[bisq-network/roles] Refund Agent (#93)
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Sat Feb 29 19:56:42 UTC 2020
This is certainly a very important role for BISQ and one that requires both skilled work, and a large degree of trust. Thanks for your efforts thus far!
I haven't seen any reports from your refund activity and the last known info. was given by @burningman2. Could you please update publicly the current state of your refund activities?
> Update regarding refund agent accounting:
The refund agent has paid 9.639 BTC so far for reimbursing traders (cyle 8: 2.3925, cycle 9: 4.09617, pending for cycle 10: 3.15033). Due to lack of accounting and increased BSQ volatility the trades with the refund agent have been too much and the requested BSQ way too less.
He traded 195912.19 BSQ for 14.15 BTC, so that is 4,511 BTC too much and 122011.19 BSQ is missing from reimbursement requests. He made compensation requests for 73901 BSQ so far (should have been reimbursement requests).
If this summary was accurate, how much of the 4.511 BTC surplus do you have left from this month's refunds?
Another question regarding this role specifically, will it have an associated bond?
Thanks for your time.
For those that might be looking thread #80, here is the relevant suggestion:
"Here is my suggestion how to do it:
Refund agent needs to refund trader with xxx BTC. He use his private BTC to pre-finance it.
At the burningmans weekly trade event he makes an BSQ offer to cover his outstanding BTC with the BSQ market price. He will sell his own BSQ as he has not got the BSQ reimbursement at that moment (he pre-finance it). He get xxx BTC for selling yyy BSQ. So his BTC pre-financing is recovered now. The BSQ amount which he pre-financed now he will add to the list for the reimbursement later. At the end of the cycle he will make a reimbursement request with the sum of all his pre-financed BSQ and after he gets that issued he has recovered also his outstanding BSQ.
The BSQ price change over the cycle is now less relevant as the trade activity is done relatively shortly after the refund (week). He still takes liquidity risk in case not enough BSQ are open for trading from the burningman. In that case he would try to recover his outstanding BTC at the follow up week.
For doing those 2 times pre-financing and taking the risk he should charge some amount of BSQ as well as for the work as refund agent (mediation). This should be made as compensation request, the BSQ amount he pre-financed should be done as reimbursement request."
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