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@bisq-network contributor roles
https://bisq.wiki/Roles
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BTC donation address owner ("Burningman") #80

Open ManfredKarrer opened 5 years ago

ManfredKarrer commented 5 years ago

Docs: https://bisq.wiki/Donation_Address_Owner Team: @bisq-network/donation-address-owners

wiz commented 4 years ago

@burning2019 can you please make your monthly report? also, I checked the current DAO parameter for recipient BTC address 3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp and it seems there are no transactions there?? https://blockstream.info/address/3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp

ripcurlx commented 4 years ago

@burning2019 can you please make your monthly report? also, I checked the current DAO parameter for recipient BTC address 3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp and it seems there are no transactions there?? https://blockstream.info/address/3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp

This will be relevant when the new trade protocol is live. Until then there won't be any transactions.

gordonel commented 4 years ago

IMHO, it makes much more sense to make a multisig address and have multiple key owners: two main owners, on or a few keys for arbitrators and for trusted developers. We don't want the address owner getting away with funds or worse, scamming people into failing trades

wiz commented 4 years ago

@gordonel Security for trusted roles in the Bisq DAO is actually pretty well thought out. Of course, the donation address keyholder is a very trusted role, right up there with domain name owner and github admin, but this is why it requires posting such a large bond and requires the accountability with monthly reports. I simply made the mistake thinking the role was already active, when it actually just started a few days ago (check the address on block explorer).

If the donation address owner does anything to betray the trust, the DAO can vote to revoke the bond and change the donation address parameter easily. In other words, it would be painful but Bisq is prepared to survive such an attack.

gordonel commented 4 years ago

Can this mechanism and DAO guarantee the user funds will be reimbursed if needed? Do we have protocols in place that would detect malicious behaviour before it's too late?

-------- Original Message -------- On 1 Nov 2019, 15:26, wiz wrote:

@gordonel Security for trusted roles in the Bisq DAO is actually pretty well thought out. Of course, the donation address keyholder is a very trusted role, right up there with domain name owner and github admin, but this is why it requires posting such a large bond and requires the accountability with monthly reports. I simply made the mistake thinking the role was already active, when it actually just started a few days ago (check the address on block explorer).

If the donation address owner does anything to betray the trust, the DAO can vote to revoke the bond and change the donation address parameter easily. In other words, it would be painful but Bisq is prepared to survive such an attack.

— You are receiving this because you were mentioned. Reply to this email directly, view it on GitHub, or unsubscribe.

wiz commented 4 years ago

Bisq doesn't hold any user funds. They're always stored in your own wallet, on your own keys, on your own hardware.

gordonel commented 4 years ago

I know that, @wiz. I'm an oldie (more than a year) on Bisq. Asking because this thread really got me thinking: https://bisq.community/t/bisq-donation-address-huge-risk/8618/9

wiz commented 4 years ago

Well then what are you talking about? This address is only for trading fee revenue which is less than 50K BSQ worth of BTC each cycle

burning2019 commented 4 years ago

After ending my role as donation address holder I continue to get BTC into the address. Today I send the current balance, 0.19206080 BTC, to burningman2 at address: 3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV in transaction: bf863cef33fb1cef44c430b9b7c685bf59545a4e02aacff5415fbeaa9969f0bb

Burning.3 I burnt 34950 BSQ in a transaction fe115185937... having preimage qqrr giving the hash in the OP_RETURN I also burnt 31230 BSQ in transaction dadc281a772... having preimage pobuk giving the hash in the OP_RETURN.

The BTC were sent from the donation address to 14HiewybGjEWVatSm1WPzdpmxyJq4QJRJQ in four installments:

-2.25826040 | b5628ef69f31722ed818ad482380bf87c40a174123d62811d624a29ad5c763e4 -0.01011660 | 27b52e38de262bf3ae60c95551da1ed8175ed5d0b44c151f534724b4a25a24b7 -2.15934260 | f7c76df1f041b5b66840538fec634d126746a2baaec815159797ffc2a9ed119d -0.50648780 | 761cd370582e56f3fc3192480c78c2d66d7ac73a6758e7136132362ea35d751f

I have now 0.11503848 BTC in my wallet and 21.21 BSQ. The donation address contains 0.14486820 BTC which will be sent to 14HiewybGjEWVatSm1WPzdpmxyJq4QJRJQ where I will later buy BSQ and burn.

