ShapeShift.io adds NuBits!

NuBits
#1

From their website:

ShapeShift is a new piece of infrastructure in Bitcoinland. It is how digital currency exchange should work. From start to finish you can change currencies in under ten seconds, no account required.

About ShapeShift.io (including tutorial video): https://shapeshift.io/about.html

Big thanks to @willy and everyone who took the time to write to ShapeShift in this thread. It shows the power of our community when we actively request new participants to join the Nu ecosystem.

Announcement: https://twitter.com/ShapeShift_io/status/549745575252746240

9 Likes
#2

Just did a quick test converting a few dust Peercoins (1.4 PPC) to NuBits. The transfer needed one confirmation from the Peercoin network but I think that is ok. After that it appeared in my NuBits wallet. Nice anonymous service. Not a great rate though.

#3

Great, i will keep an eye on the daily no. of txns from now on.

Would any one try to buy something from any online merchant accepts Bitcoin with Shapeshift.io lens and document the process? it will be a historical trade and very useful marketing news.

#4

Great! What does their rate look like? How is it computed? It would really help to have some dev here.

Is there a list a list of shops we can test?

#5

PPC rates are very volatile on shapeshift… probably because of relatively low liquidity.

Regarding NuBits (just now):

Instant Rate 1.00 BTC = 311.5204 NBT
1.00 BTC = 310.9 USD on BTC-E

That seems fair.

Edit:

Just tried it myself:
-Transaction time < 1 min
-my total fees were ~ 0,82%

2 Likes
#6

We should definitely help out with liquidity, now less than 1 BTC, at least for a single BTC trade

#7

I’ll check with them… I already wrote them concerning NBT rounding… (they currently round to a lot of digits after the decimal point)

#8

Their API now looks much more interesting to me :smile:

https://shapeshift.io/api.html#sendamount

We can now automate transactions where we exchange crypto to NBT, via http post! This gives access to an aweful load of possible application.

url:  shapeshift.io/shift
method: POST
data type: JSON
data required:
withdrawal 	= the address for resulting coin to be sent to
pair 		= what coins are being exchanged in the form <input coin>_<output coin>  ie btc_ltc
returnAddress 	= (Optional) address to return deposit to if anything goes wrong with exchange

example data: {"withdrawal":"AAAAAAAAAAAAA", "pair":"btc_ltc", returnAddress:"BBBBBBBBBBB"}

Success Output:
    {
        deposit:<Deposit Address>,
        depositType:<Deposit Type>, 		//BTC
        withdrawal:<Withdrawal Address>, 	// <-- will match address submitted in post
        withdrawalType:<Withdrawal Type>	//LTC
    }

I 'll have a play with it when I get a chance.

EDIT: The workflow could go like this with BTC

  1. Prepare the transaction by specifying the input coin, the NBT output address and the return address (BTC) in case something goes wrong

    HTTP post shapeshift.io/shift
    post data: {“withdrawal”:“BFree3gZJDHm1u2VQw4JyTDsF44sj9UcNr”, “pair”:“btc_nbt”, returnAddress:“1EtEH9fUNmuepkoqurz1zTvR9uNQYbmJGu”}

  2. Parse the response and obtain the [BTC deposit Address]

  3. Read the maximum limit of BTC we can send via API https://shapeshift.io/limit/btc_nbt

  4. Send BTC to [BTC deposit Address] (within 10 minutes) and store the [txid]

  5. (Optional) Ask for a receipt via email sending an HTTP post shapeshift.io/shift shapeshift.io/mail

    post data {“email”:“mail@example.com”, “txid”:" [txid]"}

1 Like
#9

We are actually already in the process of increasing the liquidity for
NMC today, so you should see a large uptick in deposit limits for pairs
like BTC_NBT and LTC_NBT very shortly (within the next 15-20 minutes or
so) we will continue to increase that liquidity throughout the day as we
start to see what the demand through our system looks like.

For some pairs there may still be low liquidity because of how thin the
order books overall. For example on BTER, if we wanted to increase the
liquidity for the NBT_NMC pair then we would actually need the depth of
the markets for NMC to go beyond 1 or 2 BTC (where they are now), the
depth for NBT is very solid, the issue is the depth for some of the
other coins.

Regards,

Jon
: : ShapeShift.io

and

[…] as I said if we start seeing a decent amount of tx’s start going through the system we will continue to up the liquidity (hopefully more today!) :slight_smile:

Jon also told me, that they are currently working on the rounding problem.

1 Like
#10

We are excited to have Nubits on the site! Woo hoo! https://shapeshift.io/

2 Likes
#11

I can see this being added to the wishlist for the just released NuBits Android wallet Proposal to develop a NuBits Android wallet - Final version now available

Paying with your NuBits at point of sale on every location where they accept BTC, LTC or PPC!!! Killer App?

4 Likes
#12

:point_up:

2 Likes
#13

That solves short-term the volatility issues you’d have of you were carrying BTC, LTC, PPC in your mobile wallet, because you carry a stable crypto coin!
And mid- to long-term it will render BTC, LTC, PPC, etc.payment methods obsolete, because the merchants will realize the advantages of NBT.
You ask whether or not that can be a killer app?
My take is: yes, that’s a killer app for NBT - in a double meaning for it may kill Bitpay etc.

#14

Oh man. I would love to see this feature soooo much

#15

Your wishes just came through with the pass of this custodial grant
Shapeshift integration is part of release 2, so you have to be a little patient.