[MetaExchange] 100% pay-rate delegate election campaign!

[xeroc]

...I suppose there is a nice way to go from bitcoin public key to bitshares address?

https://bitsharestalk.org/index.php?topic=8907.msg115470#msg115470

Fantastic! Many thanks

Listening to the latest mumble hangout it seems the devs will allow tranfers to BTC address too .. not just a BTS pubkey derived from a BTC pubkey .. but also a BTC address ..
let's wait for the code and clarification

[ssjpts]

if possible,please contact “cn-members” do some translate to chinese,so we can read more about this.thanks.

[monsterer]

...I suppose there is a nice way to go from bitcoin public key to bitshares address?

https://bitsharestalk.org/index.php?topic=8907.msg115470#msg115470

Fantastic! Many thanks

[xeroc]

...I suppose there is a nice way to go from bitcoin public key to bitshares address?

https://bitsharestalk.org/index.php?topic=8907.msg115470#msg115470

[monsterer]

But doesn't that mean you always have to import your bitcoin private key into another wallet to use a gateway? I think many people will want to avoid that. However it's definitely a neat feature if all the received BTC is always auditable by everyone.

You'll have to import your bitcoin wallet.dat into your bitshares wallet because you cannot include any useful information inside a bitcoin transaction (such as bitshares payment address), so we have to assume you want the coins sent to the public key referenced in the transaction.

...I suppose there is a nice way to go from bitcoin public key to bitshares address?

The alternative, future method would rely on the web-wallet functionality: the user creates a web wallet, signs in, then the system can do the mapping from their signed in account's address and the bitcoin send to address that it will auto generate for them.

[xeroc]

@Shentist : From what I recall you are living in Germany .. maybe you can group up with delulo and visit https://www.cryptocurrency-bank.com/ ..

[Rune]

IOU BTC is redeemable for real BTC 1 to 1 with no spread (or a small fee charged by the IO provider).   
BitBTC has a larger spread because of liquidity issues.

IOUBTC vs BitBTC market will help increase BitBTC liquidity and offer similar benefit to relative price feeds but slightly higher trust in the IOU issuer.

i understand.
i just see trust problems in the beginning, but maybe it can be done with a community trust or something who will backup the IOU!

so we would trade metaexhangeBTC against real BTC...

The IOU will be backed by the funds received. When you receive BTC you give IOU 1:1. When you receive IOU you give BTC 1:1. The only thing that matters is that you and monsterer can be trusted with holding these BTC, which I think most people agree you can. Especially when you can expect to make a lot of money from it over time through the delegate or from fees.

I think it would be cool to also have private gateway addresses in addition to the public address that anyone can send BTC to and get IOU in return. So you could use your BTS account to somehow register with the gateway, and you would get a BTC address in return that automatically sends IOU's directly to the address you registered with whenever it receives BTC.

When the online wallet comes online it there could even be an "instant" automatic gateway with every new signup. So when you register as a new user you get a private BTC gateway address in addition to your BTS address, and any BTC send to the private gateway will make it send MEBTC to your BTS address, and these MEBTC can instantly be traded for bitBTC through metaexchange. Would make it extremely easy for a bitcoin user to instantly get into BTS.

I think we want to have "provable reserves" THE IOU supply should equal the balance on blockchain.info for the gateway BTC address.

But doesn't that mean you always have to import your bitcoin private key into another wallet to use a gateway? I think many people will want to avoid that. However it's definitely a neat feature if all the received BTC is always auditable by everyone.

[bytemaster]

IOU BTC is redeemable for real BTC 1 to 1 with no spread (or a small fee charged by the IO provider).   
BitBTC has a larger spread because of liquidity issues.

IOUBTC vs BitBTC market will help increase BitBTC liquidity and offer similar benefit to relative price feeds but slightly higher trust in the IOU issuer.

i understand.
i just see trust problems in the beginning, but maybe it can be done with a community trust or something who will backup the IOU!

so we would trade metaexhangeBTC against real BTC...

The IOU will be backed by the funds received. When you receive BTC you give IOU 1:1. When you receive IOU you give BTC 1:1. The only thing that matters is that you and monsterer can be trusted with holding these BTC, which I think most people agree you can. Especially when you can expect to make a lot of money from it over time through the delegate or from fees.

I think it would be cool to also have private gateway addresses in addition to the public address that anyone can send BTC to and get IOU in return. So you could use your BTS account to somehow register with the gateway, and you would get a BTC address in return that automatically sends IOU's directly to the address you registered with whenever it receives BTC.