I will retire from this role which has been taken over by a different person as soon as I have burnt the rest of the funds.

Burning.2 I burnt 30 000 BSQ in transaction: 2452902d1299f36394ad3011a9b8a51e888d594ed3095bc55577091d1ca45ec8

The OP_RETURN contains the number b4f7a135641683aed2312fd2d65d1ae6df750466 which is the hash of the preimage: 13768

The BTC were sent from the donation address to 14HiewybGjEWVatSm1WPzdpmxyJq4QJRJQ in two installments:

-0.57872371 | dae43fd564683bf68da4d4a18a9f2d5842365be6b739f8e7d8af2a4df5cbcee2 -2.00000509 | 9fcd6d22f3a4b48efb5f847d689aa88850fe008bc3f50a3af717db027703f5ce

where the first column is the amount of BTC and the second column is the transaction ID.

I took the best offers unless they were very small and insignificant in the following transactions:

9d17826e62a74aa926732274e50d1714b624275625ea075e482be3e0f3c05c28 674c0eae8f49721e20d80c521aa16b2accc57118243bd925df5ec9fcec13a085 46067ce5b158d62cc52dcbb1c11372ef8966ee50dc3b7c1b974c5abeeb3ca2b2 5e710ec30fc5b0d189cfd814ef724e3de043bfa6bd0b93f59ff66ceb06d548cf 90c6ae5d96f33a0c2c9d4910ea28b6f8673f7e78c5cce365102547bc81d69334

giving an estimated average price of 0.000096 BTC for one BSQ.

I now have 92.98 BSQ and 0.14078686 BTC left in my Bisq application.

Burning.1: I burnt 36000 BSQ in transaction: caf7410187735ac013a3fec0ae6566ee1c9dd2dcf974f0d92d75bb9d22feba6c The burnt amount can be seen in the Bisq application.

The OP_RETURN contains the number 694aa8a44cec8206a0e49f191c875d1279bf2b8f which is the hash of the preimage: Burning.1 Only I could know the preimage.

The BTC were sent from the donation address to 14HiewybGjEWVatSm1WPzdpmxyJq4QJRJQ in several instalments (due to technical issues) as follows:

-0.00876779 | 6871ab282994e1b39906e491693b4fe568da1e3c25d20a15643202be7d4e4a2e -0.01004809 | fbb6025dc9867d33d2c65ede8779f8270bba0f314daa8831135c98d1be3fc743 -0.01092012 | 012773cbe33da53fed484ae67c505627cb881e25bd1286a70179c0467fb4a55d -0.01002642 | 4e74d201fb78840114a1b91f6a395f0bd67b266ac6fb84b52662917573ec8754 -0.01093398 | b0f92cac67bc8a3f48f9f320e54c6575a3610ea1af2bf6ee82d0a555ba93b217 -0.02080280 | 782a487fba40df1c10564b56729ba4f2a8695103ad4f708db6ad32a5df16b91d -0.05000000 | f779431bf378afa5620cd1e93a47acbfb1d6c36b0f5910b4e6c5e2ef0e007aaf -0.30216574 | 19362cbcc7543ead594fae52e576085fc6958e14e94e9bd759fa1e1cc4c73124 -0.40000427 | b59604541295152cdc23633499a35a5af13ddb2669f822d8ed17ae142c613001 -0.40000427 | 45a429c11890c1ffd0b6d36d528b0d6c5cd452cd15b87dbba6e6af57d6c52b9c -0.40000427 | 388b431d681250b5129e761bca0432b2c20e682b45cb31d73c31b84e0f96fb4e -0.40000427 | 4ba08a81d1ff0718219a2ecaa42fb8aaf4cc5797f4ba6fa2ee85b53da33a2543 -0.40000427 | 487bec212d8948f045675bca30921aacb501ac02ffb434a6671153389b2b715b -0.40102720 | 1d434183dff441ee4b06c5e34a4c2bd0470d7016a65a3b0376a563cc3fe73e60 -0.50011900 | 7cd9e34bab8a32f9853ba06107620a0dc5fa3969e99ae32fd0d4a7a3ab852b5c -0.50000000 | b7fcc355bb3d1c0453b884c664932d0f150c799612cd01ea12f9d34178e4c021 -0.01000860 | cf4fcd917cfa9a7a2ade0b8c52ee93465eab3a03acc71d80ad3c6ef9446260cc

where the first column is the amount of BTC and the second column is the transaction ID. This were subsequently used to buy BSQ on the market. 0.26195067 BTC remains to be used to buy BSQ in my Bisq application out of 3.82607221 BTC received.

