Introducing Ripple Currency: DYM

[Stephen Gornick]

Had to be done, right?

More paths to getting into and out of the currency of your choice is better for everyone. Maybe it will get used, maybe it will work better some other way.

BillPin app has now recognized Beer as a currency, ...
 - http://blog.billpin.com/2013/07/beer-now-a-legitimate-currency

As a result, after considering what TTBit did using silver dimes I feel it is now time for me to replicate that by issuing MGD (beer) vouchers through Ripple.

In an effort to test ripple, trust, and alternative currencies, the DYM is born!

1 DYM is equivalent to 1 pre-1965 silver US dime (worth ~$2 at this time). Using ripple, you can trade it as if it were a real silver dime!

I, TTBit (rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E) will provide 2 services for DYM.
1) Issue 1 DYM for every silver dime sent to me (you pay shipping)
2) Send 1 silver dime for every DYM sent to me (free US Shipping!!)

1 MGD voucher is equivalent to 1 bottle of Miller Genuine Draft (MGD) (worth $0.25 at this time).  Using ripple you can trade it as if it were a real beer!

I will issue 1 MGD voucher for every bottle sent to me (you pay shipping).

Would there be any interest in this (other than interest from me as "issuer"?   )  

[Edit: This was intended as a joke, but now that I think seriously about it ...  if I provided beer redemption through Billpin, this would work, wouldn't it?]

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[buryfarmer]

I really wish TTBit offered silver maples instead of silver dimes. :-(

[jago25_98]

I had 1DYM in my wallet... now it's gone?

Can't see any trace of it moving in the transaction history...

[TTBit]

I had 1DYM in my wallet... now it's gone?

Can't see any trace of it moving in the transaction history...

find it? this is a ripple question, I don't have any control over the IOUs after issuing.

[joesmoe2012]

All mines are still safelu in my wallet.

[JoelKatz]

I had 1DYM in my wallet... now it's gone?

Can't see any trace of it moving in the transaction history...

If you want to PM me your Ripple address, I'd be happy to investigate for you and either post the results publicly or privately. Obviously, that's not supposed to be possible.

[jago25_98]

Thanks. Will send you a PM.

Don't panic people. TTBit gave me the DYM very generously to help with testing. I just thought it was cashed in, which is fine with me of course.

Perhaps I've sent it to someone for testing and forgotten about it... but I would expect that to be visible.
This is a good test of things.

I had 1DYM in my wallet... now it's gone?

Can't see any trace of it moving in the transaction history...

If you want to PM me your Ripple address, I'd be happy to investigate for you and either post the results publicly or privately. Obviously, that's not supposed to be possible.

[joesmoe2012]

Happy to send you 1 free DYM to replace the missing one if it doesn't turn up, in thanks towards TTBit's Efforts.

[nameface]

Maybe you made a transaction in a different currency than DYM, and because of your trust line settings and the rippling effect a conversion of your DYM was the cheapest payment path? But, I think you would've had to have elected to perform a transaction this way?

[JoelKatz]

Maybe you made a transaction in a different currency than DYM, and because of your trust line settings and the rippling effect a conversion of your DYM was the cheapest payment path? But, I think you would've had to have elected to perform a transaction this way?

He would have had to elect to pay with his DYM, and it would have had to perfectly consume exactly the 1 DYM he had, which seems unlikely unless he paid exactly 1 DYM to someone.

[jago25_98]

Happy to send you 1 free DYM to replace the missing one if it doesn't turn up, in thanks towards TTBit's Efforts.

Thanks buddy but no need, you hang on to that for the moment :-)

TTBit, can you see a transaction to me of any kind? Any PM's between us, anything in threads. Any record of it in your wallet.

I'm very sure I had one DYM at some point. I'm also pretty sure I haven't sent it anywhere but not 100% on that. Certainly I can't remember sending it anywhere.

What I do have though is a lot of trust lines setup. I was trying to do as much as I can with Ripple as a test and also practicing with it.

Joel has been on the case. So far he's found no transaction, only the trust line from me.

Everybody else don't worry so much yet. We haven't found any problems so far and my memory is all er have to go on so far.

Has there been any bugs like this before? As I say I do have a lot of trustlines setup.

[JoelKatz]

Has there been any bugs like this before? As I say I do have a lot of trustlines setup.

Nobody has reported having funds and then not having them where we couldn't find them having the funds in the first place. I hope he's just remembering incorrectly and the DYM was never sent or was sent to some other account. It should be impossible for funds to disappear, but even more impossible for history to show funds never having appeared in the first place.

[jago25_98]

 Having searched around I can see that I have had LTC and TBL stored with TTBit but still no trace of DYM.

 I suppose I just have to chalk up to a false memory getting mixed up in the LTC and TBL testing.

 The strange thing is that I could swear blind that I had 1DYM in my balances. I remember so clearly that it was there. It makes sense because my goal at the time was to get a minimal balance on every currency available and to setup as many trustlines as possible at minimal balance for testing. So if I didn't have 1DYM then I wouldn't have had the full set which seems like an easier thing to remember.

 Anyway,
this isn't enough to go on so let's forget about this for the mo.

 What can I say. Funny thing memories. Apologies all round I guess.

[jago25_98]

OK. It looks a lot like a DYM was sent:

Quote from: jago25_98 on Today at 12:23:11 AM
Yes. Basically I too remember receiving a DYM for testing but it's not in my records. I remember because i was so flattered :-)

( https://bitcointalk.org/index.php?topic=149533.msg2970274#msg2970274 )

JoelKatz from Ripple has a look and only found trustlines.

