Topic: Decentralized exchange Bitsquare crowdfunding campain now live! - page 2. (Read 4102 times)

I'd say $2500 fits the "small transactions" label? Or at least it should, when we're discussing P2P Bitcoin trading.

I think he just explained it can't do that. It's for very small transactions. I'm not sure it's fair to call it an exchange but I do see an audience for it.

Just one thing that I don't fully understand yet, can you explain this:

Suppose I want to buy 10 BTC on BitSquare. I see an offer from someone selling 10 BTC for $2500 and I accept it. I transfer $2500 to some bank account, and 0.1 BTC security deposit to some multi-sig address.

Now, nothing happens. I wait, I get no acknowledgement, no 10 BTC, no nothing. What do I do now to get my $2500 and 0.1 BTC back?

It's just a hypothetical situation, but exactly what mechanism prevents the above scenario from happening?

If you are really interested how Bitsquare works please check out our official resources.
We have prepared all information from hi-level (videos, FAQ) to very detailed (whitepaper, related papers). If you have read that all and understood and there are still open questions please ping us on our mailinglist. You can find all resources easily on our webpage (https://bitsquare.io/).

You shouldn't make judgements without fully understanding the concept. That's just unfair.

Indeed, the whole project is quite complex and there's a lot to read. That is necessary to make it secure. The user experience will not reveal any of that. In fact, in a perfect trading situation, it's not more than a couple of clicks and at 1 point the wait for 1 blockchain confirmation.

Bitsquare will not allow very big transactions, there will be a hard limit. You can use your personal bank account or any other payment provider that offers a sufficiantly hard to reverse payment method. Nothing points at bitcoin if you don't put it in some message field.

Bitsquare does not handle fiat at all. Bitsquare is not even a company. Fiat is handled by the trading peers. A sends money to b, that is one of the most common things in the traditional banking system. In fact Bitsquare's no more than a self-sustaining p2p platform with a distributed dht offer-book and an arbitration system to handle disputes.

You won't have to trust a third party, that's the whole point of it: No single points of failure!

We have two full-time devs at the moment. That would change possibly if the funding is not successful. Remember the working alpha version is self-funded.

I'd like to donate, but every single time I run the lighthouse installer, I get this:



I'll try again in a few weeks, hopefully the people over at Lighthouse are still developing on their software.

It will be interesting to see if this ever happens. As it looks now, this has no chance of actually working while being decentralized.

I could see it working with a huge network of registered users bank accounts being drawn from all over the world for very small amounts per account. But if a large transaction hits a single U.S. account from several hundred accounts worldwide that would create questions and possibly an investigation. These controlled accounts would have to be from Bitcoin users, right? Are we all expected to link a personal bank account to use the service or are the accounts controlled by someone?

Thanks for the lengthy explanation. I'm cool with everything except step 4. I've had more than a couple of commercial bank accounts in my life. I've owned and sold a few businesses. Who's bank account does the $25k come from? How do you open, control and fund "random" bank accounts. The commercial banking industry is a little more restrictive than you might think. Funny thing is these silly banks require things like a business TIN, articles of association, organization, formation, business license, trade name certificate. If a company provides money services, including check cashing, issuing money orders, issuing store value cards, exchanging currency, or wiring funds in exchange for a fee, banks will not allow you to open an account online. You will need to go to the branch personally to open an account and provide mucho proofs of who and what you are. You're right though, you start moving large amounts of cash around multiple accounts and the NSA won't think about Bitcoin. They'll think your a drug dealer. 

Funding a decentralised virtual currency exchange on a decentralised funding platform... It really feels like the future is here

whoa there....

Looking at the funding page, TLS Notary doesn't even make it into the development schedule until another 8 rounds of funding/development. That's an essential part of Bitsquare IMO. What happens if the Bitsquare team decide to do something the community dislikes between now and then? All momentum could unravel very quickly. This sounds like it has just as much potential to be an expensive mistake as it has to realise the promises made. And 120 BTC per round, with 9 rounds, is pretty damn expensive (although arguably worthwhile in the event of total success)

I was under the impression that the nxt exchange was decentralized?

nxtblocks.info/

Well explained, thanks.

Note: That is a wall of text, but in fact the trade process runs extremely smooth and is just a couple of clicks. I really wish people would join our  testing sessions and try it out. We intend to faciliate all irreversible/sufficiently hard to reverse payment methods. One candidate is OKPay. Once you have fiat on OKPay for example, the whole transfer ca be done within a couple of minutes. (At one point you'll have to wait for 1 confirmation)

1. You publish an offer on the BitSquare P2P exchange to sell 100 BTC for, let's say, 25000 USD.
Note that "The BitSquare P2P exchange" can be either software that you download and install on your PC, or an app you run on your tabler or phone, or any of the many online bitsquare web portals that will become available.

2. Somebody accepts your offer. You get confirmation that the buying party has deposited their end of the deal (FYI, that is: they deposit 25000 USD + 1 BTC with the 1 BTC being their security deposit, but that doesn't really matter for you).

3. You deposit 101 BTC to a special address. That's 100 BTC to sell + 1 BTC security deposit, and the address you're sending to is a multi-sig address where the buyer's 1 BTC is being sent to as well.

4. You receive $25000 on your bank account, with some payment description that has nothing to do with "Bitcoin", so it won't trigger any security flags, and neither your bank nor the NSA won't even know you're trading bitcoins. The money comes from some random bank account within the USA (not neccesarily the buyer's).

5. You confirm that your received $25000.

6. You receive back your 1 BTC security deposit, minus 0.0001 BTC fee. The buyer receives your 100 BTC + their own 1 BTC security deposit minus 0.0001 BTC fee (the fees are for the particular arbitrator who happened to have effectuated the trade through the multi-sig deposit).

7. Everybody happy!


Notice that steps 1 and 2 can also be: you look around on the BitSquare P2P exchange, you see an existing proposal from someone who wants to buy 100 BTC for $25000, and you accept their offer.

Have you been successful in the meantime? Can I help?

Great initiative! I'll donate.

New status 31 pledges and 26% funded. Keep going people! 

who is Ripple owner? Who is Bitstamp's owner? Who is CoinBase's owner? Same guys

Haha... Darling of the banks....

Give me a break. Ripple is still centralized shit.