ghost commented 4 years ago

@burning2019 wrote :

The OP_RETURN contains the number 694aa8a44cec8206a0e49f191c875d1279bf2b8f which is the hash of the preimage: Burning.1

Hello, Could you please give more details about how you obtain this hash ? What exact command(s) did you use in the CLI ? Thanks

wiz commented 4 years ago

@HarryMacfinned go to DAO -> Proof of Burn and you will see the TX, click "verify" and enter the string as the preimage text to verify

@burning2019 in the future maybe it's best to also add the average fill rate, for example this cycle was 3.56412154 BTC to buy 36000 BSQ = average rate of 9900 sats per BSQ! why so high?

devinbileck commented 4 years ago

@HarryMacfinned go to DAO -> Proof of Burn and you will see the TX, click "verify" and enter the string as the preimage text to verify

To actually verify, a signature is needed.

ghost commented 4 years ago

Thanks @wiz and @devinbileck , My Bisq appli was unable to connect yesterday for the whole morning, so I couldn't do anything. I'll retry.

wiz commented 4 years ago

To actually verify, a signature is needed.

The fact that the TX appears in the box means it has already been verified by your Bisq app. The burning man could sign additional messages with this key, but instead he disclosed the pre-image so he proved it was him. Nobody else would randomly burn 36K BSQ with a message of "Burning.1" lol

wiz commented 4 years ago

FYI this is how you verify a Proof of Burn. When the Burning Man disclosed the pre-image string, you can type the string in and get the hash. The hash is what appears in the Proof of Burn box, so it matches and verifies. The "verify" button is if the burning man wants to sign additional messages with the same key, but this functionality is not necessary to verify the burn.

Screen Shot 2019-12-07 at 18 14 01
ghost commented 4 years ago

I tried to verify the hash from my CLI. I tried several shaxxxsum functions, but none returns the showed hash. Does somebody know which hash function is used ? (Bisq appli is running today, issues must have been related to seed nodes yesterday morning).

chimp1984 commented 4 years ago

I tried to verify the hash from my CLI. I tried several shaxxxsum functions, but none returns the showed hash. Does somebody know which hash function is used ? (Bisq appli is running today, issues must have been related to seed nodes yesterday morning).

Sha256 + Ripemd160

ripcurlx commented 4 years ago

caf7410187735ac013a3fec0ae6566ee1c9dd2dcf974f0d92d75bb9d22feba6c

Do we have a problem with our explorer right now? When visiting https://explorer.bisq.network/tx.html?tx=caf7410187735ac013a3fec0ae6566ee1c9dd2dcf974f0d92d75bb9d22feba6c to check the burn transaction it doesn't show anything right now.

Looking it up in a regular explorer does work (e.g. https://blockstream.info/tx/caf7410187735ac013a3fec0ae6566ee1c9dd2dcf974f0d92d75bb9d22feba6c)

chimp1984 commented 4 years ago

For me it works: https://explorer.bisq.network/tx.html?tx=caf7410187735ac013a3fec0ae6566ee1c9dd2dcf974f0d92d75bb9d22feba6c

But yes explorer is pretty unstable and often delayed. Needs some dev love....

wiz commented 4 years ago

@chimp1984 since we added Bitcoin block explorer into the mempool-space project, it would be pretty easy to tweak that to display BSQ transactions as well, I would just need to modify the Bisq node to insert the BSQ transactions into an indexed DB of some kind

burningman2 commented 4 years ago

My request to take over the role was accepted by voting. I will start Dec 28th 2019 with first trades and will do it each weekend.

