[bisq-network/proposals] N-factor counterparty confidence mechanisms (#83)
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Wed May 8 10:43:05 UTC 2019
I also like this proposal as it focuses more on seller than buyer protection. The only problem we have is to have secondary verification methods that are safe and available to everyone. Also when we enable communication between the two parties we have to pre-define the verification process for each methods so no-one can easily be tricked by a scammer.
> In the long run, maybe we should have a thinking about the benefits/drawbacks of facilitating fiat daytrading on Bisq. imo this is a real honeypot for scammers, and, volens/nolens it's forcing us to build a gas factory.
> Generally, entity grow by reinforcement. ie improving what works well and not insisting on what works poorly. It's a kind of natural law. Ignoring that in the long run puts the whole project in danger imo.
> I'm scared by the braintime we all use for issues that concern so few volume, while at the same time we neglect systematically other possible growth path.
> If the growth path Bisq neglects decides one day for one reason or another to neglect Bisq, Bisq will find itself naked, relying only on fiat trading which is the path which proves to scale badly atm, and will probably scale even badlier in the future.
> I understand we'll probably use 2 more months to try to secure fiat trading. 2 more months where we'll do ~0 for altcoin trading on Bisq. I find that really dangerous.
> Altcoin trading is what pushes Bisq in the direction of profitability (which in turn is good for all trading on Bisq). Fiat trading is pulling Bisq in the opposite direction. Altcoin trading supports fiat trading. The reverse is not true. Monopolizing Bisq's few ressources on fiat is very dangerous imo.
> Everybody, look at the numbers and the trends for EUR, USD trading on Bisq. The trend is quite old and well-established. This trend is simply far too small to lead to sustainability.
The problem with doubling down on one payment method in general is that we increase the risk of having nothing at all if it is gone. So we have to play a short and long game - focusing enough on XMR and other markets to keep it attractive for these users, but still be able to seize the opportunity of a risk free fiat on-ramp into BTC. This differentiates us clearly from everyone else and is the hard thing to do. So if something is hard to do, it is not only a bad thing, but also a big advantage for the ones who solve it IMO.
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