ripple: let's test it! - page 19. | Bitcointalksearch.org

JoelKatz

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Democracy is vulnerable to a 51% attack.

Quote from: suppp on February 25, 2013, 02:14:47 PM

1. To sell some Ripples I need to give trust to bitstamp at first ?

If you're going to sell them for bitstamp/BTC, I'd suggest you open an account at Bitstamp and extend trust to them. Otherwise, you can't withdraw them.

Quote

2. How to withdraw my 0.2 BTC to my wallet ?

Once you have bitstamp/BTC in Ripple, you would select Ripple deposit from Bitstamp's web site. (Because you are depositing bitcoins into your Bitstamp account.) Once you have the balance off the Ripple network and in your Bitstamp account, you can withdraw it from your Bitstamp account as actual Bitcoins.

So the steps are:

1) Have bitstamp/BTC on the Ripple network.

2) Use Bistamp's web site to deposit these into your Bitstamp account.

3) Withdraw these BTC from your Bitstamp account into a Bitcoin account.

wyodude

newbie

Activity: 35

Merit: 0

Quote from: suppp on February 25, 2013, 02:14:47 PM

Quote from: moocowpong1 on February 25, 2013, 02:01:01 PM

That's a visual depiction of your balance with Bitstamp. The fact that it goes from 0 to 0.5 means that Bitstamp can owe you anywhere from 0 to 0.5 BTC, becuase that's how much you trust them with. (If Bitstamp also trusted you, the left end would be negative, because you could be in debt to Bitstamp.) The green line shows how much of that trust they're using. As you receive Bitstamp BTC IOU's, the bar will fill up; as you spend them, it will empty. When it's full, that line of credit is maxed out, and you won't be able to receive any more Bitstamp BTC until you increase the trust limit or spend some you already have.

Thank you. I have a few questions now:

1. To sell some Ripples I need to give trust to bitstamp at first ?
2. How to withdraw my 0.2 BTC to my wallet ?

You'll have to deposit IOU Btc back to Bitstamp using their Ripple deposit and then transfer the Btc to your wallet.

suppp

sr. member

Activity: 288

Merit: 251

Quote from: moocowpong1 on February 25, 2013, 02:01:01 PM

That's a visual depiction of your balance with Bitstamp. The fact that it goes from 0 to 0.5 means that Bitstamp can owe you anywhere from 0 to 0.5 BTC, becuase that's how much you trust them with. (If Bitstamp also trusted you, the left end would be negative, because you could be in debt to Bitstamp.) The green line shows how much of that trust they're using. As you receive Bitstamp BTC IOU's, the bar will fill up; as you spend them, it will empty. When it's full, that line of credit is maxed out, and you won't be able to receive any more Bitstamp BTC until you increase the trust limit or spend some you already have.

Thank you. I have a few questions now:

1. To sell some Ripples I need to give trust to bitstamp at first ?
2. How to withdraw my 0.2 BTC to my wallet ?

moocowpong1

member

Activity: 79

Merit: 10

Quote from: suppp on February 25, 2013, 01:46:15 PM

What does green line and number 0.2 mean?

That's a visual depiction of your balance with Bitstamp. The fact that it goes from 0 to 0.5 means that Bitstamp can owe you anywhere from 0 to 0.5 BTC, becuase that's how much you trust them with. (If Bitstamp also trusted you, the left end would be negative, because you could be in debt to Bitstamp.) The green line shows how much of that trust they're using. As you receive Bitstamp BTC IOU's, the bar will fill up; as you spend them, it will empty. When it's full, that line of credit is maxed out, and you won't be able to receive any more Bitstamp BTC until you increase the trust limit or spend some you already have.

Snowfire

full member

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My wallet has two balances: the IOU balance (denominated in external units) and the Ripple balance (denominated in XRP.) Although I understand that the XRP function as a kind of internal bookkeeping device for the system, they appear not to be convertible to anything else, nor can you acquire them with external funds. So aside from granting me the authority to extend trust (at >300XRP) what do these entities do in my possession? Do I miss something here?

suppp

sr. member

Activity: 288

Merit: 251

It's necessary to give trust to bitstamp to sell Ripple? Or not?

