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Offline Rune

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What's the status on bitcoin gateways?
« on: January 06, 2015, 03:38:22 PM »

I'm noticing a lot of demand for bitBTC because of bitstamp and the recent bitshares.tv video.

It's unfortunate we still don't have an easy to use BTC -> IOUBTC/BitBTC gateway yet. We need something that works just like shapeshift for IOUBTC, bitBTC or bitUSD, and then we'll be golden. Anyone knows who's closest to making it and what the ETA is yet?

I know there's the GATEBTC gateway, but according to bitsharesblocks it seems to not be operational and it works through a complicated method where you need to import your private key so isn't feasible for most users.

We really need just a single bitcoin gateway, or shapeshift integration, ASAP. It's the only thing that's missing before bitcoiners can begin using bitshares as an easy to use decentralized exchange.

Offline bluebit

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Re: What's the status on bitcoin gateways?
« Reply #1 on: January 06, 2015, 03:41:18 PM »
I know someone is working on a method to directly send Bitcoin to your Bitshares account name. I don't know the ETA though.
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Offline Rune

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Re: What's the status on bitcoin gateways?
« Reply #2 on: January 06, 2015, 03:48:17 PM »
I know someone is working on a method to directly send Bitcoin to your Bitshares account name. I don't know the ETA though.

You're probably referring to monsterers gatewayd. Hopefully it will be ready soon... However, if it also requires the import of private keys then it won't be of much use either though. If we want a chance at getting non-investors to use our platform it has to be as convenient or more convenient than all the other options, which means we have to get shapeshift style gateway to allow transferring bitcoin onto our blockchain.

Offline matt608

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Re: What's the status on bitcoin gateways?
« Reply #3 on: January 06, 2015, 03:58:07 PM »
Couldn't any of us become a BTC/bitBTC gateway?  There's no fiat involved.  One of us simply accepts BTC deposits, say directly to a btc38 or bter account.  Then buy up BTS with the deposit and withdraw it from the exchange asap for security reasons.  Then with BTS within the BitShares client, buy bitBTC, with the same amount of BTS purchased on the exchange.  Then send the bitBTC to the buyers account.  They just need to create a BitShares account and send BTC to the manually operated "gateway" and bitBTC will be send to their account.

The gateway could simply put up a bitcoin address on their wall within their BitShares account.

Don't think an IOU even needs to be issued...
« Last Edit: January 06, 2015, 03:59:57 PM by matt608 »

Offline Rune

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Re: What's the status on bitcoin gateways?
« Reply #4 on: January 06, 2015, 04:00:34 PM »
Couldn't any of us become a BTC/bitBTC gateway?  There's no fiat involved.  One of us simply accepts BTC deposits, say directly to a btc38 or bter account.  Then buy up BTS with the deposit and withdraw it from the exchange asap for security reasons.  Then with BTS within the BitShares client, buy bitBTC, with the same amount of BTS purchased on the exchange.  Then send the bitBTC to the buyers account.  They just need to create a BitShares account and send BTC to the manually operated "gateway" and bitBTC will be send to their. 

The gateway could simply put up a bitcoin address on their wall within their BitShares account.

Theoretically this could work, but in order to give a proper service the transfer has to be instant. You wouldn't even need to use an exchange, you just need a spread and enough capital to cover a temporary excessive influx or outflux of BTC.

Offline bluebit

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Re: What's the status on bitcoin gateways?
« Reply #5 on: January 06, 2015, 04:15:42 PM »
The best approach would be to have Bytemaster talk with the developer of: https://bitsquare.io/

On him becoming a delegate for Bitshares and we could integrate sleek looking GUI into Bitshares, people then can become the gateways, it's like having localbitcoins inside of Bitshares but it's decentralized!!!

I downloaded their software very impressed, I would love to vote them in as delegates for Bitshares, have them mesh their skills with Bitshares and we could a have a killer software solution for people.

BTSX TipMe: bluebit

Offline monsterer

Re: What's the status on bitcoin gateways?
« Reply #6 on: January 06, 2015, 04:22:05 PM »
The one I'm building will indeed let anyone become a BTC/bitBTC gateway - I've even designed the daemon so it will run directly on windows for ease of use (and in mono on linux, for server side deployments). All you'll need is the standard bitcoin client and the BTS client running at the same time to get this to work.

