Bitcoin Forum

Hi,

http://smpake.com (http://smpake.com) is here to cut short your wait time needed for your BTC deposits to get confirmed by the network. Now your funds can be usable with just 1 confirmation, go try it out!

Currently supported shortcuts:
-from: your wallet
--to: MtGox deposit address
--to: MtGox voucher code

Note: smpake is still in beta, limits and fees are set accordingly. Use smpake and help it get out of beta and to get more shortcuts added.

Also, you are welcome to use our API to connect smpake to your app.

Yes, SSL is comming as well.


Try it out, let me know what you think?

Yours trully,
kakobrekla

EDIT August 22:




EDIT August 29:

Major upgrade on site, we now support permanent links for your 1 confirmation deposits! More information FAQ http://smpake.com/faq.php

http://shrani.si/f/f/ax/4kE2sEHK/smpake.png

I tested both these methods - had my MtGox account credited, and a MtGox code in under 10 minutes. Super slick! I'm sure this will be extremely useful and popular.

Can you comment on your risk involved in accepting 1-confirm transactions?

What happens if the deposit comes in to that address after 10 mins?

Am I understading right, fee = 2 satoshis, 0.00000002 BTC?

Thanks! And about the risk, well, I think its worth taking. :)


Transaction is normally detected on the network in a few seconds after being sent. We are not talking about confirmations here.
If after 10 minutes there is no uncofirmed tx detected, offer will be closed and if coins hit that address at a later time, (at the moment) nothing will happen automagically. (coins are not lost)
I don't think this would cause problems, just send coins when you request new transaction, if you missed the window, request new tx.
This is still beta and I am here to make things better. If this is going to cause issues we can work around it.



Yes! SMPAKE is still in beta (also the reason low limits are in place) and I'll be keeping low low fees as long as possible!

Sorry, not sure I follow "(at the moment) nothing will happen automagically. (coins are not lost)"

The reason I ask is this would be super nice for non-MtGox-Exchange -> MtGox transfers, but I can't ensure the exchange would send within 10 minutes.

Sorry for probably stupid question, but what does confirmation mean in case of mtgox?

You are right. I updated the workings a bit, now its as follows:

If no deposit is detected on the network in 24 hours, offer will remain open in lower prority mode
 for the next 6 days. If coins are sent after that time, contact support to reopen and finish the transfer.

I think that covers the issues with delayed payments for now.



MtGox requires (like most exchanges) 6 confirmations before you can use bitcoins sent to them,
which on average translates to 1 hour (1 confirmation/block per 10min on avg).
With smpake, you only need to wait 1 confirmation to fund you account on MtGox for example.

Sweet, I'll definitely be using it in that case, at least once the 1 BTC min is higher.

Is there anything preventing you from offering just a permanent address, that funds could just be sent ad-hoc, and would go to my MtGox?

How does this work on MtGox's side? Eg. how do you get them in my account faster?

Just raised the upper limit to 5 BTC for now.


Permanent relay system is in the works but it will operate a bit differently so there is still some code to be written.


There is a little trick or a workaround im not giving out just yet but in basics its about having a buffer.

Theres a few rewards in place, only for the early adopters :)

Worked for me! Thanks, kakobrekla!

Due to some security enhancements, for a couple of hours today transactions were not processed (i successfully secured self out of system :) ).
I'm really sorry about that, txes are now processed and 2 satoshi fees from affected transactions were reimbursed.  

Functionality is now restored.

Site upgrade is almost ready to be pushed out, which will enable permanent links, stay tuned and try it out.

Major upgrade on site, we now support permanent links for your 1 confirmation deposits!
Create your link: http://smpake.com/

More information in FAQ http://smpake.com/faq.php

http://shrani.si/f/f/ax/4kE2sEHK/smpake.png

One more improvement is coming in the next days, when we get access to custom mtgox api.  ;)

Very nice.

Two questions.

1.) I might want to enter the amount in USD or other currency, and not have to do the conversion to BTC myself.  (Think of this being used by a merchant who only knows fiat.)  Could you make the currency selectable and convert to BTCs based on the BTC/USD (i.e., converted using BTC/USD or the value from another currency using Google currency converter (e.g., to convert from $10 GBP to USD  http://www.google.com/ig/calculator?hl=en&q=10GBP=?USD (http://www.google.com/ig/calculator?hl=en&q=10GBP=?USD)  then convert to BTC using the last BTC/USD trade?).

2.) Would you consider adding either a QR code or a link to display the QR code (URI format with both the amount and the Bitcoin address, bitcoin:1PC9aZC4hNX2rmmrt7uHTfYAS3hRbph4UN?amount=1.234 )

For example, BitPay does a good job with the UI for this:
https://bitpay.com/cart?id=iFj4uQXWxH96Pc3TZ8rd_WJiQCn72sE-jHBkHEEkvYk=  (then click the "Checkout Now" Bitcoin button to see the UI)

Awesome!

I can't seem to find the min transfer amount though. Is there still a min transfer of 5?

If permanent for 20 satoshis is an option, why even bother with the temp address and 10/1 satoshi options?

