Topic: ripple: let's test it! - page 13. (Read 43943 times)

hi ripple testers:

I want to try this and i created a ripple account...

someone already made a circle to test if your own IOUs can pay for their value?


this is my address: r9JJ28tGZ9p83Ngqu4tWTCWYUSxU6FeRQC

Glad to hear it.  I'm pulling for you all -- if Ripple succeeds, it should make moving money from fiat into cryptocurrencies vastly more simple.  I'm looking forward to see how this develops.

Thanks. Expect to see much more from us in this area. We haven't specifically tried to approach anyone but the Bitcoin community yet but we will.

It took me a few days of almost full-time thinking about Ripple to really understand the implications, and another few days to really appreciate OpenCoin's implementation.  They've pulled together all the best ideas in cryptocurrency (original ripple, opencoin, etc.) and synthesized them into the new Ripple.  The only way to fully appreciate the beauty of ripple.com is to open an account, clicking on the advanced tab, and also read TTBit's thread about his DYM currency in Ripple. I haven't been this excited about anything since I first learned about Bitcoin back in late 2010.  Except this time, I'm going to hang on to more than just a few coins.

The mistake a lot of people are making is assuming Ripple XRP is just another electronic currency like btc, when it's more like a credit to use their system combined with a stock (and notice how careful the principals are to avoid predicting any future performance).  Ripple is a vastly different project than some pre-mined block chain knockoff.  That's not to say that XRP won't gain massive value.  In fact, all the same forward-thinking people who racked up Bitcoins in the beginning are going to do the same with Ripple.

Aside from the brilliant ideas in Ripple, I think the team has the technical chops to pull this off.  The only two doubts I have now are:

1) Legal.  Since there is a for-profit company to target, who knows what kind of legal grief they'll run in to.
2) Customer service/public relations.  They seem a little weak here.  They need to hire a full-time developer relations person, and really stress public relations and customer service among all their staff.  David is going a great job of representing the company in public, but he seems to be the only one trying.  They may all just be too busy right now, but I hope they realize that customer service and public relations, particularly among devs and early adopters, will make or break this project.  We'll see.

Thank you for the input.
This whole beast sure is complicated, once you start diggin' and playin' :-)
Compared to that, Bitcoin is simple and straight-forward. Lets see who the first person is to explain ripple to their mom - I'll try once I understand it fully ;-)

Ente

I'd like to try this thing, it really looks great. I trusted you for 0.2BTC

My addres is:
rEiNY9Rf25S79UZuEnskTVoV2NidFdCCFu

Thanks

You can set a fee for the transfer of your IOUs from one person to another. You can set a premium when you take someone else's IOUs. Charging interest breaks this model though, so we can't support it inside the normal flow of payments. You can, however, achieve the same thing with an issue premium (or a "quality in" in Ripple terms).

See this thread for details on why interest doesn't work:
https://ripple.com/forum/viewtopic.php?f=1&t=1224

The simple reason interest breaks this model: It makes it impossible to compare the value of payment paths. For example, say you get $10 at a gateway but in exchange you lose a $9 debt at 12% interest. Is that a good deal? Well, you can't say unless you know how long that debt would have continued to pay interest.

If you do know how long the debt will pay interest, there's no need for interest at all if you can charge an issue premium. There's a one-to-one correspondence between "$X at Y% interest paid in Z months" and "$A paid in Z months at no interest".

Also, because IOUs are powerful in Ripple, it's not clear who should charge who interest. As an intermediary, you exchange one IOU for another. Presumably you consider these IOUs equal in value (or you are getting a more valuable IOU for a less valuable IOU) otherwise you wouldn't make the deal. So why should anyone pay you interest after an even exchange?

The current client doesn't have an interface for it, but the system allows you to set transit fees and to accept IOU's at less than face value. You can have a spread between how much you value incoming and outgoing IOU's, so you make a small profit for handling them.

