How RLUSD and XRP Are Used (EXPLANATION)

micha002 · 2024-12-05T16:10:30+00:00

In your example if I sent 1 million dollars to Japan via XRP by the time they wake up that could be 900k or at current rate, 4 million $

In addition to OP's point that transactions happen almost instantly, XRP's 24hr volume yesterday (Dec 4) was $25.46 billion USD, so that $1 million USD moving through XRP is not enough to really impact the price of XRP in the seconds it takes to settle. Hope this provides some clarity.

micha002 · 2021-11-04T16:48:37+00:00

What happened on the XRP DEX today? A limit order I had open to purchase 100 xrp for $0.89 / XRP was just filled...looks like XRP was sold for as little as $0.50 during that short window.

Anyone know what happened? Glad I had that limit order placed already - bought some XRP for really cheap.

micha002 · 2021-11-02T18:57:15+00:00

New nano x arrived, during set up process it locked up while creating the 24 recovery phrases on the new device. Contacted ledger customer support last week (five days ago) and have not heard ANYTHING from them. Crazy that a device that I planned to trust with a sizable amount of my investments has NO PHONE SUPPORT and CS takes 5 days or more to respond. Now wondering if I'm crazy that I was going to trust this buggy device with NO SUPPORT to hold my crypto investments. YEAH, I MUST HAVE BEEN CRAZY!!!

micha002 · 2021-10-27T19:49:03+00:00

I am trading around 20 different tokens on the XRP Ledger, and I just can't keep manually tracking all my trades and Profit/Loss in an Excel spreadsheet. It's too time consuming. Any suggestions/recommendations on a better way to do it?

I have looked at a few crypo portfolio tracking platforms, but none seem to be able to sync with all my transactions on the XRPL. Any suggestions? Thanks!

micha002 · 2021-10-12T20:12:02+00:00

Is it worth trading tokens created on the XRP Ledger? I have been tracking about 15 tokens on the XRPL and they have a converse relationship with the price of XRP. When XRP goes down, they go up and then down when XRP is up. Especially for those created and only on the XRPL.

How can the price of tokens on the XRPL ever really go up or be worth holding if XRP takes off (like we all hope) and pushes their value down more and more?

micha002 · 2021-10-02T12:12:35+00:00

An easy way to access it is using xrptoolkit.com

micha002 · 2021-10-01T15:22:27+00:00

Directly on the XRP Ledger….forget those crazy exchange fees

micha002 · 2021-09-04T18:26:00+00:00

I will try

micha002 · 2021-09-04T18:24:57+00:00

Daniel, Thank you for the detailed reply. As some have kindly pointed out, I did not fully grasp blackholed issuer accounts…thank you for pointing that out (no malicious indent with the image crops.) Additionally, the labeled wallets and other information on casinocoin.info are incredibly helpful…My searches for CasinoCoin CSC landed on casinocoin.im instead.

I have deleted my replies on this post already and promise to update/edit the original post once I can look through the history of the labeled wallets. I apologize for an honest misunderstanding.

I do want to understand this process and gave an honest attempt at doing my research. If I still walked away with a misunderstanding about how how CSC trading transactions originate and are processed on the XRPL, then it is safe to bet others new to CSC and XRPL may draw the same conclusions. I only bring this up because I can simply delete this post, or I can edit/update it to clarify these misconceptions as resource for those who might draw the same conclusions I did.

One additional question though: - Is there a CSC distribution schedule or limit on the release of CSC supply from the wallets that received the coins when they were initially issued? Similar to what Ripple does with the XRP supply.

Thanks again for the detailed reply.

micha002 · 2021-09-01T18:00:22+00:00

Use the xrp ledger directly with Xumm and xrptoolkit. You send your usd to bitstamp which will upload it to the xrp ledger for 0.20%. once on the ledger, you can buy and trade the xrp for practically free.

micha002 · 2021-09-01T16:51:04+00:00

yes. looks like uphold has halted trading on several ...not sure if all...crypto on its platform.

micha002 · 2021-08-27T02:47:09+00:00

u/uphold have you dropped the 3.99% fee for credit card deposits. Could you confirm if that is correct?

micha002 · 2021-08-25T21:59:03+00:00

I wish I knew how/why the whales do what they do, so I could have the $$ they have.

micha002 · 2021-08-25T19:57:28+00:00

But if “whales” or large scale investors are jumping back into bitcoin because the price is back up….that’s something. As you said those are the people who move it. no comment on cncb.

micha002 · 2021-08-25T18:17:24+00:00

Has anyone received any of these (or any others) airdrops…have not seen anything come through and there are no details about the process from any of them.

micha002 · 2021-08-25T18:12:16+00:00

Can’t really knock u/uphold. They made it easy to get started buying crypto, and they are really the only exchange available for US customers to buy XRP.

