Anyone could set up a 'clearnet' domain. So WHATEVER.p2p could also be accessed through WHATEVER.btsdns.com.

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.

Great idea! Mind blown.

Anyone that fully understands BTS is busy making it great. There's a shortage of experts with idle time.
A beautiful thing, really, though sometimes frustrating for the rest of us!

"If you don’t believe me or don’t get it, I don’t have time to try to convince you, sorry." -satoshi

If Reddit was to use the BTS platform, would it simply be a new asset on BTSX? Or would they need an entire DAC?

puh .. I have no clue .. and worse .. it depends on the country you live in .. not sure how my country will handle this ..

I'm looking at this from a U.S. perspective but I'm interested in all.

Where is BTC <-> GoxUSD <-> USD taxed, and where is bitBTC <-> bitUSD <-> USD taxed?

Maybe the second example is more accurate as: bitBTC <-> bitUSD <-> (BTSX) <-> USD
The (BTSX) represents what I assume must be a "virtual" transaction/conversion in the bitUSD onramps.

If that assumption is correct, GoxUSD would be playing the same role as BTSX.
So perhaps only GoxUSD <-> USD and BTSX <-> USD are taxed. Once you're in the BTSX ecosystem, you're free. I hope.

But what if you're just day trading it to build your investment? That could get messy trying to figure out each gain and loss every time you buy and resell even a small portion. And to my knowledge, none of the exchanges send out 1099 forms to tell you your gains/losses, do they?

...but yea, you're probably right. Knowing the IRS, they probably would consider fiat transactions on an exchange taxable; but they'd have no real way of knowing unless you tell them. But be that as it may, I'd still think BitUSD is not the same as cashing into USD, and thus you'd just be making a trade of one investment for another with no gain or loss to recognize (like-kind exchange, basis in the new asset = basis in the old asset). If BitUSD were to start being accepted as real USD, however......that would be sweet. And probably taxable.

One BTC daytrader on Reddit said it was unwise to make trades without considering the tax implications. I took that to mean that even "GoxUSD" is taxed.

I assume if BTC-BTSX is untaxed, that means BTSX-bitBTC and bitBTX-bitUSD would not be taxed.

But if we have these USD-bitUSD "onramps", then it raises the question: how different is bitUSD from GoxUSD?

Looks amazing, great work!

Quote from: stuartcharles on September 27, 2014, 06:52:25 pm

Fantastic job, if it's for general public maybe the default screen could be with rounding to nearest cent. $1.57 looks much more familiar than $1.568765. Or round down if it makes complications ie $1.56. You could have a show more decimal places button if needed.

Good idea!

Coinbase shows two decimal points until you mouse over it. I like that.