Simply PM me, "I want to redeem an amount of DYM, will be coming from address r....., Please send the physical dimes to Bob Smith, 123 Maple Street, anytown USA." When I see the DYM come in, I'll ship them out right away at my expense. Think of DYM as a warehouse receipt for a physical dime. The supply of DYM decreases with a redemption.
I've had plenty of people send me physical dimes. I'll give you my physical address, and you ship at your cost, with instructions to "please credit ripple address r....." When I receive, I credit the DYM to that ripple address. The amount of DYM will increase by what what received.
Thanks. You may want to paste that in your initial post for the uninitiated like myself.
How are they created? I didn't do anything other than "send 1 DYM to r....." from my client to someone that gave me a dime. Its important to note that when sending DYM back to me, I only trust myself for DYM. If your cousin starts up a DYM, I can not honor them, would have to be redeemed by your cousin.
So I can come up with any 3 letter item? I could trust myself for GFT and that could become a new currency for gift cards?
Not sure how to enforce gift cards, what if someone sends you stolen gift cards, but not discovered until the gift card IOU was issued? There is no way to recall an IOU once in the ripple system.
I don't know the answer to that question. It just crossed my mind that gift cards might be something that could move easily through Ripple. There must be a way to verify balances since there are companies that buy and resell these cards as a business. In fact, one of these companies might be a good candidate for a Gateway.
