Yeah it's nice that sending XRP doesn't require adding lines of trust. It seems people have difficulty understanding it. XRP is basically like real banking because it's a debt-based system.
Example:
Jon gives me 10 dollars cash. I put 10 dollars in the bank. Now the bank owes me 10 dollars.
I write you a check for 10 dollars from my bank. Now my bank owes YOU 10 dollars instead.
So when you move bitcoins or usd or doge or euros around on Ripple, that's how the trust lines work. If you want someone to be able to send you 3 Euro, you have to let them act as your bank for that 3 Euro and thereby hold 3 Euros of debt to you until you have to move it somewhere else. 1 more example, using btc:
i tell my exchange to send me 1btc from my account. I have to trust them for 1btc. That goes on the record, though the btc will actually stay with them until I move it to another btc address. Make sense?
I love Ripple, I use it to move money around all day LOL
PHCoins sent.
Please post this example in that thread, Mike should read this and I think there is a way to use Ripple Gateway for PHCoin/BTC transfers. Any ideas? I want to help PHC
Anonz is right. I'm going to be setting up a ripple server soon and I'll report back on this but basically, if we get PHC into the ripple system, you will be able to integrate it into fiat currency, allowing your users to have more interchangeability. In other words, people in the Phillipines would be able to exchange their PHC for cash (any fiat currency including CNY), I think this would give your coin more value. Thoughts, anyone?
(Thanks for the positive feedback Anonz
And thanks for the good price and the tip!
)
