TRADE.BTC and TRADE.LTC are up and running

[dannotestein]

There is also another decimal bug.
I clicked 0.00017 and 0.037xxxx TRADE.BTC. But the confirmation page tell me the price is 0.00001699995 something. It should exactly be 0.000017.

BTW I made the first transaction!

That's actually not a bug:
It's slightly less than .000017 because we charge the "transaction fee" that it costs us to send the TRADE.BTC to the user. If you visit blocktrades.us, you can see the fee it charges (it's approximately 2 cents USD, IIRC).

The graphene wallet gui doesn't yet display our conversion price, which is why it only allows buying/selling of our UIA TRADE assets currently (where it's aproximately 1 for 1). Once the wallet gui is updated to show conversion prices, users will have the option to directly buy any bitshares asset (including bts, of course) supported by blocktrades.

[speedy]

No. This is not minimal. I think all TRADE_BTS can be stolen by the owner of the gateway. Why this just cannot automatically buy bitBTC with BTC? Gateway should automatically provide an information about rate bitBTC/BTC and when user deposit real BTC on gateway those BTC should be automatically converted to bitBTC.

Totally agree. WIth TRADE.BTC not only can the BTC be stolen but the UIA can be compromised and steal all the BTS for sale on the orderbook. The risk is greater here than even on a centralized exchanged. I dont see why Blocktrades is advertising their UIA in the webwallet when they already offer to deposit into BitBTC. Moreover having 2 options for trading BTS vs BTC with different security implications will confuse people and dilute liquidity.

[noisy]

I have few questions:

1. Why I cannot find  BTS_TRADE on Exchange Tab?



I can only go there with link:
https://bitshares.openledger.info/#/exchange/trade/BTS_TRADE.BTC

2. When market history will be fixed? (reported https://github.com/cryptonomex/graphene-ui/issues/339, known isuee since 17 June!!!)

3.

Minimal counter party risk.   Right now you have to trust the exchange with both BTS and BTC.   Now you only have to trust the Gateway with BTC.

No. This is not minimal. I think all TRADE_BTS can be stolen by the owner of the gateway. Why this just cannot automatically buy bitBTC with BTC? Gateway should automatically provide an information about rate bitBTC/BTC and when user deposit real BTC on gateway those BTC should be automatically converted to bitBTC.

[monsterer]

Minimal counter party risk.   Right now you have to trust the exchange with both BTS and BTC.   Now you only have to trust the Gateway with BTC.

The next hurdle is getting the pegged asset to be a genuine substitute, that would mean truly no counterparty risk.

[bytemaster]

This way you never have to trust your BTS to an exchange again.

No counterparty risk?

Minimal counter party risk.   Right now you have to trust the exchange with both BTS and BTC.   Now you only have to trust the Gateway with BTC.

[bytemaster]

I cannot input a withdrawal address. Also it should only take one BTC confirmation before my account is credited with TRADE.BTC

You CAN imput a withdraw address, it is just rendering it in white.  (Select it to read it)

Download the latest Light Wallet release to fix it.

[monsterer]

This way you never have to trust your BTS to an exchange again.

No counterparty risk?

[clout]

I cannot input a withdrawal address. Also it should only take one BTC confirmation before my account is credited with TRADE.BTC

[kryo2k]

TRADE.BTC is backed by BTC held in a combination of  hot, cool, and cold storage.    It is fundamentally no different than BTC held in other exchanges *EXCEPT* that rather than controlling your exchange account with a username and password you control it with your BitShares account.

Blocktrades is run by people who have commit access to the BitShares repositories.

Thanks. I must have edited my question after someone else answered

I think I understand this is done thru the gateway, but doesn't this assume that the gateway has a balance enough to withdraw, and thus having similar liquidity risks as with a centralized exchange but with the security of being able to cash out from any gateway that is liquid for the required amount? Does the gateway specify a fee for conversion (trade.btc => btc)?

You are correct.  If Blocktrades had their issuer key compromised any BTS on order books would be at risk.

I have advised them to pre-issue a fixed amount and then keep the issuer account in cold storage with multi-factor authentication.  This would keep the issuer account secure. 

If they were compromised they would have halt trading of their asset on the blockchain.

Does this mean that only BlockTrades.us can issue and redeem TRADE.BTC?

[bytemaster]

There is MINIMAL RISK in leaving your BTS on the order book at the price you are willing to sell at.   

But there is risk when your BTS has been sold for TRADE.BTC, which is still vulnerable to Blocktrades getting goxxed correct?

You are correct.  If Blocktrades had their issuer key compromised any BTS on order books would be at risk.

I have advised them to pre-issue a fixed amount and then keep the issuer account in cold storage with multi-factor authentication.  This would keep the issuer account secure. 

If they were compromised they would have halt trading of their asset on the blockchain.

[bytemaster]

Can anybody point me to a forum link, or explain the TRADE.BTC/LTC implementation in detail?

Specifically, curious how/where physical coin (BTC) is held, and how that wallet is controlled. I assume TRADE.BTC acts as a marker for real BTC? On withdrawl, it cuts supply and withdraws from an actual bitcoin wallet somewhere or via the blockchain directly?

I also assume that TRADE.BTC differs from BitBTC by not being a BTC collateral backed short position but rather a fungible asset itself backed by real BTC?

Thanks!

TRADE.BTC is backed by BTC held in a combination of  hot, cool, and cold storage.    It is fundamentally no different than BTC held in other exchanges *EXCEPT* that rather than controlling your exchange account with a username and password you control it with your BitShares account.

Blocktrades is run by people who have commit access to the BitShares repositories. 

[speedy]

There is MINIMAL RISK in leaving your BTS on the order book at the price you are willing to sell at.   

But there is risk when your BTS has been sold for TRADE.BTC, which is still vulnerable to Blocktrades getting goxxed correct?

[clayop]

Will it be possible to set it up to trade BTC and LTC directly? That will be huge.

https://bitshares.openledger.info/#/exchange/trade/TRADE.LTC_TRADE.BTC

Lol, I meant whether it can be done directly without using BTS. Someone would send BTC and receive LTC and vice versa.

https://blocktrades.us/

[habeler]

Will it be possible to set it up to trade BTC and LTC directly? That will be huge.

https://bitshares.openledger.info/#/exchange/trade/TRADE.LTC_TRADE.BTC

Lol, I meant whether it can be done directly without using BTS. Someone would send BTC and receive LTC and vice versa.

[kryo2k]

Can anybody point me to a forum link, or explain the TRADE.BTC/LTC implementation in detail?

Specifically, curious how/where physical coin (BTC) is held, and how that wallet is controlled. I assume TRADE.BTC acts as a marker for real BTC? On withdrawl, it cuts supply and withdraws from an actual bitcoin wallet somewhere or via the blockchain directly?

I also assume that TRADE.BTC differs from BitBTC by not being a BTC collateral backed short position but rather a fungible asset itself backed by real BTC?

edit:
I think I understand this is done thru the gateway, but doesn't this assume that the gateway has a balance enough to withdraw, and thus having similar liquidity risks as with a centralized exchange but with the security of being able to cash out from any gateway that is liquid for the required amount? Does the gateway specify a fee for conversion (trade.btc => btc)?

Thanks!