BTC to BitBTC

xeroc · March 24, 2016, 07:53:02 AM

Quote from: dannotestein on March 23, 2016, 07:58:41 PM
Actually there's no deposit/withdrawal percentage fees on the "crypto" OPEN assets such as OPEN.BTC, OPEN.ETH, etc. The only deposit/withdrawal fee is an extremely small fixed price fee to pay for the transaction itself. OpenLedger only profits from market trades done with the assets.

That's good to know

dannotestein · March 23, 2016, 07:58:41 PM

Quote from: JonnyBitcoin on March 23, 2016, 01:17:22 AM
hey!

OPEN.BTC and METAEX.BTC charge 0.3% not 3% but that is still alot just to deposit.

BITBTC is not liquid enough to provide a low fee bridge right now either.

What would be best for you would be have your own exchange and issue your own UIA for example CYBER.BTC

you could charge 0%

Actually there's no deposit/withdrawal percentage fees on the "crypto" OPEN assets such as OPEN.BTC, OPEN.ETH, etc. The only deposit/withdrawal fee is an extremely small fixed price fee to pay for the transaction itself. OpenLedger only profits from market trades done with the assets.

abit · March 23, 2016, 09:12:40 AM

Quote from: 21xhipster on March 23, 2016, 06:21:07 AM
Quote from: JonnyBitcoin on March 23, 2016, 01:17:22 AM
What would be best for you would be have your own exchange and issue your own UIA for example CYBER.BTC
you could charge 0%

Quote from: yvv on March 23, 2016, 01:31:21 AM
Issue your own IOU, prove that it is trust worthy.
In order to do this we need:
- Deliver deposit/withdrawal integration into the client
- Cut part of our AUM to provide liquidity to this IOU
These are not things we want to focus right now.

How can you guarantee liquidity if you don't put some of funds to the market? Even if you just provide in/out service, let the market itself provides liquidity, the "out" service itself is providing liquidity using some of your funds already.

If you focus on one market, you don't need to care about other markets at all: when you receive real BTC, issue your IOU btc to user; when you receive IOU btc, burn them and send real BTC to user.

abit · March 23, 2016, 09:03:23 AM

Quote from: Samupaha on March 23, 2016, 08:49:38 AM
If I'm understanding this correctly, UIA is the way to go. Actually, the only way. If you want to issue tradable ETF-share, then there is not much other alternatives.

In Bitshares exchange there is no limit what assets or currencies you can use to buy another asset (unless asset issuer has made some limitations). There is also fiat-gateway, so you clients can use a normal bank transfer to get OPEN.USD or OPEN.EUR and then buy your ETF-UIA with those.

Simplest way for the customer would be that you'd handle transactions manually. Customer sends an email: "Hi, I wanna buy x amount of your ETF" and they will pay to you with bitcoins or fiat-transfer or whatever, and when you have recieved the payment, you transfer the ETF-token to the customer's account. All trades don't need to happen in the exchange.

I think you want to make sure that there will be liquid BTC/ETF market? Isn't that why you ask about BitBTC? I'm not sure if this is really necessary. You can always calculate the true value based on what the ETF contains, you don't need a direct and liquid market pair for that. And also, if most of your customers are not interested in anyway for trading, the need for liquid market is even less. It is true that it will be cool if ETF like this is tradable, but I don't think that it's really necessary to make sure that it's traded with BTC. Just let people trade it freely with any asset, it will be even better. Maybe some other market pair will become very liquid and active.

Good points.. begin with manually, when you find it's too much work, deploy a deposit/withdraw page. MetaExchange already provided such feature, I remember it's open source!

Also this is a good option:

Quote from: xeroc on March 23, 2016, 08:33:29 AM
I would also recommend to open and make the markets against TRADE.BTC, OPEN.BTC or METAEX.BTC .. (pick one .. not all)

abit · March 23, 2016, 08:56:51 AM

Or wait for SIDE.BTC

Erlich Bachman · March 23, 2016, 08:53:03 AM

John's right, only hardcores like us can appreciate bitBTC, and by the time we do, we don't want our value in BTC or pegged to its value.

bitUSD, bitGOLD is the franchise

use sidechains for BTC and you will draw new users

Samupaha · March 23, 2016, 08:49:38 AM

If I'm understanding this correctly, UIA is the way to go. Actually, the only way. If you want to issue tradable ETF-share, then there is not much other alternatives.

In Bitshares exchange there is no limit what assets or currencies you can use to buy another asset (unless asset issuer has made some limitations). There is also fiat-gateway, so you clients can use a normal bank transfer to get OPEN.USD or OPEN.EUR and then buy your ETF-UIA with those.

