Sent XRP to Bitstamp

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Sent XRP to Bitstamp

Postby cryptodog » Mon Jun 15, 2015 5:26 pm

Hello guys,

I was asked to post here to share my story and I will be glad to do it because some guys from the forum and Ripple employees were them kind enough to help me solve my problem.

I sent almost 1000 XRP to a Ripple address belonging to Bitstamp with the hope to convert XRP to BTC. I still don't understand what the problem was but my funds disappeared from my account and have not been credited to Bitstamp.Support gladly helped me and credited back my XRP after I showed them my Ripple transaction log and some screenshots.
The original post is here: viewtopic.php?f=1&t=10220&p=64391#p64391.

I am a total noob when it comes to using the Ripple software, but to my defense there aren't a lot of idiot-proof resources on the web on how to trade XRP for BTC or vieceversa. Maybe I'll learn it at some point, I dunno :)
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Re: Sent XRP to Bitstamp

Postby JoelKatz » Mon Jun 15, 2015 6:15 pm

cryptodog wrote:I sent almost 1000 XRP to a Ripple address belonging to Bitstamp with the hope to convert XRP to BTC. I still don't understand what the problem was but my funds disappeared from my account and have not been credited to Bitstamp.

Don't send XRP to Bitstamp. Bitstamp doesn't want your XRP, and they just have to send it back to you. If you want to convert XRP to BTC, use Ripple Trade's 'Convert' option.
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Re: Sent XRP to Bitstamp

Postby twarden » Mon Jun 15, 2015 10:36 pm

I'm glad to hear that you haven't given up on the Ripple network and that you were able to get things sorted out by talking to the people at Bitstamp support :)

If you are just looking to quickly and easily trade XRP for BTC, then I would use the convert feature (Trade > Convert), as JoelKatz mentions above. If you are however trying to maximize the amount of BTC you will receive, you do not want to use this feature. When you use the convert feature, path-finding kicks in to find a Market Maker who has the best suited bid order which matches your asking amount for sale.

To maximize the amount of BTC you can receive, go through Trade > Advanced > Add Pair. Input XRP as the first currency and BTC as the second. Add ~Bitstamp as the counter gateway. This will allow you to fetch this market pair by clicking on the drop-down list on this page in the future. You can now see the bid and ask orders on the order book for XRP/BTC.~Bitstamp. If you would like to see the full market depth, click on Flip to see the BTC.~Bitstamp/XRP market. This will allow you to choose between what sort of order you would like to post.

You have the first option of posting a bid of however many XRP you wish to trade and you can either a. have the order resolve automatically by copying an pasting in the lowest ask price (this is what happens if you were to use the convert feature) or b. you can input a price lower than the lowest ask price (and greater than the current largest bid price) to become a Market Maker; the next time that someone sells BTC for XRP then your order will be filled.

Your second option is to create an ask order by flipping the market to XRP/BTC.~Bitstamp. This allows you to choose the amount of XRP you wish to get rid of (keep in mind your account reserve!) by viewing the new prices which reflect this order-book. Take a look at the bids for this pair, this price is what users are looking to exchange BTC into XRP an what they are currently paying. Now take a look at the lowest ask order, beat this order's price/amount, and you will lead this order book with the most competitive rate; the next time someone uses the convert feature to sell BTC for XRP, you will receive your crypto.

I hope that this helps explain how to use the Ripple order book thoroughly; anyone can send me a PM if they are having issues wrapping their head around a certain process/procedure within the Ripple ecosystem for some assistance :)

Don't worry! I'm pretty sure that I got this under control, the last crazy visionary was was far too insane, but I struck the correct balance.
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I am not affiliated with Ripple Labs.
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