BitShares Forum
Main => General Discussion => Topic started by: deweller on December 05, 2013, 01:42:35 am
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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.
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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?
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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.
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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.
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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!
(http://i.imgur.com/gmZe3nI.png)
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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.
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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 ).
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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.
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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.
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Somebody just bought 1 PTS in ripple and extracted it!
Here is the transaction (http://coinplorer.com/PTS/Transactions/b5e76795283863ef3ab45ca4d63c9a39a719d1a8edc7d7cfc2d7e6b84131dc39).
Woot! There is a market starting in ripple.
(http://i.imgur.com/3jqyDsH.png)
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@ 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?
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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 (https://ripple.com//trust?to=rEUNavLM2NPpLW8dKqk3BRhXcZk5Hv7dhj&amount=100/PTS&name=XRP%20Interchange&label=XRP%20Interchange%20is%20an%20issuer%20of%20Protoshares) 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.
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The market is growing!
(http://i.imgur.com/J7I65V3.png)