See https://github.com/bisq-network/proposals/issues/149

burningman2 commented 4 years ago

Report Dec. 28th 2019

Moved 0.12448339 BTC from cold storage to trade app with tx ID: 7ea3e8a13fe5ebb0b05635c71f5aa196a89a81b6d1b21053dca30322199cc3c8 (miner fee 0.00055521 BTC) Bought 1235.96 BSQ with 0.11 BTC at price 0.000089 BSQ/BTC by taking best offer. Remaining BTC balance for next trade event: 0.01490359 BTC

Burned 1220 BSQ with tx ID: 2f3e9059804107d3d9578badc92ff86ae4f857653c425638d3878339c7ad6ae1 Pre-image for burning: GZxyV4rgmXeUJrqkx Hash: 9bf57db339274b1c6e7267a3b0112840e4dbc858 Signed tx ID 2f3e9059804107d3d9578badc92ff86ae4f857653c425638d3878339c7ad6ae1 Signature: HwdDqFAziMTyrl3wER8MN83ZPpW9/wFfZ/Ew5lVIu6z8O3WUJxRsFxfn5WPSnVFgRTIVdi0miaYr1vsLuUV2l6M=

Remaining BSQ balance: 15.96 BSQ (proof of burn requires a change output)

Next trade event Jan. 4th, 5th 2020.

Trade:

Screen Shot 2019-12-28 at 13 16 37

Transactions:

Screen Shot 2019-12-28 at 13 16 25

Burn BSQ:

Screen Shot 2019-12-28 at 13 16 14

BSQ transactions:

Screen Shot 2019-12-28 at 13 15 58

Sign tx id:

Screen Shot 2019-12-28 at 13 20 57

Signature verification:

Screen Shot 2019-12-28 at 13 21 10
burningman2 commented 4 years ago

Report Jan. 5th 2020

Moved 0.26472266 BTC from cold storage to trade app with tx ID: b7769725de388c4ace331920a123eb2448517d9a5aebe6cb350f7f58a347949c (miner fee 0.00061041 BTC)

Remaining BTC balance for next trade event: 0.02104337 BTC

Burned 3350 BSQ with tx ID: e69ff42cf6f360ba85338782adef7b69f5201efecc7a52c6c88f6e9793a7d907 Pre-image for burning: DfRr9CHXvL4hMp Hash: 36d75054c56f2ebdf7aa8df1eaaf72c1ff06f928 Signed tx ID e69ff42cf6f360ba85338782adef7b69f5201efecc7a52c6c88f6e9793a7d907 Signature: IJTvra8B9pQr1ejybZL6OLXMUrF4ZkpndpNi2GBpTjx2Knb5FC+Uba/zh0xQgRPUIaLafpM00UGKb41y3IkfR6k=

Remaining BSQ balance: 25.77 BSQ (proof of burn requires a change output)

Next trade event Jan. 11th, 12th 2020.

Trade:

Screen Shot 2020-01-05 at 00 41 14

Transactions:

Screen Shot 2020-01-05 at 00 41 39

Burn BSQ:

Screen Shot 2020-01-05 at 00 50 47

BSQ transactions:

Screen Shot 2020-01-05 at 00 46 45

Sign tx id:

Screen Shot 2020-01-05 at 00 47 32

Signature verification:

Screen Shot 2020-01-05 at 00 47 54
ifarnung commented 4 years ago

@burningman2 Thanks for the report.

One thing I am confused on, what is the donation address at this time? At the beginning of the thread it was: 3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp Now it seems to be a new address? And what is the 2.21 BTC sitting in the old address for? Thanks for any clarification, I am missing something.

wiz commented 4 years ago

@ifarnung FYI the current Bisq donation address is 3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV and can be verified by going to DAO -> Governance -> Make Proposal -> Proposal for changing a parameter -> Recipient BTC Address -> you will see "current value"

burningman2 commented 4 years ago

Yes its: 3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV Its a cold wallet and I move it to a Bisq app only before the trades.

burningman2 commented 4 years ago

3EtUWqsGThPtjwUczw27YCo6EWvQdaPUyp is the old burning man. Still old trades which have been started when he was burningman are using that address for delayed payout when entering arbitration. Should fade out over next weeks.

burningman2 commented 4 years ago

Report Jan. 12th 2020

Moved 0.3957178 BTC from cold storage to trade app with tx ID: 2d86af25f8affee4e9bcb28b991c475bd18fff15a3f3c0d99352e1388752ee6a (miner fee 0.00066837 BTC)

Remaining BTC balance for next trade event: 0.08131450 BTC

Burned 5430 BSQ with tx ID: 876420799b098938bc9ae242c30eef06aefeb1361c93302411aa8c7ab55794f9 Pre-image for burning: sdafljl77dsfaklhasd Hash: cf2201718be6f9dae74b613866fd489e867cf208 Signed tx ID 876420799b098938bc9ae242c30eef06aefeb1361c93302411aa8c7ab55794f9 Signature: IMyOaQfcFXdhY2ZJgBQsuOclWdLkkSM9uzmc2Ir9Bw+4OmBakhlRh5ABsGBelki0r6ohQXCRmU21BcqFozBctJw=

Remaining BSQ balance: 14.29 BSQ (proof of burn requires a change output)

Next trade event Jan. 18th, 19th 2020.

