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Bitstamp Down?


biggn
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4 minutes ago, Prachtig said:

Yup! it's down for me as well, can't even reach their homepage.

A twitter update would be nice as to what's going on...

Well, with XRP trending down for now, guess I could use a break from staring at candlesticks...Maybe I'll actually do some work today.

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1 hour ago, biggn said:

A twitter update would be nice as to what's going on...

Well, with XRP trending down for now, guess I could use a break from staring at candlesticks...Maybe I'll actually do some work today.

They posted that they were adding BCH today after I saw that it was pretty obvious why it was down for an hour or 2. But I agree, they could have made a post saying it would be down for a few hours.
Everything is working fine now though! :D

Edited by Prachtig
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1 hour ago, tulo said:

Damn Bitstamp...they added BCH but they don't want to correspond the BCH for the BTC IOUs in Ripple.

I had at least 2 BTC IOUs, so basically they stole me 2 BCH.

Damn indeed. I had a lot of BTC IOU's at Bitstamp. 

It's understandable that they can't do it for every BTC-fork, but if the fork gets really valuable, let's say >5% of BTC value, they should make it available. BTG is another one..  

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Hi @zenkert

it's pretty basic and elementary to the Ripple netwerk, perhaps I should call it a bit of 'the old usage' of the XRPLedger, before ILP. 

If you buy BTC at Gatehub.net, you will get Gatehub.BTC - an IOU. You can see the orderbook here. You can deposit BTC directly to your gatehub account, and in return you will receive Gatehub.BTC ... the IOU (stands for I Owe You)

Same goes for BTC from Bitstamp (see orderbook here), you can deposit BTC at Bitstamp and then 'withdraw' them to the Ripple Network. When you look at the Bitstamp.net website, you will find at the withdrawal tabl that you can withdraw BTC or USD to the Ripple network. When you withdraw the BTC from Bitstamp to the RippleNetwork, you will receive in return Bitstamp.BTC. (which is an IOU, i.e. Bitstamp owes me some BTC and in return I have received some BTC which I can trade on the Ripple Network)..

You can also deposit those IOU's back to Bitstamp with which you will receive BTC. (check out the deposit and withdrawal tabs at Bitstamp.net)

I would like to point you to up-to-date documentation about IOU's at the ripple website, but sadly enough I can't find any :wacko: 

I found however this (no longer actively supported) page: https://wiki.ripple.com/Payments

Hope it helps

Edited by jn_r
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38 minutes ago, zenkert said:

OK @jn_r

Let me see if I got that right. I have roughly 500 XRP at Bitstamp for the moment. Does that mean that the XRP I hold there is a IOU XRP from Bitstamp???

In a way - technically speaking, yes. You sent earlier 500 XRP to Bitstamp and Bitstamp now "owes you" 500 XRP. Those IOU's are administered on the Bitstamp ledger (Bitstamp's internal database), so you can trade with these 500 XRP's within the Bitstamp ledger (their website) - note that Bitstamp doesn't call them IOU's, but in a sense they are.

If you have XRP at Bitstamp, it means that Bitstamp has the real 500 XRP in custody (in a 'hot' or 'cold' wallet) on the Rippled ledger  and has made a note that they owe you 500 XRP. In return you can trade this 500 XRP on their environment. If you withdraw your 500 XRP, Bitstamp will send you the real XRP (you will need a Ripple address for that)

The IOU's that Tulo and I are referring to are IOU's that are administered on the Ripple Ledger.

XRP is the native token on the Ripple ledger, it can only exist 'in real' on the Ripple ledger (some say XRP is 'grounded' on the Ripple Ledger). 

Next to XRP there also exists 'IOU's on the Ripple Ledger. These IOU's can be exchanged (yes, Ripple Network was one of the first decentralized exchange, albeit with IOU's) The IOU's are kept in 'hot' or 'cold' wallets from the exchanges. Bitstamp is a Ripple exchange, meaning they take your BTC or USD to place these as IOU on the Ripple network. On the ripple network these IOU's can be exchanged for XRP or other IOU's. If you trade on Gatehub.net, you are  trading IOU's on the ripple network. The real BTC are kept by Bitstamp in a hot or cold BTC wallet on the Bitcoin network.

(Bitstamp has an own ledger, which is nothing more then a database and some exchange software, but next to that they also use the ripple-ledger, which is a distributed ledger/chain... I think that might be confusing, it's just 2 completely different ledgers that have nothing to do with each other. Bitstamp just happens to offer trading on 2 ledgers)

As the real BTC at the time of the fork were in the hands of Bitstamp (in a hot or cold wallet), they are the only ones who can exchange those for BTC (on the BTC-segwit network) and BCH (on the BCH network). Yet when we want to withdraw our BTC-IOU back to Bitstamp, we receive only the BTC-segwit, not the BCH.

Edited by jn_r
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