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Offline bitcoinerS

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Feature request: Automatic Crypto-coin <=> BitAsset gateway
« on: September 16, 2014, 06:58:44 PM »

How about making an easy, possibly automated process for users who want to exchange their Bitcoins for BitBTC, Litecoins for BitLTC,... and back at 1:1.

A user who wants to exchange BTC to BitBTC should, on request,  get a Bitcoin deposit address in BitShares X client, send BTC to that address and nearly instantly get BitBTC deposited in his account.

A user who wants to exchange BitBTC to BTC should be able, on request,  set a Bitcoin withdrawal address in BitShares X client, withdraw BitBTC from his account and get BTC at desired bitcoin address.

This should be a feature integrated with Bitshares blockchain.

Please discuss this idea below.
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Offline serejandmyself

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Re: Feature request: Automatic Crypto-coin <=> BitAsset gateway
« Reply #1 on: September 16, 2014, 07:12:59 PM »
 +5% like it. Im sure its been discussed in a slightly different manner though.... About integrating bitcoin wallet with btsx wallet. Kinda of same thing. In any case its a great idea.
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Offline bitcoinerS

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Re: Feature request: Automatic Crypto-coin <=> BitAsset gateway
« Reply #2 on: September 30, 2014, 09:36:25 PM »
Please discuss this proposal. Ask questions if anything is unclear.
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Offline roadscape

Re: Feature request: Automatic Crypto-coin <=> BitAsset gateway
« Reply #3 on: September 30, 2014, 09:54:36 PM »
Wouldn't you need to be tightly integrated with an exchange on the backend to offer this? You'd need to find someone willing to trade BTC for bitBTC.

I'm pretty sure this would require at least an escrow/trusted 3rd party, because you're talking about trading across different blockchains.
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Offline xeroc

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Re: Feature request: Automatic Crypto-coin &lt;=&gt; BitAsset gateway
« Reply #4 on: September 30, 2014, 10:04:20 PM »
There is a thread already discussing this .. search for "huge market" and author: xeroc
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Offline bitcoinerS

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Re: Feature request: Automatic Crypto-coin <=> BitAsset gateway
« Reply #5 on: September 30, 2014, 10:07:57 PM »
Wouldn't you need to be tightly integrated with an exchange on the backend to offer this? You'd need to find someone willing to trade BTC for bitBTC.

I'm pretty sure this would require at least an escrow/trusted 3rd party, because you're talking about trading across different blockchains.

BitBTC should be equal "nearly equal" in value to BTC. That is the promise of BitShares X. If this is the case, than BitShares X blockchain could act as the party responsible for automatic gateway between BTC and BitBTC. This can be done by BitShares X  acting as the intermediary.
BitShares X would need to be able to act as Bitcoin client to receive/store/payout BTC on request.
« Last Edit: September 30, 2014, 10:13:01 PM by bitcoinerS »
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Offline bitcoinerS

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Re: Feature request: Automatic Crypto-coin &lt;=&gt; BitAsset gateway
« Reply #6 on: September 30, 2014, 10:11:02 PM »
There is a thread already discussing this .. search for "huge market" and author: xeroc

I believe seeing something similar discussed earlier, just can't find that post. Also, this proposal is for BitShares X to act as automatic-gateway vs other proposal, if I am correct, talked about 3rd party doing it.
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Offline roadscape

Re: Feature request: Automatic Crypto-coin <=> BitAsset gateway
« Reply #7 on: September 30, 2014, 11:23:51 PM »
BitBTC should be equal "nearly equal" in value to BTC. That is the promise of BitShares X. If this is the case, than BitShares X blockchain could act as the party responsible for automatic gateway between BTC and BitBTC. This can be done by BitShares X  acting as the intermediary.

They might be "nearly equal" but they will never be exactly 1:1. One end of the trade will always take a small loss. It would require a market mechanism for buyers and sellers to agree on an trade (which is exactly what BTSX offers).

Regardless, I think that a precursor to this feature would be a BTC:bitBTC market. But I'm not sure if that's possible or worth it, partially for the following reason:

BitShares X would need to be able to act as Bitcoin client to receive/store/payout BTC on request.

This is kind of what I was getting at. BitSharesX would need to implement the BTC, LCT, DOGE, etc. wallets. And we would probably need to download their blockchains too. I'd rather avoid this bloat. This could possibly be avoided by requiring only delegates to have these wallets.

Say I have 1 BTC and want to trade you for bitBTC. I will need to send my BTC to an 'escrow' wallet that the BTSX blockchain controls. I can't send it to your BTC wallet in BTSX directly. Likewise, you would need to send your bitBTC to an intermediate wallet.

If this exchange is considered a transaction, then it sounds like a delegate will be responsible for releasing the funds. Once they determine we have delivered on our promises, they would move 1 bitBTC to my btsx wallet, and broadcast the transaction for my 1 BTC to your wallet.

There might be a counter-party risk there. I don't know.
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Offline liondani

Re: Feature request: Automatic Crypto-coin <=> BitAsset gateway
« Reply #8 on: September 30, 2014, 11:26:24 PM »
 +5%
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