How does Ripple's exchange work?

In Advanced/Trade tab there is a "BTC/XRP" box, and a "change issuer" link. I have no clue what should I do to post any buy or sell:

I can freely modify the exchange currencies, and only USD/XRP shows me an order form
it has a ripple address near "base currency" / "change issuer", so I guess this means that that address somehow takes care of the USD exchanges?

I'm still clueless about what am I supposed to do to either set up a Bitcoin exchange myself, or to fine an existing one, neither have any idea how this all works.

o0'.

Posted 2013-02-11T10:11:13.813

Reputation: 5 180

What are you actually trying to do? – David Schwartz – 2018-07-08T01:31:54.350

Answers

I am clueless as well but I think that it requires a consensus of people on the network for this to function properly through one accepted BTC address. When we create our own orders no one else can see it unless you are in their trust circle or ripple neighbourhood. So we would have to all use your posted address to trade in BTC. Maybe MtGox sets up a ripple wallet inside the ripple network then we would all flock to their address and use it as a trusted source for the exchange. I could be totally wrong but that is how I poorly understand it. Someone with more technical know how can explain it better I am sure.

Ripple FAQ - Limited Description of Distribute Exchange

Bicknellski

Posted 2013-02-11T10:11:13.813

Reputation: 17

-2

Yes it seems you find the offers by being specific about the currency, specific as in who issues it. For example the WeExchange gateway deals in bitcoins, USD, CAD and Australian money so those are the most well known currencies so far probably. So you'd put their bitcoin-denominated account's number as issuer for bitcoins to see offers to deal in their bitcoin IOUs, their USD denominated account's number as issuer of USD to find offers to trade their USD IOUs and so on.

I do not know why they use a separate account for each type of currency, I am so far using one test account for all currencies, it is rpVft3wic2fZ2saY5BjEtL8R2NPrubxWG5

Because I run the Digitalis Open Transactions server I already have issued a lot of assets there, and am looking to issue a bunch on Ripple too. But I cannot do many offers yet until I get more ripples as most of my ripples got spent on testing the trading system to learn this much.

I have quite a bit of Devcoin (DVC) and Groupcoin (GRP), less (twenty thousand or less) I0coin (IOC, as Ripple currencies are alpha only not alphanumeric) and Ixcoin (IXC), very few Namecoin (NMC) and Coiledcoin (CLC). Other "altcoins" I have too few so far to get into market-making with them. I also have a slowly growing number of BBQcoins (BBQ).

Basically you should be able to type in pairs like BTC/DVC, if issuer of the BTC is not shown was weex then change issuer to weex; for DVC likely it will default to your own account as issuer, or if you already trust someone for DVC then their account; change issuer to my account shown above and if I have managed to place any DVC/BTC offers, or if anyone else makes any offers involving my DVC IOUs, you should see them.

SO far because the client only shows five decimals of price I only have an offer to sell DVC for 0.00002 BTC each, which is way higher even thatn the 200 or so satoshis they used to go for a couple of weeks ago. We need more decimals in the client to display reasonable "bitcoins per devcoin" prices.

Knotwork

Posted 2013-02-11T10:11:13.813

Reputation: 35

-2

Hоw dоеѕ Rіррlе wоrk?

The RіррlеNеt рауmеnt ѕуѕtеm соuld rеаlіѕе mоrе thаn $1.6 bіllіоn wоrth оf ѕаvіngѕ tо fіnаnсіаl іnѕtіtutіоnѕ wоrldwіdе. Thеrе аrе thrее types of trаnѕасtіоn ѕоlutіоnѕ аvаіlаblе tо buѕіnеѕѕеѕ, bаnkѕ аnd оthеr financial іnѕtіtutіоnѕ thrоugh RіррlеNеt:

xCurrеnt: RіррlеNеt’ѕ mоѕt аdvаnсеd рауmеnt рrосеѕѕіng ѕоlutіоn thаt’ѕ аlrеаdу bееn trіаllеd with lеаdіng сеntrаl bаnkѕ іnсludіng thе US Federal Rеѕеrvе аnd thе Mоnеtаrу Authоrіtу оf Sіngароrе. It hаѕ thе роtеntіаl tо rерlасе thе еxіѕtіng SWIFT ѕуѕtеm fоr рrосеѕѕіng trаnѕасtіоnѕ іn rеаl-tіmе. xRаріd: Dеѕіgnеd tо рrоvіdе thе ѕоurсе оf XRP liquidity, xRаріd іѕ аttеmрtіng tо mіnіmіѕе thе lіԛuіdіtу соѕtѕ оf сrоѕѕ-bоrdеr trаnѕасtіоnѕ. xVіа: Tаrgеtеd аt B2B соmраnіеѕ аnd рауmеnt рrоvіdеrѕ whо wіѕh tо ѕеnd рауmеntѕ асrоѕѕ a vаrіеtу оf nеtwоrkѕ using a ѕtаndаrdіѕеd іntеrfасе. Whіlе thіѕ ѕоlutіоn іѕ thе lеаѕt dеvеlореd оf thе thrее, xVіа hаѕ thе роtеntіаl to rеvоlutіоnіѕе thе payment рrосеѕѕ fоr brаndѕ соnѕіdеrеd tо bе high-volume рауmеnt senders. Thе Rіррlе XRP сrурtосurrеnсу іѕ dеѕіgnеd tо реrfоrm аѕ a brіdgе сurrеnсу thrоugh іtѕ RippleNet ѕуѕtеm tо оthеr fіаt currencies. It’s buіlt tо nоt dіѕсrіmіnаtе bеtwееn оnе fіаt оr cryptocurrency аnd аnоthеr, сrеаtіng a frісtіоnlеѕѕ рrосеѕѕ fоr сurrеnсіеѕ to bе еxсhаngеd іn rеаl-tіmе.

Whаt аrе thе рrоѕ аnd соnѕ оf Rіррlе?

XRP Ripple Altcoin Guide

Louw van Riet

Posted 2013-02-11T10:11:13.813

Reputation: 1

1Hey Louw, thank you for sharing your articles with us. First I thought that you just had copied the content from somewhere else, which is a common occurrence on our site, but I've realized that you seem to be the original author. Could you please in the future add a little disclaimer that you've previously published this elsewhere and are the original author? That'll help not getting false positive flagging. :) – Murch – 2018-09-21T17:21:24.373