Author Topic: how about bridging BitUSD and USD.bitstamp?  (Read 4729 times)

0 Members and 1 Guest are viewing this topic.

Offline tinker


Offline bigcat

  • Full Member
  • ***
  • Posts: 103
    • View Profile
Just noticed that snapswap started charging transfer fees since last month. It used to be free.

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1928
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
For US users snapswap is better and easier for deposit and withdrawal.
Also, Bitstamp charges percentage fees for ripple internal transfer. Snapswap doesn't.
Ironically, this service may not be suitable for implementation by a US person without applying for money transmission license. Non-US person not subject to US laws has the advantage to implement it.
You'll need a considerable amount of USD reserve to do this business. Another option is to create an IOU USD asset, say botsusd, just like botscny, and let users trade in the internal market from botsusd to bitusd. Then the service performs as a gateway from ripple IOU USD to bitshares IOU USD.

Bitstamp and snapswap both charge 0.2% fees for ripple internal transfer of IOUs issued by them.
but you are right, for US users snapswap is more convenient.
so maybe USD.snapswap is a better choise, we'll consider more and decide...
Email:bitcrab@qq.com

Offline BTSdac

  • Hero Member
  • *****
  • Posts: 1219
    • View Profile
  • BitShares: K1
p2p echange between bitusd and usd
1. pulish exchange bitusd_<->usd information in bts wall
2.find he march exchange by p2p
3.the bitusd seller (use bitusd exhcage usd)mul-sign bitusd to receiver ,agency and himself.
4.after the received the usd form bitusd buyer (use usd exhcage bitusd), send the bitusd to receiver.
github.com :pureland
BTS2.0 API :ws://139.196.37.179:8091
BTS2.0 API 数据源ws://139.196.37.179:8091

Offline CLains

  • Hero Member
  • *****
  • Posts: 2606
    • View Profile
  • BitShares: clains

Offline bigcat

  • Full Member
  • ***
  • Posts: 103
    • View Profile
For US users snapswap is better and easier for deposit and withdrawal.
Also, Bitstamp charges percentage fees for ripple internal transfer. Snapswap doesn't.
Ironically, this service may not be suitable for implementation by a US person without applying for money transmission license. Non-US person not subject to US laws has the advantage to implement it.
You'll need a considerable amount of USD reserve to do this business. Another option is to create an IOU USD asset, say botsusd, just like botscny, and let users trade in the internal market from botsusd to bitusd. Then the service performs as a gateway from ripple IOU USD to bitshares IOU USD.

Offline btswildpig

  • Hero Member
  • *****
  • Posts: 1424
    • View Profile
In theory , if r BitStamp Bitcoin Exchange can be credited through ripple gateway , then maybe rippletrade is not needed in the equation , you only need the ripple account name of Bitstamp gateway and the BitStamp Exchange account ID as memo to credit your BitStamp Bitcoin Exchange account with BitUSD and transwiser without even opening rippletrade .

这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline btswildpig

  • Hero Member
  • *****
  • Posts: 1424
    • View Profile
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12922
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BitShares: xeroc
  • GitHub: xeroc

Offline bitcrab

  • Committee member
  • Hero Member
  • *
  • Posts: 1928
    • View Profile
  • BitShares: bitcrab
  • GitHub: bitcrab
Email:bitcrab@qq.com

Offline xeroc

  • Board Moderator
  • Hero Member
  • *****
  • Posts: 12922
  • ChainSquad GmbH
    • View Profile
    • ChainSquad GmbH
  • BitShares: xeroc
  • GitHub: xeroc
it is not difficult to realize this service technically, however, anyone need it? is it worth doing?
good old friend @luckybit asked for a ripple gateway almost a year ago
https://bitsharestalk.org/index.php/topic,7227.0/all.html

so, YES ... do this!

from the linked thread:
Someone was going to setup a USD gateway for Stellar.   I pitched them the alternative of setting up a USD gateway for BitUSD with the argument that they wouldn't be liable for IOUs and could mainly perform an arbitrage function.   I also pitched that they could provide a BitstampUSD -> BitUSD service...
@bytemaster: could you pitch them again?
« Last Edit: April 21, 2015, 02:25:32 pm by xeroc ¯\_(ツ)_/¯ »

Offline oldman

  • Hero Member
  • *****
  • Posts: 556
    • View Profile

Offline yellowecho

yes yes yes !
500 knives properly properly
696c6f766562726f776e696573

Offline liondani

  • Hero Member
  • *****
  • Posts: 3737
  • Inch by inch, play by play
    • View Profile
    • My detailed info
  • BitShares: liondani
  • GitHub: liondani
Do it yesterday if possible  :)

Sent from my ALCATEL ONE TOUCH 997D


Offline btswildpig

  • Hero Member
  • *****
  • Posts: 1424
    • View Profile
I am considering to provide a service under transwiser.com to enable user to do BitUSD/USD.Bitstamp exchange instantly and automatically.

after the service be launched,user can do exchange as this:

1:BitUSD ->USD.Bitstamp, user send BitUSD to a BTS ID, say, bsusd.transwiser, and give ripple address in the memo, in 1 minutes, the according quantity of  USD.Bitstamp will be send to the left ripple address.

2. USD.Bitstamp -> BitUSD, user send  USD.Bitstamp to a ripple recepient, say bitusd@dotpay.co, using rippletrade client, leaving a bts id in the comment field, about 5-10 minutes later, the according quantity of BitUSD will be send to the left bts id.

it is not difficult to realize this service technically, however, anyone need it? is it worth doing?

Thought?

PLEASE DO THIS and provide instructions on how others can do this too!

 +5% +5% +5% +5%  and SnapSwap.us-USD too ..... essentially On-ramp and off-ramp in the States .

FYI.    giantcrab and his colleges runs one of the earliest Ripple Gateway in China .
« Last Edit: April 21, 2015, 01:24:03 pm by btswildpig »
这个是私人账号,表达的一切言论均不代表任何团队和任何人。This is my personal account , anything I said with this account will be my opinion alone and has nothing to do with any group.