[bisq-network/proposals] Use Keybase to increase accessibility to Bisq for new traders with no funds for security deposit, trading and mining fees (#283)

[pazza]

> Actually, I think using "Proof of Burn" (PoB) is better here instead of BSQ bond.

Why not both.

Bonded for security for the buyers.

Proof of burn for revenue for Bisq. I would make it annual rather than monthly to save on transaction fees and save time / administration resources.

> With burning a certain amount of BSQ the sellers are "buying" reputation and if that is repeated each months (like a access fee) their reputation builds up. Doing a long con scam would destroy all that accumulated reputation. The longer a seller has paid the fee the higher his potential loss is.

I see it more like burning BSQ is paying Bisq DAO to access a service. 

Sellers would/should be making enough in trades each month to cover these costs so I do not see it as increasing reputation. 

> There need to be an easy way for the buyer to see how much BSQ (also in USD terms) the seller has already invested in their reputation. If a new seller wants to invest more to get more trades or start slowly can be left flexible. Maybe a min. access fee/month would be good, also to ensure that those sellers are maintaining the channel. At the end the fee is transferred via the price to the buyer, so for more security (higher reputation/higher accumulated BSQ fee paid) a higher price is justified. Buyers taking an offer from a seller with min. reputation run a higher risk. That simple model need to be communicated well. I think it is also much easier to understand for those who have no idea about the DAO.

I disagree with this for the reasons above.  

Buyer will see @chimp1984 is happy to sell be 0.007 BTC for 200 Euros. His Keybase proofs look good. I can see he contributes regularly to Bisq. I am happy that he wont risk his reputation for 200 Euros.

They may also be aware that @chimp1984 has put up a bond in BSQ to access this channel.

The channel moderator will control which sellers are able to access the platform. So if a new trader comes along and wants to join they will need to build up their reputation first. This would be through linking Keybase proofs, getting involved in discussions etc. This is the same way it would work on a forum like BitcoinTalk or Reddit. 

> The main problem might be that initially the security would be weak as seller likely do not want to burn 100s or 1000s of BSQ.

I think don't worry about the burning initially. It can be determined when / if the channel becomes popular. The goal here is not to make the Keybase channel profitable it is to get the users that are being recommended to go to: HodlHodl, Local Bitcoins, Bitcoin ATMs etc to engage with the Bisq community on Keybase and then become lifelong Bisqers. 

I made the proposal as I get frustrated every time I see people ask on Bisq Reddit, forums etc how to get their first BTC and they get sent to another place. Once they use that place to buy the likelihood is they will to buy from there again. It is the equivalent to turning willing would be customers away at the door. 😠
 
> @pazza83 What do you think about that idea? What do you think a seller would be willing to burn initially to get started?
> Maybe that model is too expensive for the seller to work ;-( ? Maybe we should combine bond and PoB, where the bond can be revoked once the PoB amount is sufficiently high? So bond is for bootstrapping and PoB is for long term? But making the simple model more complicated...

I think a one time BSQ bond would work.

See how things develop. If it becomes popular and sellers are doing regular trades then introduce a annual BSQ burn fee.

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