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Offline luckybit

Suggestion: BitUSD -> USD Ripple Gateway.
« on: August 21, 2014, 04:15:33 PM »

We have the capability at least in theory to set up a Gateway in Ripple which accepts BitUSD for real USD. Users would be able to transfer their BitUSD to that gateway and have it go directly into their bank accounts.

This would be a game changing feature so it should be a high priority to implement it.

https://ripple.com/guide-to-ripple-gateways/

If we can get a Ripple USD Gateway up and running then onto the assets like BitGold, BitBTC, BitLTC, all which could utilize Ripple the Ripple gateway.

So we should start with BitUSD -> USD but eventually AnyBitAsset -> AnyAsset. This would in theory allow people to exchange anything through these sorts of setups but I don't know how easy it is to set a Ripple Gateway up.

If it costs a lot of time and money to set up then lets crowdfund it. Offer a token on the Bitshares chain which people can buy and once it's set up then everyone can get paid something back in gifts.
« Last Edit: August 21, 2014, 04:17:54 PM by luckybit »
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Offline xeroc

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Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #1 on: August 21, 2014, 04:47:23 PM »
I like that idea .. but honestly never used ripple
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Offline soniq

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Re: Suggestion: BitUSD -> USD Ripple Gateway.
« Reply #2 on: August 21, 2014, 04:54:47 PM »
Sounds like a great idea, I cant contribute on the technical side. Would invest some if needed
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Offline bytemaster

Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #3 on: August 21, 2014, 04:57:37 PM »
Talked to someone about doing this at conference.


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Offline liondani

Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #4 on: August 21, 2014, 04:59:52 PM »
Talked to someone about doing this at conference.


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no way  !!!!  :o
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Offline yellowecho

Re: Suggestion: BitUSD -> USD Ripple Gateway.
« Reply #5 on: August 21, 2014, 06:14:41 PM »
What's needed for something like this?  Business deal with an entity like BitStamp?  And would Bitshares create its own gateway built or use Ripple's?
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Offline xeroc

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Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #6 on: August 21, 2014, 06:16:39 PM »
Talked to someone about doing this at conference.
Doing this in general or interested in doing it for btsx/bitUSD ..etc?
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Offline bytemaster

Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #7 on: August 21, 2014, 07:29:10 PM »
Talked to someone about doing this at conference.
Doing this in general or interested in doing it for btsx/bitUSD ..etc?

Someone was going to setup a USD gateway for Stellar.   I pitched them the alternative of setting up a USD gateway for BitUSD with the argument that they wouldn't be liable for IOUs and could mainly perform an arbitrage function.   I also pitched that they could provide a BitstampUSD -> BitUSD service...

Lots of money for people to make out there performing these services :)
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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 Gentso1

Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #8 on: August 21, 2014, 07:42:59 PM »
Talked to someone about doing this at conference.
Doing this in general or interested in doing it for btsx/bitUSD ..etc?

Someone was going to setup a USD gateway for Stellar.   I pitched them the alternative of setting up a USD gateway for BitUSD with the argument that they wouldn't be liable for IOUs and could mainly perform an arbitrage function.   I also pitched that they could provide a BitstampUSD -> BitUSD service...

Lots of money for people to make out there performing these services :)

This is so Key I don't think people have any idea how huge it would be . BitUSD to USD  will give people even more confidence in the system and making cashing out easier. I believe it will also get users used to the system and help to build faith, in that in the future they wont want that dirty old paper money.

Offline yellowecho

Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #9 on: August 21, 2014, 07:51:22 PM »
Lots of money for people to make out there performing these services :)

Has anyone (like Brian) approached BitPay?  While they don't offer USD>bitUSD, it seems like they'd be a perfect fit for Bitshares because merchants already using BitPay could choose to accept bitUSD... and think of the gold dealers like Euro Pacific Precious Metals using bitGLD!  Such a scenario is exactly what Peter Schiff said he'd support ... a true gold-backed Bitcoin  :D
« Last Edit: August 21, 2014, 07:54:22 PM by yellowecho »
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Offline luckybit

Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #10 on: August 21, 2014, 07:54:45 PM »
Talked to someone about doing this at conference.
Doing this in general or interested in doing it for btsx/bitUSD ..etc?

Someone was going to setup a USD gateway for Stellar.   I pitched them the alternative of setting up a USD gateway for BitUSD with the argument that they wouldn't be liable for IOUs and could mainly perform an arbitrage function.   I also pitched that they could provide a BitstampUSD -> BitUSD service...

