I would love to be able to trade BitUSD for Bitcoin or other alts directly and not have to deal with going though BTS everytime.
I would love to see this. Ant not even have bitBTC at all, just real BTC on the internal exchange. Wow can you imagine how useful this would be, a real decentralized exchange you can send bitcoin to directly. This would raise the value of bitshares tremendously. People would love this. I know this is possible, I hope it gets implemented.
You know it's possible? Please enlighten us..
It is possible for certain definitions of "decentralized" and "real BTC". You have to be willing to limit decentralization from "blockchain consensus cannot be changed/violated without approval/collusion of a super majority of stakeholders (which is typically a very large number of people)" to "block chain consensus cannot be changed/violated without approval/collusion of 46 active delegates". You also have to define "real BTC" as "I hold the private keys to control ownership/movement of the BTC and no one can realistically change that (assuming the cryptography isn't broken and is strengthened to keep up with the computational capacity of computers available) unless they either steal my private keys or the blockchain consensus is changed/violated (as explained earlier in the definition of decentralized)".
If you are willing to accept these definitions, then it is possible to exchange BitUSD for "real BTC" on our internal exchange in a "decentralized" manner. I explain how to do that here.
I think it's possible with something along the lines of what arhag describes. I am willing to except varying levels of decentralization and disassociation to put it in effect. The important thing is that from a user standpoint, they only have to send their bitcoin to the bitshares exchange and then it shows up. Whether it's actually an IOU or held by a trusted gateway or whatever is ok as long as it is more decentralized than a standard exchange. I do not know enough about the technical details to actually explian it, but from my basic knowledge I believe that somehow, in some form, this user experience could be made to be AS IF you were trading real BTC. I should have specified this.
I would also guess that some incredible technical innovation would make a 100% decentralized version possible. That comes from all of my reading about atomic cross chain trading. Maybe it's not, you (toast) definitely know more than me, or almost anyone, about this.
My comment was really just an attempt to inspire some devs to create what I think would be a killer app for bitshares. I feel that we need one really good reason for an early adopter user base to start using bitshares, and a real decentralized exchange that accepts real BTC is the best I can think of. Once you get a user base like that, it is easier to get users for all of the other features bitshares has/will have.