ok, cool
I just withdrew BTC 0.5 from bitstamp to my ripple wallet.
First it failed saying I needed to trust bitstamp with at least 0.5 BTC. After I extended my trust to bitstamp (it was USD 1 before), I reinitiated the withdrawal and it worked.
So who wants to give me some blockchainBTC for the same amount of rippleBTC just to test?
Topic: ripple: let's test it! - page 31. (Read 43945 times)
I send XRP 1 to lebing, just to test some basic stuff 
So, onward toward being a gateway.
I myself have created a test account in Ripple, and it is, like all accounts people are creating by using the create account button currently, basically what we might as well think of as a personal account.
Specifically, it is an account that has not been set to require "destination codes".
The lack of "destination codes" means whatever people send to it just lands in the account, with no code that an app could be watching for to tell the app that the incoming transfer is intended for so-and-so care of me, rather than just plain being to/for me.
Thus this account is not the one I will be using in my capacity as some kind of gateway / exchange / cold-wallet-operation enterprise.
I actually seem to recall having read that to activate the "requires destination codes" on==mode on an account you should (or maybe need to / have to) do that before starting to use the account for anything. So it is possibly even too late now to ever turn on that mode for this account.
I am not publishing here the account number of that account yet because so far it is a test account, and I want anyone who ends up making use of it to be clear about that. It is specifically not the account of my intended/eventual gateway or exchange or cold-wallet-operator enterprise.
-MarkM-
I myself have created a test account in Ripple, and it is, like all accounts people are creating by using the create account button currently, basically what we might as well think of as a personal account.
Specifically, it is an account that has not been set to require "destination codes".
The lack of "destination codes" means whatever people send to it just lands in the account, with no code that an app could be watching for to tell the app that the incoming transfer is intended for so-and-so care of me, rather than just plain being to/for me.
Thus this account is not the one I will be using in my capacity as some kind of gateway / exchange / cold-wallet-operation enterprise.
I actually seem to recall having read that to activate the "requires destination codes" on==mode on an account you should (or maybe need to / have to) do that before starting to use the account for anything. So it is possibly even too late now to ever turn on that mode for this account.
I am not publishing here the account number of that account yet because so far it is a test account, and I want anyone who ends up making use of it to be clear about that. It is specifically not the account of my intended/eventual gateway or exchange or cold-wallet-operator enterprise.
-MarkM-
I'm a bit confused... does one have to run a rippled node or not to offer gateway services?
So, onward toward being a gateway.
I myself have created a test account in Ripple, and it is, like all accounts people are creating by using the create account button currently, basically what we might as well think of as a personal account.
Specifically, it is an account that has not been set to require "destination codes".
The lack of "destination codes" means whatever people send to it just lands in the account, with no code that an app could be watching for to tell the app that the incoming transfer is intended for so-and-so care of me, rather than just plain being to/for me.
Thus this account is not the one I will be using in my capacity as some kind of gateway / exchange / cold-wallet-operation enterprise.
I actually seem to recall having read that to activate the "requires destination codes" mode on an account you should (or maybe need to / have to) do that before starting to use the account for anything. So it is possibly even too late now to ever turn on that mode for this account.
I am not publishing here the account number of that account yet because so far it is a test account, and I want anyone who ends up making use of it to be clear about that. It is specifically not the account of my intended/eventual gateway or exchange or cold-wallet-operator enterprise.
-MarkM-
I myself have created a test account in Ripple, and it is, like all accounts people are creating by using the create account button currently, basically what we might as well think of as a personal account.
Specifically, it is an account that has not been set to require "destination codes".
The lack of "destination codes" means whatever people send to it just lands in the account, with no code that an app could be watching for to tell the app that the incoming transfer is intended for so-and-so care of me, rather than just plain being to/for me.
Thus this account is not the one I will be using in my capacity as some kind of gateway / exchange / cold-wallet-operation enterprise.
I actually seem to recall having read that to activate the "requires destination codes" mode on an account you should (or maybe need to / have to) do that before starting to use the account for anything. So it is possibly even too late now to ever turn on that mode for this account.
I am not publishing here the account number of that account yet because so far it is a test account, and I want anyone who ends up making use of it to be clear about that. It is specifically not the account of my intended/eventual gateway or exchange or cold-wallet-operator enterprise.
-MarkM-
@molecular the gateway is bitstamp, not bitinstant
oops, thanks. will correct.
1.) it's XRP, not RPX. XRP is just a spam-prevention-coin. As I understand it, it's not some "ripple reserve currency". Bitcoin will be that?
2.) It's considered paid even before you cash out through a gateway. Those gateways are just gateways to the old banking system and will not be needed in the long run. Ripple will replace the old banking system. (again: take with grain of salt, I'm total newb)
3.) I agree this shit is totally WTF. Much more WTF than bitcoin was to me when I first discovered it, but almost as "holy shit it could really work" as bitcoin.