Of course, running a gateway comes with its own set of trust issues, but that's another discussion :)
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Offline logicalgrackle

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Re: What's the status on bitcoin gateways?
« Reply #7 on: January 06, 2015, 04:46:08 PM »
Is the gateway work in progress up on Github somewhere? I'd like to help as much as I can.

Offline monsterer

Re: What's the status on bitcoin gateways?
« Reply #8 on: January 06, 2015, 04:56:23 PM »
Is the gateway work in progress up on Github somewhere? I'd like to help as much as I can.

Sure, take a look: https://github.com/wildbunny/metaexchange
My opinions do not represent those of metaexchange unless explicitly stated.
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Offline Rune

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Re: What's the status on bitcoin gateways?
« Reply #9 on: January 06, 2015, 05:38:23 PM »
The one I'm building will indeed let anyone become a BTC/bitBTC gateway - I've even designed the daemon so it will run directly on windows for ease of use (and in mono on linux, for server side deployments). All you'll need is the standard bitcoin client and the BTS client running at the same time to get this to work.

Of course, running a gateway comes with its own set of trust issues, but that's another discussion :)

Any approximate ETA? Will it be ready by February?

The idea of having a manual gateway until we get a real one is actually quite appealing. Bitcoin transactions take 1 hour anyway so it won't have to be constantly monitored and executed.

Offline incarnis

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Re: What's the status on bitcoin gateways?
« Reply #10 on: January 06, 2015, 05:46:43 PM »
Trustless trading of bitcoin for bts/bitassets could be a killer feature for bitshares. I'm sure that it's already been though of already but it seems possible to create and enforce contracts which depend on conditions within the bitcoin blockchain being met. For a very basic example, to make a trade of 1 btc for 278 bitUSD, a contract could transfer 278 bitUSD to a specified user when a specific bitcoin address contains 1 btc with at least 1 confirmation or else expire after 1 day. Is anybody working on this at the moment?

Offline monsterer

Re: What's the status on bitcoin gateways?
« Reply #11 on: January 06, 2015, 06:13:23 PM »
Any approximate ETA? Will it be ready by February?

I'm gonna do everything in my power to try and hit that target :)
My opinions do not represent those of metaexchange unless explicitly stated.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline kaibakker

Re: What's the status on bitcoin gateways?
« Reply #12 on: January 06, 2015, 08:12:24 PM »
I am playing with the idea of making something ShapeShift like for BitShares, but I am pretty new to BitShares.

Does BTC -> bitBTC have disadvantages over BTC -> BTS, what would be the right approach?

Are there people interesting in helping?
Where can I find the protocol of BitShares?

- Kai

Offline liondani

Re: What's the status on bitcoin gateways?
« Reply #13 on: January 06, 2015, 08:34:49 PM »
I'm noticing a lot of demand for bitBTC because of bitstamp and the recent bitshares.tv video.

It's unfortunate we still don't have an easy to use BTC -> IOUBTC/BitBTC gateway yet. We need something that works just like shapeshift for IOUBTC, bitBTC or bitUSD, and then we'll be golden. Anyone knows who's closest to making it and what the ETA is yet?

I know there's the GATEBTC gateway, but according to bitsharesblocks it seems to not be operational and it works through a complicated method where you need to import your private key so isn't feasible for most users.

We really need just a single bitcoin gateway, or shapeshift integration, ASAP. It's the only thing that's missing before bitcoiners can begin using bitshares as an easy to use decentralized exchange.

shapeshift has already promised they will include our bitAssets on their platform, and our core dev toast are helping them out to accelerate the procedures to get there...
it would be awesome to see it finalized sooner as expected !

https://bitsharestalk.org/index.php?topic=11290.msg150274#msg150274
https://bitsharestalk.org/index.php?topic=12785.msg168195#msg168195
https://bitsharestalk.org/index.php?topic=11290.msg155532#msg155532
« Last Edit: January 06, 2015, 08:38:34 PM by liondani »
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Offline kaibakker

Re: What's the status on bitcoin gateways?
« Reply #14 on: January 06, 2015, 09:08:57 PM »
Perfect!

 

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