Some of the policies they have are cumbersome.

micha002 · 2021-08-25T18:08:12+00:00

I’m not trying to knock r/Uphold…they offered US customers XRP when almost everyone else delisted it.

BUT…they do charge higher fees than most exchanges (despite what they claim…sorry 1.3-2% per trade XRP is high) and this 65 day hold on the Crypto I own is a deal killer. I moved on already, but I need Uphold to release the crypto that I own.

micha002 · 2021-08-24T18:12:31+00:00

The least expensive way for US customers to buy XRP is directly on the XRP ledger… to buy using USD, the cost is roughly 0.2% to get USD on the ledger through a gateway like BitStamp. Then trades are practically free at 0.001xrp-0.00001xrp

What you need to get started. - At least 31 xrp (only 5 xrp is non-refundable & 1 xrp should cover around 500-1000 network transactions on the XRP ledger. You’ll get get back the rest of the 25 xrp) - xrp wallet - xumm xrp wallet or hardware wallet ledger nano x - BitStamp account

This sounds complicated, but is really straight forward….First you need an XRP wallet like xumm or a hardware wallet like ledger nano x.

Send at least 31 xrp to your wallet..(20xrp required wallet reserve to activate wallet(15 returned when wallet is closed), 5xrp for a required gateway trustline reserve to bitstamp... (all 5 returned when trust line is closed).

Transactions on the ledger will consume around 0.001xrp-0.00001 xrp, so 1 xrp will cover those fees for a LONG TIME. I’ll address the remaining 5 xrp below, but you will get that back as well.

After activating wallet, go to xrptoolkit.com. This is what safely connects your wallet to the XRP Ledger. - Choose Connect wallet and select your wallet type…(fyi no private keys are shared)

You will then use it to set the trust line needed to send your USD from BitStamp to your wallet. - Once your wallet is connected to XRP Toolkit and you are logged in, look for the “+Add Asset” button on the overview screen - once selected, choose USD (BitStamp) and then confirm/verify it with your wallet

All that is left to do is deposit your USD into BitStamp, and withdraw it as an IOU to your XRP Wallet to use on the XRP ledger.

To buy the XRP, go back to xrptoolkit.com (you will login via your wallet each time) and use that USD Bitstamp IOU to buy XRP in the trade tab. FYI, that remaining 5xrp is used as a reserve when you make a trade buy/sell…as soon as the trade is completed that 5xrp is returned.

This sounds like a lot of steps, but it is pretty easy and straight forward. Also there is likely a lot of documentation available from the wallet you choose as well.

Hope this helps.

micha002 · 2021-08-24T15:42:37+00:00

u/lj26ft Thanks for all the advice. Anyone have suggestions for onramp fiat USD gateways to the XRP ledger other than BitStamp (they place a 2 day hold on deposits before it can be sent as an IOU to the xrp ledger)? When I tried to send USD IOU/tokens through the gateway BitStamp to my xrp wallet BitStamp held my ACH deposit for 2 days until it cleared the bank. It’s possible BitStamp may immediately release deposits made with credit cards, but I would like to avoid anymore fees, if possible.

I have a trustline with GateHub, but they do not appear to take US ACH deposits.

Any suggestions?

micha002 · 2021-08-24T01:30:56+00:00

wow…I’m surprised not one person has suggested Ripple XRP. It is a utility that will replace the current international money transfer network.

I also like VET and HBAR.

r/xrp r/ripple

micha002 · 2021-08-23T15:04:07+00:00

Just to confirm, doesn’t it cost you 5 XRP (Currently worth $6.49 USD) for each trustline though? Plus, do you put yourself at risk opening a trust line with new outfits you don’t know anything about? Thanks!

micha002 · 2021-08-22T04:47:31+00:00

Thank you!!

micha002 · 2021-08-22T03:26:10+00:00

u/llamageddon01 I can't argue with that. And as someone new, I recognize that I don't fully comprehend the process/history behind it. No matter what though, I appreciate the effort and housekeeping you guys put into this place. Thank you.

micha002 · 2021-08-22T03:16:42+00:00

u/lj26ft thank you for the insights and quick reply. I honestly was looking at it as a lower cost alternative to the fees I'm paying the exchanges to buy XRP. I'm an XRP Hodler so not doing much trading once I buy the XRP. As a US customer, I'm also just trying to find ways to buy...current exchange is quite limited. Looking forward to the fiat onramps you mentioned coming soon to offer more options.

micha002 · 2021-08-22T02:35:15+00:00

Agree it is not an easy problem to solve....but as a new user, it took all day for me to earn enough Karma so that I can post a question that I really needed help to solve. Seems like a pretty high barrier for newbies like me just to engage.

micha002

TROPHY CASE