XRPtipbot: tipping with issuances ?

[Guest]

Question to @WietseWind /u/pepperew .

While catching up and reading what our friends @ Stellar/Keybase are doing I was wondering if the same could be done with XRPtipbot i.e. start tipping people using issued currencies (IOUs) on the XRP ledger.

On top of that when the checks amendment is available could it be possible to add this option to XRPtipbot as well? Granted the whole "checks thing" was a bit weird to me at first and is probably the main reason why (trusted) validators haven't supported it yet. The checks could be seen as coupons and gift cards (with expiration date) "issued" by the (gaming/music/entertainment) industry. There could be a big potential for this. Checks can maybe be implemented in a similar fashion as the escrow option in the "withdraw" section of the XRPtipbot? While "withdrawing" you'll in fact be sending a check to someone and thus "tipping" them...

Currently we have +amount /u/xrptipbot to tip XRPs to a reddit user.

In the future, would it be possible to send +1 USD/EUR/BTC/ETH/PPRW /u/xrptipbot ?

The XRPtipbot users don't even need to hold the issued tokens in their XRP Ledger account (no trust lines). Neither do they need to have IOUs in their XRPtipbot. They could simply deposit XRP to the tip bot like they do right now and then the conversion can be done just like in the XRPayments app. For example, if I would tip +10 USD to someone, the tipbot basically would just do the USD-to-XRP (supposedly via on-ledger DEX) conversion and send that user the XRPs (10 USD ~= 25 XRP). This is the "trick" XRPayments use meaning that even though I sent 10 USD they would still receive that amount in XRPs. Not really the purpose of my post but this could be one of the options.

Another way to do this is to really send them what the user wanted in the first place. If someone paid my beer(s) and the total amount was 10$ then I'd like to pay them back exactly 10 bucks.

This could be done by taking e.g. 25 XRP (~= 10 $) from my XRPtipbot account and converting XRPs to IOUs of my choice (via built-in DEX (best offer)) and then deposit 10 USD to that person's XRPtipbot account. In this example I don't have any IOUs in my XRPtipbot account and my XRPs are converted to USDs via on-ledger DEX. For this to actually work the tipbot accounts would need to be able to store IOUs.

When withdrawing the IOUs, the user should be able to chose to convert them into the XRP (again via DEX to get the best offer when converting to XRP) or simply to withdraw the IOUs themselves to their on-ledger XRP account (trust lines). Most of the people would probably chose to convert IOUs to XRP. That's why this option would be a must have.

References:

https://developers.ripple.com/issued-currencies.html

https://developers.ripple.com/checks.html

https://keybase.io/blog/keybase-stellar-launch

[Hodor]

13 hours ago, crypto_deus said:

When withdrawing the IOUs, the user should be able to chose to convert them into the XRP (again via DEX to get the best offer when converting to XRP) or simply to withdraw the IOUs themselves to their on-ledger XRP account (trust lines).

First, let me flag Wietse Wind in case he wants to comment: @xrptipbot

I think it would be super cool to tip issued currencies, but because these are counter-party assets, there might be licensing considerations involved. 

13 hours ago, crypto_deus said:

This could be done by taking e.g. 25 XRP (~= 10 $) from my XRPtipbot account and converting XRPs to IOUs of my choice (via built-in DEX (best offer)) and then deposit 10 USD to that person's XRPtipbot account. In this example I don't have any IOUs in my XRPtipbot account and my XRPs are converted to USDs via on-ledger DEX. For this to actually work the tipbot accounts would need to be able to store IOUs.

 

In the 3rd iteration of Xsign, I think this will be possible.

I don't know about the XRP Tip Bot, though.  Maybe Wietse Wind has a long-term vision for it that includes tipping in issued currencies. 

 

[Guest]

I gave XRPtipbot as an example but just from reading (between the lines) on their XRPL LABS website it's clear that all their projects are morphing/merging into something major! Maybe, it's going to be just one App to rule them all. So, I'm not surprised that Xsign (or should I say Xumm, just starting to read your article on Coil...) is/will be able to do this. Thanks for your reply Hodor, maybe Wietse will give an extra "word" of explanation.

Edited June 3, 2019 by Guest

[Wietse]

On 6/3/2019 at 4:17 AM, Hodor said:

I don't know about the XRP Tip Bot, though.  Maybe Wietse Wind has a long-term vision for it that includes tipping in issued currencies. 

I have thought about it a lot, and I decided I'm not going to add it. It's way too confusing for users. The idea of the TipBot is to make it easy, you can participate without even creating an account, and immediately pay a tip forward. When adding IOU's, I have to bother users with multi currencies, Trust lines, withdrawals to IOU's, explain how they can convert, etc. And think about the syntax from the perspective of a recipient;

@SomeUser +X SomeCurrency SomeIssuer @xrptipbot

That's just horrible for the recipient. How to explain that :') And the worst part: people will create their own useless IOU's that are still called EUR/BTC, no liquidity, no offers, and people will be happy with their tip and then I'll have to explain it's worthless...

Nope. Definitely not going to do it

-- Thanks for the ping @Hodor!

Edited June 4, 2019 by xrptipbot

[Guest]

Hi Wietse,

All, right, thanks for your reply. Confusion should be avoided indeed and XRPTipbot is beautiful in its simplicity. Even my mom gets it !

Gonna send some sips your way in DEUS.EUR. Cancel that, let's make that tip in good old XRPs :-)!

Can't way to see Xumm in action, looks pretty damn cool!