Topic: ripple: let's test it! - page 27. (Read 43925 times)

You can't deposit XRP on bitstamp, only BTC or fiat currencies. I suggest you to ask bitstamp support.

I just signed up, can someone send me a few XRP to get started?
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also how do I trust someone else?

well, if I had a bitstamp account and would buy some coins and would sell them to someone....  then he would have the coins however hacked bitstamp would get.

that's why ripple needs an integrated proof of work coin to succeed.

You can trade USD claims for BTC claims or vice versa, at a distance, irreversibly, without involving a third party, or the blockchain.


The founder of MtGox no longer owns MtGox. Also, it doesn't make MtGox obsolete. MtGox still performs the important function of price discovery.


Maybe they haven't gotten to it yet?

Yes, of course. Same if you had a BitStamp account. Trust means possibility of failure. That's why you can limit your exposure to any issuer.

Thanks for the clarification.  So how does one "complete the circle of trust"  ?  If I give him one $1 then what happens?

You can't just give something to someone and have them sit on it... this seems like one of the only things you can do atm...

Come on am I really the only one that deposited XRP into Bitstamp just because I could.

I guess its time to officially stamp newb on the forehead.

The -1 is because the trust has been extended in both directions.  So, at the extremes, you could be owed $1 by him OR owe him $1 (or anywhere in between).  The 0 (current state) is where neither of you owes the other anything.

I want to join the fun.
Anyone want to trust me?
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Good question... Where is the XRP that gets deposited to BitStamp?

It is showing triples on my wallet.

Good!

Also, Molecular was right about it doubling up:

I am starting to wrap my head around this thing...

I think the idea of extending small bits of trust to various people on the forum is fine but misguided, and is not really the way the system should be used. What we all should be doing is extending trust in BTC and USD to BitStamp (and other reputable businesses, but BitStamp seems to be the only gateway available at the moment)  Then it becomes easy to send USD or BTC to one another, because we all trust the same party (BitStamp).  The only way BitStamp is going to issue its IOUs into the system is if you deposit USD or BTC in a BitStamp account. So, assuming BitStamp is not operating on fractional reserve, all BitStamp USD or BTC in the Ripple system should be "backed" by actual USD or BTC sitting in BitStamp accounts.

Secondly, I think simply extending trust is not as scary as it initially sounds. If I extend 100 BTC of trust to BitStamp, I don't think I've done anything that can hurt me YET. All that does is allow BitStamp or anyone else to pay ME with "BitStamp BTC IOUs". If someone wants to send me BitStamp IOUs for free, great, no skin off my back!

It's only when I choose to actually trade something of value in exchange for these IOUs that I have the potential for loss. But that is completely independent of the trust granting step. If I choose to only trust BitStamp for 10 BTC, then I can NEVER receive any Ripple payment of more than 10 BTC, unless I choose to increase that trust level or to trust another gateway or Ripple user.

It's also worth pointing out that by depositing a balance of 10 BTC into a BitStamp account, I am IMPLICITLY trusting them to a level of "10 BitStamp BTC IOUs". All Ripple does is formalize that, and allow me to trade those units with others who also have formalized their trust for BitStamp in the Ripple system, without BitStamp itself being involved.

Ripple guys, please correct me if my understanding is mistaken.

Works fine:

Not quite sure yet, now it looks like this.  I am guessing you used $0.50 USD on something?



EDIT: Ah I see you changed the trust.  This is goofy as hell.  I am going to keep trying to learn, but not like I did with BTC back in the day staying up all night reading. LOL

I am going the other way though. XRP->BTC (maybe), more to see what happened.  Didn't really think they would poof though.  Live and learn.

It is odd isn't it. Can't wrap my head around it. Also, I was able to "edit" the "trust" I gave BitObessed from $1 to .50 cents  how the heck is that going to work in real life? I'm assuming I can't edit (locked) it if the transacation is really going?  very confusing.

edit: Yes, hadn't sent you any yet! on it's way here. Let me know if my contact name shows up or how it looks on your end.

edit: Done!  

Thx bbit.

Recived you XRP.

I have to confess, I still don't quite get it  


Edit: Oh, they where from Bitobsessed. Now I have to fix my address-book.