when I can send BTC using Bitcoin QT, or Coinbase?

Ripple is against everything that Satoshi Nakamoto envisioned with Bitcoin. Its simply an attempt to cash in on Bitcoin's popularity, and WILL FAIL.

Ripple is absolutely not against everything Satoshi Nakamoto envisioned. You definitely need to open your eyes and think a little harder. Ripples adds an excruciating amount of utility to bitcoin and electronic transactions as a whole.

I dont need Ripple to exchange for USD or LTC. Thats what BTC-e is for. And I trust BTC-e a lot more than Opencoin, at least fontas is open about being purely profit driven.

[TheSwede75]

Ripple island will always be a useless scam that adds nothing to the crypto coin community.

[webr3]

Ripple island will always be a useless scam that adds nothing to the crypto coin community.

complete nonsense, with ripple I can move BTC to a gateway/exchange, swap it for USD, move the USD to a different gateway and buy back BTC then convert to CNY, convert the CNY to USD and buy back BTC on the first gateway again in a minute or two, you couldn't even move a bitcoin to an exchange in that time.

[MJGrae]

Ripple island will always be a useless scam that adds nothing to the crypto coin community.

complete nonsense, with ripple I can move BTC to a gateway/exchange, swap it for USD, move the USD to a different gateway and buy back BTC then convert to CNY, convert the CNY to USD and buy back BTC on the first gateway again in a minute or two, you couldn't even move a bitcoin to an exchange in that time.

+1

Also, do I smell an arbitrageur? lol.

[pheaonix]

Ripple is entirely superfluous. Why would I need a Ripple account to send BTC when I can send BTC using Bitcoin QT, or Coinbase?

Ripple is against everything that Satoshi Nakamoto envisioned with Bitcoin. Its simply an attempt to cash in on Bitcoin's popularity, and WILL FAIL.

Ripple is absolutely not against everything Satoshi Nakamoto envisioned. You definitely need to open your eyes and think a little harder. Ripples adds an excruciating amount of utility to bitcoin and electronic transactions as a whole. It is easier for me to load my Ripple account with USD than it ever has been to get USD into an exchange to buy bitcoins. But with Ripple, I can instantaneously change my USD into BTC, EUR, CNY, and almost any other currency all from one single interface, and I can also trade all of those vehicles against one another. Now I can send BTC directly from my Ripple wallet and not have to cash it out to an exchange and then wire it out to another wallet? I'm game.

What do you mean by this? The merchant won't know where the payment comes from?

Yes, I'm curious if the sending address that the merchant would see is the gateway's address or what. If it is the gateway address, then individuals would not be able to sign a message to prove that the transaction came from them.

http://www.ripplescam.org

you can trade ripple for IOUs that are only as good as the people backing them. not to mention if you have legit ious and fake ious, someone else can cash out your legit ious.

[//v]

You can now link a U.S. bank account to SnapSwap.us and use that to directly transfer funds into your Ripple wallet. In fact, OpenCoin themselves is giving 1k XRP to anyone who verifies their bank account on SnapSwap.

I personally did this and put 200 USD into my wallet to test it out. Took 2-3 days but didn't have to deal with excess wire fees or anything like that. I think I paid something like $2.80 to SnapSwap for the transaction which is significantly lower than any other option I've dealt with for getting funds to a BTC exchange.

I did this as well, but now I'm stuck. I can't figure out how to convert those USD to another currency (or XRP). How do you convert from one currency to another within the ripple wallet?

[jago25_98]

In reading this thread we've seen a few people who don't know what Ripple is, nor how it is different.

With Ripple you are trusting other people to pay you back. That is "Promise to pay the bearer" as printed on GBP notes and specifically advised against as a bad idea in the bible. It's an IOU but unlike a Hawala notebook it's digital. Howeverm here's the interesting bit: you can infer trust to someone you don't know via someone else. Thus, if there's someone on the forum yoiu don't know you might be able to get trust via that someone else.

This is good when people are paying their debts but if it goes wrong the debt default Ripple goes through the entire system.

The other good thing is that Ripple facilitates setting up an exchange through the gateways. However, it's not as easy for the average user IMHO.

Finally, the whole thing is glued together with XRP and that is dodgy.

Scam or not, you must at least be aware of all this stuff!

[prophetx]

In reading this thread we've seen a few people who don't know what Ripple is, nor how it is different.

With Ripple you are trusting other people to pay you back. That is "Promise to pay the bearer" as printed on GBP notes and specifically advised against as a bad idea in the bible. It's an IOU but unlike a Hawala notebook it's digital. Howeverm here's the interesting bit: you can infer trust to someone you don't know via someone else. Thus, if there's someone on the forum yoiu don't know you might be able to get trust via that someone else.

This is good when people are paying their debts but if it goes wrong the debt default Ripple goes through the entire system.

The other good thing is that Ripple facilitates setting up an exchange through the gateways. However, it's not as easy for the average user IMHO.

Finally, the whole thing is glued together with XRP and that is dodgy.

Scam or not, you must at least be aware of all this stuff!

wait you are referencing a book written a few thousand years before modern financial systems were developed for giving financial advice?

come on....

[jago25_98]

The point I'm trying to make is that debt has been ill advised for a very long time.

 Yes, it has the advantage of making new connections in the financial system but it also allows for ebbs and flows and massive crashes due to the extra linking. Movements like this are natural for any network. When you take out a loan you allow the lender more than interest - but also an extra facet of control that is not at all obvious.

 Unlike Bitcoin, Ripple is based on this same broken system.

 I don't write off advise from a source because that source is unfashionable. All the major religions have something to say about debt. If you want to write off religion as a source for what people thought in the past then there isn't much left in history.

 Science is like a disrespectful brat right now to it's parents which are religion and philosophy. The attitude is slowly maturing.

In reading this thread we've seen a few people who don't know what Ripple is, nor how it is different.

With Ripple you are trusting other people to pay you back. That is "Promise to pay the bearer" as printed on GBP notes and specifically advised against as a bad idea in the bible. It's an IOU but unlike a Hawala notebook it's digital. Howeverm here's the interesting bit: you can infer trust to someone you don't know via someone else. Thus, if there's someone on the forum yoiu don't know you might be able to get trust via that someone else.

This is good when people are paying their debts but if it goes wrong the debt default Ripple goes through the entire system.

The other good thing is that Ripple facilitates setting up an exchange through the gateways. However, it's not as easy for the average user IMHO.

Finally, the whole thing is glued together with XRP and that is dodgy.

Scam or not, you must at least be aware of all this stuff!

wait you are referencing a book written a few thousand years before modern financial systems were developed for giving financial advice?

come on....