Trade:

Screen Shot 2020-01-12 at 15 41 26

Transactions:

Screen Shot 2020-01-12 at 15 40 05

Burn BSQ:

Screen Shot 2020-01-12 at 15 42 40

BSQ transactions:

Screen Shot 2020-01-12 at 15 39 35

Sign tx id:

Screen Shot 2020-01-12 at 15 39 03

Signature verification:

Screen Shot 2020-01-12 at 15 39 21
ifarnung commented 4 years ago

Just my two cents: I monitor the BSQ market everyday and people are generally jumping in front of each other to make better and better offers (especially in front of a BIG order) and often just a few satoshis less. The amount is very specific but my guess is that the other person made a variable order offer, like .1 to .5 for example and the buyer just bought the precise amount needed. Should be easy enough to show the JSON text to verify that is the case... I'm not completely sure though.

burningman2 commented 4 years ago

Report Jan. 19th 2020

Received 0.36668715 BTC from cold storage to trade app with tx ID: 7e932473fd23c19b118ff1c3b0d314a2f0a2e419c532513bbf9179e25e42258d Received 2.84184154 BTC from default donation address to trade app. Tx ID: 8d72aab9160ea87c416831c21e5578aecb0f2eab06b1bbb8f1c2715912581582 [1]

Remaining BTC balance for next trade event: 0.14530809 BTC

Burned 59000 BSQ with tx ID: 289c14537ac468b29ec03159bd000dbe49e524c426936e234c574f9923de7857 Pre-image for burning: sdaf923dfsg Hash: a78386dd3b687134101ebb44a4e0606bb32b9fcb Signed tx ID 289c14537ac468b29ec03159bd000dbe49e524c426936e234c574f9923de7857 Signature: IPsgUwurtL3nQlqSZzC7nc/JG+9mp4li3Pyg0dHOXfFjSJ7htcsDVrbS3wk5SqisZ45JUUqtFHwlcPcT6Hvnipo=

Remaining BSQ balance: 186.35 BSQ (kept more BSQ for paying trade fee in next trade event)

Next trade event Jan. 25th, 26th 2020.

Trades:

Screen Shot 2020-01-19 at 18 42 09 Screen Shot 2020-01-19 at 18 42 15 Screen Shot 2020-01-19 at 18 42 28 Screen Shot 2020-01-19 at 18 44 26

Transactions:

Screen Shot 2020-01-19 at 18 41 33

The received funds at tx ID 289c14537ac468b29ec03159bd000dbe49e524c426936e234c574f9923de7857 is from the burned BSQ (converted to BTC and as it exceeded miner fees it went to the BTC wallet).

Burn BSQ:

Screen Shot 2020-01-19 at 18 46 21

BSQ transactions:

Screen Shot 2020-01-19 at 18 40 53

Sign tx id:

Screen Shot 2020-01-19 at 18 40 24

Signature verification:

Screen Shot 2020-01-19 at 18 40 43

[1] The default donation address (set in DAO Params) receives still some funds from BTC trade fees and possibly also from trades ending up in arbitration. This is expected for users who have deactivated the DAO. The owner of the default donation address will send the BTC to @burningman2 once there is some relevant balance (e.g. > 0.5 BTC) collected.

[2] According to https://github.com/bisq-network/proposals/issues/171

ifarnung commented 4 years ago

@burningman2 @RefundAgent Could we please know how much more BTC needs to be refunded to the @RefundAgent as he is now first in line for all BTC coming from the Donation address? Based on the refund agent asking for compensation at around 9000 sats per BSQ in these last two months, and him trading it with the @burningman2 at 5400 sats, s/he won't have enough BSQ to get back all the BTC they have already refunded. Basically it would be nice for contributors to know when they might be able to sell their earned BSQs even if the news is sort of bad and it won't be for a while as they are at the back of the line..