20 satoshis is an unfathomably small amount in terms of fees, so comparing 20 to 10 or 2 or 1 is equally insignificant.

To be honest, that fee makes me trust your service less, because as far as I understand, it's going to take like a million transactions for you earn one bitcoin? It just doesn't make sense that it would be a worthwhile enterprise for you.

Interesting thought, not sure is there a need for souch service? I will ponder this more.


Thank you for suggestion, its on my todo list now.


From the FAQ (http://smpake.com/faq.php):

Fees and limits?
A single transaction fee is 2 satoshis for 1 confirmation transaction and 1 satoshi for 2 confirmation transaction. Current limits: maximum transfer amount per transactions is 25 BTC while minimum is 0.001 BTC.

 Links do not have minimum or maximum limits set and transactions are processed FREE of charge. There is a small weekly fee of 20 satoshis for keeping link in High priority. If transaction amount surpasses currently available funds, it will still get processed, but with a slight delay.


Yes, as stated on the site,
Note: smpake is still in beta, limits and fees are set accordingly. Use smpake and help it get out of beta and to get more shortcuts added.

I know 20 satoshi is nothing and I can find more than that on the floor walking the street for 5 minutes, but hey, enjoy it while its like that!
The reason of 1 and 2 satoshi fee is, I wanted to have a minimal possible fee and not free, so fee system is being tested as well.
The reason for 20 satoshi fee is the ratio, im thinking the weekly link fee should be about equal of the fee for 10 single transactions, what do you think about that?

Still skeptical? Use it for small amounts only until you get a better feel ;>

There is another update coming when MagicalTux codes a bit of special mtg api for smpake. This will also probably slightly affect current fee structure and make the service even better in a few small but visible ways.
 

very slick. Nice job. "SMPAKE" doesn't exactly roll off the tongue though  :P

Yeah, got a lot of that. Seriously considering getting some sensible name for it.

Sorry if that came off wrong, I'm not skeptical. If you were intending to scam people there wouldn't be a transfer limit, and you wouldn't have created a game-changing system for the short term gain.

My arb bot now uses my SMPAKE address for BTC to Mtgox for transfers <= 25 BTC :)

I guess if I could make another suggestion/request: Once you decide to raise rates, please give advance warning (here and to the emails you have on file).

Cool! If it goes according to plans, you will be able to remove 25 btc limit and not to worry soon.
There is already more than that in the buffer now and no hard limit on transaction size (for links only).
With the upcoming changes I will be able to show current buffer size. (this is not displayed now for a reason)


Yes, changing the fees on the fly would be wrong and evil. I'll put out a notice at least few days before the change.

Also on that note, I'd like to discuss what would be appropriate fee structure for service like this?

Something like this?  :)

http://shrani.si/f/15/pr/4XEAFLtV/qr.jpg

Done.

Alright guys, another major-ish update. MagicalTux finished a special bit of api for smpake and new rules were implemented.

1 confirmation deposits are from now on for MtGox verified accounts only.
Unconfirmed accounts will wait 2 confirmations.
There is no loger an option to choose number of desired confirmations, this gets assigned automagically.
Links that have been created so far will remain 1 confirmation links regardless of verification level.

No verified account and need 1 confirmation deposits?
Even if you do not have a verified account there is still a way for you to opt-in for a 1 confirmation link. These are approved on a case by case basis. OTC ratings help a lot.
Best to find me on IRC: irc.freenode.net, #bitcoin-assets, search for kakobrekla.


Also, on this occasion, transaction limit has been raised to 100 BTC.

Just sent you a PM about an issue I found on the site.

Thanks for your message, its more of a safety feature for smpake, than a bug, as explained in PM.

Enjoy,
kakobrekla

What happens if an amount greater than the limit (100BTC) is sent?

From the FAQ (http://smpake.com/faq.php):


Also, single transaction limit does not equal avalible funds.

Thank you for your response. So if I understand correctly, then if I send 105BTC it will go through instantly, but if I send an amount greater than the "available funds," then there is a wait. So the 100 limit is more of a recommendation.

This alleviates my concern of you returning a transaction if it goes over a limit. Returning funds to sender wrecks havoc with some systems. Sending the funds with a long delay is a thousand times better, IMO.

That is correct.

When making a single transaction, there is a check in place if requested amount is larger than limit or larger than current supply in the buffer (in case if the buffer is drained and is lower than 'hard' limit).
This is set to be able to ensure the quality of service.

With links this becomes a little tricky since links are always open and I can not control what amount the user will send in - so its served on a best effort (max possible wait would be standard 6 confirms). This part of the code is really simple at the moment but will get more attention soon (it works, but theres room for improvement) - at that point I will also add an explanation in the FAQ of what exactly to expect in a case like this.

Excellent. Thank you. Yours is the best way to handle BTC flows. Cheers

It's the difference between 30 minutes and 3 hours on average? That's worth probably 0.1% average to me (so 0.05% would be a good fee). There's times that it's worth significantly more or less, but that would require new logic in my balancing code.

It works, I just transfered 0.02 BTC! ;D
When you get 2 confirmations, the Bitcoins will appear on MtGox in less than 60 seconds!

