Must I have an account with every gateway I use as an issuer?

3

In the Ripple Client, in order to convert to BTC, I need to select a Base Currency (it currently says BTC ???.)

I searched for a Base Currency Issuer address and found how to grant trust to BitStamp, which lists what is supposedly BitStamp's address. I realize, however, that I cannot trust this address because it comes from http://www.nofiatcoin.com/ instead of https://www.bitstamp.net/.

I assume BitStamp requires signing up for an account before showing an address.

Is having an account just BitStamp's policy? Say I had a secure way of getting BitStamp's address without signing up for an account and I added this address as a BTC issuer. Couldn't I just buy/sell BitStamp-IOU's over the Ripple Network, even without an account at BitStamp? If so, why would BitStamp only divulge its issuer address if the user has an account?

DJG

Posted 2014-05-25T02:17:57.037

Reputation: 381

Answers

4

Where can I find the address?

The address you need to trust to hold Bitstamp issued currencies is available from the Bitstamp website, but as you noted, you must be logged in to see the relevant page.

You can also find the address at https://www.bitstamp.net/ripple.txt under the [accounts] key. The ripple.txt file is documented here: https://ripple.com/wiki/Ripple.txt

Do I need an account?

You do not need to have an account with Bitsamp to be able to hold Bitstamp-issued assets. All you need is to trust their address. You can then buy Bitstamp-issued BTC, or USD or EUR or whatever else purely on the Ripple network.

Of course, having a Bitstamp account will allow you to redeem those IOUs through Bitstamp. Without such an account, you can still trade them on the Ripple network for either XRP or other assets, likely issued by another gateway.

You may find this primer to be of help: https://ripple.com/guide-to-ripple-gateways/

Nik Bougalis

Posted 2014-05-25T02:17:57.037

Reputation: 326

@MeniRosenfeld Yep, I had already posted a link to Bitstamp's ripple.txt – Nik Bougalis – 2014-05-25T11:54:37.713

Sorry, didn't notice this, deleting my comment. – Meni Rosenfeld – 2014-05-25T13:41:20.463

1Thanks! I think I remember reading somewhere on this site that we are not supposed to post addresses and instead only have a link to them. I believe this is because someone could edit this answer and put up their own address instead, and somebody may use that without first checking the link. Could you please change the address to instructions on where to find the address on the linked page? Thanks again – DJG – 2014-05-25T13:47:19.163

1@dg123 great point, I have changed the instructions. – Nik Bougalis – 2014-05-25T19:01:41.323

Asked: 2014-05-25T02:17:57.037

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Active: 2014-05-25T19:01:20.657