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

[kakobrekla]

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

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)

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).

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?

[1715013395]

1715013395

[kakobrekla]

2.) Would you consider adding either a QR code or a link to display the QR code...

Something like this?  



Done.

[kakobrekla]

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.

[nhodges]

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.

[kakobrekla]

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

[streblo]

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

[kakobrekla]

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

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

Fees and limits?
A single transaction fee is 2 satoshis. Current limits: maximum transfer amount per transactions is 100 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.

* 1 satoshi = 0.00000001 BTC

Also, single transaction limit does not equal avalible funds.

[streblo]

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.

[kakobrekla]

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.

[streblo]

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

[gllen]

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

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.

[Spenzert]

It works, I just transfered 0.02 BTC!
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.

[kakobrekla]

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!

[guruvan]

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.

[gllen]

"Line of Credit" style 0-conf  TXs

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.

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

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

[Stephen Gornick]

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

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.

[kakobrekla]

guruvan, gllen, thanks for your feedback!

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?

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

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.

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.

[Spenzert]

Please add support for the following:

BTC-E Code
MtGox <> BTC-E Code

It would be very nice

[kakobrekla]

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

[kakobrekla]

SMPAKE is operational again.