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<meetreks> My understanding is the same
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<meetreks> Banks would go to a gateway and will trust them
<stellar-slack>
<meetreks> but issue is
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<meetreks> what happens when the gateway crashes?
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<meetreks> where does the responsibility lies?
<stellar-slack>
<meetreks> on the other side
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<meetreks> let us assume banks run their own node
<stellar-slack>
<meetreks> then will it be a strict node - no validator services
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<meetreks> or is it with validator services
<stellar-slack>
<meetreks> would be really helpful if someone from stellar can share insights on his one
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<meetreks> at this point of time
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<meetreks> it is really confusing the roles the banks will play
<sacarlson>
no the bank IS the gateway
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<sacarlson>
example you deposit fund into the BANK that is the GATEWAY and issurer on the network. the bank sends you credit from funds of there issuer. you would of also had to setup trust lines to that bank as an issuer
<sacarlson>
you can now send or trade that money with others that have trust lines to that banks issuer address. the money no mater who is the holder of the issuerd funds that are held in the bank are still in the bank
<sacarlson>
if any holder of any part of the issued stellar funds want to withdraw to real money they would send back the issued funds back to the bank that they have an account setup in that now has the fund in there bank account that they can now withdraw as fiat currency
<sacarlson>
you need not worry about the technical aspects of the Stellar network to start you need to have an understanding of what it's used for
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<stellar-slack>
<kwelstr> meetreks: it's like sacarlson said, a bank will also be a gateway, since that's what a gateway is, a business where you deposit your funds and they issue the credits to your wallet.
<sacarlson>
thanks kwelstr
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<meetreks> I really do need to understand how it works as I work in a Bank
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<meetreks> not convinced by the replies -- as it is pretty unusual for the bank to act as a gateway
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<meetreks> they usually connect to scheme gateways
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<meetreks> also
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<meetreks> lets assume the Bank is indeed the gateway
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<meetreks> and the bank has received 1Mn EUR
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<meetreks> and the server crashed
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<meetreks> who is responsible in this situation?
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<meetreks> can some one explain?
<stellar-slack>
<meetreks> I have a clear understanding if this happens in any of the payment schemes and where the responsibilities lies..
<stellar-slack>
<meetreks> but it is not very clear in this case
<sacarlson>
don't banks already have computers to serve there customers? the same issue apply
<sacarlson>
for one they can have multi redundent servers to start
<sacarlson>
you work for a bank? Your FIRED ha ha
<sacarlson>
and the good thing about Stellar and the networks like it is even if all your computers crash the accounts data is still safe in the network uncentralized
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<meetreks> Yes :)
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<meetreks> Bank :)
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<meetreks> I ma Mr banks
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<meetreks> ** am
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<meetreks> but
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<meetreks> sacarlson, the answer is pretty optimistic mate
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<meetreks> I am looking at a more regulatory type answer
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<meetreks> for Ex
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<meetreks> in the US
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<meetreks> or US
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<meetreks> UK
<stellar-slack>
<meetreks> lets say
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<meetreks> the whole chaps network collapased
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<meetreks> then
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<meetreks> there are regulatory frameworks
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<meetreks> to cover the customer
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<meetreks> now
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<meetreks> let us say
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<meetreks> for my Bank
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<meetreks> if my primary and secondary server crashed, and I got them up in 3 Hrs
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<meetreks> how will I trust the transactions for the last 3 Hrs
<stellar-slack>
<meetreks> just by the consensus reached by other players in the network for the last 3 Hrs?
<sacarlson>
that's not your problem. your banks computers will have no stop to other trading the assets stored in your bank
<sacarlson>
yes
<sacarlson>
only time your bank is used is when someone wants to convert the assets back into the fiat currency or other asset that you hold
<sacarlson>
your bank in that instance will charge a fee for the service to convert to the fiat as you will profit by it
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<stellar-slack>
<naumenkogs> Can u help me to launch go-horizon? I did the instuction https://github.com/stellar/go-horizon and passed the tests so I dunno how to launch go-horizon with my own stellar-core
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<stellar-slack>
<meetreks> hi
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<meetreks> what is the role of issuer in a payment transaction
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<meetreks> is it mandatory
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<meetreks> like
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<meetreks> If I have STR
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<meetreks> and I want to send STR to another address
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<meetreks> why must I have an address
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<meetreks> for the issuer
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<matschaffer> naumenkogs: You should be able to point it at stellar core via the cli args
<stellar-slack>
<matschaffer> `--stellar-core-db-url=` at the stellar-core postgres port `--stellar-core-url=` at the http port
<sacarlson>
meetreks no there is no issuer address for STR they are native
<sacarlson>
issuer is mandatory for all other transactions of assets other than STR
<stellar-slack>
<meetreks> OK
<stellar-slack>
<meetreks> but I guess if I transfer 100 USD to my EUR account
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<meetreks> the issuer can just be myself
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<meetreks> on the other hand
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<meetreks> I can go for an external issuer
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<meetreks> if both myself & the destination have a trust entity set up
<stellar-slack>
<meetreks> else issuer = mandatory but can always be me
<sacarlson>
can only be you if the one you send it to has you in a trust line
<stellar-slack>
<meetreks> yes
<stellar-slack>
<meetreks> that is correct sacarlson
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<sacarlson>
meetreks I think I've also found I can't setup trades being the issuer. it may be a fault on my side. but I've had to create account the the issuer sends me credit. with that account I can setup trades or orders
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<stellar-slack>
<epsilon> @matschaffer: just an aside,
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<epsilon> Is this becoming more of an IRC chatlog, or is it just me?
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<epsilon> ///dev
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<Kwelstr>
epsilon: it is just you, we IRCers never chat >-)
<stellar-slack>
<epsilon> i5 / 16G / 1TB (in scumbag US) sitting idle M-m-m Max Headroom: Sh-sh-shall we, Ru-ru-ru-run some co-co-co-code?
<stellar-slack>
<epsilon> Why can not I embed awesomeness in this stack thingy? I have questions! (see above)
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