Topic: Mini guide to fair market BTC/XRP trading and redemption (Read 9677 times)
thanks OP. finally got some btc in ripple.
I did it. Wow it was complicated. What problem is it supposed to be solving again?
First you buy Bitstamp BTC IOUs, then inside your bitstamp you: deposit -> ripple
It doesn't look to be possible to buy XRP with btc through ripple , as ripple cannot be funded with btc.
Could be missing something or the point of ripple entirely.
Could be missing something or the point of ripple entirely.
Yep, you missed it. Open a Bitstamp account, fund it with Bitcoins then "Withdraw" the BTC to your Ripple account and use the Bitstamp BTC IOUs to bid on XRPs in the order book.
Okay but how do you do the reverse? IE: fund with Ripples and withdraw to BTC?
I have add bitstamp.net,but I can't place an order.And how do I active bitcoin wallet in ripple?
Thanks for this it works for me.
If you check https://www.bitstamp.net/account/withdraw/ripple/ before doing a deposit or withdraw, it'll tell you the ripple status - if it's down, don't send, if it's up you'll have low latency
I have observed a few day-long delays when redeeming, eventually everything does get reconciled tho.
Steps to redeem those bitstamp.net BTC IOUs back into the comfy cozy comfort of your offline brain wallet:
1. Log into bitstamp and hit deposit -> ripple -> send using ripple web client
2. Enter amount of BTC IOUs to move into bitstamp.net account from your ripple account (they are still IOUs at this point !)
3. Transfer from bitstamp.net's account back into the comfy cozy safety of your offline brain wallet.
Whole thing takes seconds (except for the confirmation when transferring BTCs out of Bitstamp's account)
Having completed the steps above, you will do some practical hands-on training in how to use Ripple's built-in distributed multi-asset order book trading.
Enjoy.
WARNING Either Ripple or bitstamp or both are having some bugs. Sometimes, the transfer does not happen. Only try with smaller amount of BTC in step 2. I made the mistake of trying with 1 BTC. If you follow the above instructions, you will probably lose your BTC and the XRP. The BTC never turned up on my Bitstamp.net account.
I've contacted support but till then fingers crossed.
It seems retarded that you need an account just to see an order book.
It doesn't look to be possible to buy XRP with btc through ripple , as ripple cannot be funded with btc.
Could be missing something or the point of ripple entirely.
Could be missing something or the point of ripple entirely.
Yep, you missed it. Open a Bitstamp account, fund it with Bitcoins then "Withdraw" the BTC to your Ripple account and use the Bitstamp BTC IOUs to bid on XRPs in the order book.
Forgive me in advance - this thread is describing how to sell XRP now in order to achieve there "best price" as they will eventually be worth less.
It doesn't look to be possible to buy XRP with btc through ripple , as ripple cannot be funded with btc.
Could be missing something or the point of ripple entirely.
It doesn't look to be possible to buy XRP with btc through ripple , as ripple cannot be funded with btc.
Could be missing something or the point of ripple entirely.
ok, I think i figured it out... I guess its pretty standard exchange listings, but it took me a while to wrap my head around it ;p
I found the asks, but what does each column signify?
do you know of any charts of historical rates?
thanks
do you know of any charts of historical rates?
thanks
No charts or rates yet, read column headings for explanations.
I found the asks, but what does each column signify?
do you know of any charts of historical rates?
thanks
do you know of any charts of historical rates?
thanks
hey, thanks for the infoes. How the heck do I read the order book? can't quite figure it out...
It's currently misaligned, you have to scroll way way down to see the ASKs, the fix is in soon perhaps even today
hey, thanks for the infoes. How the heck do I read the order book? can't quite figure it out...
The btc fee to send to Bitstamp was very high 0.0062
6 times higher fees, why?
Quote
per Blockchain.info:
Generous - Fees will be set to ensure transactions are high priority (0.001 BTC Base Fee).
Generous - Fees will be set to ensure transactions are high priority (0.001 BTC Base Fee).
6 times higher fees, why?
Thank you for helping 
Can't seem to get anything to come up (either bid or ask) for bitstamp's order book, worked fine yesterday for me. Anyone else have this issue?
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