[bisq-network/proposals] N-factor counterparty confidence mechanisms (#83)

sqrrm notifications at github.com
Thu May 9 11:25:07 UTC 2019

I quite like the idea of 2FA of different varieties. The key would be to focus on those that give the best user experience and would actually be used. 

The second bank account seems quite strong but if it has to be done for every trade I suspect it would be too annoying. It would only have to be done once for each new peer though so perhaps it's reasonable.

Something that could be automated within Bisq would be a lot easier and more attractive. Even though it might be somewhat complicated for a new user to set up a fingerprint it might then be possible to verify everything else automatically going forward. These sites are not as reliable as a second bank account though.

I don't like the idea of sending physical mail, but if the mail address is already available there is no real harm, I just don't think it would be a popular method and probably better not to spend our time on.

Phone numbers could probably be an ok method, just limited to some payment methods and also not that secure.

Regarding the bonding, I think it's too early to start relying on BSQ for bonds as a security for trading. While it's a really nice idea, we're not there yet. The DAO needs some cycles to show it works and the I also think the bonds would be a big hurdle for new users, it's not an easy sell to ask new users to buy in with a fair chunk of money and locking that up for a good amount of time.

Over all I think it's a good idea to add some 2FA options and tie them in with our other measures. The measures discussed don't decrease the privacy of users much but they do decrease privacy somewhat. Having options for 2FA would let the users choose what they find the least invasive.

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