I've done a couple of transactions, and here's what I need, specifically to manage a trade....
- Seller has a public Bitcoin address , Buyer has a public address (which may be new, if the buyer does not currently hold any LRM bonds) .
- Buyer and Seller have agreed on the number of bonds, and a price for the transfer.
- Fee for the transaction is the greater of 0.025BTC, or (price x 0.005)BTC.
- Both Buyer and Seller need to sign and send the below message to me, via PM, email, IRC, carrier pigeon, or some other method. I don't care how it gets to me, I just need the message.
- The message should be a single line of text. Multiple lines tend to be easier to mess up.
- Message should be:
bonds to be transferred from to in exchange for BTC. BTC will be escrowed to 1EYVW3ZUu3R8fd3xtWi5jh4ceTXZ7Z1uht and will be paid to - BTC can be sent to escrow at 1EYVW3ZUu3R8fd3xtWi5jh4ceTXZ7Z1uht (my address) at any time in the process. If the transaction fails, I will return 100%.
- Once I have verified the signatures from both messages and received the payment, I will transfer the payment (less the fee) to the seller.
- Once the seller is paid, I will communicate the trade to Lab_Rat, the buyer and seller, and post it publicly here. This final trade notification will be signed with my GPG key.
The actual format of the signed message is flexible. The important bit is that both messages be unambiguous, and agree on whatever the terms are. I will be making both signed messages public. If you don't want your identities known, don't include them in the messages.
The above fee payment arrangement is the default. If the buyer and seller make other arrangements, I don't have an issue with that, as long as I can verify that payment took place, and that the appropriate fee is paid. If the parties opt for direct payment, the signed message should indicate the arrangement.
I don't know if that counts as straightforward, but that's the way it is.
grnbrg.