Actually, XRP is the "reserve" currency as you put it. This is the way they are planning on monetizing the system. That being said, its not the "only" reserve currency - ie. its not either/or, its much more of an and situation with the other currencies (most likely bitcoin will emerge as a leading currency I imagine).
@molecular the gateway is bitstamp, not bitinstant
errr. what.
Simple Scenario:
I am a merchant, accepting RPX for my goods.
You buy a crate of canned Mmmmmmmh.... for 140.000RPX
I need a gateway to instantly turn this around into BTC, send to my payment provider and THEN it's considered "paid".
All thus hubbub about trusted ripplebitcointokens from IOUs is way to WTF.
Simple Scenario:
I am a merchant, accepting RPX for my goods.
You buy a crate of canned Mmmmmmmh.... for 140.000RPX
I need a gateway to instantly turn this around into BTC, send to my payment provider and THEN it's considered "paid".
All thus hubbub about trusted ripplebitcointokens from IOUs is way to WTF.
I can feel your concern. Let me try to help you (but note: I'm total ripple-noob myself)
1.) it's XRP, not RPX. XRP is just a spam-prevention-coin. As I understand it, it's not some "ripple reserve currency". Bitcoin will be that?
2.) It's considered paid even before you cash out through a gateway. Those gateways are just gateways to the old banking system and will not be needed in the long run. Ripple will replace the old banking system. (again: take with grain of salt, I'm total newb)
3.) I agree this shit is totally WTF. Much more WTF than bitcoin was to me when I first discovered it, but almost as "holy shit it could really work" as bitcoin.
Mol, I trusted you for 1 btc and 5 usd
Here is my address: rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t
Here is my address: rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t
I just discovered your address popped up in "advanced" -> "trust" list (with 0 trust of course).
I trusted you back, but "only" with 0.5 BTC, 5 USD.
I think we should go low on the trust values for now until we all understand the implications better. There will be people trying to scam us pretty soon
. Not that I don't trust YOU, but I don't know exactly how these trust-lines work and who knows who YOU trust...? Thoughts?Its all good =)
Sharing exactly as much as each of us wants/ is comfortable with is exactly how this is supposed to work.
Who extends credit to whom is something banks have managed to confuse us all about for centuries.
When you deposit currency in a bank, they, being in the position of power, like to speak of the situation as if they don't owe you anything, they merely hold some funds on deposit for you.
When a gateway sends you some of their IOUs in Ripple though, that is how, in Ripple, by convention, them owing you funds is customarily represented.
Typically they don't want you to owe them anything, because, frankly, they don't want to or need to trust you so don't really have any incentive or reason to trust you, so typically they don't bother to trust you.
Thus they like to be the issuer of the IOU that represents an imbalance, a deviation from the blank initial state of neither of you owing the other anything.
With banks, the accounting entry that they like to refer to as "the balance of your account" corresponds to what Ripple is representing by putting into your account an amount of the other party (the bank/gateway)'s IOUs. It is how much they owe you. I suppose it is somewhat understandable why they like to use their nice little euphemism "the balance of your account" instead, else who knows, some peasant some day might wonder how much the bank actually owes...
The depositors have, in effect, extended credit to the bank.
-MarkM-
When you deposit currency in a bank, they, being in the position of power, like to speak of the situation as if they don't owe you anything, they merely hold some funds on deposit for you.
When a gateway sends you some of their IOUs in Ripple though, that is how, in Ripple, by convention, them owing you funds is customarily represented.
Typically they don't want you to owe them anything, because, frankly, they don't want to or need to trust you so don't really have any incentive or reason to trust you, so typically they don't bother to trust you.
Thus they like to be the issuer of the IOU that represents an imbalance, a deviation from the blank initial state of neither of you owing the other anything.
With banks, the accounting entry that they like to refer to as "the balance of your account" corresponds to what Ripple is representing by putting into your account an amount of the other party (the bank/gateway)'s IOUs. It is how much they owe you. I suppose it is somewhat understandable why they like to use their nice little euphemism "the balance of your account" instead, else who knows, some peasant some day might wonder how much the bank actually owes...
The depositors have, in effect, extended credit to the bank.
-MarkM-
So can someone explain what the adding of the trust actually does?
Adding trust allows someone to owe you money -- potentially money that you might owe to other people. If you extend, say, 1 BTC of trust to me, and I stop using the Ripple system to hold Bitcoins and screw you, you may wind up owing 1 BTC to someone else or losing 1 BTC you held.At this time, we are only recommending that people extend trust to gateways.
Again, if you extent $10 in trust to someone, you may wind up losing $10 you hold at a gateway and instead having them owe you $10. Instead of getting paid $10 for something, you may wind up having them owe you $10. Issuing trust to someone is like using them as a bank.