Please help me to understand. I give trust 0.5 BTC to bitstamp.
Then I made offer and someone bought from me 10000 XRP, I got 0.2 BTC

And that's what I see in "Trust" menu now:

What does green line and number 0.2 mean?

wyodude

newbie

Activity: 35

Merit: 0

Quote from: moocowpong1 on February 25, 2013, 12:57:43 PM

Quote from: wyodude on February 25, 2013, 12:14:22 PM

Thank you, that is what I wanted to make clear in my mind. Now, if you send me an 1 Btc Bitstamp IOU I need to have trust extended to Bitstamp for at least 1 Btc first, in order to be able to receive that 1 Btc IOU from you, otherwise the transaction will not go through, right?

Yep. If you don't trust anybody's BTC IOU's, I can't send you BTC. The client will say "No path found!"

On the other hand, if you only trusted, say, WeEx BTC IOU's, I could still probably send you BTC even if I only had Bitstamp IOU's. I'd say I want to send you 1 BTC, and the network would find a third party (call her Carol) who held both WeEx and Bitstamp BTC IOU's. The network would send Carol my Bitstamp IOU's, and send you Carol's WeEx IOU's. I'd have to send her a little extra (Bitstamp) BTC as a transit fee for the service. All I would see of this was an "effective exchange rate": the client would tell me how much I'd have to pay to send 1 BTC, I'd hit send, and you'd have your WeEx IOU's.

Edit: The chain of trust here is Me -> Bitstamp -> Carol -> WeExchange -> You

Thanks, that how I thought it works, just wanted to clarify.

moocowpong1

member

Activity: 79

Merit: 10

Quote from: wyodude on February 25, 2013, 12:14:22 PM

Thank you, that is what I wanted to make clear in my mind. Now, if you send me an 1 Btc Bitstamp IOU I need to have trust extended to Bitstamp for at least 1 Btc first, in order to be able to receive that 1 Btc IOU from you, otherwise the transaction will not go through, right?

Yep. If you don't trust anybody's BTC IOU's, I can't send you BTC. The client will say "No path found!"

On the other hand, if you only trusted, say, WeEx BTC IOU's, I could still probably send you BTC even if I only had Bitstamp IOU's. I'd say I want to send you 1 BTC, and the network would find a third party (call her Carol) who held both WeEx and Bitstamp BTC IOU's. The network would send Carol my Bitstamp IOU's, and send you Carol's WeEx IOU's. I'd have to send her a little extra (Bitstamp) BTC as a transit fee for the service. All I would see of this was an "effective exchange rate": the client would tell me how much I'd have to pay to send 1 BTC, I'd hit send, and you'd have your WeEx IOU's.

Edit: The chain of trust here is Me -> Bitstamp -> Carol -> WeExchange -> You

Peter Lambert

hero member

Activity: 756

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It's all fun and games until somebody loses an eye

I am still trying to wrap my head around how to use this in conjunction with bitcons.

Lets say, for example, from a previous business dealing I owe 100 btc to Mr T. I plan to pay him at some point in the future, could we use ripple to our advantage? What I am thinking is by using Ripple he could trade that amount I owe him before I actually pay it. But I am stuck trying to figure out who trust who in ripple? Would I trust him 100 btc in ripple, and then lower my trust amount as I pay him back, or would he trust me 100 btc, then I send him 100 PeterLambert BTC IOU, which he then sends back when I give him actual btc?

wyodude

newbie

Activity: 35

Merit: 0

Quote from: moocowpong1 on February 25, 2013, 11:52:30 AM

Quote from: wyodude on February 25, 2013, 11:20:49 AM

Quote from: flower1024 on February 25, 2013, 11:08:18 AM

Quote from: wyodude on February 25, 2013, 11:05:07 AM

Question, If I have 1 Btc that has been withdrawn to Ripple from Bitstamp is that 1 Btc somehow labeled as such? In other words if I send 1 Btc that is an IOU from Bitstamp to someone in the ripple network can they then deposit the IOU to back to Bitstamp and withdraw that Btc to the Bitcoin Wallet of their choice?

afaik you are trading a bitstamp-bitcoin-iou which can be traded to "another-gateway-bitcoin-iou".
only bitstamp-bitcoin-iou can be withdrawn through bitstamp

^^ PLEASE correct me if i am wrong Wink

So are you saying that Ripple network labels the IOUs? If say you send me 1 Btc, that you withdrew from Bitstamp, in exchange for whatever (XRP, USD) will I be able to deposit that Bitstam IOU Btc to my Bitstamp account?

