Re: [bitcoin-dev] Instant exchange rates URI scheme

From: "John Bailon" <john@sci•ph>
To: "Thomas Kerin" <thomas.kerin@gmail•com>
Cc: Bitcoin Dev <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Instant exchange rates URI scheme
Date: Tue, 15 Sep 2015 08:02:57 -0700 (PDT)	[thread overview]
Message-ID: <1442329377422.86a9d355@Nodemailer> (raw)
In-Reply-To: <CAHv+tb7LPz4PiTu9JLLMbKu_i5U3LytRDmAeDLtV+-7ps+CPXA@mail.gmail.com>

[-- Attachment #1: Type: text/plain, Size: 3250 bytes --]

This scheme would mostly be beneficial to end users of instant exchange wallets and would be implemented by the operators. None of the parameters would be filled up by the user by hand. It's more of enabling different wallet operators to communicate with each other and to be able to present to their end users the rates they are getting when sending from their pegged wallet to another pegged wallet. Abstracting bitcoin rates from both end users. 

To illustrate, imagine Alice who has a USD wallet wants to send JPY 10,000 to Bob who has a JPY pegged wallet. 

Alice's wallet scans Bob's wallet which tells Alice's wallet the following info:

1. Bob's BTC address

2. Bob's wallet currency is JPY

3. Bob's wallet operator is pricing BTC 1 at JPY 27,779 for the next 5 minutes. 

With these info, Alice's wallet can already derive the following:

Alice needs to send 0.35998416 BTC to send JPY 10,000. Alice's wallet can also show how much 0.35998416 BTC is in USD, which is USD 83.27. Alice's wallet can present it as follows;

"You are sending JPY 10,000 for USD 83.27 to Bob's wallet."

On Tue, Sep 15, 2015 at 10:40 PM, Thomas Kerin <thomas.kerin@gmail•com>
wrote:

> Something very similar was posted not too long ago.
> Long and sort of it is, there is no point in saying you priced in GBP, etc,
> because it can vary from exchange to exchange.
> To be honest, adding more things to consider at checkout time confuses
> things; why not just specify the amount of Bitcoin you wish to be paid?
> On 15 Sep 2015 11:11 am, "John Bailon via bitcoin-dev" <
> bitcoin-dev@lists•linuxfoundation.org> wrote:
>> Hello,
>>
>> I'd like to propose a BIP for a standard URI scheme to allow wallet
>> operators that implement instant exchange or pegging to other currencies,
>> cryptocurrencies or asset classes to allow for interoperable communications
>> of rates and other pertinent information.
>>
>> The idea is to include in the wallet address as parameters information
>> that supplements the presentation of a proposed transaction.
>>
>> For example, a wallet operator that instantly exchanges bitcoin to gold
>> would present a wallet address as follows:
>>
>> bitcoin:1JohnxNT6jRzhu3H1wgVFbSGKmHP4EUjUV?currency=xau&rate=0.2084&expires=1458432000
>>
>> Wherein:
>> <currency> :  the currency, cryptocurrency or asset that the transaction
>> will end up as encoded in ISO 4217 if applicable.
>> <rate> : the bitcoin to <currency> rate as dictated by receiving wallet
>> <expires> : unix timestamp of when the rate loses validity
>>
>> This would allow the sending wallet the ability to present up-to-date
>> exchange rates. When, for example, a wallet operator that pegs to the USD
>> scans the address above, it would be able to present to the user the
>> following information:
>>
>> 1. USD to XAU rate
>> 2. How much XAU will be received by the address
>> 3. How long before the rates expires
>>
>>
>> Thoughts?
>>
>>
>> Regards,
>> John
>>
>> _______________________________________________
>> bitcoin-dev mailing list
>> bitcoin-dev@lists•linuxfoundation.org
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>>
>>

[-- Attachment #2: Type: text/html, Size: 4989 bytes --]