Author Topic: Benefits of Becoming a BitShares Gateway [posted]  (Read 22461 times)

0 Members and 1 Guest are viewing this topic.

Offline monsterer

My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12922
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BitShares: xeroc
  • GitHub: xeroc

sumantso

  • Guest
The metaexchange bitAsset/BTC gateway daemon in github is going to be live for testing tomorrow morning :)

Yayy!!!

What happened to the BTC/BTS gateway julian was testing?

Offline monsterer

The metaexchange bitAsset/BTC gateway daemon in github is going to be live for testing tomorrow morning :)
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline cass

  • Hero Member
  • *****
  • Posts: 4311
  • /(┬.┬)\
    • View Profile
is content ready for creating a pretty pdf document .!?
« Last Edit: January 18, 2015, 11:34:45 pm by cass »
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline donkeypong

  • Hero Member
  • *****
  • Posts: 2329
    • View Profile

So a company running a gateway can leverage a user issued asset to do most of its work/security.  In fact, it seems to me, a DAC could do everything, except hold the USD IOU funds in a bank account.  So all that is required, is a co-operating bank, to honor withdrawals and deposit, with IOU user issued assets, as specified by the DAC.  Wow, a bank could make huge interest profits, holding all those funds, for lots of IOUs?  Especially in a fractional reserve fiat currency banking system right?

It seems to me, once banks learn they can do this, directly...

We need to tell this story.

Offline bytemaster

Dan & Eric are making good progress on this front.  Waiting for info from others.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline hpenvy2

  • Sr. Member
  • ****
  • Posts: 217
    • View Profile
Any news ?

Also interested in. Which one will be the first bitusd gateway?

Interested in this as well.  Also, we have at least 4 people heading to the Miami conference tomorrow.  Do you see any benefit of pointing potential gateway partners to a central document while they are there?  Everyone from Coinbase to OKCoin will be present.

Offline clayop

  • Hero Member
  • *****
  • Posts: 2033
    • View Profile
    • Bitshares Korea
  • BitShares: clayop
Any news ?

Also interested in. Which one will be the first bitusd gateway?
Bitshares Korea - http://www.bitshares.kr
Vote for me and see Korean Bitshares community grows
delegate-clayop

Offline oco101

  • Hero Member
  • *****
  • Posts: 586
    • View Profile

Offline cass

  • Hero Member
  • *****
  • Posts: 4311
  • /(┬.┬)\
    • View Profile
It has not been sent to Coinbase yet.   But will be when I follow up with them after the holidays.

 +5% pls ping me before sending out, i'll create a design then!
█║▌║║█  - - -  The quieter you become, the more you are able to hear  - - -  █║▌║║█

Offline Brent.Allsop

  • Sr. Member
  • ****
  • Posts: 242
    • View Profile
    • Canonizer.com
Wow, this is all exciting stuff.  Here is what I am understanding, let me know if I have anything wrong, or am missing anything:

So a company running a gateway can leverage a user issued asset to do most of its work/security.  In fact, it seems to me, a DAC could do everything, except hold the USD IOU funds in a bank account.  So all that is required, is a co-operating bank, to honor withdrawals and deposit, with IOU user issued assets, as specified by the DAC.  Wow, a bank could make huge interest profits, holding all those funds, for lots of IOUs?  Especially in a fractional reserve fiat currency banking system right?

It seems to me, once banks learn they can do this, directly, they could push out a middle man operator like Coinbase, being completely unnecessary, right?

So is this why people are talking about purchasing a bank or credit union?

Offline nixoid

  • Newbie
  • *
  • Posts: 2
    • View Profile
I agree that process of converting gateway's UIA's (or IOU's) to BitUSD and back should be described in more detail.

I'm not a regular user of BitShares, but as i understand it operates decentralized exchange, similar to ripple and mastercoin. What is the incentive for holders of BitUSD to buy IOU's of not well known gateway?
Unless it's some big and well known company this schema will be failing due to lack of market offers from BitUSD side.

Thanks

Offline bytemaster

It has not been sent to Coinbase yet.   But will be when I follow up with them after the holidays.
For the latest updates checkout my blog: http://bytemaster.bitshares.org
Anything said on these forums does not constitute an intent to create a legal obligation or contract between myself and anyone else.   These are merely my opinions and I reserve the right to change them at any time.

Offline hpenvy2

  • Sr. Member
  • ****
  • Posts: 217
    • View Profile

I believe that this was posted to the BM blog on Dec 18th. I assume that BM sent it to Coinbase shortly afterwards.
Be interesting t hear their feedback.

It wasn't clear to me if it was already sent. If so, could we please changed the OP title to CLOSED?