USD between BitStamp (RIPPLE) <--> DWOLLA

d4n13

full member

Activity: 210

Merit: 104

“Create Your Decentralized Life”

Quote from: MAbtc on July 27, 2013, 05:21:13 PM

Am I misunderstanding what you are trying to do? If not, it is pretty simple. There is no need to trade in and out of currencies or issuers. Let's say we are trading at 1:1.

Person A has $500 Bitstamp USD. Set up a Ripple wallet (https://ripple.com/client). On Bitstamp, go to Withdrawal > Ripple. Follow the link and trust Bitstamp for $500. Fill out the withdrawal page with your details (ripple address, 500 USD). Shortly, you'll have $500 Bitstamp in your wallet.

Person B sends $500 Dwolla. He then goes to Bitstamp > Deposit > Ripple. Bitstamp provides a destination tag -- MAKE SURE TO USE THIS TAG CORRECTLY -- and he sends this to Person A. Person A goes to Ripple > Send, and inputs Bitstamp's ripple address, along with Person B's destination tag and amount/currency. Send 500 USD and in a few minutes, Person B will have 500 USD in their Bitstamp account.

Missed a step
1) PersonA has $500 in Bitstamp
2) PersonA withdrawals $500 to Ripple
3) PersonB deposits $500 to Dwolla
4) PersonB harvests his Bitstamp "destination tag" correctly
5) PersonB posts an ad looking to buy a $500 Bitstamp IOU over Dwolla
6) PersonA answers the add and agrees to sell his $500 Bitstamp IOU to PersonB for $500 over Dwolla
7) PersonB sends $500 to person A's Dwolla address
8) PersonA sends his $500 IOU back to Bitstamp with PersonB's destination tag.

Thanks for clarifying what that destination Tag is for.

MAbtc

hero member

Activity: 826

Merit: 508

Am I misunderstanding what you are trying to do? If not, it is pretty simple. There is no need to trade in and out of currencies or issuers. Let's say we are trading at 1:1.

Person A has $500 Bitstamp USD. Set up a Ripple wallet (https://ripple.com/client). On Bitstamp, go to Withdrawal > Ripple. Follow the link and trust Bitstamp for $500. Fill out the withdrawal page with your details (ripple address, 500 USD). Shortly, you'll have $500 Bitstamp in your wallet.

Person B sends $500 Dwolla. He then goes to Bitstamp > Deposit > Ripple. Bitstamp provides a destination tag -- MAKE SURE TO USE THIS TAG CORRECTLY -- and he sends this to Person A. Person A goes to Ripple > Send, and inputs Bitstamp's ripple address, along with Person B's destination tag and amount/currency. Send 500 USD and in a few minutes, Person B will have 500 USD in their Bitstamp account.

420

hero member

Activity: 756

Merit: 500

Quote from: d4n13 on July 25, 2013, 03:10:07 PM

Quote from: 420 on June 18, 2013, 10:14:37 PM

looks like they're forcing RIPPLE which people like me don't know how to use

I can explain that (I think). You find a USD Gateway on Ripple. Lets call that place usRipGate. Now you (lets call Joe) deposit money into usRipGate, then they send your deposit to you as a usRipGate:IOU. Now you (Joe) take that IOU and you trade it on the ripple peer-to-peer exchange for a bitstamp:IOU. Now the assumption is that there will be users on bitstamp who are holding dollars trying to get the money out. Lets call one of the users Sam. So Sam has money in USD in BitStamp he is trying to get out to usRipGate, and Joe has money at usRipGate he is trying to get into BitStamp.

Joe and Bill trade IOUs. Now this process is not 1:1. Joe is putting a BitStamp:USD:IOU "bid" on the ripple order board, and Sam is putting a BitStamp:USD:IOU "ask" on the ripple order board.

Last month the Bid:Ask spread was sitting at 14% (OUCH!).

Rumor has it that both sides are working to increase liquidity to bring that down. I for one don't want my $100 US stateside to turn into $85 US in the EU. That about as bad as a mt.Gox wire.

Disclaimer: I have no idea what I'm talking about, so if my Ripple logic is off, don't blame me... I just post here.

thanks. makes some sense

d4n13

full member

Activity: 210

Merit: 104

“Create Your Decentralized Life”

Quote from: 420 on June 18, 2013, 10:14:37 PM

looks like they're forcing RIPPLE which people like me don't know how to use

I can explain that (I think). You find a USD Gateway on Ripple. Lets call that place usRipGate. Now you (lets call Joe) deposit money into usRipGate, then they send your deposit to you as a usRipGate:IOU. Now you (Joe) take that IOU and you trade it on the ripple peer-to-peer exchange for a bitstamp:IOU. Now the assumption is that there will be users on bitstamp who are holding dollars trying to get the money out. Lets call one of the users Sam. So Sam has money in USD in BitStamp he is trying to get out to usRipGate, and Joe has money at usRipGate he is trying to get into BitStamp.

Joe and Bill trade IOUs. Now this process is not 1:1. Joe is putting a BitStamp:USD:IOU "bid" on the ripple order board, and Sam is putting a BitStamp:USD:IOU "ask" on the ripple order board.

Last month the Bid:Ask spread was sitting at 14% (OUCH!).

Rumor has it that both sides are working to increase liquidity to bring that down. I for one don't want my $100 US stateside to turn into $85 US in the EU. That about as bad as a mt.Gox wire.

Disclaimer: I have no idea what I'm talking about, so if my Ripple logic is off, don't blame me... I just post here.

420

hero member

Activity: 756

Merit: 500

Quote from: toffoo on June 18, 2013, 10:11:05 PM

How are you going to move the BitStamp USD? FYI this:

https://www.bitstamp.net/article/bitstamp-code-termination/

thanks, didn't know that

thanks bitstamp for EMAILING ME ON THAT one

looks like they're forcing RIPPLE which people like me don't know how to use

toffoo

sr. member

Activity: 408

Merit: 261

How are you going to move the BitStamp USD? FYI this:

https://www.bitstamp.net/article/bitstamp-code-termination/

420

hero member

Activity: 756

Merit: 500

I have $500 BitStamp USD and I want Dwolla

Make me an offer

420

hero member

Activity: 756

Merit: 500

I would like to propose that we use this thread to get USD between our BitStamp accounts and DWOLLA accounts. Others can post what they need and can search and see if someone else has what they want.

See my first post as an example

Topic: USD between BitStamp (RIPPLE) <--> DWOLLA (Read 1994 times)