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

Steve Jain notifications at github.com
Fri May 10 02:49:56 UTC 2019


> Using PGP is a good idea but I fear it will only be done by a smaller group of our traders. 

I think we need to take stock of where we are. Users use Bisq to trade Bitcoin, itself built on public/private keys. And this is Bisq, where users are more cognizant of these fundamental concepts -- that's often why they use Bisq in the first place. 

Recently I spoke with a Bisq trader who is a pharmacist. He had just started using PGP for email...he was still a bit uncertain about it, but the important part is that he took the time and effort to figure it out.

And let's not forget the Bisq DAO might be one of the most complicated things ever introduced to a consumer, and many Bisq users took the time and effort to understand it (proof: they're using it).

If there were ever a user base to implement such an idea, I think this is it. Integrating basic functions into the UI would be great. Maybe we "do things that don't scale" at first...e.g., have regular calls to help new users ask questions and get set up. Not sure -- we can figure it out.

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> These sites are not as reliable as a second bank account though.

Agreed. Combined with a second bank account would be pretty great, though, I think, and may even be a deterrent for ML. I can't imagine many of these people have access to good online profiles. I know sophisticated tools to generate fake online profiles exist, but the results I've seen wouldn't convince most people.

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And as Manfred outlined above, this is just 1 technique we can employ.

But speaking as a user, I can tell you it's my personal preference...by far. I don't want to wait a month to do a real trade, and like sqrrm said, the chances I'll lock up a big bond in a token I don't understand or care about are slim to none. I also don't have access to any kind of governmental certificate for this purpose either.

Without such mechanisms, there's a good chance I would be very excited to get the software and then never end up using it.

These verification factors can allow people to start trading immediately with a reasonably high degree of trust. No one _has_ to use it, but having the option there is vital for new users, I think.

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