Author Topic: BTS asset exchange launched(Alt's version of "shapeshift" for BTS assets )  (Read 9799 times)

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Offline alt

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here is a history list, spent about 2-20 seconds to complete a trade
Code: [Select]
2015-02-03T13:22:20 1693307 d4941f29 buy GOLD with 0.88 USD from wildpig
2015-02-03T13:24:40 1693321 ae5a360c buy USD with 1.2 CNY from metalallen
2015-02-03T13:26:05 1693330 a76752e1 sell 0.1902 USD to metalallen
2015-02-03T13:30:03 1693354 37e02ce7 sell 0.000377 GOLD to wildpig
2015-02-03T13:30:04 1693354 2c799b70 change 0.3901 USD to wildpig
2015-02-03T13:32:40 1693369 1dcdd369 buy GOLD with 0.88 USD from dorian
2015-02-03T13:32:49 1693370 2a2ad0b3 change 0.3906 USD to dorian
2015-02-03T13:32:49 1693370 3b2482af sell 0.000378 GOLD to dorian
2015-02-03T13:42:20 1693427 58b72942 buy USD with 2 CNY from icenox
2015-02-03T13:42:35 1693429 bd6f0473 sell 0.3171 USD to icenox
2015-02-03T14:13:40 1693615 b6a840bb buy USD with 0.5 CNY from marchliang
2015-02-03T14:13:53 1693617 5938565d sell 0.0793 USD to marchliang
2015-02-03T14:15:00 1693623 17398ca8 buy CNY with 0.1 USD from marchliang
2015-02-03T14:15:15 1693625 2d448fd7 sell 0.6214 CNY to marchliang
2015-02-03T18:50:30 1695263 6e434a37 buy USD with 100 BTS from fundomatic
2015-02-03T18:50:42 1695265 7f0b1e0d sell 1.032 USD to fundomatic
2015-02-03T18:54:20 1695286 fa0b370a buy CNY with 100 BTS from fundomatic
2015-02-03T18:54:20 1695287 e8247339 sell 6.463 CNY to fundomatic
2015-02-03T18:55:00 1695290 1941a37e buy EUR with 100 BTS from fundomatic
2015-02-03T18:55:04 1695292 643e41a2 sell 0.8978 EUR to fundomatic
2015-02-03T18:56:40 1695300 515fd696 buy GOLD with 100 BTS from fundomatic
2015-02-03T18:56:54 1695302 24b6f1ef sell 0.000804 GOLD to fundomatic
2015-02-03T18:58:30 1695311 43212b15 buy SILVER with 100 BTS from fundomatic
2015-02-03T18:58:32 1695312 947c518c sell 0.0587 SILVER to fundomatic
2015-02-03T18:59:50 1695319 1f1e5869 buy BTC with 100 BTS from fundomatic
2015-02-03T19:00:04 1695321 18ac9448 sell 0.004305 BTC to fundomatic
2015-02-03T19:53:20 1695640 fece5077 buy GOLD with 100 BTS from tmp1.btsbots
2015-02-04T00:23:10 1697257 a170ba48 buy USD with 100 CNY from btshuang
2015-02-04T00:23:26 1697259 345e5a64 sell 15.87 USD to btshuang
2015-02-04T00:28:00 1697286 aca9c55c buy USD with 100 CNY from btshuang
2015-02-04T00:28:02 1697287 588207f9 sell 15.86 USD to btshuang

Offline alt

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don't support address now, I don't know if It can sent to address without add this address to contact list?

Offline ticklebiscuit

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Offline fundomatic

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Awesome,

just exchanged BTS into all the BitAssets you listed (except BITYUAN).

all went fast and smooth.

Offline roadscape

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Offline xeroc

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So then .. I should certainly add this service (also shapeshift) to the sidebar in reddit :)

Offline arhag

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it's a good idea
but I am afraid the memo is no so much

According to this, we will have 51 bytes. If we assume sending to self, that gives 3 characters to uniquely identify most BitAssets (BitGold -> GLD, BitSilver -> SLV), 1 character for the space, and 47 characters for the quantity (which is more than enough). If we assume that we won't typically need more than 8 characters for the quantity (say 4 characters for the digits before the dot and 3 characters for the digits after the dot), then that plus an extra space means that we have a whole 38 characters left over for the recipient BTS account name.