But I was sure you sent me a DYM, no?

I still think it's possible this is either a bug or some way funds have moved in an unexpected way.

What exactly did we say in this conversation? Was it a PM or thread? I can only see mention of the hushmail

We can find no record of me ever having a single DYM.

On april 15th, I sent this message:
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Had a long reply going in the thread, but my power went out and it became a small reply when power came back.

Why don't you PM me your ripple address, and I can send you 1 DYM to play with, or a few USD from bitstamp. I'd like to get as many eyes on DYM and ripple as possible.
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You replied:
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Great, thanks!

r82ovvXckDPTbJ7adQxqQ38dQ7MWXXW3F

any tips on how I can use this new trust line to discover trust with someone new? That's the unique application I'm interested in. I think that's the thing that draws me to Ripple even though I don't like the lack of source and centralisation. I figure that you accounts cannot be affected by any change in the rate of XRP - just the price of bringing funds out right?

Connecting to me might give you some more trust lines I think? I've been extending some trust to people. I've been able to extend to many but not in any large amount.

I checked my credit rating (can't remember the ripple credit rating site) and it said I missed a payment - wtf!?

Anyways, thanks :-)
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And I would have GUESSED I sent a DYM, but I have no record of that in the PMs we sent or in my ripple account. I would have used ripple address rhR5j5LXsujSuwG2bcn1P39utdTA79ceaW, as I wouldn't have sent a DYM from the issuer address without a specie payment.

But you would have had to of trusted "rGwUWgN5BEg3QGNY3RX2HfYowjUTZdid3E" for DYM in order to receive a DYM. So it could be I tried to send it, a trust line didn't exist, and I just forgot about it. Or I completely forgot about it. With me offering to send a DYM, I don't think I would be a jerk and purposely not send one, we're talking $2 or so.

But I do remember sending DYM to someone to play around with, thought it was you. It would have had to been someone interested in DYM. I'll search through some more PMs.

[Stephen Gornick]

I was at an event in which silver was one of the forms of money accepted.  I had some silver dimes with me and used them to pay for dinner and later drinks.  That as the first time I had ever used junk silver in trade (rather than simply buying or selling a precious metal for investment purposes).

What was interesting was that even these little silver dimes were not of fine enough granularity.   

For instance, in paying for a beer.   One silver dime was too little.  Two silver dimes was a little high.

If the merchant accepted DYM (a silver dime-backed voucher issued through Ripple), I could have paid with the precise amount (e.g. 1.6419 DYM).   

I think that Ripple (and DYM) is something with great potential.

[prophetx]

this is a very cool idea.

can you explain how the implementation is done? are DYM's only traded within the ripple network or can one take them offline?  did you need to implement the gateway for this?

tia

[Sukrim]

"Gateway" only means that you are offering to issue and redeem tokens ("IOUs") on Ripple - this can be done manually or automated/scripted.

Ripple transactions can be blinded, just like Bitcoins too, so they could be kinda taken offline and redeemed later. It is much easier and more convenient to leave them inside Ripple.

[prophetx]

"Gateway" only means that you are offering to issue and redeem tokens ("IOUs") on Ripple - this can be done manually or automated/scripted.

Ripple transactions can be blinded, just like Bitcoins too, so they could be kinda taken offline and redeemed later. It is much easier and more convenient to leave them inside Ripple.

Can you point me to an online reference to how this is done, manually or otherwise?  

I am putting together research on the various technology sets that would enable p2p asset trading, and would like this info (or as much as exists) for ripple, already have it for Mastercoin and Colored Coins.

[Sukrim]

You should look at the gateway related pages/sites in the official wiki as a starter.

It can be done manually of course, otherwise you'd need to use the API that rippled exposes. The official client also does nothing more than to ask for publicly known data over a websocket connection and send locally signed transactions back, if necessary. A gateway would act similarly.

Transaction blinding is done in the current github giveaway, you can check the source code in Javascript from their page.

[mccoyspace]

If people are wondering how to issue new custom currencies in the ripple web client, it is really easy, almost counter-intuitively so.

Say there is an issuer and a receiver. The issuer announces a ripple address and a 3-letter currency name. (This doesn't even have to take place for the next steps to work).
In the Ripple web client the receiver goes to Advanced->Trust and clicks the +
The receiver then adds the issuer's Ripple address, the amount of currency to trust, and the 3 letter currency name.
(note: it will say USD by default, with a pulldown showing other currencies. Just click in the USD field. delete those letters and type in the name of the new currency -- that's it)
Then click grant trust. Now you are ready to accept the issuers IOUs denominated in the new currency.

If the issuer has the receiver's ripple address, the issuer can now send currency denominated in that new currency. Here's how.
Click send, type the receiver's ripple address in, change the currency from XRP to the 3 letter currency name you chose, type in how many units to send, and click send. That's it.
Your account page will show a negative balance of that currency type, but there is no problem in running that deficit. It's an IOU.
Also, your transaction history will show the receiver's ripple address as granting you trust for the new currency unit.
And just like that you have issued your own promissory currency unit.
Both parties do have to have XRPs to do these transactions and trust assignments.

I have used the DYM in several ways: mailing one down to TTBit and getting credited, trading in and out of it through the web client. It all worked great.
A really cool implementation.