Simplest way for the customer would be that you'd handle transactions manually. Customer sends an email: "Hi, I wanna buy x amount of your ETF" and they will pay to you with bitcoins or fiat-transfer or whatever, and when you have recieved the payment, you transfer the ETF-token to the customer's account. All trades don't need to happen in the exchange.

I think you want to make sure that there will be liquid BTC/ETF market? Isn't that why you ask about BitBTC? I'm not sure if this is really necessary. You can always calculate the true value based on what the ETF contains, you don't need a direct and liquid market pair for that. And also, if most of your customers are not interested in anyway for trading, the need for liquid market is even less. It is true that it will be cool if ETF like this is tradable, but I don't think that it's really necessary to make sure that it's traded with BTC. Just let people trade it freely with any asset, it will be even better. Maybe some other market pair will become very liquid and active.

JonnyB · March 23, 2016, 08:13:50 AM

Quote from: liondani on March 23, 2016, 07:42:18 AM
Quote from: JonnyBitcoin on March 23, 2016, 07:10:56 AM
If we assume that we use Open.BTC/Metaex.BTC directly that mean that we should stuck with IOU provider with very limited liquidity. That is not actually a good thing for our product.

+5%

We must find ways to increase smartcoins liquidity (with priority to bitBTC).... what about the bond market? When will it be ready?

BITBTC is never gonna work for people wanting to deposit bitcoin. we need sidechains for cryptocoins. bitassets only make sense for not digital assets like fiat and gold.

liondani · March 23, 2016, 07:42:18 AM

Quote from: JonnyBitcoin on March 23, 2016, 07:10:56 AM
If we assume that we use Open.BTC/Metaex.BTC directly that mean that we should stuck with IOU provider with very limited liquidity. That is not actually a good thing for our product.

+5%

We must find ways to increase smartcoins liquidity (with priority to bitBTC).... what about the bond market? When will it be ready?

liondani · March 23, 2016, 07:38:49 AM

I think a "blockchain worker proposal" to give X amount* of bitBTC liquidity each day to the DEX market would have a great possibility to get up-voted...

....and solve problems for project's like yours

PS Number 1 priority must be the liquidity boost of smartcoins on the DEX

JonnyB · March 23, 2016, 07:10:56 AM

Quote from: 21xhipster on March 23, 2016, 06:27:00 AM
Quote from: JonnyBitcoin on March 23, 2016, 01:17:22 AM

OPEN.BTC and METAEX.BTC charge 0.3% not 3% but that is still alot just to deposit.

I mean full path from BTC to BitBTC. If we assume that we use Open.BTC/Metaex.BTC directly that mean that we should stuck with IOU provider with very limited liquidity. That is not actually a good thing for our product.

METAEX.BTC or OPEN.BTC if you restrict your traders to just one of these the there will be plenty of liquidity as it will be the only btc trading against it.

BITBTC will not be a low cost option for a long time.

21xhipster · March 23, 2016, 06:27:00 AM

Quote from: JonnyBitcoin on March 23, 2016, 01:17:22 AM

OPEN.BTC and METAEX.BTC charge 0.3% not 3% but that is still alot just to deposit.

I mean full path from BTC to BitBTC. If we assume that we use Open.BTC/Metaex.BTC directly that mean that we should stuck with IOU provider with very limited liquidity. That is not actually a good thing for our product.

Quote from: JonnyBitcoin on March 23, 2016, 01:17:22 AM

BITBTC is not liquid enough to provide a low fee bridge right now either.

Seems that this kinda chicken and egg problem. How do you think how much time it needs for emergence of a good BTC/BitBTC liquidity? What should happens?

21xhipster · March 23, 2016, 06:21:07 AM

Quote from: JonnyBitcoin on March 23, 2016, 01:17:22 AM
What would be best for you would be have your own exchange and issue your own UIA for example CYBER.BTC
you could charge 0%

Quote from: yvv on March 23, 2016, 01:31:21 AM
Issue your own IOU, prove that it is trust worthy.

In order to do this we need:
- Deliver deposit/withdrawal integration into the client
- Cut part of our AUM to provide liquidity to this IOU
These are not things we want to focus right now.

yvv · March 23, 2016, 01:31:21 AM

Issue your own IOU, prove that it is trust worthy.

JonnyB · March 23, 2016, 01:17:22 AM

hey!

OPEN.BTC and METAEX.BTC charge 0.3% not 3% but that is still alot just to deposit.

BITBTC is not liquid enough to provide a low fee bridge right now either.

What would be best for you would be have your own exchange and issue your own UIA for example CYBER.BTC

you could charge 0%