Can anyone explain to me why the @burningman2 doesn't just send the BTC to the @refundagent directly? What is the point of the BSQ theatre when no one else in the market can participate? (I do agree that the refund agent needs to be compensated first, I just don't see the point in involving the BSQ token in that trade.

BSQ Burning @burningman2 Personally I am still unsatisfied with the transparency on the BSQ buying. Would it be possible to announce a time and date and the amount to be purchased when you are going to burn so that sellers can make and place their orders in the order book more precisely?

burningman2 commented 4 years ago

Report Jan. 25th 2020

Received 0.46440487 BTC from cold storage to trade app with tx ID: 043a040ebabc9d0d20ce6705c97cdf3aaaf2a00cf9444f9e48fbf2dd52b3ac2c

Remaining BTC balance for next trade event: 0.07406076 BTC

Burned 14700 BSQ with tx ID: d53c3fa98381072493d867aa35cfeb10d2d909dbfa55e7d1f96433b731786487 Pre-image for burning: dasfetfgh54634 Hash: b866861d2f97d31401b11295d9956915e5ffb5d5 Signed tx ID d53c3fa98381072493d867aa35cfeb10d2d909dbfa55e7d1f96433b731786487 Signature: IH+cPw7b7GRTON3P0N7jgftYykNeTfRoouW4jHF4eWASS0IxiH6gD+/Yaow2t1EgvUjCAevF0z00z/gtcjFebTI=

Remaining BSQ balance: 295.42 BSQ (kept more BSQ for paying trade fee in next trade event)

Next trade event Feb. 1st, 2nd 2020.

Trades:

Screen Shot 2020-01-25 at 16 52 13 Screen Shot 2020-01-25 at 16 52 18

Transactions:

Screen Shot 2020-01-25 at 16 51 46

The received funds at tx ID d53c3fa98381072493d867aa35cfeb10d2d909dbfa55e7d1f96433b731786487 is from the burned BSQ (converted to BTC and as it exceeded miner fees it went to the BTC wallet).

Burn BSQ:

Screen Shot 2020-01-25 at 16 49 37

BSQ transactions:

Screen Shot 2020-01-25 at 16 56 33

Sign tx id:

Screen Shot 2020-01-25 at 16 57 23

Signature verification:

Screen Shot 2020-01-25 at 16 57 39

[1] According to https://github.com/bisq-network/proposals/issues/171

burningman2 commented 4 years ago

@ifarnung

Would it be possible to announce a time and date and the amount to be purchased when you are going to burn so that sellers can make and place their orders in the order book more precisely?

I have to check with the refund agent to see if he still needs to be the preferred trader. I will try to announce it in advance, but cannot guarantee an exact hour.

I don't think we should change the concept (sending BTC directly) as once the refund agent cases go down as is should be and once the BSQ market is normalized again the process should work as it is.

ifarnung commented 4 years ago

Thanks for the feedback, hopefully the @refundagent sees this and can inform us on his progress! Also, thanks for any attempt to give us some advance notice on your planned buys and whether it will be buying any actual BSQ supply (other than Refund Agent). I, for one, do appreciate that info quite a bit.

burningman2 commented 4 years ago

Update regarding refund agent accounting:

The refund agent has paid 9.639 BTC so far for reimbursing traders (cyle 8: 2.3925, cycle 9: 4.09617, pending for cycle 10: 3.15033). Due to lack of accounting and increased BSQ volatility the trades with the refund agent have been too much and the requested BSQ way too less. He traded 195912.19 BSQ for 14.15 BTC, so that is 4,511 BTC too much and 122011.19 BSQ is missing from reimbursement requests. He made compensation requests for 73901 BSQ so far (should have been reimbursement requests).

It is tricky to calculate the missing BSQ for covering the 9.639 BTC as market price is unknow for future trades (with current price it would be roughly about 80 000 BSQ). I think it might be better to use the 122011.19 BSQ and then make a break with trades from the burningman to the refund agent and BSQ reimbursement until the 4,511 BTC are used up for refunds (probably will take about 1 cycle if number of cases stay similar as past months).

Please note that this situation has no advantage for the refund agent as he did not had the intention to sell his own BSQ which he used for the trades with the burningman to cover up the missing BSQ from reimbursement requests at such bad market prices as they are currently. So the damage from that mess is on the refund agents side (beside that the BSQ market would have got some more support if more BSQ would have been bought from other traders). Once the 4,511 BTC are used up and trading with the burningman and reimbursement starts again, we need to improve the process to avoid such mess and risks.

