[bisq-network/proposals] Trust-Minimizing Solution for Onboarding New Bisq Users Without BTC Ownership (Nocoiners) (#214)

MwithM notifications at github.com
Fri Apr 24 09:21:12 UTC 2020


> c) This is more extreme but possible: Create a proof-of-work equivalent concept for nocoiners to require them to invest computing power before they can lift an offer. This could be a POW similar to bitcoin (much less difficult so that it can be done on a home machine,) or it could be a POW that is contributed to a 3rd party (charity, etc.)

Proof of work can be done with CAPTCHAs, just like bitcoin faucets do.

@chimp1984 said:
>What happens if the seller does not send the BTC? Then his account need to be blocked which is a centralized feature and should be only used as last resort.

Could the lock only be performed for these kind of trades and not the whole Bisq ecosystem? Like different signing account mechanism that allows an old Bisq user to perform this trades, and that can be revoked. Anyway, if the incentives are good, blocking accounts would be rarely needed.

I think that this conditions make this kind of trading feasible:

1. Small amounts (just to cover onboarding fees and deposit) and on order per account limit.
2. Old time Bisq users value their account.
3. Captchas and measures to increase effort involved into taking orders.
4. Free prices. Is the only way new and old users can benefit.

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