Date: Tue, 15 Sep 2015 08:02:57 -0700 (PDT)
Sender: John Bailon <john@sci.ventures>
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From: "John Bailon" <john@sci.ph>
To: "Thomas Kerin" <thomas.kerin@gmail.com>
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Cc: Bitcoin Dev <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Instant exchange rates URI scheme
Precedence: list

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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.=C2=A0


To illustrate, imagine Alice who has a USD wallet wants to send JPY 10,000 =
to Bob who has a JPY pegged wallet.=C2=A0


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=C2=A027,779 for the next 5=
 minutes.=C2=A0


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


Alice needs to send=C2=A00.35998416 BTC to send JPY 10,000. Alice's wallet =
can also show how much=C2=A00.35998416 BTC is in USD, which is USD 83.27. =
Alice's wallet can present it as follows;


=22You are sending JPY 10,000 for USD 83.27 to Bob's wallet.=22

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=3F
> On 15 Sep 2015 11:11 am, =22John Bailon via bitcoin-dev=22 <
> 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=3Fcurrency=3Dxau&rate=3D0.=
2084&expires=3D1458432000
>>
>> 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=3F
>>
>>
>> Regards,
>> John
>>
>> =5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=
=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F
>> bitcoin-dev mailing list
>> bitcoin-dev@lists.linuxfoundation.org
>> https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev
>>
>>
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<div>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.=C2=A0</div>
<div><br></div>
<div>To illustrate, imagine Alice who has a USD wallet wants to send JPY 10=
,000 to Bob who has a JPY pegged wallet.=C2=A0</div>
<div><br></div>
<div>Alice's wallet scans Bob's wallet which tells Alice's wallet the =
following info:</div>
<div>1. Bob's BTC address</div>
<div>2. Bob's wallet currency is JPY</div>
<div>3. Bob's wallet operator is pricing BTC 1 at JPY=C2=A0<span =
style=3D=22-webkit-text-size-adjust: auto; background-color: rgba(255, 255,=
 255, 0);=22>27,779 for the next 5 minutes.=C2=A0</span>
</div>
<div><span style=3D=22-webkit-text-size-adjust: auto; background-color: =
rgba(255, 255, 255, 0);=22><br></span></div>
<div><span style=3D=22-webkit-text-size-adjust: auto;=22>With these info, =
Alice's wallet can already derive the following:</span></div>
<div><span style=3D=22-webkit-text-size-adjust: auto;=22><br></span></div>
<div>
<span style=3D=22-webkit-text-size-adjust: auto;=22>Alice needs to =
send=C2=A0</span><span style=3D=22-webkit-tap-highlight-color: =
transparent;=22>0.35998416 BTC to send JPY 10,000. Alice's wallet can also =
show how much=C2=A0</span><span style=3D=22-webkit-text-size-adjust: auto; =
background-color: rgba(255, 255, 255, 0);=22>0.35998416 BTC is in USD, =
which is USD 83.27. Alice's wallet can present it as follows;</span>
</div>
<div><span style=3D=22-webkit-text-size-adjust: auto; background-color: =
rgba(255, 255, 255, 0);=22><br></span></div>
<div><span style=3D=22-webkit-text-size-adjust: auto; background-color: =
rgba(255, 255, 255, 0);=22>=22You are sending JPY 10,000 for USD 83.27 to =
Bob's wallet.=22</span></div>
<div><br></div>
<div><span style=3D=22-webkit-text-size-adjust: auto; background-color: =
rgba(255, 255, 255, 0);=22><br></span></div>
<div class=3D=22mailbox=5Fsignature=22><br></div>
<br><br><div class=3D=22gmail=5Fquote=22><p>On Tue, Sep 15, 2015 at 10:40 =
PM, Thomas Kerin <span dir=3D=22ltr=22>&lt;<a href=3D=22mailto:thomas.=
kerin@gmail.com=22 target=3D=22=5Fblank=22>thomas.kerin@gmail.=
com</a>&gt;</span> wrote:<br></p><blockquote class=3D=22gmail=5Fquote=22 =
style=3D=22margin:0 0 0 .8ex;border-left:1px #ccc solid;padding-left:1ex;=
=22><div>
<p dir=3D=22ltr=22>Something very similar was posted not too long ago. =
</p>
<p dir=3D=22ltr=22>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. </p>
<p dir=3D=22ltr=22>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=3F</p>
<div class=3D=22gmail=5Fquote=22>On 15 Sep 2015 11:11 am, =22John Bailon =
via bitcoin-dev=22 &lt;<a href=3D=22mailto:bitcoin-dev@lists.=
linuxfoundation.org=22>bitcoin-dev@lists.linuxfoundation.org</a>&gt; =
wrote:<br><blockquote class=3D=22gmail=5Fquote=22 style=3D=22margin:0 0 0 .=
8ex;border-left:1px #ccc solid;padding-left:1ex=22>
<div dir=3D=22ltr=22>


Hello,<div>
<br>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.<br><br>The idea is to include in=
 the wallet address as parameters information that supplements the =
presentation of a proposed transaction.<br><br>For example, a wallet =
operator that instantly exchanges bitcoin to gold would present a wallet =
address as follows:<div>bitcoin:1JohnxNT6jRzhu3H1wgVFbSGKmHP4EUjUV=3Fcurren=
cy=3Dxau&amp;rate=3D0.2084&amp;expires=3D1458432000<br><br>Wherein:<br>&lt;=
currency&gt; : =C2=A0the currency, cryptocurrency or asset that the =
transaction will end up as encoded in ISO 4217 if applicable.=
<br>&lt;rate&gt; : the bitcoin to &lt;currency&gt; rate as dictated by =
receiving wallet<br>&lt;expires&gt; : unix timestamp of when the rate loses=
 validity<br><br>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:<br><br>1. USD to XAU rate<br>2. How much XAU =
will be received by the address<br>3. How long before the rates =
expires<br><br></div>
<div><br></div>
<div>Thoughts=3F<br><br><br>Regards,<br>John<br></div>
</div>
</div>
<br>=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=
=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F=5F<br=
>
bitcoin-dev mailing list<br><a href=3D=22mailto:bitcoin-dev@lists.=
linuxfoundation.org=22>bitcoin-dev@lists.linuxfoundation.org</a><br><a =
href=3D=22https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev=22=
 rel=3D=22noreferrer=22>https://lists.linuxfoundation.=
org/mailman/listinfo/bitcoin-dev</a><br><br></blockquote>
</div>
</div></blockquote></div><br>
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