When the online wallet comes online it there could even be an "instant" automatic gateway with every new signup. So when you register as a new user you get a private BTC gateway address in addition to your BTS address, and any BTC send to the private gateway will make it send MEBTC to your BTS address, and these MEBTC can instantly be traded for bitBTC through metaexchange. Would make it extremely easy for a bitcoin user to instantly get into BTS.

I think we want to have "provable reserves" THE IOU supply should equal the balance on blockchain.info for the gateway BTC address.

[Rune]

IOU BTC is redeemable for real BTC 1 to 1 with no spread (or a small fee charged by the IO provider).   
BitBTC has a larger spread because of liquidity issues.

IOUBTC vs BitBTC market will help increase BitBTC liquidity and offer similar benefit to relative price feeds but slightly higher trust in the IOU issuer.

i understand.
i just see trust problems in the beginning, but maybe it can be done with a community trust or something who will backup the IOU!

so we would trade metaexhangeBTC against real BTC...

The IOU will be backed by the funds received. When you receive BTC you give IOU 1:1. When you receive IOU you give BTC 1:1. The only thing that matters is that you and monsterer can be trusted with holding these BTC, which I think most people agree you can. Especially when you can expect to make a lot of money from it over time through the delegate or from fees.

I think it would be cool to also have private gateway addresses in addition to the public address that anyone can send BTC to and get IOU in return. So you could use your BTS account to somehow register with the gateway, and you would get a BTC address in return that automatically sends IOU's directly to the address you registered with whenever it receives BTC.

When the online wallet comes online it there could even be an "instant" automatic gateway with every new signup. So when you register as a new user you get a private BTC gateway address in addition to your BTS address, and any BTC send to the private gateway will make it send MEBTC to your BTS address, and these MEBTC can instantly be traded for bitBTC through metaexchange. Would make it extremely easy for a bitcoin user to instantly get into BTS.

[matt608]

Looks like you've been voted straight in, well I added my vote in too  

[bytemaster]

svk & monsterer...  I hope you two can work together toward a common open source codebase.

It would be very helpful if monsterer could produce an opensource "gateway" node that will do the following:

1) When a BTC transaction is received for X BTC with N confirmations, send X MEBTC to the public key of one of the signers on the transantion.
2) When Y MEBTC is received send Y BTC to the public key of the "from" account in the transaction. 

Provide this as a standalone daemon that talks with bitcoind and bitshares_client.   

Sounds simple enough - but what is MEBTC?

Upon closer examination you shouldn't send BTC to the "From" of the account because that would end up leaking private info.  Instead send it to the "one_time_key" property of the memo, the sender should have the private key for that.

[bytemaster]

IOU BTC is redeemable for real BTC 1 to 1 with no spread (or a small fee charged by the IO provider).   
BitBTC has a larger spread because of liquidity issues.

IOUBTC vs BitBTC market will help increase BitBTC liquidity and offer similar benefit to relative price feeds but slightly higher trust in the IOU issuer.

i understand.
i just see trust problems in the beginning, but maybe it can be done with a community trust or something who will backup the IOU!

so we would trade metaexhangeBTC against real BTC...

No MetaExchange BTC is an IOU for real BTC... it should be 100% redeemable no trading necessary.   You trade it against BitBTC>

[monsterer]

MEBTC is a USER issued Asset by MetaExchange... an IOU asset that you list.  It will greatly help onboard new users.

Ok, I'm with you now - this should be quite easy. I'll make it priority number 1

edit: wow, we've been voted in! Thank you bytemaster!

[Shentist]

IOU BTC is redeemable for real BTC 1 to 1 with no spread (or a small fee charged by the IO provider).   
BitBTC has a larger spread because of liquidity issues.

IOUBTC vs BitBTC market will help increase BitBTC liquidity and offer similar benefit to relative price feeds but slightly higher trust in the IOU issuer.

i understand.
i just see trust problems in the beginning, but maybe it can be done with a community trust or something who will backup the IOU!

so we would trade metaexhangeBTC against real BTC...

[bytemaster]

Release 2 is bitcoin IOU gateway functionality, but the trades still have to be done in the local client?

Release 2 is person to person bitcoin / bitasset on/off ramps, so cross chain with metaexchange acting as the escrow agent.

I'm asking you to prioritize an open source gateway daemon over your other services because it will allow many people to offer gateways and thus help the community greatly.