Topic: BANK RUN! - P2P Fiat-Bitcoin Exchange - page 11. (Read 39082 times)

I'd tap this.

What happens to the flow of money under the following scenarios?


Bob claims he never received fiat funds?
I'm not worried about the reverse case as there no question about bitcoins going through.


alternative scenario.
Bob dies in a car crash on way to work before acknowledging receipt?

I'm not technical, but please do it 

Would love to hear your ideas about a privacy-friendly reputation system!

I am not sure if in practice it would be needed (collaterals should be enough) and probably there is never a perfect solution against sybil attacks as well. But I have not researched that topic much, so maybe there are "good enough" solutions out there?

Great work on the SSL/tlsnotary stuff!
Maybe that could be added after the basic concept is implemented.
I would like to design it as a plug-in architecture, so all non-core features could be added optionally (SSL/tlsnotary, reputation, escrow, bank API).


I know that will be a difficult topic, but at the moment is has no top priority to me .
Basically I would like to keep it free of fees and have a clear and transparent model.
I liked the way how Dark Wallet has done it with crowdfunding. That is clear and there is no elements of speculation and greed in there (as with many altcoin projects).
I know without incentives like "join and you will be millionare in 2 month" it will be harder to find people contributing (I need devs), but it may be a good filter as well. :-)
My motivation is to get a missing part of the BTC infrastructure solved, not to get rich with it.

That a decentralized crypto-currency is dependent on centralized exchanges/banks is a contradiction which need to get solved.
If we don't solve it soon we will get challenged  with that single points of failure the hard way (China, Russia,...).

The Ripple/OT/NXT/... solutions are not pure P2P solutions IMO (IOU, gateways).
See that thread for more discussion: https://bitcointalksearch.org/topic/m.5117398

What you described here is exactly the P2P exchange I had in mind.

You have all the right pieces in place: collateral, 2-of-3 multisig with an optional escrow agent, bitmessage
You paper also mentions my SSL dumps project. I developed a much more simpler approach called tlsnotary:
https://bitcointalksearch.org/topic/m.4998488

I could add a word or two about how to create a privacy-friendly reputation system but as your paper notes, this is a complex feature and it can be addressed later when the p2p exchange gets implemented.

wrt to funding model, I have no good ideas. I doubt that it is possible to get anything upwards of 1000$ in donations at this point. So I'd say, it's best to first release some working software and gauge the market reaction to it. Then it will be easier to sit down and come up with monetization ways.

[UPDATE]

Here is the new thread with updated resources:
https://bitcointalksearch.org/topic/bitsquareio-the-p2p-fiat-bitcoin-exchange-647457

[END UPDATE]

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I would like to announce a concept for a P2P Fiat-Bitcoin Exchange.

Basics:
- Pure P2P, cannot shut down by a central authority, no 3rd party involved.
- Collateral as warranty for fair behavior
- Fiat money will be transferred from one users bank account to the others bank account without any intermediary party. No identification that the money transaction is connected to a BCT trade.
- No fees beside the standard BTC transaction fees.
- Open source

Here is the paper:
https://docs.google.com/document/d/12q5r6S0yMp5TMjApfa7Ci4GRvvvKYvlmWQBYeGxI0zA

I would appreciate a constructive discussion and I am looking for developers.

High-level overview of the protocol: