Author [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] [EN] [ZH] [ES] [PT] [IT] [DE] [FR] [NL] [TR] [SR] [AR] [RU] Topic: bitAsset to Asset - Completing the Circle  (Read 374 times)

0 Members and 1 Guest are viewing this topic.

Offline Riverhead

bitAsset to Asset - Completing the Circle
« on: September 09, 2014, 04:57:05 PM »

Since a centralized exchange operates a bit like BitSharesX (in that when trading you're not actually trading on the respective blockchain of the asset your trading) I think BitSharesX could be a full service exchange by including payout.


Since we already have node servers and chain servers what if we had asset servers. Basically it's like a chain/node server except it also holds the blockchains of other main assets like BTC and PTS. When you want to bring money into the exchange you ask an asset server for a deposit address in whatever chain you're coming from and it'll deposit bitAsset of the same type into your account, minus a transaction fee. When you want to cash out it's the same operation in reverse: You supply the external wallet address and this gets sent to the asset server which handles the transaction minus a transaction fee.

One big issue: The asset server's reserves on the other chains wouldn't always be sufficient to cover withdraws. Perhaps the client could have a "Convert Asset" tab and it'd list the reserves available of each coin supported by the asset servers. If a server doesn't have enough reserves for you then just do what you do now - got to an exchange.

Thoughts?
« Last Edit: September 09, 2014, 05:03:06 PM by Riverhead »

Offline puppies

Re: bitAsset to Asset - Completing the Circle
« Reply #1 on: September 09, 2014, 05:20:33 PM »
I've thought a lot about this.  What I envision is a simple website you go to and punch in the address of your final destination.  It then gives you a one time memo.  You enter this memo in and send your funds to btc.withdrawal or pts.withdrawal or bitstamp.usd.withdrawal and the server spits your funds minus fee, out the other side.  You could even do the same thing in reverse to get funds into the system.

Downsides are, the fees would have to at least cover the path back to the asset through a traditional exchange, and it would take a lot of capital for initial setup.

**would work even better if longer memos are allowed.  That way it would be a single transaction with no frontend.
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Riverhead

Re: bitAsset to Asset - Completing the Circle
« Reply #2 on: September 09, 2014, 06:19:55 PM »



I guess this will all be moot once at least one Coinbase/OKPay type exchange in each region accepts bitUSD or bitCNY, etc. Still, it's an interesting thought exercise.

Offline bytemaster

Re: bitAsset to Asset - Completing the Circle
« Reply #3 on: September 09, 2014, 06:37:37 PM »
Lots of opportunity for people to set up services like this to aid in getting value into and out of BTSX. 
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 xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12336
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BTS: xeroc
  • GitHub: xeroc
Re: bitAsset to Asset - Completing the Circle
« Reply #4 on: September 11, 2014, 12:46:28 PM »
I've thought a lot about this.  What I envision is a simple website you go to and punch in the address of your final destination.  It then gives you a one time memo.  You enter this memo in and send your funds to btc.withdrawal or pts.withdrawal or bitstamp.usd.withdrawal and the server spits your funds minus fee, out the other side.  You could even do the same thing in reverse to get funds into the system.

Downsides are, the fees would have to at least cover the path back to the asset through a traditional exchange, and it would take a lot of capital for initial setup.

**would work even better if longer memos are allowed.  That way it would be a single transaction with no frontend.
may I point you to: https://bitsharestalk.org/index.php?topic=8762.0
Give BitShares a try! Use the http://testnet.bitshares.eu provided by http://bitshares.eu powered by ChainSquad GmbH

Offline wesphily

  • Full Member
  • ***
  • Posts: 156
    • View Profile
Re: bitAsset to Asset - Completing the Circle
« Reply #5 on: September 11, 2014, 12:52:00 PM »
This was similar to what I was trying to say in a previous post. People were not very receptive. That may have been due to wording. Hopefully people understand this better and can make it happen.

Offline luckybit

Re: bitAsset to Asset - Completing the Circle
« Reply #6 on: September 11, 2014, 01:18:12 PM »
Since a centralized exchange operates a bit like BitSharesX (in that when trading you're not actually trading on the respective blockchain of the asset your trading) I think BitSharesX could be a full service exchange by including payout.


Since we already have node servers and chain servers what if we had asset servers. Basically it's like a chain/node server except it also holds the blockchains of other main assets like BTC and PTS. When you want to bring money into the exchange you ask an asset server for a deposit address in whatever chain you're coming from and it'll deposit bitAsset of the same type into your account, minus a transaction fee. When you want to cash out it's the same operation in reverse: You supply the external wallet address and this gets sent to the asset server which handles the transaction minus a transaction fee.

One big issue: The asset server's reserves on the other chains wouldn't always be sufficient to cover withdraws. Perhaps the client could have a "Convert Asset" tab and it'd list the reserves available of each coin supported by the asset servers. If a server doesn't have enough reserves for you then just do what you do now - got to an exchange.

Thoughts?

We've been talking about this for a while. The question is how to do it?
For digital assets you can use Vennd.io to create a cryptocurrency vending machine.
For legal assets you would need a centralized Ripple Gateway.
We may also need a decentralized identity service but that is coming sooner or later.

This asset server method you mention, who runs the servers? I don't think it's a good method. It's too centralized and you're not explaining how it is decentralized or what makes it secure.

Counterparty is on Bitcoin so we know how it works. Mastercoin is on Bitcoin so we know how it works. Ripple is something we also know how it works. Why go with chain servers which no one knows how it works or whether it is secure? Can you prove the security model?
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

 

Google+