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Answer: How to decipher specific ripple transaction?

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Right, so if I wanted to trace transfers of any currency like what happens in the balance changes, this transaction is irrelevant, correct?

 

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Posted (edited)
4 hours ago, rippleHero said:

For this TX: https://bithomp.com/explorer/49522DFAD0A35174663285BD6149437C3D4F2B6F1456E33C26129332915981D7

There are no balance changes, but there is an orderbook change. Was there anything transacted? It seems like there was according to the orderbook change, but nothing was delivered and there are no balance changes. Thanks!

It is a really interesting transaction. It is an obvious attempt at arbitrage. The source and destination address is the same, so it is a circular payment. But you wouldn't make a normal currency conversion with the partial payment flag set. It also has multiple paths in its path set. So I think this was externally hand crafted. It definitely is because it is playing with rMwjYedjc7qqtKYVLiAccJSmCwih4LnE2q issued USD. That gateway has long ago shut down.

I'm pretty sure happened is that when rippled tried to execute the payment, it found something unfunded. But that used to remove the whole order.

 

@nikb  This transaction looks pretty weird to me. It is a payment that succeeds, but delivers nothing. Yet it reduced TakerPays and TakerGets on an Offer without moving funds. I would expect the whole offer to be deleted for being unfunded if that was so. It also didn't cross two offers, as only one is in the metadata.

Can you have your offer reduced if it is found only partially funded at execution time?

https://xrpcharts.ripple.com/#/transactions/49522DFAD0A35174663285BD6149437C3D4F2B6F1456E33C26129332915981D7 

Edited by BobWay

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1 minute ago, BobWay said:

It is an obvious attempt at arbitrage.

I disagree, it was common practice to just send yourself some currency to get a different currency instead of doing a limit order. If the official forum did still exist (RIP, apparently they killed it a few days ago after silently killing the wiki) I could look up some threads.

2 minutes ago, BobWay said:

The source and destination address is the same, so it is a circular payment.

Circular payments are still not allowed, this is a "self" payment (the starting and end currency are not the same). The multiple paths come because ripple-client would look up several paths for you before sending IOUs.

You might also have overlooked the date on that transaction - it happened 5 years ago.

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11 hours ago, Sukrim said:

I disagree, it was common practice to just send yourself some currency to get a different currency instead of doing a limit order.

Absolutely, the original client called that a "conversion" payment. I could be wrong about what that person is doing. I can't see intention directly.

But I don't remember any client that did pathfinding setting the "partial payment" flag by default. Then, also giving the user a lot of paths that were all dry.

 

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And of course @Sukrim is correct, you can't send a true circular arbitrage payment on the XRP Ledger that starts and ends in the same currency. (I know this is true for trust line currencies. I'm pretty sure it's true if that currency is XRP as well.

But there is a lesser know arbitrage trick that lets you beat all the other arbitragers to the cheap liquidity at the expense of costing you extra transaction fees. I would have to dig in to the ordering in the transaction history (which I didn't) to know if it is being employed.

He might be alternately "trying" to send CNY to USD, just in case there is favorable pricing Than sending USD to CNY the other way, also looking for favorable pricing. That is like a two step circular payment. You can do that with one address or two addresses if you want. There are lots of techniques to try to beat others to noticing a market miss pricing.

If you wait to see it confirmed in the ledger, you might be too late.

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12 hours ago, BobWay said:

This transaction looks pretty weird to me. It is a payment that succeeds, but delivers nothing. Yet it reduced TakerPays and TakerGets on an Offer without moving funds. I would expect the whole offer to be deleted for being unfunded if that was so. It also didn't cross two offers, as only one is in the metadata.

@Sukrim have you ever seen a transaction like this. Not the path. But a payment that succeeded without moving funds?  I would expect it to be tecPathDry in most cases. The partial payment flag might preclude that by declaring that zero USD is a partial payment. I'm stumped.  

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3 hours ago, Flintstone said:

@Sukrim Have you ever been interested in working for Ripple? I’ve often wondered that considering you’ve been around so long, but never asked. :) 

I asked for an internship next to my studies a few years back, they responded a few months later that they lost my mail and now have selected interns already. These days I'm not sure if I want to live in the US and I haven't ever heard back from my inquiry if (mostly) remote work from the EU would be ok for them.

I'll take another look at this transaction and transactions like it, I never really got around to implement the transaction analysis tool I wanted/started to build. Definitely a slightly weird outcome, reducing 2 open offers like that.

 

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7 minutes ago, Sukrim said:

I asked for an internship next to my studies a few years back, they responded a few months later that they lost my mail and now have selected interns already. These days I'm not sure if I want to live in the US and I haven't ever heard back from my inquiry if (mostly) remote work from the EU would be ok for them.

That’s unfortunate. It seems like a missed opportunity for both Ripple and yourself.

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1 hour ago, Flintstone said:

That’s unfortunate. It seems like a missed opportunity for both Ripple and yourself.

Maybe I'd been run over by a Tesla in SF if I went there instead, who knows. Not much point in thinking about the past and things that can't be changed any more. It's not like I'm not reachable for their recruiters or anything.

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Posted (edited)

@rippleHero @BobWay @Sukrim @Silkjaer @retryW

I've improved a bit the view of such transactions.

https://bithomp.com/explorer/1A06B8E85C40B3756BE0B24A04DEE76E5BC5B0EFFBABB15F4634860CA78807F4

we always open for suggestions on how to improve the explorer in the user-friendly way :) 

let me know what is the best way to show such transactions, so it will be easy to read. 

Edited by Warbler

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40 minutes ago, Warbler said:

@rippleHero @BobWay @Sukrim @Silkjaer @retryW

I've improved a bit the view of such transactions.

https://bithomp.com/explorer/1A06B8E85C40B3756BE0B24A04DEE76E5BC5B0EFFBABB15F4634860CA78807F4

we always open for suggestions on how to improve the explorer in the user-friendly way :) 

let me know what is the best way to show such transactions, so it will be easy to read. 

That is really great @Warbler!  Zero criticism intended. You have a great tool and I use it all the time.

As I have suggestions, now I know who to send them to, rather than spouting off in public.

That was a very strange transaction. I was typing stream of consciously while analyzing, rather than thinking about who would read what I was writing.

I hope you took no offense. Absolutely none was intended. I like that you have renamed things from the impenetrable rippled terms! I'll make other suggestions as I have them.

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31 minutes ago, BobWay said:

That is really great @Warbler!  Zero criticism intended. You have a great tool and I use it all the time.

As I have suggestions, now I know who to send them to, rather than spouting off in public.

That was a very strange transaction. I was typing stream of consciously while analyzing, rather than thinking about who would read what I was writing.

I hope you took no offense. Absolutely none was intended. I like that you have renamed things from the impenetrable rippled terms! I'll make other suggestions as I have them.

No worries, I didn't take it that way. Thank you for your feedback. We always happy for new suggestions. :good:

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