[bisq-network/growth] Bonded sellers for the Keybase #buy-bitcoin channel (#244)

Cfair notifications at github.com
Sun Apr 11 21:02:20 CEST 2021


Since the discussion around off-chain trading have begun, we now have the #buy-bitcoin and #buy-bsq channels on keybase available for traders to access their first Bitcoin for paying the Bisq security deposit, as well as selling BSQ for small amounts that would otherwise be too expensive (due to mining fees).

There has been plenty of discussion and ideas around using Bonds/Proof of Burn to create trusted sellers: for Bitcoin and BSQ:

https://github.com/bisq-network/proposals/issues/283
https://github.com/bisq-network/proposals/issues/308
https://github.com/bisq-network/bisq/discussions/5301

I am proposing the following format using bonds modeled from MwithM's bond in discussion #5301

-Seller bonds BSQ in AT LEAST the amount equivalent to one trade. In this case, it is a 10% premium added:

0.0077 BTC = 192.50 BSQ using current 30 day average price of 0.00004 

The bond length should allow time through at least 1 voting cycle to allow time to put a bond confiscation request if seller misbehaves. (40 days = 5760 blocks)

-Seller announces bond transaction here and links to the txid. 

Bonded sellers should always be able to point to their most current bond here. 

## Considerations

The bonding amounts are likely to vary, so I would expect those who intend on making multiple trades, to bond roughly the amount of the number of trades they intend make / can afford to bond within that lockup time.

It's up to the buyer to determine how much they want to trust a seller. If the buyer feels that the seller's bond is aged long enough to be considered invalid, they can work out in direct messages whether another bond should be set.


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