On the flip side, you can only hold someone's IOUs if you trust them to send you money. And you can exchange those IOUs for any IOUs they hold in the same denomination, or any credit available to them in the same denomination.
Ok, just deposited 1 BTC to bitinstantbitstamp. As I understand, I can later withdraw 1 BTC to my ripple wallet. I'm still getting used to the terms... in doing this, who extends credit to whom?
That is correct. You are extending credit to Thanks for those explanations, Joel.
So what we're doing here... extending trust amongst "trusted forum members", is basically like "building a p2p banking system of the people"?
Of course anyone can run at any time: let's say I have a good balance in my ripple wallet and "cash them out for BTC using bitstamp gateway" and run with the blockchainBTC saying "to hell with my forum rep and the fact that many people know my real identity", then various people will be left "holding the bag" of worthless molecularOUs? Hmm, they could sue me and use ripple to proove I owe them, right?
interesting...
It seems some notifications are displayed (or happen?) multiple times.
And also: the system seems to have discovered some sort of a "situation": I'm not sure I did enter that offer "You created an offer accepting 1 BTC for 10,000 XRP" myself. There seems to be some bug regarding this: https://ripple.com/forum/viewtopic.php?f=1&t=572
hmmm...
It seems some notifications are displayed (or happen?) multiple times.
And also: the system seems to have discovered some sort of a "situation": I'm not sure I did enter that offer "You created an offer accepting 1 BTC for 10,000 XRP" myself. There seems to be some bug regarding this: https://ripple.com/forum/viewtopic.php?f=1&t=572
hmmm...
errr. what.
Simple Scenario:
I am a merchant, accepting RPX for my goods.
You buy a crate of canned Mmmmmmmh.... for 140.000RPX
I need a gateway to instantly turn this around into BTC, send to my payment provider and THEN it's considered "paid".
All thus hubbub about trusted ripplebitcointokens from IOUs is way to WTF.
Simple Scenario:
I am a merchant, accepting RPX for my goods.
You buy a crate of canned Mmmmmmmh.... for 140.000RPX
I need a gateway to instantly turn this around into BTC, send to my payment provider and THEN it's considered "paid".
All thus hubbub about trusted ripplebitcointokens from IOUs is way to WTF.
So can someone explain what the adding of the trust actually does?
Adding trust allows someone to owe you money -- potentially money that you might owe to other people. If you extend, say, 1 BTC of trust to me, and I stop using the Ripple system to hold Bitcoins and screw you, you may wind up owing 1 BTC to someone else or losing 1 BTC you held.At this time, we are only recommending that people extend trust to gateways.
Again, if you extent $10 in trust to someone, you may wind up losing $10 you hold at a gateway and instead having them owe you $10. Instead of getting paid $10 for something, you may wind up having them owe you $10. Issuing trust to someone is like using them as a bank.
On the flip side, you can only hold someone's IOUs if you trust them to send you money. And you can exchange those IOUs for any IOUs they hold in the same denomination, or any credit available to them in the same denomination.
Ok, just deposited 1 BTC to bitinstant. As I understand, I can later withdraw 1 BTC to my ripple wallet. I'm still getting used to the terms... in doing this, who extends credit to whom?
That is correct. You are extending credit to bitinstant since you are allowing them to owe you at least 1 bitcoin. When you withdraw that bitcoin into your Ripple wallet, you will hold an IOU that says that bitinstant owes you 1 Bitcoin. You can then transfer or exchange that IOU on the Ripple system. People who have bitinstant accounts will value that IOU at 1 bitcoin since they can turn it into 1 bitcoin by redeeming it.Mol, I trusted you for 1 btc and 5 usd
Here is my address: rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t
Here is my address: rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t
I just discovered your address popped up in "advanced" -> "trust" list (with 0 trust of course).
I trusted you back, but "only" with 0.5 BTC, 5 USD.
I think we should go low on the trust values for now until we all understand the implications better. There will be people trying to scam us pretty soon
. Not that I don't trust YOU, but I don't know exactly how these trust-lines work and who knows who YOU trust...? Thoughts?I suggest you to use Bitstamp as a gateway https://www.bitstamp.net/account/withdraw/ripple/ is far more trusted than weexchange.
You can deposit btc, and withdraw:
USD, EUR, BTC, GBP, YEN, CHF, AUD.
The fee is very low (0.2 %).
With ripple don't trust anybody that you would'n trust with BTC, cause the people you trust can borrow your money.
Read this before using it. https://ripple.com/working-with-ripple/
You can deposit btc, and withdraw:
USD, EUR, BTC, GBP, YEN, CHF, AUD.
The fee is very low (0.2 %).
With ripple don't trust anybody that you would'n trust with BTC, cause the people you trust can borrow your money.
