Ripple competition

[NUFCrichard]

All the alts are flying at the moment though.  I like crypto but can't get my head around ripple.

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[voyagr]

And what should I do to be able to deposit my 44,000 XRP at Bitstamp ?

That doesn't make any sense. Bitstamp doesn't take or hold XRP deposits. Why would they? What are you trying to do?

I want to buy some XBT with my XRP.

Something I don't understand with Ripple:

When I log in my Ripple wallet I have 44,000 XRP. But when I try to make a deposit with Ripple at Bitstamp or Justcoin my balance show only 1,000 XRP and I can only deposit this 1,000 XRP. Why ?

I'm not sure I understood your question but could it be the trust line?

It could very well be that because I have no idea what is the trust line. What it is ?

And what should I do to be able to deposit my 44,000 XRP at Bitstamp ?

XRP doesn't require any trust lines.  That's one of the things that makes it special within the network.  Bitstamp doesn't allow XRP deposits and honestly why would you?  Storing your XRP in your Ripple wallet is how you store it, without counter-party risk.  If you want to sell or buy XRP, you simply need go to the trade section of the client and change your issuer to Bitstamp or whomever you choose, for the specific currency pairs you're interested in.  That will give you access to their orderbook.

Thanks but how do I change the issuer to Bitstamp?
When I try to write "Bitstamp" it's written "not a valid adress or contact"

You need to fill in Bitstamp's Ripple address which is rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B

[voyagr]

All the alts are flying at the moment though.  I like crypto but can't get my head around ripple.

You're right, it's getting very difficult to differ the real valuables from the noise. While there is a tsunami going on, you won't think but run for your life. It's only thereafter, when the water retraces, the dirt and the ravage will be visible

You should give ripple a try before...     

[Sukrim]

Again a lot of people here seem to confuse "Ripple" (the distributed exchange) with "Ripples" (XRP, the native asset on Ripple).

When you "invest" in the latter, be aware that there are many times more than there are currently available to the public still waiting to be distributed, often for free or only minimal amount of work. This is very different to a lot of alternative currencies that are being distributed via PoW or PoS.

[BldSwtTrs]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

[zimmah]

Ripple is centralized, which will allow the government to control it. In that, Ripple has a good argument why it may be received more warmly by authorities. But it removes most of the advantages that Bitcoin offers over traditional currency.

ok, so ripple is crap, good to know.

[Coinseeker]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

[GriTBitS]

boy o boy, who is ready to dump ripple for some good old JPscamCoin?

[raid_n]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

This is why I believe Ripple has the potential to hugely backfire. Imagine if multiple trusted gateways go byzantine and behave badly, possibly in a network partition situation. Fast transactions means the potential for large divergence if things do screw up.

[BldSwtTrs]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

Thanks.

And does the XRP in my Ripple wallet are also subject to counter-party risk or does this risk only exist with other currencies?

[Coinseeker]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

Thanks.

And does the XRP in my Ripple wallet are also subject to counter-party risk or does this risk only exist with other currencies?

XRP is the only currency, within the Ripple Network, with no counter-party risk. 

[Coinseeker]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

This is why I believe Ripple has the potential to hugely backfire. Imagine if multiple trusted gateways go byzantine and behave badly, possibly in a network partition situation. Fast transactions means the potential for large divergence if things do screw up.

It's no different than with Bitcoin or any alt, and their respective exchanges.  Same risks.  Bitstamp, which is obviously a BTC exchange, is also the largest Ripple gateway.  Anytime you deal with an exchange, gateway or even a bank, you take risks.  The only way to be certain, is to never remove your assets from your personal wallets. 

[BldSwtTrs]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

Thanks.

And does the XRP in my Ripple wallet are also subject to counter-party risk or does this risk only exist with other currencies?

XRP is the only currency, within the Ripple Network, with no counter-party risk. 

OK.

And is it possible to deposit fiat inside my Ripple wallet with my bank account?

[Coinseeker]

And is it possible to deposit fiat inside my Ripple wallet with my bank account?

