search

bisq-network / growth

Bisq exchange growth experiments
https://bisq.wiki/Growth_team
25 stars 11 forks source link

Bonded sellers for the Keybase #buy-bitcoin channel #244

Open Mycelial1 opened 3 years ago

Mycelial1 commented 3 years ago

Since the discussion around off-chain trading have begun, we now have the #buy-bitcoin and #buy-bsq channels on keybase available for traders to access their first Bitcoin for paying the Bisq security deposit, as well as selling BSQ for small amounts that would otherwise be too expensive (due to mining fees).

There has been plenty of discussion and ideas around using Bonds/Proof of Burn to create trusted sellers: for Bitcoin and BSQ:

https://github.com/bisq-network/proposals/issues/283 https://github.com/bisq-network/proposals/issues/308 https://github.com/bisq-network/bisq/discussions/5301

I am proposing the following format using bonds modeled from MwithM's bond in discussion #5301

-Seller bonds BSQ in AT LEAST the amount equivalent to one trade. In this case, it is a 10% premium added:

0.0077 BTC = 192.50 BSQ using current 30 day average price of 0.00004

The bond length should allow time through at least 1 voting cycle to allow time to put a bond confiscation request if seller misbehaves. (40 days = 5760 blocks)

-Seller announces bond transaction here and links to the txid.

Bonded sellers should always be able to point to their most current bond here.

Considerations

The bonding amounts are likely to vary, so I would expect those who intend on making multiple trades, to bond roughly the amount of the number of trades they intend make / can afford to bond within that lockup time.

It's up to the buyer to determine how much they want to trust a seller. If the buyer feels that the seller's bond is aged long enough to be considered invalid, they can work out in direct messages whether another bond should be set.

Mycelial1 commented 3 years ago

I will be bonding for a trade with coinhodi on keybase in the amount of 0.0077 (enough for their first security deposit plus a 10% premium).

TXID: https://mempool.emzy.de/bisq/tx/23364a00476e9c74674eec4403111d68929baffcda44f3d9f7c77575240fd0ec

We will be using Zelle as the payment method.

I set a bond of 192.50 BSQ using the 30 day average price (0.00004)

Lockup time = 7200 blocks (50 days)