Here's an example:

I use the blockchain to send 1 BTC to my Bitstamp deposit address, then use the Ripple withdraw function. My Ripple account is now holding a 1 BTC Bitstamp IOU.

Suppose you trust Bitstamp for at least 1 BTC. If I choose to send 1 BTC to your Ripple account, the network will detect the chain of trust Me -> Bitstamp -> You. It will lower my balance with Bitstamp by 1 BTC and increase your balance with Bitstamp by 1 BTC, so now I am owed nothing by Bitstamp and you are owed 1 BTC. I have transferred my Bitstamp IOU to you.

You now look up your Bitstamp Ripple deposit address, and send it 1 BTC. Because the network forces an issuer to accept its IOUs at face value, it sees that it can send Bitstamp 1 BTC by lowering your balance with them by 1 BTC. You can now withdraw 1 BTC from Bitstamp to your Bitcoin address – you have redeemed that IOU for an actual bitcoin. At the end of the day, you have 1 "actual" BTC more than you started with and I have 1 "actual" BTC less.

Thank you, that is what I wanted to make clear in my mind. Now, if you send me an 1 Btc Bitstamp IOU I need to have trust extended to Bitstamp for at least 1 Btc first, in order to be able to receive that 1 Btc IOU from you, otherwise the transaction will not go through, right?

moocowpong1

member

Activity: 79

Merit: 10

Quote from: wyodude on February 25, 2013, 11:20:49 AM

Quote from: flower1024 on February 25, 2013, 11:08:18 AM

Quote from: wyodude on February 25, 2013, 11:05:07 AM

Question, If I have 1 Btc that has been withdrawn to Ripple from Bitstamp is that 1 Btc somehow labeled as such? In other words if I send 1 Btc that is an IOU from Bitstamp to someone in the ripple network can they then deposit the IOU to back to Bitstamp and withdraw that Btc to the Bitcoin Wallet of their choice?

afaik you are trading a bitstamp-bitcoin-iou which can be traded to "another-gateway-bitcoin-iou".
only bitstamp-bitcoin-iou can be withdrawn through bitstamp

^^ PLEASE correct me if i am wrong Wink

So are you saying that Ripple network labels the IOUs? If say you send me 1 Btc, that you withdrew from Bitstamp, in exchange for whatever (XRP, USD) will I be able to deposit that Bitstam IOU Btc to my Bitstamp account?

Here's an example:

I use the blockchain to send 1 BTC to my Bitstamp deposit address, then use the Ripple withdraw function. My Ripple account is now holding a 1 BTC Bitstamp IOU.

Suppose you trust Bitstamp for at least 1 BTC. If I choose to send 1 BTC to your Ripple account, the network will detect the chain of trust Me -> Bitstamp -> You. It will lower my balance with Bitstamp by 1 BTC and increase your balance with Bitstamp by 1 BTC, so now I am owed nothing by Bitstamp and you are owed 1 BTC. I have transferred my Bitstamp IOU to you.

You now look up your Bitstamp Ripple deposit address, and send it 1 BTC. Because the network forces an issuer to accept its IOUs at face value, it sees that it can send Bitstamp 1 BTC by lowering your balance with them by 1 BTC. You can now withdraw 1 BTC from Bitstamp to your Bitcoin address – you have redeemed that IOU for an actual bitcoin. At the end of the day, you have 1 "actual" BTC more than you started with and I have 1 "actual" BTC less.

wyodude

newbie

Activity: 35

Merit: 0

Quote from: flower1024 on February 25, 2013, 11:08:18 AM

Quote from: wyodude on February 25, 2013, 11:05:07 AM

Question, If I have 1 Btc that has been withdrawn to Ripple from Bitstamp is that 1 Btc somehow labeled as such? In other words if I send 1 Btc that is an IOU from Bitstamp to someone in the ripple network can they then deposit the IOU to back to Bitstamp and withdraw that Btc to the Bitcoin Wallet of their choice?

