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RippleLocal

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About RippleLocal

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    https://LocalRipple.co

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  1. @HazzaHat All the "shadiness" will clear as the company papers are finally released but we had a bit of a problem because here in Romania for the chamber of commerce to release the paperwork you have to have signed approval from your headquarters' neighbors. And at this very moment one of the "neighbors" is traveling abroad. We did reach him however and we're waiting to receive his signature but this stalled us a bit. Hopefully in a couple of weeks we'll have everything set and we'll also release an "about us" page which will contain all the legal information about our company as well as information about the team members.
  2. @PhiGuy Took you a while. 100% predictable though :)) By the way, " :)) " indicates laughing. As in what you do when you hear or say a funny joke.
  3. @cmbartley To answer your questions: 1. Because the platform is ready and we never thought that the paperwork should be a problem. 2. That's the whole purpose of an escrow service isn't it? To insure the parties involved in the transaction that everything goes as it should. Judging by your questions, I'm not sure you understand the main concept of our platform. We, as a platform are not a party in a trade, we're the middlemen ( escrow service ). We offer the environment for you to trade with other people not with us. We are, as previously mentioned, the escrow. Let me give an example: Bob sells XRP to John and wants to receive USD via wire transfer. 1. Bob deposits the XRP payment into the escrow account. 2. John receives the confirmation that the XRP payment is inside the escrow account and then sends the USD payment via wire transfer. 3. Bob receives the USD payment then confirms that he did and then presses the "Release escrow" button. 4. John receives the XRP payment. We ONLY retain the 1% fee on a successfully completed transaction. This commission is retained from owner of the trade offer ( listing ) which the transaction was initiated from. As a matter of fact if a transaction gets canceled / disputed we actually lose money because the escrow deposit is returned in full ( the money we lose are XRP in the XRP transaction cost ).
  4. @whatever Silly joke : How do you trust your socks seller in 2019? What if he secretly sews a poisoned thread into your socks that makes you fall in love with him and give him your house and all your belongings. Leaving that aside, there will be other people that, I quote, "will fall for this crap" and will trade normally, and then everyone will see that there's no "conspiracy theory" or "theft" or "scam" and that there's still "good left in the world". But for us, this is not a community service, we're doing this for money, pretty much like everyone else ( the 1% fee ). It's a safe assumption to consider that we will make considerably more money from that 1% fee if we have a safe trading environment which is rather popular than if we would actually be trying to "scam" people for a few bucks. Do a Google search on how much money LocalBitcoins makes. We don't dream of getting there tomorrow but who knows what this whole thing will look like 10 years from now. As a side note, when we developed the platform we thought that the main problem we'll have promoting, will be the 1% fee. We didn't think for a second that some people will be so reserved about using it because of a "possible scam". Either way, you are not wrong to think, act, and feel this way considering how many scams are happening over the internet. So, a big thumbs up for that!
  5. @cmbartley The paperwork hasn't been released by the chamber of commerce yet but the company name will be SC RODESTA SRL. Once this final step is completed the info will be posted on our website as well. There's one thing I'm failing to understand though. Insurance for what? And what kind of "deposit" are you talking about? Our platform does not require any of our members to pre deposit like localbitcoins.com does for example. I mean, when you initiate a transaction or when you get a transaction request, you or your trading partner are making the escrow deposit until the transaction is either completed or canceled, after the which the escrow payment is released. The whole system is automated and a successful transaction takes around 10 minutes maximum while a canceled one takes less.
  6. @PhiGuy What you posted there is a reference of how the European Union "wants" Romania to change the money laundering law. In this very moment, the Romanian money laundering and terrorism financing prevention law, 656/2002 revised in 2012 and with it's final form published in the official monitor on 09.06.2017, has no reference regarding virtual currency / cryptocurrency transfers. Should this change, we will of course abide by the law, and potentially remove the anonymity factor if so required.