You have to deposit with your gateway (issuer), so it depends on what deposit options they offer.  Three I know of are:

Bitstamp (Recommended)
SnapSwap
PeerCover

What I do, is use Coinbase to buy BTC -> Bitstamp -> Ripple.  Reverse to get back out into fiat.

[raid_n]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

This is why I believe Ripple has the potential to hugely backfire. Imagine if multiple trusted gateways go byzantine and behave badly, possibly in a network partition situation. Fast transactions means the potential for large divergence if things do screw up.

It's no different than with Bitcoin or any alt, and their respective exchanges.  Same risks.  Bitstamp, which is obviously a BTC exchange, is also the largest Ripple gateway.  Anytime you deal with an exchange, gateway or even a bank, you take risks.  The only way to be certain, is to never remove your assets from your personal wallets. 

I think I'm taking this a bit off topic but what exactly is then the point of having a "de-centralized" exchange ? Either Ripple scales well for arbitrary trusted gateways in which case it does add a valid service or all you are doing is running additional ripple software on existing exchanges at the benefit of those who hold XRP.
If you rely only on a hand full of gateways ripple adds virtually no advantage, on the contrary you now have to trust both the gateways and the software itself to work as expected

[CoinGeneral]

http://ripplescam.org/

'Nuff Said

[zachcope]

So I have traded XRP to BTC and now I have 1 BTC on my Ripple wallet. It is a BTC.IOU or a real BTC? Is there any third party risk with keeping that BTC in my Ripple wallet?

Yes, there is absolutely counter-party risk.  You are trusting your gateway (issuer) to hold your BTC.  They issue you an IOU of that asset to utilize within the Ripple Network.  To remove counter-party risk, withdrawal your BTC back to your own BTC wallet.

This is why I believe Ripple has the potential to hugely backfire. Imagine if multiple trusted gateways go byzantine and behave badly, possibly in a network partition situation. Fast transactions means the potential for large divergence if things do screw up.

Agreed.
The system incentivises lying and hiding bad debt until eventually multiple gateways blow up, just like the current financial crisis.

[Coinseeker]

I think I'm taking this a bit off topic but what exactly is then the point of having a "de-centralized" exchange ? Either Ripple scales well for arbitrary trusted gateways in which case it does add a valid service or all you are doing is running additional ripple software on existing exchanges at the benefit of those who hold XRP.
If you rely only on a hand full of gateways ripple adds virtually no advantage, on the contrary you now have to trust both the gateways and the software itself to work as expected

Hundreds if not thousands of gateways, to my understanding, is the goal.  

One of the advantages of the distributed exchange, is to allow payments from any currency, to any currency.  The network will find the best path by utilizing this distributed exchange.  
Gateways are also advantageous over exchanges, because their Ripple transactions are all listed in the public ledger.  So at anytime, you can see how many IOU's are outstanding and how much cash reserves the gateway should have.  Good luck getting that from an exchange or bank.  

XRP is advantageous because it can be stored with no counter-party risk and can move through the network, without trust lines.  It can also move into or out of any currency on the network and is known as a bridge currency.  

Let's say you're going to send me payment, which I require in EUR but you want to spend BTC.  It's tough to convert BTC - > EUR and then send it to me, without Ripple.  Takes a long time and it's expensive.  With Ripple you can for instance:

You -> BTC -> XRP -> EUR -> Me

That would be one possible path through the distributed exchange.  And it all happens in seconds, for a fraction of a penny. 

If you're a person, who in the future only plans to deal in Bitcoin transactions, Ripple is of no use to you.  If you're a person that plans to deal in multiple fiat and crypto-currencies, Ripple is an amazing payment network.  

More info here:  http://en.wikipedia.org/wiki/Ripple_(monetary_system)

[BldSwtTrs]

What are the incentives for an exchange or a bank to become a gateway ?

[Coinseeker]

What are the incentives for an exchange or a bank to become a gateway ?

Well, there is no one answer to that.  One of mine, is a gateways ability to capture spreads, making markets for various currencies.  So there are tremendous monetary benefits.
The potential advantage to consumers is even more tremendous, as "Powered by Ripple", should drastically reduce remittence costs and reduce wait times.