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Author Topic: It can bypass bank transfers on Bitstamp and LakeBTC?  (Read 3185 times)
Bejkn
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August 14, 2014, 08:38:48 AM
 #1

LakeBTC is an ripple gateway now, and Bitstamp has be a gateway for long time ago. (http://www.xrpga.org/gateways.html )

The coindesk article says "Lets Users Bypass Bank Transfers with Ripple" (http://www.coindesk.com/lakebtc-users-bypass-bank-transfers-ripple/ )

How is it done to bypass the bank?
If I deposits/withdrawals cash/bitcoin with ripple on Bitstamp/LakeBTC, is it really that I don't need to have any contact with any bank?

Does anyone tried it? how about it and how much the fee?
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Bejkn
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August 14, 2014, 08:41:16 AM
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In addition, is this legal?
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August 14, 2014, 05:01:25 PM
Last edit: August 14, 2014, 05:13:49 PM by theblacksquid
 #3

Ripple uses a Hawala-type system of  value transfers between users and market makers in the network. One takes the burden of counterparty risk by accepting an IOU from one user for a certain amount of money, and gives its cash equivalent to another user, and deducting that user's balance in that currency.

https://ripple.com/ripple-mm.pdf

The legality of it though, is something I don't have any idea about...

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August 14, 2014, 07:40:02 PM
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I've used it and it works. I don't remember there being any fee at all for Ripple deposits or withdrawals, although I can't be 100% sure now.
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August 15, 2014, 08:19:11 AM
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What is the fee to transfer between bitstamp and lakebtc?
profitofthegods
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August 15, 2014, 09:57:55 AM
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What is the fee to transfer between bitstamp and lakebtc?

Its all free - I just checked LakeBTC fees and I knew Bitstamp was free for Ripple withdrawals already because I use it all the time. Its not a single operation though, you withdraw from Bitstamp to Ripple and then Deposit to LakeBTC from Ripple rather than transfering directly from one site to the other.
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August 15, 2014, 10:33:22 PM
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Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin  Huh

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August 15, 2014, 10:52:32 PM
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Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin  Huh

Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free.

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August 16, 2014, 04:41:48 AM
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Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin  Huh

Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free.

You don't use localbitcoins? coinbase? Most of the time I trade on localbitcoins, only occasionally on Bitstamp

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August 16, 2014, 05:04:31 AM
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Never can. You always need to exchange your fiat money into some kind of digital token, the most simple way is directly buy bitcoin at exchanges. I don't understand why do you need to first exchange your dollar to XRP (involve a bank transfer anyway) and then use XRP to buy bitcoin  Huh

Transfers to the EU are expensive for Americans. In order to do a wire transfer to Bitstamp I would have to spend about $45 or so. If I could transfer to a local institution via ACH I could do it for free.

You don't use localbitcoins? coinbase? Most of the time I trade on localbitcoins, only occasionally on Bitstamp

There are reported case of cash deposit being able to reverse. How do you deal with scammer on localbitcoin?

Nrcewker
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September 12, 2014, 06:52:18 AM
 #11

What is the fee to transfer between bitstamp and lakebtc?

deposit on lakebtc via ripple is free, withdraw is 1-5%.

deposit/withdraw on bitstamp via ripple is 0.2% plus your trading fee accord to the fee schedule.

you can see: https://bitcointalk.org/index.php?topic=695082.0

 
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BTCjust
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September 12, 2014, 10:18:08 AM
 #12

Sure, if you deposit via Ripple, do not need any banks.
Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin.
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September 16, 2014, 08:39:27 AM
 #13

Sure, if you deposit via Ripple, do not need any banks.
Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin.

ripple deposit/withdraw on bitstamp is not cheap

 
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Jamacn
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October 17, 2014, 01:53:10 AM
 #14

What is the fee to transfer between bitstamp and lakebtc?

Its all free - I just checked LakeBTC fees and I knew Bitstamp was free for Ripple withdrawals already because I use it all the time. Its not a single operation though, you withdraw from Bitstamp to Ripple and then Deposit to LakeBTC from Ripple rather than transfering directly from one site to the other.
Is bitstamp withdrawal free via ripple?
It seem to 0.2% + your fee schedule, the same as deposit.
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October 17, 2014, 06:51:44 AM
 #15

Sure, if you deposit via Ripple, do not need any banks.
Ripple is not the third-party payment like WU, UC, but a network payment like bitcoin.

ripple deposit/withdraw on bitstamp is not cheap

I love using ripple. Sturdy as it is, Bitcoin is still my #1 coin.
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