Of course the 0.02 was just a small amount to test this lol

Edit: I'm doing the 100th transaction to finish that thing about earning Bitcoins lol
Edit 2: Did it.

Correct and congrats to us, we hit 100 completed transactions without any major hiccups! :)

The winners:
1st place, 1 BTC goes to: 18614ehsU2YsozWqP6SxH36kjHH8ZeGpLX (SHA256 IP: 73e5411ffa079f6eaab6f18756533f360a443b7162d4781b8dcbda3065b4190b)
2nd place, 0.5 BTC goes to: 15cJptvZni4tnSRMUWtqSJpuuwUZLBWfuf (SHA256 IP: 58a63661f8ef1b0dbce803ab5eb5b0b55420c7a98647ca9d11ad79294f5e9d9a)
3rd place, 0.1 BTC goes to: 1C2CZgWBGsEaQUCuiT9Q4Dy6LmaC7MNr9J (SHA256 IP: 013fc07023d3ce7572a9e5960f4a2d2bd840a2d35786b6c0ec70353306ed7a57)

Your rewards have been sent accordingly, enjoy!

At the time, smpake is still staying in beta with these ridiculously low fees.

Glimpse into the future:

I talked to some of the services you have expressed you'd like to use:

- MPEX, made required changes to their api, not yet implemented on our side
- GLBSE, approved required changes to their api, not yet implemted on any side
- BTC-E, approved required changes to their api, not yet implemted on any side
- BITME, talked about it, no concreteness at the moment

But, before this will be available, I need to finish some additional security measures as the service and my exposure grows.

There is also a motion to change the name 'smpake' to something more easy on the tongue-roll, so here is your chance, suggest a name and if I end up using it, some bitdust will fly your way!

CoiNao!! ;)

Seriously though - this totally rocked, and makes me SO happy you're going to support MPEx, GLBSE, & BTC-e.

Used this the other day to expedite BTC -> USD cash transfers - made my DAY.

If there's anything to be done to encourage these services to act quickly - I will.

I'll contact you on IRC for 1 confirm TXs - but I'd really like to see "Line of Credit" style 0-conf  TXs available. Obviously those need more due diligence on your end (credit worthiemness / agreements etc), but it would be great to be approved for those and be able to transfer funds on a moment's notice.

Excellent marks for this service - several transactions went just perfectly.

Yeah that would be really nice. Instant can be huge for arbs :)

Looks like I was one of the winners, ty in advance!

I like smpake for a name actually. I tend to use weird project names myself. Keeps it memorable. WTH is mtgox anyway.


Second that. I've done 112.09 BTC in 16 transactions through smpake in the last week, fast, and zero issues.

Presuming you are able to offer this service because you have those 100 BTC on reserve at Mt. Gox, does that make this service vulnerable to a denial of service attack?

I would bet that after you get a few fake anonymous requests made for 100 BTC each that at some point your reserves are gone and you can't offer this service until those requests time out due to no payment sent.

guruvan, gllen, thanks for your feedback!


Yeah, the buffer size should be a few times of the max transfers size and should grow when more users are transferring funds simultaneously.




You can create 3 transactions with 'waiting for deposit' status from one IP per 24hrs. After that it won't allow you to request new transfer.
But even if someone writes a bot to use proxy servers to get around IP limit, the buffer does not get reserved until there is a change of status to 'waiting for confirmation' on the requested transaction, which takes about a minute in on average in a normal case.

In other words, funds are reserved when 0 conf tx is detected.

Please add support for the following:

BTC-E Code
MtGox <> BTC-E Code

It would be very nice ;)

Hi,

we have a slight glitch, I have changed my mtgox password earlier today and now my withdrawals are locked for 24 hours.
There seems to be no way around it.

Those who are affected will get reimbursed now, creating new transactions is disabled until mtgox block is lifted.

I am sorry for the inconvenience and thanks for understanding,
kakobrekla

SMPAKE is operational again.

Hey,

I don't know anything about this product or service.  But, I'm writing to whoever is watching that the owner of this product is violating the law (UK, European, and American) and falsifying information in his Bit4x endeavor.  Use extreme caution while dealing with this individual.

Here is a direct link to the posts:

https://bitcointalk.org/index.php?topic=114821.msg1313315#msg1313315

https://bitcointalk.org/index.php?topic=114821.msg1313361#msg1313361

https://bitcointalk.org/index.php?topic=114821.msg1317736#msg1317736

Hope this clears things out.

It doesn't.  It would be best if you: return all client funds, close your business, and pursue legitimate business operations.

I don't have a clue what are you talking about. All my operations are legal from where I'm sitting. Thanks for your concern again, now go troll someone else. This thread is for SMPAKE support.

You are a thief who is blatantly stealing, violating the law, and falsifying credentials in another business endeavor.  A day of justice will one day come in this life or the next.

My purpose in calling you out is to protect the people who simply don't know how to spot the signs of a crook.

I have said my peace and I stand with a clear conscience by not hesitating to warn the readers of your criminal behavior.

Goodbye

Great Service! Thanks!  ;D