[bisq-network/proposals] Fixed term BTC loans against BSQ collateral (#176)

[Steven Barclay]

I was thinking, in light of the recent attack and its likely impact on the budget and BSQ price over the next year or two, whether it would be worth revisiting this idea. It could serve as a possible (maybe far-fetched?) way of softening the blow and indirectly drawing in investment from lenders to make up for the current loss of profitability. In the best case scenario, this could make it possible to pay back the $250,000 to the victims sooner.

It would be interesting to develop a skeletal implementation of a loan + atomic swap protocol (no UI, offer book or trade stats work for now), to make sure that the idea really is technically sound. Since the scheme described above is trustless (at least with atomic swaps as @sqrrm suggests), it should be somewhat simpler than the current Bisq trade protocol to implement. There is no need for mediators/arbitrators or presumably any kind of JSON contract, as there is no possibility of a dispute, barring bugs in the code. (I'm not sure what to do about trade fees - perhaps they could also be left out for now for simplicity.)

It would also be an opportunity to familiarise myself more with BitcoinJ, which is something I was meaning to do anyway.

I'd hope not to spend too much time on this - perhaps just a few weeks to work out a detailed protocol on paper, come up with some corresponding protobuf messages and attempt to interface with the BSQ and BTC wallets in the Bisq codebase to get a skeletal workflow that can be integration tested.

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