Here is my suggestion how to do it: Refund agent needs to refund trader with xxx BTC. He use his private BTC to pre-finance it. At the burningmans weekly trade event he makes an BSQ offer to cover his outstanding BTC with the BSQ market price. He will sell his own BSQ as he has not got the BSQ reimbursement at that moment (he pre-finance it). He get xxx BTC for selling yyy BSQ. So his BTC pre-financing is recovered now. The BSQ amount which he pre-financed now he will add to the list for the reimbursement later. At the end of the cycle he will make a reimbursement request with the sum of all his pre-financed BSQ and after he gets that issued he has recovered also his outstanding BSQ.

The BSQ price change over the cycle is now less relevant as the trade activity is done relatively shortly after the refund (week). He still takes liquidity risk in case not enough BSQ are open for trading from the burningman. In that case he would try to recover his outstanding BTC at the follow up week.

For doing those 2 times pre-financing and taking the risk he should charge some amount of BSQ as well as for the work as refund agent (mediation). This should be made as compensation request, the BSQ amount he pre-financed should be done as reimbursement request.

burningman2 commented 4 years ago

The upcoming trade event is planned for Feb 2nd 16:00 CET.

burningman2 commented 4 years ago

Trade event started at 16:08. Waiting for trades to complete before doing the report.

burningman2 commented 4 years ago

Report Feb. 2nd 2020 (started around 16:08 CET)

Received 0.63566679 BTC from cold storage to trade app with tx ID: 853996ad583cc7ec25777d24e4c908ebff29c26329f441e643c8e1718ba50906

Notes:

Remaining BTC balance for next trade event: 0.12670485 BTC

Burned 8300 BSQ with tx ID: 1e0e6c83e7d2ab3764529c5ec6152f7c009d78528edd8d48aae8c09d1cd8e4ca Pre-image for burning: dsge3fhd Hash: 8aa4674f8fdb866ce0287160ce0444faecac93b4 Signed tx ID 1e0e6c83e7d2ab3764529c5ec6152f7c009d78528edd8d48aae8c09d1cd8e4ca Signature: IAHcNyOLD9jiWTgCZHGrmd0DeLmRXDrWF1lWaDduOmjAIoJr4unfaCZ5i/VEU5H9QjIuD4/6Tag+OsnDqeYKPsM=

Remaining BSQ balance: 159.25 BSQ (kept more BSQ for paying trade fee in next trade event)

Next trade event Feb. 8th, 9th 2020.

Trades:

Screen Shot 2020-02-02 at 18 08 10

Transactions:

Screen Shot 2020-02-02 at 18 08 44 Screen Shot 2020-02-02 at 18 09 13

The received funds at tx ID 1e0e6c83e7d2ab3764529c5ec6152f7c009d78528edd8d48aae8c09d1cd8e4ca is from the burned BSQ (converted to BTC and as it exceeded miner fees it went to the BTC wallet).

Burn BSQ:

Screen Shot 2020-02-02 at 18 05 03

BSQ transactions:

Screen Shot 2020-02-02 at 18 10 03 Screen Shot 2020-02-02 at 18 10 21

Sign tx id:

Screen Shot 2020-02-02 at 18 10 46

Signature verification:

Screen Shot 2020-02-02 at 18 11 01
burningman2 commented 4 years ago

Planned next trade event: Feb 8th 17:00 CET.

FKrauss commented 4 years ago

Question, mr. @burningman2: a friend of mine wanted to donate to Bisq as a project. If I give him the donation address would you do the BSQ buyin' n burnin?

burningman2 commented 4 years ago

@FKrauss Oh thats nice! Yes I can do the burning if he sends it to 3A8Zc1XioE2HRzYfbb5P8iemCS72M6vRJV. Send a big thanks to him!

burningman2 commented 4 years ago

Maybe its good if he posts his amount/tx ID so we can exclude it in statistics from trade fee/amount from refund agent cases....

burningman2 commented 4 years ago

Report Feb. 8th 2020 (started around 16:20 CET)

Received 0.74769555 BTC from cold storage to trade app with tx ID: 22c558b08e9d459133a13c11a4288ee8b126266944a5b803215e3aa0470f75dc