Edit: See here: https://ripple.com/wiki/Transit_Fees

Yes, I agree on that.
Being able to set interest rates is necessary, in my opinion.
At the moment, with "input = output", I prefer to have a high line of credit, but try to trust others as little as possible.
Why? Having credit is like "free money", but having IOUs from others is a hassle. It reduces my liquidity or even forces me to leave the couch to get some physical cash back.
It's even more visible once there is a lot of "traffic" in ripple with many, long chains of trust. Then I transfer IOUs and money all the time, without being directly involved, like being a clearing point for my other contacts. Then it will really start to be a hassle, with no direct benefit for me.

If I can set, for example, a 0.1% fee for clearing my contact's transactions, and set x% per y days for lending, aka buying IOUs, I have an incentive for both clearing and buying IOUs.
This will get a lot of people on Ripple, this will get a lot of liquidity, short and reliable chains, this will bring publicity.

Of course I am totally ignoring the whole XRP discussion here.

Ente

Great, I trust mogly for 10€. If somebody trusts me, we´ll make it grow!

bradyon

rKWBD5PwiwgVYQMthHC4mgNy73Pc2xhUZH

We plan to support it through contracts, but our preferred lending model uses an issue discount instead of interest. For a variety of reasons, that model works better (because of the nature of Ripple, not necessarily in general). This is discussed in more detail here: https://ripple.com/forum/viewtopic.php?f=1&t=1224

You could set it up externally. You agree with whoever when you are setting up your trust that on a given day every month whoever owes money sends an extra 5% interest (or whatever conditions you want).

I would say you can save some fees trading bitstampUSD/bitstampBTC on ripple instead of their main site.


I haven't found where the client does this yet, but I'm currently looking for exactly this. This is the last clue I found (on the browser's console just before the issuer's official name loads in  the trade page):

GET https://ripple.bitstamp.net/ripple.txt  

So it seems part of the client and not the protocol. Currently they own the "centralized list of trusted gateways" but anyone could make his client look into another list or only support basic labels.
By the way, issuers could include more data than just their name, maybe even a legally binding digital signed contract or just a lot of details of the issued IOUs.
It seems to me that this is just the basic infrastructure code to enable more complex things.
Only speaking for myself, I but I would say that's why they've done it.

EDIT: now that someone mentioned namecoin for "storing color definitions", it comes to mind that this information is probably on the ledger, and consists exactly on that URL for bitstamp.
It seems to be this:

https://ripple.com/wiki/Transactions#AccountSet_.283.29
"Domain     VariableLength     Optional    
Domain associated with this account. Look up ripple.txt for the associated verification. The client will show the domain with a green background when it can be verified. Otherwise, as a strike out or red background. A length of 0 clears ledger entry."

https://ripple.com/wiki/RPC_API#unl_add

Can't you use the client to make any rpc call you want to their servers?
I'm not exactly sure about what you mean by a "business account".

I started using it to track old debt (well I suggested it, but only one person took me up on it). I feel like it will become more useful when more people start using it and there are more gateways.

It isn't really possible to do anything useful yet on any scale, as you cannot even set up an account as a business account - an account that forces destination-tags - which doing anything useful seems to pretty much require.

You can putter around with personal accounts doing personal lunchmoney loans and buying and selling the IOUs of the two businesses who have been provided with a server to try to do something useful with, so I suppose you could say that yes, two entities are doing something useful, the two gateway entities, and the useful thing they are doing is pre-release testing of the server to make sure that it will in fact be useful when the time comes to release it for people to try to do something useful with.

-MarkM-

Of course not. Why would anyone use a rigged scam system like ripple for something else besides pump'n'dump?

is anybody actually using ripple for something useful next to speculating on xrp yet? what?

Check your trust in Bitstamp, it's enough? Maybe it's that.

Contacts are stored in your wallet. Are you using the default wallet provider?

Does anyone know how long Ripple is offline?