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Offline deweller

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Would you trade in ripple if there was a market?
« on: December 05, 2013, 01:42:35 AM »

I think a liquid market in ripple is a good thing for protoshares and other cryptocurrencies.  But there is no market there (yet).

If there was a market there, would you trade in ripple?

Trades in ripple do not pay a commission and you can pay in multiple currencies (USD, XRP, BTC, etc).


As I try to promote my new PTS ripple gateway (http://xrpio.com), I want to know what I can do to attract the protoshares community.  Will giveaways work?  How about free XRP to the first several users that add at least 1 PTS to the ripple market?

Your feedback, good or bad, is welcome.

Offline HackFisher

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Re: Would you trade in ripple if there was a market?
« Reply #1 on: December 05, 2013, 04:39:32 AM »
At present, I think a PTS ripple gateway is no difference from normal trade market, I don't know who you are, and have to trust you.

I'm not sure, but it seems that coins between gateways cannot be moved smoothly as I want. It seems that there are no direct tunnel/ways between gateways, am I right?
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline deweller

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Re: Would you trade in ripple if there was a market?
« Reply #2 on: December 05, 2013, 01:53:02 PM »
Thanks for the feedback.

The big difference is that there are no fees trading in the ripple market.  You can buy and sell 10 times without paying any fees.  At BTER.com, for example, you would pay 0.2% on every trade.

The trust issue is genuine.  You do have to trust me, just as you have to trust any exchange when you send them your funds.  I will need to build the trust of the community and I'm working on that (any ideas?).

About moving between gateways: The easiest ways to move between gateways in ripple is to buy credit at one gateway and sell at another.  When the market is liquid, this is quick and should give you a fair market value.  Or, you could always withdraw from the gateway and move the PTS across the blockchain wherever you like.

Offline HackFisher

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Re: Would you trade in ripple if there was a market?
« Reply #3 on: December 05, 2013, 02:35:06 PM »
Ok, to support, I just grant a trust of 2PTS to you, It seems that there still no records on order book.

For a good start, I just order a Bid for 100XRP/PTS, good luck.
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline deweller

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Re: Would you trade in ripple if there was a market?
« Reply #4 on: December 05, 2013, 05:10:09 PM »
Thanks for the trust.

I'm selling 1 PTS for 500 XRP (about $30 USD).  There is now an active (albeit small) market for Protoshares in ripple!  Yay!




Offline smiley35

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Re: Would you trade in ripple if there was a market?
« Reply #5 on: December 08, 2013, 04:24:41 AM »
How do I get to see the order book, No mention of a ripple gateway to connect to. All the addresses on the sight yield 0.

Offline deweller

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Re: Would you trade in ripple if there was a market?
« Reply #6 on: December 08, 2013, 01:45:31 PM »
How do I get to see the order book, No mention of a ripple gateway to connect to. All the addresses on the sight yield 0.

After loading your ripple wallet (https://ripple.com/client/), click the trade button.  Then enter PTS/XRP as the currency. 

To see PTS, you will need to trust XRP Interchange as the issuer of PTS ( rEUNavLM2NPpLW8dKqk3BRhXcZk5Hv7dhj ).




Offline seraphim

Re: Would you trade in ripple if there was a market?
« Reply #7 on: December 08, 2013, 03:31:19 PM »
I tried it a few days ago (got 1k xrp from a giveaway, but never cared about it...)

but always:
There are currently no bids for this pair.
There are currently no asks for this pair.
Meet you on STEEM

Offline deweller

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Re: Would you trade in ripple if there was a market?
« Reply #8 on: December 09, 2013, 01:14:13 PM »
Right now, there are currently bids, but no asks.

Make sure you trust XRP Interchange ( rEUNavLM2NPpLW8dKqk3BRhXcZk5Hv7dhj ) for PTS and that you are using this for your base currency when you look at the order book.

Offline deweller

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Re: Would you trade in ripple if there was a market?
« Reply #9 on: December 09, 2013, 01:26:41 PM »
Somebody just bought 1 PTS in ripple and extracted it!

Here is the transaction.

Woot!  There is a market starting in ripple.

« Last Edit: December 09, 2013, 02:34:34 PM by deweller »

Offline HackFisher

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Re: Would you trade in ripple if there was a market?
« Reply #10 on: December 09, 2013, 03:16:19 PM »
@ deweller,

Is is possible to trade PTS against BTC using gateway? I changed my base-counter currencies to PTS/BTC, (e.g. my BTC issuer is Bitstamp) , It seems that Ripple support to trade this way.

Would you please tell how will Ripple build the order book of PTS/BTC, and how will the background transaction be with PTS&BTC?

My understanding is that my counter must have the same currency issuer as me, right? e.g. I stored 40PTS in xrpio, and trust BTC, Sell 40PTS for 1BTC, my counter store 1BTC on Bitstamp, Bid 40PTS for BTC, when the trade are made, no need to move PTS/BTC between gateways?
« Last Edit: December 09, 2013, 03:19:19 PM by HackFisher »
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline deweller

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Re: Would you trade in ripple if there was a market?
« Reply #11 on: December 09, 2013, 04:24:29 PM »

Quote
Is is possible to trade PTS against BTC using gateway?

Short answer:

Yes


Long Answer:

Ripple will let you place any bid or ask for any currency pair on the market.  For instance, I can offer to sell my 40 PTS for 1 BTC.  This becomes an "ask" of 40 PTS for 1 BTC.  If someone else offers to buy 40 PTS for 1 BTC, then ripple executes the trade (for no fee!) and now each party has the new currency.

The issuers of each currency have to match.  If both the bid and the ask are using XRPIO as their issuer of PTS and both are using, say Bitstamp, as their issuer of BTC, then the trade will execute.

However more complicated conversions may be available with the "convert" option.  This will use markets and may go through more than one party.  So, if I want to convert my PTS to BTC, I can click convert and enter to receive 1 BTC.  Ripple will figure out the best path and offer to execute multiple trades automatically that will let me end up with the currency I desire.  Ripple may find a path to convert from PTS => XRP => BTC through a third party even though there is no direct offer on the market for PTS/BTC.  (This is a very powerful feature of ripple in my opinion.)

Because XRP is the native ripple currency, it is always trusted by everyone in ripple and can always be used as a "middle man" currency.  Because of this, most bids and asks are made against XRP, especially for beginning markets, like for PTS.


Offline deweller

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Re: Would you trade in ripple if there was a market?
« Reply #12 on: December 10, 2013, 01:10:53 PM »
The market is growing!


 

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