[bisq-network/bisq] Monero to fiat trades using BTC as the multi-sig (#5285)

[pazza]

Hi @MwithM 

Thanks for the comments. Not sure if game theory would have a factor in these trades (at least any more so that a normal BTC/fiat trade). Let me know if I have missed anything:

Here is how I think the trade would work:

**Sell XMR**

Example for 10 XMR trade (€1,900)

- Sell XMR / Buy Fiat 
- XMR seller makes an offer to sell 10 XMR for €1,900
- XMR seller would deposit 115% of trade amount in BTC (0.046 BTC)
- When XMR buyer accepts offer they would deposit 15% of trade amount in BTC (0.006 BTC)
- 0.052 BTC locked in multi-sig
-  XMR buyer sends €1,900 to XMR Seller's bank account
- XMR seller confirms receipt of €1,900, sends 10 XMR
- XMR buyer confirms 10 XMR have been received  (or trade auto-confirmed)
- BTC deposit is released to buyer and seller
- If trade goes wrong it can enter mediation  

**Buy XMR**

Example for 10 XMR trade (€1,900)

- Buy XMR / Sell Fiat 
- XMR buyer makes an offer to buy 10 XMR for €1,900
- XMR buyer would deposit 15% of trade amount in BTC (0.006 BTC)
- When XMR seller accepts offer they would deposit 115% of trade amount in BTC (0.046 BTC)
- 0.052 BTC locked in multi-sig
- XMR buyer sends €1,900 to XMR Seller's bank account
- XMR seller confirms receipt of €1,900, sends 10 XMR
- XMR buyer confirms 10 XMR have been received  (or trade auto-confirmed)
- BTC deposit is released to buyer and seller
- If trade goes wrong it can enter mediation  

>This method could be used to trade anything.

Yes BTC acts a great collateral 😃

I think in future it could be combined with private 1 to 1 trades like suggested here: https://github.com/bisq-network/bisq/discussions/5314#discussioncomment-492318 I see lots of potential for trades where users would like an alternative to a traditional escrow that is decentralized and anonymous. 

For now though I would like to give other P2P platforms for users of Monero a run for their money. Lots of seller are able to KYC users. Having a platform for trading with no KYC would be popular. I see this a gateway to onboarding more Monero traders who are not fans of KYC to Bisq.

-- 
You are receiving this because you are subscribed to this thread.
Reply to this email directly or view it on GitHub:
https://github.com/bisq-network/bisq/discussions/5285#discussioncomment-501154
-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://lists.bisq.network/pipermail/bisq-github/attachments/20210318/2638291b/attachment.htm>