Topic: ripple: let's test it! - page 18. (Read 43925 times)

I'm fooling around with Ripple too. The list is long, so I'm just going to add the top 3 people from that list and grant .05 BTC trust to each.

My ripple address is rMpB2AsrDTdbynCB48hg8MwHLD4wtXJfRJ

Different question. I've granted 0.6 BTC trust to bitstamp and hold 0.3 BTC/bitstamp. I was fooling around and dropped my trust to bitstamp from 0.6 BTC to 0.2. My account showed that I still held 0.3 BTC/bitstamp, exceeding my trust limit. Shouldn't lowering trust levels below existing IOUs owned have triggered some process whereby 0.1 BTC/bitstamp was immediately returned to bitstamp and converted into BTC, thereby bringing my balance in line with trust granted?

I registered on ripple.com and tried to login again next day.
I could login/restore my account by entering the secret key.
Maybe my "account" is saved in a cookie, which are deleted daily..?

I copied all ripple addresses in this thread here until now:


With this being mine:

However, with a million addresses being published in the giveaway thread a list doesn't seem to be of any use at all.

However #2, I don't know what exactly I want to achieve with my address being stated here..

However #3, I still am undecided how to use ripple now. Trust everyone with 0.01 BTC? Trust the known veterans with 1 BTC? Trust my real-life buddies with 100 BTC? Is ripple of any use for me anyway, concerning gateways? Will I (and everyone else here) be scammed to death?

Ah, I didn't even start with questions concerning opencoin and XRPs.

More questions every other minute! 

Ente

No, it's been 200 for awhile. But you need an additional 50 XRP for each trust line or offer you want to keep open. So the thinking is 200 for the account reserve, 50 to create at least one trust line, and then some XRP for transactions. Really 251 would do.

indeed. Thanks! fixed.

You wrote wrong Ripple Giveaway topic in first post, please replace URL to https://bitcointalksearch.org/topic/ripple-giveaway-145506

He could use the trading features to buy XRP and return them.

Oops, rEdaspCuZQWrxrGiGMQW3iPXjmEnfUxkqN.


I didn't know that. On my main wallet screen it says "Have another ripple user send you 300 or more ripples". I wonder if they upped the minimum recently.

Ripple does not place the barriers, even if they be only psychological, to entry of massive capital that Bitcoin does.

People looking to be able to conveniently move billions around might wonder whether Bitcoin is big enough for them yet, given that every billion they put into it enriches any of their competitors who already own bitcoins. Why, they might ask themselves, would I want to make my competitor a whole bunch of money "out of thin air" by driving up the exchange rate of a currency he owns maybe thousands of times more of than I currently own. Assuming I even own any at all yet.

But with Ripple, they can issue a few billions of their own IOUs and their competitor's IOUs do not magically jump in exchange rate as a consequence. So it provides a more-level playing-field for new entrants.

-MarkM-

I'm with you. I'll check out the technological aspects once I run a rippled.

This is exciting.

No you're not being carried away.  If Ripple works as it claims, it's really revolutionary.  It's to credit what bitcoin is to money.

But I have some doubts about the non-colluding idea for solving the double spending problem.  And also about the size of the database.   Overall, about the robustness of the technological aspects.

I guess we have to try it to see if it works.

You won't be able to return them. Creating an account causes 200 XRP to be held as a reserve. The reserve can only be used to pay transaction fees. An account takes permanent ledger space.

Money is Debt

So you're saying you owe 100 BTC to Mr. T and you want to make Ripple reflect that fact?

You can just send him 100 BTC (you don't need to have them in your balance, all that is required is that he trusts you with 100 BTC).

I just tried this: I found a person that trusts me with 5 USD: lebing (rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t) and sent him 5 USD. That worked even though my USD balance was only 2.97, because Lebing trusts my IOUs. Now my USD balance is negative: USD -2.13. Lebing now owns my debt of 5 USD (called IOU or molecularUSD) and that's ok, because he said he trusts me with that. He can trade that debt freely with anyone who trusts moleculars USD IOUs.

It's as simple as that: you can create money (out of thin air) yourself.

@lebing: you can keep my 5 USD IOUs if you want, but I'd be happy if you sent them back.

Now that we've got both bases covered: real money (bitcoin) and debt-based fiat currency (ripple) we are truly going to screw the banking cartel over big time. What Ripple does is exactly their business: creating debt-based money out of thin air (and charging interest on it) and accounting for it. But we can do it much more effectively using crypto, decentralized computer networks and algorithmically implemented concecpts like consesus based ledger-keeping. Also: we don't use regulatory capture or closed clubs to protect our empire but are instead being open to anyone by offering a free marketplace for financial services and products.

(ok, I'm getting a bit carried away... but it's not far from the truth, is it?)

need your address

Anyone willing to send me 300 ripples? I'll return them if you wish. I'm just looking to play with the system and see what it can do.

Yes, I trusted you .01BTC, so the trust axis in BTC goes from -.01 to 0 on your page.

Aha, I see the problem! Timo has trusted me a small amount of BTC, so the USD from me which you have cannot be sent to him.

I tried to send the USD on to Timo Y (rG8VFQPaJB2gNjx29Et1wKUJettQP1eLmk) but it says

No path found!


Also, did you trust me with .01 BTC? I see a -0.01 for BTC by your name.

He would trust you for the coins, but him doing that as a note to himself that you owe him coins would not be shown in Ripple as you actually owing him the coins, so one cannot really do a unilateral entry into RIpple of the fact of an existing debt. You would have to actually send him the IOUs in order for Ripple to "understand", and thus show nicely for him in his client, the (now actually acknowledged by you) fact that not only do you owe him bitcoin but that you do so with his consent. (It wouldn't have let you send him the IOUs without his "consent" in the form of the trust amount he extended to you.)

I guess this kind of means RIpple does not really do "invoices" yet.

Which is good, as that could need, in order for consent to be preserved, to be linked to a preceding purchase order, and on into gosh knows what more esoteric accounting stuff. (Did your nanny authorise you to send out the purchase order, who gave her authority to do that, etc... the kinds of things Open Transactions groups ideas are heading toward seemingly.)

-MarkM-

The client asks the server what's possible, the client chooses a source currency and a subset of those lines to use, and then the transaction itself uses whichever lines from that subset cost the least. Currently, the client just does what the server suggests.

That's correct. That indicates that you don't want those IOUs anymore. You can't acquire any more of them (unless you buy them through an offer) and that signals to people that you want to get rid of them.

Just to try things out, I sent you a tiny amount of USD, even though I have no USD balance. I now have a tiny negative USD balance. I think the only place you could send that would be to Tino Y, as he is the only other person who trusts me so far, or back to me.

When you send some USD or BTC, do you get to choose who's debt is sent, or does the program pick for you? What happens if you remove the trust you have extended to me? (maybe you could try that?) If you did remove the trust from me, would my IOU's be preferentially sent to people who have multiple choices? (Like if Tino trusts me and BitStamp, and you have USD from me and BitStamp, which USD gets sent?)

Thank you for the helpful answer
Unfortunately, I see message "Ripple is currently disabled. Please try later." on bitstamp site
Need to wait...