

Ripple, Digital Currency, Surpasses Bitcoin Market Cap - PaperclipTaken
http://www.thebitcointrader.com/2013/05/ripple-is-now-tsunami.html

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yebyen
I cry hype. You can buy ripple on bitstamp, but not sell. What's the point of
that? I received 2000XRP from an early adopter but have no idea how to cash
them out or what a "trusted gateway" is.

Can anyone explain how you are supposed to use this?

(edit: started reading this <https://ripple.com/working-with-ripple/>)

From what I'm reading, the prices are incredibly misleading. People are buying
ripples at the high price quoted in the article, but outstanding bid orders
are generally 10x lower.

I get that it's a barter/IOU system, but I don't know how you justify that
people can start with any amount of ripples they want just because they were
there first. Where are they traded? How can I get rid of mine? Am I looking at
it backwards?

~~~
yebyen
I found this thread: [http://www.thebitcointrader.com/2013/05/ripple-is-now-
tsunam...](http://www.thebitcointrader.com/2013/05/ripple-is-now-
tsunami.html?showComment=1368083492272#c9049090278492728111)

Going to try what was suggested, but it looks like 'surely OP will deliver' to
me.

~~~
yebyen
I bought USD$2 with some of my ripples. I was indeed looking at it backwards.
Lower prices are better, if you have a lot of ripples, because it's the price
of USD/XRP. (Not the price of XRP/USD).

But now I have $2USD in my Ripple account, and it's just like the imaginary
numbers in my bank ledger, without any insurance or other representation. And
no obvious way to get it out. [Edit: I figured it out.]

------
PaperclipTaken
Addition information about Ripple:

<https://ripple.com/wiki/Main_Page>

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yebyen
Hey, could you wait about 6 months and follow up my thread?

I have about 2000XRP and I believe you that the value will go up, but I just
traded some for $2USD and I don't see any way to get it out. I don't want to
ask anyone to get out of bed for 2000XRP. But maybe in 6 months.

~~~
yebyen
Alright, 12 minutes later, I think I figured out how it works. Bitstamp has a
ripple deposit option, where you can deposit, not ripples, but the dollars
that you traded them for at the ripple website.

Ripples are only traded at ripple. There is just the one exchange, but folks
who buy ripples can potentially do it other places.

I am waiting for my $2USD to clear to bitstamp. That was quick. (Bitstamp
acknowledged the $2 deposit.)

~~~
yebyen
Well I'm satisfied with the experience, and it sure seems like the trade fees
are working. I can still sell 146XRP to get $2 (it cost me 157XRP earlier when
I did it, same $2).

The $2.00 came to BitStamp without any loss/fee during Tx. But to buy ripple
now, at BitStamp, $2.00 will only get me 100XRP, and that seems to be a
precisely fixed price.

