Author Topic: BTC MPA backed by gateway.BTC  (Read 531 times)

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Offline Victor118

BTC MPA backed by gateway.BTC
« on: February 19, 2019, 02:13:13 pm »
I was reading this BSIP discussion :
https://github.com/bitshares/bsips/issues/100
If someday it will be possible to create a MPA backed by multiple UIA, may be it will be possible to join all BTC in one MPA ?
On bitshares there is a lot of different BTC (open.BTC, bridge.BTC, rudex.BTC ...)
By cumulating all these BTC the liquidity of BTC would become very interesting on bitshares.
But today there's no link between all those gateway's BTC
It may be stupid and may not be feasible, but what about a BTC MPA backed by as much BTC as possible.
This MPA would be backed by 1 open.BTC or 1 bridge.BTC ...,
Holding 1 MPA BTC is equivalent to holding any type of gateway. BTC, at any time you can settle those BTC and retrieve diverse gateway.BTC
For example I want to deposit some BTC on open.ledger, today openLedger send me open.BTC in exchange, it will be necessary that open.ledger creates MPA.BTC by "borrowing" mpa.BTC by putting open.btc in collateral and send me the MPA.BTC thus created.
I can trade with those MPA.BTC, and then withdraw by settle my BTC and withdraw my gateway's BTC (UI could be better by putting settlement implicit when withdraw MPA.BTC)
On the other hand, it would be necessary to find an incentive for the gateways to use this MPA and to create and supply them to their client rather than their own UIA.

I guess it raises a lot of problems, but is it feasible with bitshares's features?


Offline Customminer

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Re: BTC MPA backed by gateway.BTC
« Reply #1 on: February 19, 2019, 08:44:26 pm »
It's already possible to issue an MPA using UIA as backing collateral, you'd need to contact the gateway to see if they're alright, though technically there's nothing they can do to stop you doing this.

Offline Victor118

Re: BTC MPA backed by gateway.BTC
« Reply #2 on: February 19, 2019, 10:22:19 pm »
My english is definitly too bad :), sorry for that.
Thank you for your response
What I tryed to describe it's more an idea to make what it could be the biggest DEX BTC market.
Instead of having open.BTC market, bridge.BTC market, Spark.BTC market, EASYDEX.BTC market, rudex.BTC market ... we could have a MPA cumulating the liquidity of all those market.
a Mpa backed by all those UIA (MPA backed by multiple assets) can do that ?.
Sorry if I'm not clear

Offline Customminer

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Re: BTC MPA backed by gateway.BTC
« Reply #3 on: February 19, 2019, 10:57:57 pm »
My english is definitly too bad :), sorry for that.
Thank you for your response
What I tryed to describe it's more an idea to make what it could be the biggest DEX BTC market.
Instead of having open.BTC market, bridge.BTC market, Spark.BTC market, EASYDEX.BTC market, rudex.BTC market ... we could have a MPA cumulating the liquidity of all those market.
a Mpa backed by all those UIA (MPA backed by multiple assets) can do that ?.
Sorry if I'm not clear
Problem is that you'd need to trust these multiple gateways to be fully collateralized when using their exchange backed asset (EBA|UIA) to back new MPA being issued, if one is compromised then they could flood the MPA, so it's not ideal. If there was a means of limiting issuance per backing asset type that'd possibly offset this risk.

Offline akledirs

Re: BTC MPA backed by gateway.BTC
« Reply #4 on: February 20, 2019, 07:55:13 am »
If one from few gateway will be bankrupt, then MPA.BTC backed UIAs.BTC also will be uncollateralized. I think it bad idea merge risks few UIA in one asset.

Offline Customminer

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Re: BTC MPA backed by gateway.BTC
« Reply #5 on: February 20, 2019, 11:10:00 am »
If one from few gateway will be bankrupt, then MPA.BTC backed UIAs.BTC also will be uncollateralized. I think it bad idea merge risks few UIA in one asset.
Not a bad idea to back an MPA with multiple trustless assets though 👌

Offline George_Bitspark

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Re: BTC MPA backed by gateway.BTC
« Reply #6 on: April 06, 2019, 02:29:00 pm »
I thought there was a BSIP for this, but having a browse of the BSIP repo I dont see it there (multiple MPAs/UIAs backing one asset, currently limit is 1)?
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Offline Customminer

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Re: BTC MPA backed by gateway.BTC
« Reply #7 on: April 14, 2019, 11:47:16 am »
I thought there was a BSIP for this, but having a browse of the BSIP repo I dont see it there (multiple MPAs/UIAs backing one asset, currently limit is 1)?
At the moment there's only the discussion: https://github.com/bitshares/bsips/issues/100