[BETA] SMPAKE.com - we wait, so you don't have to [MTG deposit W 1 confirm]

[kakobrekla]

Hi,

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:

Get free Bitcoins for using smpake.com!
When we reach 100 completed transactions, 3 random winners will get their addresses credited for: 1, 0.5 and 0.1 Bitcoins respectively.
SHA256 of winners IP addresses and reward payout addresses will be published on bitcointalk.org.

UPDATE September 7:

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!

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

[bitfoo]

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

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?

[gllen]

If no deposit is detected on the network in 10 minutes, offer will be closed.

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

[kangasbros]

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

[kakobrekla]

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

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?

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

If no deposit is detected on the network in 10 minutes, offer will be closed.

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

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.

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

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!

[gllen]

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)

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.

[genuise]

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

[kakobrekla]

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)

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.

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.

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

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.

[gllen]

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.

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?

[kakobrekla]

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

Just raised the upper limit to 5 BTC for now.

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?

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

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

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

[kakobrekla]

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

Get free Bitcoins for using smpake.com!
When we reach 100 completed transactions, 3 random winners will get their addresses credited for: 1, 0.5 and 0.1 Bitcoins respectively.
SHA256 of winners IP addresses and reward payout addresses will be published on bitcointalk.org.

[fizzisist]

Worked for me! Thanks, kakobrekla!

[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.

[kakobrekla]

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



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

[Stephen Gornick]

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

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  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)

[gllen]

Major upgrade on site, we now support permanent links for your 1 confirmation deposits!

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.

[kakobrekla]

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  then convert to BTC using the last BTC/USD trade?).

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

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)

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

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

From the FAQ:

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.

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.

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.
 

[TTBit]

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

[kakobrekla]

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

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

[gllen]

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 ;>

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).