afaik you are trading a bitstamp-bitcoin-iou which can be traded to "another-gateway-bitcoin-iou".
only bitstamp-bitcoin-iou can be withdrawn through bitstamp

^^ PLEASE correct me if i am wrong Wink

So are you saying that Ripple network labels the IOUs? If say you send me 1 Btc, that you withdrew from Bitstamp, in exchange for whatever (XRP, USD) will I be able to deposit that Bitstam IOU Btc to my Bitstamp account?

flower1024

legendary

Activity: 1428

Merit: 1000

Quote from: wyodude on February 25, 2013, 11:05:07 AM

Question, If I have 1 Btc that has been withdrawn to Ripple from Bitstamp is that 1 Btc somehow labeled as such? In other words if I send 1 Btc that is an IOU from Bitstamp to someone in the ripple network can they then deposit the IOU to back to Bitstamp and withdraw that Btc to the Bitcoin Wallet of their choice?

afaik you are trading a bitstamp-bitcoin-iou which can be traded to "another-gateway-bitcoin-iou".
only bitstamp-bitcoin-iou can be withdrawn through bitstamp

^^ PLEASE correct me if i am wrong Wink

wyodude

newbie

Activity: 35

Merit: 0

Question, If I have 1 Btc that has been withdrawn to Ripple from Bitstamp is that 1 Btc somehow labeled as such? In other words if I send 1 Btc that is an IOU from Bitstamp to someone in the ripple network can they then deposit the IOU to back to Bitstamp and withdraw that Btc to the Bitcoin Wallet of their choice?

World

hero member

Activity: 743

Merit: 500

Interesting data visualization graph from ripper234
https://ripple.com/graph/

romerun

legendary

Activity: 1078

Merit: 1002

Bitcoin is new, makes sense to hodl.

trust me please: rU3cgYfpu9jedq8GnW43ArEntsWTD6Sg4n

and what I have to do next

Liquid

hero member

Activity: 826

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Crypto Somnium

Quote from: ?? on ??

Hi

Trying to wrap my head around ripple.
So far, all I've managed to do is open a wallet.

Can anyone spot me some XRP ?

I am: rnozMbmRYfqvn15iBFNeeRJs95gagR2B46

https://bitcointalksearch.org/topic/ripple-giveaway-145506

RaTTuS

hero member

Activity: 792

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Bite me

rw65MQQDpWQYGxFEtcQk3r6dpeZ2gx5zff

but I dont see how this can work TBH... must read more

molecular

donator

Activity: 2772

Merit: 1019

Quote from: molecular on February 25, 2013, 02:41:40 AM

Quote from: gweedo on February 25, 2013, 01:32:39 AM

Quote from: sneef on February 25, 2013, 01:29:43 AM

This Ripple is very difficult to get started with... i need to "trust" bitstamp... but because i have no XRP, i can not even trust Bitstamp... i am trying to move 3 BTC from bitstamp to my ripple wallet... but this convoluted system simply will not allow me.

Can any kind soul send me 300 XRP?
rGQCcCAG2fFmPY7X9zDZEhCnMp5JgAeziS

I will send it back if you want, once i figure out how to turn BTC into XRP from within Ripple.

1 btc I will do it

Don't worry sneef, I'll lend you in 1 hour when I'm at work

sent. give back at leisure.

molecular

donator

Activity: 2772

Merit: 1019

Quote from: gweedo on February 25, 2013, 01:32:39 AM

Quote from: sneef on February 25, 2013, 01:29:43 AM

This Ripple is very difficult to get started with... i need to "trust" bitstamp... but because i have no XRP, i can not even trust Bitstamp... i am trying to move 3 BTC from bitstamp to my ripple wallet... but this convoluted system simply will not allow me.

Can any kind soul send me 300 XRP?
rGQCcCAG2fFmPY7X9zDZEhCnMp5JgAeziS

I will send it back if you want, once i figure out how to turn BTC into XRP from within Ripple.

1 btc I will do it

Don't worry sneef, I'll lend you in 1 hour when I'm at work

Topic: ripple: let's test it! - page 19. (Read 43925 times)