Notes:

Remaining BTC balance for next trade event: 0.13165693 BTC

Burned BSQ with tx ID: 9200 Pre-image for burning: dg234j6a Hash: 891cdbcd21255c1ac3e05f466df19d90905dea62 Signed tx ID 7274bd0ed20b63cf7abf2add59d6362a7691e05bd22b4e8a4475625ab29fe7fa Signature: IBJ+rHnf3mSMoKJ4txYXkkZi0RTqGaLhNibG8FNuCYoIAfinSTFEXR9lbRnd9YamOg9hrYJFVKukkxNEvZ2+hSM=

Remaining BSQ balance: 346.79 BSQ (kept more BSQ for paying trade fee in next trade event)

Next trade event Feb. 15th, 16th 2020.

Trades:

Screen Shot 2020-02-08 at 16 45 54

Transactions:

Screen Shot 2020-02-08 at 16 44 36

The received funds at tx ID 7274bd0ed20b63cf7abf2add59d6362a7691e05bd22b4e8a4475625ab29fe7fa is from the burned BSQ (converted to BTC and as it exceeded miner fees it went to the BTC wallet).

Burn BSQ:

Screen Shot 2020-02-08 at 16 26 50

BSQ transactions:

Screen Shot 2020-02-08 at 16 44 19

Sign tx id:

Screen Shot 2020-02-08 at 16 45 43

Signature verification:

Screen Shot 2020-02-08 at 16 45 26
wiz commented 4 years ago

@burningman2 shouldn't you be making "reimbursement proposal" instead of "compensation proposal" ? this way it goes under a different line item on the DAO's financials, right?

burningman2 commented 4 years ago

For my work I consider it as work on Bisq, not a reimbursement. The Refund agent should make a reimbursement request for his pref-funded payments (and a comp. request for his work).

wiz commented 4 years ago

Sorry I made a mistake. I meant to ask this question to the Refund Agent

burningman2 commented 4 years ago

Next trade event is planned for Feb 16th 18:00 CET.

burningman2 commented 4 years ago

Did the trade event at 18:00 but waiting for remaining trades to get completed before posting the report and doing the burning.

burningman2 commented 4 years ago

Report Feb. 16th 2020 (started around 18:00 CET)

Received 0.60027289 BTC from cold storage to trade app with tx ID: 09d949b2a235987305207843e87f9359c4c7d4defb986811b05d9bc97f89ab49

Notes:

Remaining BTC balance for next trade event: 0.12421687 BTC

Burned 7300 BSQ with tx ID: f35aeb24c171ccfb87704053463f8acb907dc25bdf6b8c5400e5bd666605304a Pre-image for burning: dagf567klcm1 Hash: bd3793dbca9f646ba0093030088c7d7b440fe924 Signed tx ID f35aeb24c171ccfb87704053463f8acb907dc25bdf6b8c5400e5bd666605304a Signature: IDZ5Ztdlc/mSsbtXiJlRUHADEbKEte6X41F7zH3BZpMzCN8d/9WJC/XFNLGbPW3j9YztQ+lZnxeOv45nj/VOQtk=

Remaining BSQ balance: 181.35 BSQ (kept more BSQ for paying trade fee in next trade event)

Next trade event Feb. 22th, 23th 2020.

Trades:

Screen Shot 2020-02-17 at 15 27 41

Transactions:

Screen Shot 2020-02-17 at 15 44 15

The received funds at tx ID f35aeb24c171ccfb87704053463f8acb907dc25bdf6b8c5400e5bd666605304a is from the burned BSQ (converted to BTC and as it exceeded miner fees it went to the BTC wallet).

Burn BSQ:

Screen Shot 2020-02-17 at 15 25 18

BSQ transactions:

Screen Shot 2020-02-17 at 15 38 00 Screen Shot 2020-02-17 at 15 38 07

Sign tx id:

Screen Shot 2020-02-17 at 15 37 25

Signature verification:

Screen Shot 2020-02-17 at 15 37 42
burningman2 commented 4 years ago

Ah I made a mistake by not transferring my last payment from the compensation request, so that was added to the burning ;-( (burned my earned BSQ). I will correct that at the next trade event to transfer out the 721 BSQ I burned accidentally.

Screen Shot 2020-02-17 at 16 23 13