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Dear @Rabbit_Kick_Club, Based on the following description of how xrapid (?) locks funds during a transfer and your understanding of how the demo ran ...

  1. Alice arranges it so that if 1,800 MXN is sent to Bob, she sends $100 to Charlie.
  2. Charlie sees that he will get $100 if 1,800 MXN is sent to Bob. So he arranges it so that if 1,800 MXN is sent to Bob, he sends 120 XRP to David.
  3. David sees that if 1,800 MXN is sent to Bob, he will get 120 XRP. So he sends 1,800 MXN to Bob.
  4. David claims the 120 XRP that Charlie locked up for him.
  5. Charlie claims the $100 that Alice locked up for him.

Can you tell me if the xrp are locked in escrow during the 2 minutes wait for the banks at each end to do their ledger updates (these would happen during steps 1 & 5) - or whether the xrp is only held for the much shorter period of 2-3-4. I'm assuming myself that a bid/offer must be made to get the exchange rates at both ends and that once the exchange rates are decided - then the xrp/funds must be locked in and the transfers take place, but I am not sure if it can be done just for the xrp phase or whether it covers the full transaction time.

Was this explained?

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44 minutes ago, jbjnr2 said:

Can you tell me if the xrp are locked in escrow during the 2 minutes wait for the banks at each end to do their ledger updates (these would happen during steps 1 & 5) - or whether the xrp is only held for the much shorter period of 2-3-4. I'm assuming myself that a bid/offer must be made to get the exchange rates at both ends and that once the exchange rates are decided - then the xrp/funds must be locked in and the transfers take place, but I am not sure if it can be done just for the xrp phase or whether it covers the full transaction time.

Was this explained? 

I don't actually know if escrow is used at all in the process, as I am unclear on the need to guarantee that transactions happen simultaneously, or that funds are available beyond an exchange reporting they are available at a given rate. This product uses exchanges to trade XRP for fiat, which already inherently requires trust that can't be mitigated by an escrow. In other words, the escrow feature works on the ledger, which is only used to send XRP from one exchange to the second.

Edited by Rabbit_Kick_Club

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13 minutes ago, Rabbit_Kick_Club said:

No idea! Ripple was giving them away at Consensus and Community Night.

Thx anyway!  That's the sweetest looking hat yet! Just searched the net and couldn't find one anywhere - now it makes sense....

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23 hours ago, Graine said:

Then they should post the paychan create/finish tx. Or the PaychanClaim.  

I'm glad David clarified in the other thread, although I do wish I knew I didn't actually witness the first live xRapid demo before I posted about it:

 

Edited by Rabbit_Kick_Club

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21 hours ago, Rabbit_Kick_Club said:

I'm glad David clarified in the other thread, although I do wish I knew I didn't actually witness the first live xRapid demo before I posted about it:

Indeed.

I find the situation to be quite shameful. We all give demos, rehearse them, test them, tweak them and then have them go wrong, but we prepare a video, or a simpler version as a back up (I've done it many times). Clearly Ripple had this covered because they had a test setup as backup that would do the same as an exchange and complete the transaction, but they basically lied to the world.

If you are going to tweet

and then ten minutes later have a demo that fails, then you bloody well say - right there and then - "oh balls, the remote end timed out, sorry about that, here's one we recorded earlier". What's worse - having a demo that fails, or tweeting that your making history and then covering up the fact that you were not?

I was so happy for ripple that they were making such good progress, but now I am disgusted that they didn't simply say it failed right there and then. (I appear to be in a minority on xrpchat, but I'll get over it).

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