Read this before using it. https://ripple.com/working-with-ripple/
Ok, just deposited 1 BTC to bitinstant. As I understand, I can later withdraw 1 BTC to my ripple wallet. I'm still getting used to the terms... in doing this, who extends credit to whom?
Mol, I trusted you for 1 btc and 5 usd
Here is my address: rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t
Here is my address: rJFGHvCtpPrftTmeNAs8bYy5xUeTaxCD5t
It further fell back to first trying to setup a rippled to support the network... let's see how that goes first and support the ripple network technically.
Both of us can wait patiently together for the actual release of the source code of the server.
I hope to manage to adapt for various altchains the source code already provided for a web based IOUs-to-blockchain and blockchain-to-IOUs app, but that is on back burner until I get rippled source code, build rippled, and get rippled running.
You might notice in the running a gateway docs that gateway accounts should be configured to require destination codes. Configuring an account in that way is something else that so far seems to be best/easiest done using a rippled - a rippled of one's own so one can tell it RPC commands without needing to encrypt the commands. (The command to configure an account to require destination codes includes the account's secret as one of the input fields/arguments.)
Overall it has seemed so far that waiting for the server source code release is the current step in doing the above things.
-MarkM-
@molecular:
I trusted you for 0.2 BTC. I also want to try out ripple.
If anybody here wants to trust me, I will trust them back.
rPDT5apJsfy8Jbz3M8jXzXskMsKAANhM9p
I trusted you for 0.2 BTC. I also want to try out ripple.
If anybody here wants to trust me, I will trust them back.
rPDT5apJsfy8Jbz3M8jXzXskMsKAANhM9p
Automating awaits someone actually automating what they want automated.
In principle, if you trust a bitcoin gateway for some bitcoin(s), any bitcoin-IOUs anyone sends you should automtically arrive at your account as your gateway's bitcoin-IOUs, not as bitcoin IOUs of someone you haven't chosen to trust for bitcoins.
So, to automate your apparent current preference for receiving bitcoins, you need, in essence, to tell your ripple client whose bitcoins, and how many of them, you trust.
Of course I actually meant, as does Ripple, bitcoin IOUs rather than actual on the bitcoin blockchain bitcoins. Thus far.
So technically, you need to tell Ripple whose bitcoin-IOUs, and how many of them, you trust.
If other lines of trust that aren't even really your business, and are not any concern or worry for you, exist out there somewhere, someone connected through webs of such trust lines who actually has some bitcoin IOUs should be able to send some to you.
A really simple setup would be that that person happens to trust the same bitcoin gateway's bitcoin IOUs as you do, and that they have some of that same bitcoin gateway's IOUs, and those are what they send you. (Those are, after all, at this point in the story the only IOUs you have chosen to trust.)
So automating the reciving of "Ripple side" "bitcoins" which really means Ripple IOU-tokens, issued by some specific Ripple accounts, is relatively easy for you; all you need do is tell Ripple how many bitcoins of trust you choose to extend to each of one or more bitcoin-gateways.
Actually getting blockchain-bitcoins is something bitcoin gateways often offer as a service. Such as a website where, if you have deposited with them some of their bitcoin IOUs, you can ask to have the corresponding bitcoins sent to a bitcoin address of your choosing, on the bitcoin blockchain.
-MarkM-
In principle, if you trust a bitcoin gateway for some bitcoin(s), any bitcoin-IOUs anyone sends you should automtically arrive at your account as your gateway's bitcoin-IOUs, not as bitcoin IOUs of someone you haven't chosen to trust for bitcoins.
So, to automate your apparent current preference for receiving bitcoins, you need, in essence, to tell your ripple client whose bitcoins, and how many of them, you trust.
Of course I actually meant, as does Ripple, bitcoin IOUs rather than actual on the bitcoin blockchain bitcoins. Thus far.
So technically, you need to tell Ripple whose bitcoin-IOUs, and how many of them, you trust.
If other lines of trust that aren't even really your business, and are not any concern or worry for you, exist out there somewhere, someone connected through webs of such trust lines who actually has some bitcoin IOUs should be able to send some to you.
A really simple setup would be that that person happens to trust the same bitcoin gateway's bitcoin IOUs as you do, and that they have some of that same bitcoin gateway's IOUs, and those are what they send you. (Those are, after all, at this point in the story the only IOUs you have chosen to trust.)
So automating the reciving of "Ripple side" "bitcoins" which really means Ripple IOU-tokens, issued by some specific Ripple accounts, is relatively easy for you; all you need do is tell Ripple how many bitcoins of trust you choose to extend to each of one or more bitcoin-gateways.
Actually getting blockchain-bitcoins is something bitcoin gateways often offer as a service. Such as a website where, if you have deposited with them some of their bitcoin IOUs, you can ask to have the corresponding bitcoins sent to a bitcoin address of your choosing, on the bitcoin blockchain.
-MarkM-
Jump to: