I've heard that you iron the ribbon on the wax paper to keep the ribbon from absorbing grease from the buttercream.
I just did a cake this past weekend with satin ribbon. I took strips of waxed paper and went around the cake first.... glued it on with some buttercream, then put the satin ribbon over that. No grease came through. I used corsage pins in the back of the cake (thank God for backs on cakes) and held the ribbon on... Worked great...
I use a dab of BC or Royal to secure mine to the back of the cake...never had a problem with it.
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