Offline Rune

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Also I think the most immediate awesome feature this could bring everyone directly in their wallet is if it can take BTC addresses in the memo and send BTC to them.

So if I want to send 100 bitUSD worth of BTC to the BTC address 1abcdefg...

Then I send 100 bitUSD to exchange.btsbots with 1abcdfeg in the memo. This won't even require you specify BTC because that is given from the address.

Bam, easiest way to pay for anything with bitcoin directly from your BTS wallet.

New memo can take 51 characters so it should be enough
« Last Edit: February 03, 2015, 03:38:05 pm by Rune »

Offline alt

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How about allowing the following syntax for the memo:
[<to-account | self>] [<target-asset-amount>] <target-asset-type>

The optional argument to-account is the BTS account name that you want the target asset to be sent to. You can also write "self" or not include anything at all, and it will send the target asset back to the sender after conversion.

The argument target-asset-type is the BitAsset (or BTS) to convert to: BTS, USD, CNY, EUR, GOLD, SILVER, etc.

The optional argument target-asset-amount is a number which is the amount of the target-asset-type to convert the source-asset-type into. It also acts as a price limit. If it is not possible to convert the source amount into target-asset-amount quantity of target-asset-type given the current state of the market, then exchange.btsbots will simply return the source amount back to the sender (minus small transaction fee). If the amount sent is in excess (again after any fees) of the amount necessary to convert to target-asset-amount quantity of target-asset-type, then the remainder will be returned back to the sender.

This can essentially simulate Ripple's path finding algorithm (until it can eventually be built into the blockchain) if you are willing to accept the counterparty risk. It also (as Rune mentioned) allows light wallets to limited forms of trades with BitAssets before the exchange code is made available for light wallets (again if they are willing to accept the counterparty risk).
it's a good idea
but I am afraid the memo is no so much

Offline arhag

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How about allowing the following syntax for the memo:
[<to-account>] [<target-asset-amount>] <target-asset-type>

The optional argument to-account is the BTS account name that you want the target asset to be sent to. If you omit this argument, exchange.btsbots will send the target asset back to the sender after conversion.

The argument target-asset-type is the BitAsset (or BTS) to convert to: BTS, USD, CNY, EUR, GOLD, SILVER, etc.

The optional argument target-asset-amount is a number which is the amount of the target-asset-type to convert the source-asset-type into. It also acts as a price limit. If it is not possible to convert the source amount into target-asset-amount quantity of target-asset-type given the current state of the market, then exchange.btsbots will simply return the source amount back to the sender (minus small transaction fee). If the amount sent is in excess (again after any fees) of the amount necessary to convert to target-asset-amount quantity of target-asset-type, then the remainder will be returned back to the sender.

This can essentially simulate Ripple's path finding algorithm (until it can eventually be built into the blockchain) if you are willing to accept the counterparty risk. It also (as Rune mentioned) allows light wallets to do limited forms of trades with BitAssets before the exchange code is made available for light wallets (again if they are willing to accept the counterparty risk).
« Last Edit: February 03, 2015, 02:56:34 pm by arhag »

Offline Rune

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ha? why would I use a service for exchange when I can do the exchange in the market myself?
What's the use-case here?

This is factually really big. I had been hoping someone would make something like this, as it's a vital piece of infrastructure.

The light wallet cannot trade on the DEX. With a bridge like this then all light wallets have access to easy trading with market orders. Once the system has proven reliable I think the best of these services should be incorporated directly in the GUI of the light wallets. Over time a rating system and alert system can be put in to reduce risk, but at first our focus should be the immediate UX benefit this service has over using the DEX directly for casual traders.

Offline muse-umum

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ha? why would I use a service for exchange when I can do the exchange in the market myself?
What's the use-case here?

The awful wallet. The bitusd<--> bitcny market is not lived.

Buy bitbtc when you think btc will climb up and vice versa.

Offline cn-members

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ha? why would I use a service for exchange when I can do the exchange in the market myself?
What's the use-case here?

because you don't need to go to each of the exchange pair and think about the price .
It's done lazy guy style .
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