BitShares Forum
Main => General Discussion => Topic started by: bluebit on December 19, 2014, 06:51:44 am
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So last night in bed I thought, what if there was a way for me to send BTC or any other currenty to my BTS address and it would just work automatically convert the BTC to BTS. Then it clicked!!!
Why not have a "BTS Mother Bot": this bot would act like an automatic exchange digital currency converter, it has it's own BTC wallet, wallets for every digital currency. You send BTC to it's wallet at the current fee, which get's added to the BTS network. The Bot sends you back BTS. BTS get's the fees, and no worrying about centralized exchanges.
What do you guys think, could this work?
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The bot would need to sell the thing you send it and then buy BTS on an exchange, and then send it to you. If you were doing an order of reasonable size there would be slippage.
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The bot would need to sell the thing you send it and then buy BTS on an exchange, and then send it to you. If you were doing an order of reasonable size there would be slippage.
Thats the main issue. If we have an option for converting BTC <-> BitBTC like it currently exists with CNY <-> BitCNY, we can have light wallets with BTc and BitBTC options with seamless in-wallet exchange option. If we can have that it would be a good way to have the BTC users getting into our ecosystem.
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That is what exchanges do.
The bot is centralised.
We've discussed similar topics here: https://bitsharestalk.org/index.php?topic=9075.0 (https://bitsharestalk.org/index.php?topic=9075.0) .
The main difference is that it needs to be implemented in the blockchain and it is trustless.