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Quote from: merockstar on November 18, 2015, 06:00:54 PMNice thanks for those contacts!Quote from: reiddouthat on November 18, 2015, 10:28:38 AM
I'm trying to get this community to understand and push to get CCEDK to hurry with their Ripple Gateway & Possibly MetaExchange.info (if anyone has the contacts to folks at these BTS Gateways.
You came to the right place for that. @ccedk @Shentist @monsterer
Quote from: luckybit on October 11, 2015, 10:15:48 PMQuote from: bytemaster on October 10, 2015, 04:52:48 AM
Very interesting that Ripple is migrating to a platform focused entirely on an old idea, atomic cross chain trading (ACCT)
It looks like they have written a 25 page white paper expounding upon the concept in very general terms.
It is clear why banks are interested in this: they each have their own internal ledgers and they want to keep it that way. This means the only solution that the banks will accept is one built around atomic trading.
Atomic trading depends upon multiple ACTIVE participants in every trade and is limited in speed by a need for various timeouts and exchanges of data.
At the end of the day picture two banks using this system. A customer of Bank A wishes to send funds to a customer of Bank B and we assume Bank A and B are not cooperating with each other. Their protocol assumes that Connector C has an account with Bank A and Bank B and that both Bank A and Bank B support time locked escrow protocol (ACCT). Connector C must run a server to facilitate the transfer of money from A to B and customers must know how to discover the potential paths between various banks.
Connector C is effectively a trust-free version of Shape Shift, Meta Exchange, and Block Trades. When user Sam of Bank A transfers $100 BankA.USD to user Alice of Bank B, Alice receives $100 BankB.USD. The connector is performing a shape-shift from BankA.USD to BankB.USD and as a result is exposed to any and all volatility between BankA.USD and BankB.USD and must also maintain sufficient liquidity. If there is a bank run from BankA to BankB the connector may run out of funds in its account on BankB while its balance in BankA grows.
As a result of this, connectors must charge fees and their fees will change based upon how their portfolios are balanced. Making a payment between two trustworthy solvent banks issuing notes for the same currency will have relatively low spreads. Providing a connector from Bitcoin or BitShares to a bank account would have much higher spreads. In fact the fees would probably be prohibitive when compared to Credit Cards.
Furthermore, even though there is no longer any need to trust the connector, the connector is theoretically exposed to the same legal risks and barriers to entry as ShapeShift, MetaExchange, and BlockTrades. Market forces will tend to push all trades through the same connectors to maximize volume and minimize spreads charged by the connectors.
The ultimate conclusion from all of this is that governments will regulate the connectors which will effectively keep some ledgers from ever gaining a connector.
Creating a version of ShapeShift or BlockTrades that is Trust Free does mean that there is less need to regulate the connectors from the perspective of potential theft, but regulations will still be required from the perspective of Anti-money-laundering.
Ultimately all they have accomplished is the elimination of the need to trust ShapeShift for a single minute. The amount of money lost in the market by companies like ShapeShift defaulting is pretty close to 0. Therefore the value of eliminating this particular risk is pretty close to 0.
The only way that this Interledger system would have any value at all is if the operators of Connectors were free from all regulations because they can perform their function in a trust-free manner. This would allow many people to set up all kinds of businesses like Shape Shift to connect everything to everything for very low fees. Eliminating the need for regulating these entities would have tremendous value.
Unfortunately I fear that Connectors will be heavily regulated. BankA or BankB could shutdown Connector C at any time by freezing their account. While no user funds would be lost, the market would be anything but free and the only connectors that would exist would be the same ones that could be trusted in the first place.
Since Bitshares is trying to woo the banks, maybe it might be a good idea to highlight the fact that Bitshares supports the feature?
Even if it is rarely used or only used in instances between Bitshares and Bankchains it still would be useful.
Quote from: Akado on May 28, 2015, 08:08:41 AMIm glad someone understand RippleTrade!
Isn't Ripple Trade just a gateway? If so, they will require KYC stuff just like other exchanges like bitstamp or kraken. It's different from having identity identification on your wallet on your computer.
If I'm not mistaken, this is no news at all. Just how stuff works everywhere.
Quote from: yvv on November 10, 2015, 01:39:46 AMQuote from: bytemaster on November 09, 2015, 10:57:26 PMI agree; I am very intrigued as well.Quote from: yvv on November 09, 2015, 10:39:47 PM
Is not ripple's interledger going to solve the same problem?
Not the same way. Our approach is more fundamental than Interledger. In other words, Interledger could be built on top of Plasma.
I am very intrigued. Are you going to cooperate with ripple team?
So you can build Interledger on top of you solution Plasma? Are your developers going to do this?
What is planed regarding a connection to Gateways on RippleTrade with OpenLedger and vice-versa?
All I've read [heard] is about the way BitShares 2.0 is connected to Ripple & PayPal yet only vague details have barley been released of it... yesterday in the "Ripple Gateway?" Forum I started:
- https://bitsharestalk.org/index.php?topic=20058.msg257746#msg257746
I would love to look into Plasma; any recommended links where I can learn more to understand how Interledger [ILP] fits on top of Plasma?
Quote from: xeroc on November 17, 2015, 07:21:11 AMIt would be absolutely incredible! [It needs to be done]
Wow .. a gateway to trade Ripple's IOUs in Bitshares would be awesome .. I'd love to see BitStamps USD also be traded in BitShares (either directly from BitStamp, or via Ripple IOU)
+5%
Quote from: mira on January 07, 2015, 05:57:33 AMJust sent your PTS Back. I sent 150 because it said their was a 25 PTS fee and wasnt sure if you had to pay that or if it took it out of my transfer and you would only get 100 if I only sent you 125. This is my first time using this PTS wallet so not exactly understand all the fees and such. Let me know if you got what I owe you and we are square.
Sent. :)
Quote from: mira on January 05, 2015, 07:42:05 AMQuote from: reiddouthat on January 05, 2015, 07:16:43 AMYou're most welcome. I'm only sorry for the delay in sending the funds.
Thank you so much! I have allot of funds on BTER just cant get them off; ill pay you back immediately. It says in the instructions (and I read: I could withdrawal funds to an unregistered account using the key) but I get a message: "cancelled:PTS account is not registered or memo is too long" when I enter my Key into BTER and try to get my funds to my wallet.
Do you need my key or just my
Username: reiddouthat
Account Key: PTS67WQkNsxUB4FGaTeHGqtALfqxr7zGndP4oHE1mVt8hbsMEZtHF
If you need my key let me know, I would post it but am unsure if its supposed to be kept to myself or if it doesn't matter. Just please let me know. I appreciate all the help that users have given me, steering me in the correct direction to figure this out; and you offering to help me get the funds to register on the blockchain. I thank you all.
Hope your holidays ave been wonderful.
Kind Regards.
Reid
Please post your public account key as that is necessary for sending funds to an unregistered account. Once you have your account name registered on the blockchain, you can then use that name for withdrawing from Bter and other transactions.
And thank you for warm holiday wishes and for your patience!