[bisq-network/proposals] Bisq 2 Reputation Protocol/ Social User Research (Issue #362)

[chimp1984]

@UX-P Great thanks for the proposal!

> Research 2 or 3 potential competitors/alternatives and their key market features to pinpoint any strengths and weaknesses.

There are several messanger app based OTC trading channels (e.g. Telegram, Whatsapp,...). I looked a while into some but was very disappointed about UX and scam level. But this type of trade interaction was one inspiration for the social trading project. The main problems I saw was total lack of security, difficulty to find trusted peers and a very high level of scam risk. One felt like in a dark street in a shady town expecting every minute to get robbed... 

Othere general comments: 
The social trading concept targets mainly new users (not familiar with Bisq). I expect that existing Bisq users will not see much value in it as it has lower security and privacy and higher trade prices. 
I think we need to take care to not try to target the typical Bisq user as that would render that concept to become more similar to other more security and privacy focussed protocols which comes with higher costs on usability and convenience and with that we would lose the core goal of that project that its super easy and sufficiantly safe for a newbie to get BTC.

Another important aspect is the economical part.
According to feedback from Keybase BTC sellers usual amounts are 100-200 USD and price premium 10-15%. Montly volume likely below 10k USD. I am not aware of any scam or bigger problem. There was no mediation support on the Keybase channels.
So we cannot expect too much of a trade volume. We need to find the right balance on costs for the DAO (mediators, channel moderators) and revenue (BTC sellers who pay with burned BSQ the fee). 
Though if the social aspect works out well it could be still beneficial for Bisq even if the costs are exceeding the revenue as it serves for onboarding to normal Bisq trade protocols as well it can attract newbies for getting into BTC and Bisq.





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