Author

Topic: NASHX - Trade anything you want for anything safely using Bitcoin (Read 597 times)

copper member
Activity: 44
Merit: 0
Quote
Perhaps I've misunderstood something, but lets take this scenario:

I put up an ad wanting to sell 1BTC for $100 and deposit 1BTC into the "box"
A buyer contacts me, we agree on the terms and the buyer deposits 2BTC into the "box"
I do not send the buyer his 1BTC, but instead tell the buyer that I will destroy his 2BTC unless he sends me another 1BTC directly

The buyer now has two options, either he can destroy my 1BTC and he will lose 2BTC, or he can pay me 1BTC and we take back our BTC from the "box", which means the buyer only loses 1BTC, thinking rationally the buyer will pay the 1BTC and cut his losses.

That is a valid scenario, but one that is unlikely to happen because the buyer can view your historical transactions and see whether or not you've done this kind of thing before, and will take your reputation into account before taking your offer.

You as the scammer, are at risk from the buyer just deciding to just destroy it all so that you lose as well. You do have half as much to lose, but you still lose. You may think it's not rational, but to some buyer, rational option is to screw you over as well if their priority isn't just money.

So you as a scammer have to risk 1 btc every time you want to scam someone this way, and you'll have to create a new account each time to not have any history of bad behavior. Smart buyers will mostly likely not take a big offer from someone with no historical records.

But this kind of scammer is possible, but I doubt there will be such scammers because I don't think it's such a good scam. Fact that I have to build reputation through few transactions, only to be able to do one scam, by an unknown taker who may or may not go along with the scam who may just decide to destroy it.
copper member
Activity: 44
Merit: 0
Quote
Sound like interesting project and do you have any regulations ?

No, we do not have any regulations. There's really no way for us to regulate anything because we don't get in the middle of the transaction between two people. It's just two people doing business directly.
copper member
Activity: 44
Merit: 0
http://nashx.com/About

NASHX uses Bitcoin, Nash Equilibrium, and Mutually Assured Destruction to provide a safe way for people to trade with one another directly online. We have built a system in which traders have more to lose by scamming one another, so there's no reason to scam one another.

Go check it out, and let me know what you think, and let's start using it!
Jump to: