Topic: We created a new Ripple Currency: The Favor (FAV) - page 2. (Read 4924 times)

how about 1 FAV is roughly 15 minutes of time?

Are FAV's divisible? Can we split them up into smaller units? What does 0.234 FAVs mean?

A favor is pretty well culturally defined. It's not something that I'd foresee would form long ripple chains, so I don't think it's a real problem. Like, if one social group has high standards for favors like sacrificing their life for you or letting them marry their daughers, and another considers a favor something like a lift to school or helping your rake your yard, I don't think these groups of users would ever connect with FAV. I'd think an intermediate currency would appear in that ripple chain, like an offer of a favor by the first group being valued in thousands of USD and the second a couple USDs for a favor.

The main challenge would be that each currency code is uniquely defined, as well as definitions for work hours.

In the case of a stock you would probably make it so everyone trusts one ripple wallet (issuer?) and not use p2p trust. But even then, you could have 2 completely separate trust clusters and use the same name (FAV) for 2 different currencies. Of course that'd be extremely confusing and the danger is probably high that someone accidentally connects them.

So what happens if one group of people invent FAV's carefully define them and start using them.

And so does another. With a completly different definition. Willfully or not.

Then a transaction happens between the two groups.

Lets say one group defines it as a minute of skilled time, the other an hour, then the minute brigade buy up all the FAV's.

Sounds like a stupid example ?

I am thinking stock exchanges, remember this already happened on GLBSE where fake shares were being sold for (but not everyone belived they were fake) in at least one company. ( Think it was GLIBSE itself.)

It seems to me that one of the things you need to guarantee is the uniqueness of identifiers for ripple users, so if I invent the FAV, weather I defined it or not, nobody else should be able to use it without being told that a FAV on ripple is what mark defined here, and link to it. If its an empty definition then so be it.

This kind of happens anyway doesnt it. I could invent a new alt coin and call it Bitcoin, and attempt to sell my Bitcoins for fiat currency. I could do that. Or maybe Bitcoon, so that when people mistype the url... But in  a sense the uniqueness is guaranteed by google and the www so that if I did I would so fast be labeled a scammer  that it clearly would not work. LOL in fact!

But seems to me this is a serious problem with current ripple? No ?

You can enter text in the dropdown-boxes. Then you can extend trust to people in, transact and trade your own currency.

how can I create my own IOU? I would like to create a BER or a DRK

This is interesting. and FUN!

I still dont fully get it all but I'm selling 420 XRP's on Bitmit as a Favor to anyone who values them at the random price I set.

In this vain, Im willing to pay 420 XRP's for 1 FAV.

Any takers?

https://www.bitmit.net/en/item/18988-420-ripples-to-get-you-started-420-xrps

Note: you dont have to buy the 420 from bitmit. Send me the FAV and Ill send you the XRP's

I get that BitMit is not a proper Gateway, but why not sell your XRP and even FAV's on the site so people will know about them? Link back to this forum post?

If you would like to sign up on BitMit to sell anything, use my bitmit referral link and Ill Send you .1 FAV's or 420 XRP's or 0.007BTC

http://bitmit.net/en/user/drew/?ref=2063

My ripple addy is: rsZvcvACPWoTN2Eazzb5radzQX18s3DuK8

I think I get it--you can define units with any identifier you wish (I don't know if it is a bug, but you can do this easily.) I now trust molecular for 1.01 WTF. Strings longer than 3 characters get truncated to 3. And any non-letter characters cause the system to reject the entry and default to xrp.

rUAScykwHVqU2d4rb4twHbpDa7C81p4MSA

I see. Thanks for explanation.

No, trusting me with 1 FAV means I can owe you one. I could now send you one (FAV IOU) because you trust me to give it back, then you would have +1 FAV. I would then Owe U 1 FAV. To have -1 FAV you have to send 1 FAV to someone who trusts you.

EDIT: what's your ripple address. I wanna trust you with returning favors.

had this one before. try reloading the page an logging back in.

Here you go!

I have trusted 1 FAV to molecular. Now I have 0 FAV!? I thought I should have -1.
http://deafboy.cicolina.org/igelitka/screenshots/trust_granted.png

So these are not really USD/BTC/Whatever they are currency that is only usable between the people that trust them. So basically you cannot turn around and use this as a wallet unless you trust everyone. So yeah this is fail, or you will be begging people to trust you all the time, and would not be able to send them truly legit backed currency. Which bitcoin has proof, ripple simply has well I think I should trust you so I will accept that random currency as payment. Do I have this wrong?

Your transaction failed to clear, reason: Missing/inapplicable prior transaction.
 
Getting this when trying to send my fake currency, maybe they removed the capability of it?

Ok, now to test out something else, if I wanted to place my made up currency on bitstamp.net's exchange I will see if it will accept the new currency if I manually try to sell it on their orderbook.

Obama could've given you 100 FAVs. That's one way to keep them favors fungible. It seems in no time are we going to be back to "normal money".

But: there are different qualities of coders.

This happened to me the first time I tried to send 1 FAV. The tries after that succeeded.