Lots of money for people to make out there performing these services :)

This is so Key I don't think people have any idea how huge it would be . BitUSD to USD  will give people even more confidence in the system and making cashing out easier. I believe it will also get users used to the system and help to build faith, in that in the future they wont want that dirty old paper money.

If we get this right the DAC could be superior for employment than traditional companies. Delegates will be among the first to get a taste of these advantages.

If you work for a DAC you can basically choose your payout. You could get paid in any asset you choose. So much power that we can't imagine how that would change things.

But the key to it all is to have an IOU network with gateways and to have it all be completely under the hood. Users shouldn't have to deal with any of it. They should be able to push a redeem button from inside Bitshares X or any DAC and automagically it should handle it in the background.

So your gold should be sent to your vault. Your USD sent to your bank account. Your Overstockshares IOU used to purchase real Overstock shares and put in your account as legal stock certificates.

And there isn't really anything legally that could be done to stop it. IOU isn't a stock, a share, or an asset, so really all of the legal problems would be dealt with at the Ripple Gateway level which protects delegates and Bitshares users to the fullest.
Lots of money for people to make out there performing these services :)

Has anyone (like Brian) approached BitPay?  While they don't offer USD>bitUSD, it seems like they'd be a perfect fit for Bitshares because merchants already using BitPay could choose to accept bitUSD... and think of the gold dealers like Euro Pacific Precious Metals using bitGLD!  Such a scenario is exactly what Peter Schiff said he'd support ... a true gold-backed Bitcoin  :D

Start with Ripple Gateways. If anyone wants to try setting up a Ripple Gateway that would be the best thing we could do for the long term future of Bitshares. Steller Gateway should be set up simultaneously so users can choose which one.

Coinkite should be approached before BitPay. Then approach Coinbase after a Ripple and Stellar Gateway are up as proof of concepts.


« Last Edit: August 21, 2014, 07:56:37 PM by luckybit »
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Offline lucky331

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Re: Suggestion: BitUSD -> USD Ripple Gateway.
« Reply #11 on: August 22, 2014, 12:06:02 AM »
We have the capability at least in theory to set up a Gateway in Ripple which accepts BitUSD for real USD. Users would be able to transfer their BitUSD to that gateway and have it go directly into their bank accounts.

This would be a game changing feature so it should be a high priority to implement it.

https://ripple.com/guide-to-ripple-gateways/

If we can get a Ripple USD Gateway up and running then onto the assets like BitGold, BitBTC, BitLTC, all which could utilize Ripple the Ripple gateway.

So we should start with BitUSD -> USD but eventually AnyBitAsset -> AnyAsset. This would in theory allow people to exchange anything through these sorts of setups but I don't know how easy it is to set a Ripple Gateway up.

If it costs a lot of time and money to set up then lets crowdfund it. Offer a token on the Bitshares chain which people can buy and once it's set up then everyone can get paid something back in gifts.

if you're interested in doing this in ripple, i suggest getting in touch with jed mccaleb in stellar:  https://www.stellar.org/blog/introducing-stellar/

that is a ripple fork, with better distribution and it is run by a not for profit foundation. 

i will post this thread over at stellartalk.org to get more attention to this idea. 

Offline lucky331

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Re: Suggestion: BitUSD -&gt; USD Ripple Gateway.
« Reply #12 on: August 22, 2014, 01:38:31 AM »
Talked to someone about doing this at conference.


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hi,

stellar could be what you're looking for.  anyway i mentioned this thread at stellartalk and they seem open to the idea but are unsure on what approach to take.  also, joyce kim is open to an idea of getting some communication with you guys.  her email in case you're interested:  joyce[at]stellar.org

Offline celticwarrior72

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Re: Suggestion: BitUSD -> USD Ripple Gateway.
« Reply #13 on: August 22, 2014, 04:56:41 AM »
Stellar a long way off from having properly functioning gateways.  The client doesn't even facilitate them, the order book or the trustlines that make it work.  If you want to build a gateway, build it for Ripple.  There'll also be way more USD.bitstamp:USD.bitasset liquidity from the beginning via Ripple's auto bridging feature.  The biggest hurdle that most gateways experience is the initial liquidity between XRP and the IOU that the gateway issues.

Offline tonyk

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Re: Suggestion: BitUSD -> USD Ripple Gateway.
« Reply #14 on: August 23, 2014, 01:00:53 AM »
Not tech savi enough to know if this is what we are looking for but here is the response I got from the NXT guy. (He is not believing BTSX will survive Monday so be prepared!)

https://nxtforum.org/index.php?topic=4702.msg89721#msg89721
Lack of arbitrage is the problem, isn't it. And this 'should' solves it.

 

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