BitShares Forum
Main => General Discussion => Topic started by: bitsharesbagholder on October 17, 2017, 04:24:44 pm
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well, everything is in the title :)
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yes absolutely, especially since bitshares can't and won't use atomic swap too.
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yes absolutely, especially since bitshares can't and won't use atomic swap too.
if it start to use atomic swap to trade, it will only act as a front end, not a real exchange. thus no need for the bts token.
no ?
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That's going to take a long time to happen, if it ever happens. Coolest working atomic swap I know of is decred/litecoin. They've done swaps between the two chains.
Till then, bitshares will stay useful.
Past that point, bitshares will stay useful for it ability to create and sell new tokens.
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There is at least one possibility to exchange BitBTC and BTC in the DEX, without any need of Gateway or third parties.
Until the Atomic Swaps begin to work, I have made a proposal that I think should be taken into consideration:
For example: Alice, Bob and the witness create a 2-of-3 multisign BTS address. Two signatures are required, the witness and Alice or Bob to withdraw the deposit.
A has 0.1 BTC and B has 0.1 BitBTC and both want to exchange them. For this, A and B deposit an escrow of 0.12 BitBTC each in the BTS multisign address. A and B report their bitcoin addresses to the DEX and both close the operation. The DEX checks periodically if the bitcoin has been transferred between the specified addresses and if so and there is a confirmation, he signs and returns the escrow to A. It also checks if BitBTC has been transferred. In that case he signs and returns the escrow to B and the operation ends completely.
It is necessary to have BitBTC to buy BitBTC, but as it is possible to iterate the procedure, a very small amount is enough. The Dex could handle this iteration, performing the interchange in stages.
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yes absolutely, especially since bitshares can't and won't use atomic swap too.
if it start to use atomic swap to trade, it will only act as a front end, not a real exchange. thus no need for the bts token.
no ?
I think the opposite is true. Atomic swaps could provide trustless gateways between bitBTC and BTC, which would be a big plus.
But atomic swaps are complicated and slow. Too slow for everyday trading, and certainly too slow to be a competitor for the 3-second-trading you can do on our DEX.
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I think the opposite is true. Atomic swaps could provide trustless gateways between bitBTC and BTC, which would be a big plus.
But atomic swaps are complicated and slow. Too slow for everyday trading, and certainly too slow to be a competitor for the 3-second-trading you can do on our DEX.
Exact. That's the problem. The Atomic Swaps could serve to initially obtain BTS through BTC, as does a Gateway, but would be very slow for the intradia trading, where the exchange of smartcoins is fast and cheap.
That's why I made the above proposal, to allow the direct change BTC BitBTC in the DEX, without Gateway.
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That's why I made the above proposal, to allow the direct change BTC BitBTC in the DEX, without Gateway.
Byteball has a similar scheme implemented in a very elegant way using a chat bot and bitcoin oracle. I wonder how difficult it would be to plagiarize this into bitshares?
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Are people kidding?
Bitshares "become useless"?
* Bitshares has history (that's not useless)
* Bitshares has proven performance (that's not useless)
* Bitshares network is solid and fixes itself quickly when there is an issue (that's not useless)
Bitshares becoming useless, to those, that run to the newest, greatest "seemingly" better thing? Sure.
Bitshares network was built to last, and last it will.
I have no worry about Bitshares ever dying and becoming useless. In 5 years from now, or even 10, Bitshares will still be here. The only thing that may happen is more inter-operability between blockchains with further development or more new gateways. (which is good)
Why would everyone completely abandon this good technology, when it has proven its stability?
What a weird question.
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Recommended reading from bitsharestalk:
- World's first ACCT has been performed by the CIYAM Team (https://bitsharestalk.org/index.php/topic,16387.0.html) on: May 17, 2015
- Atomic Cross Chain Trading (II) (https://bitsharestalk.org/index.php/topic,15539.0.html) on: April 07, 2015
- Re: Burst and Qora might soon be able to do ACCT directly with BTC (https://bitsharestalk.org/index.php/topic,19987.msg256880.html#msg256880) on: November 14, 2015
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If bitshares had a trustless bitcoin side chain then you could do atomic swaps with SIDE.BTC and any asset on the BTS DEX