  7. @PhiGuy I'm not sure I understand why the canadian FINTRAC / FINCEN would be a point of interest for us considering that we are not canadian citizens nor is our business canadian based. Also, in my previous reply I mentioned why our business model does not allow such hacks and thefts, and that's because the XRP can not be kept within our wallet for longer periods. @whatever You couldn't be more wrong. Let me explain : 1. The fee is only perceived on "completed" transactions. The "disputed" / "canceled" transactions are not retained any fees, obviously... 2. As for the "stealing" part... I honestly don't know how other people would feel about working so hard on a project just to steal a couple hundred bucks, but for us that's definitely not a good deal. 3. The whole "conspiracy theory" you cooked is quite smart, I'll give you that, but you're forgetting the fact that you can see the transactions of any XRP wallet, providing you know the address, which you obviously will. Whether you believe it or not we're actually here to stay, pulling up such a thing wouldn't really help with that Either way guys, just like someone else mentioned in an earlier reply, our greatest challenge is to gain the people's trust, which we eventually will. The only real question is how long will that take?
  8. The principle of our escrow is pretty much the same, we are also using a single wallet however instead of assigning a destination tag for each user, we assign one for each transaction ( kind of irrelevant though ). The difference I've been talking about is that you can't actually keep ( for longer periods ) your XRP within our wallet unless you are involved in an active transaction, after which the XRP payment is released to your personal wallet. Take LocalBitcoins for example, to trade with them you have to deposit your bitcoins into one of their wallets for longer periods of time. But what if they somehow get hacked? Yes, the chances are very slim, yes it's highly unlikely, but what if? Those exchanges that got hacked, what were the odds of that to actually happen? How much money were stolen? What if they wouldn't have forced their users to "keep" their money within their 3rd party wallets? I assume your next question will be something like: "Ok, but if you don't offer anything game breaking why wouldn't I just use a reputable exchange and withdraw immediately?" The answer should be quite simple. Some EU banks ( most of the Romanian ones for sure ) block transfers from and to exchanges ( don't ask me why, I know how stupid this is... ). With LocalRipple your bank transfers would come from other people, thus solving this problem. Also, with LocalRipple you can actually trade anonymously if that's what you want. To clarify the last matter you brought up, the trades are free for you if you are not the person who listed the trade offer. On the other hand if you complete a transaction through a trade offer ( listing as you called it ), and you are the owner of that listing you will pay 1% of the transaction value as fee. The fact that will clear the confusion is that you can only initiate a transaction through a trade offer. P.S. This thread has been very helpful in terms of allowing us to see how people understand and react to the service we provide. We will most likely use parts of this on our website to better explain how the whole process works, so, thank you for the constructive criticism and for taking the time to reply.
  9. I was having trouble understanding how in the world you brought up the name "DRS Media" into this discussion, but after carefully reviewing everything... it was obvious... Apparently one of my colleagues thought it was a good idea to simply copy / paste a part of the footer from an old project of ours which was coded for the mentioned company. To clarify this further, we are not an US based company, we are based in Romania. We are a small group which is part of this rare breed of humans, also known as programmers, that used to work for SC RO2BIZ ONLINE SOFTWARE SRL. At some point we decided to take our fates into our own hands and after several 3rd party projects we thought it would be a good idea to develop a platform that acts in a similar way to LocalBitcoins with the difference that we don't want to keep people's XRP in a 3rd party wallet managed by us, like exchanges do for example. Bottom line, we are trying to do this right, and we will, whether it will be called LocalRipple or LocalXRP is of no relevance if you ask me, what matters is, as I've previously mentioned, the idea and the platform itself.
  10. @SilverSailor Buying XRP from another member via their trade offer is free, selling XRP to another member via their trade offer is free. The action of posting a trade offer itself is free. The 1% fee is retained from transactions that were initiated by other members via your trade offers. I'm hoping this explains it.
  11. @lysistrada this whole "gigantic" issue you are painting is not that big at all... It's a mere domain name that can be changed within a few hours, what's important however is the idea and the platform itself and what it offers to people out there. As for the "we are handling it" part, we contacted Ripple and asked for their permission regarding the domain name. Based on their response the domain name will be changed, or not, thus concluding this whole "problem".
  12. @lysistrada I appreciate your reply, however I will not give course to your aggressivity. If you consider that blatant discreditation and masked insults are the way people should treat eachother, there's really not much I can do. We are trying to promote a platform we developed and worked for, and which we hope will be beneficial for other people as well. We are willing to work on it and improve it based on the feedback we receive, because that's what it means build a service in the first place.
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