@Andre#, serious question: Assuming I wanted to trade on that exchange, and assuming (gasp! another leap of faith) that 3.5 BTC belongs to more than one bro, what happens when I buy the whole 3.5 BTC?
Do I need to send a bunch of separate money transfers to all the Anons involved, or do I just wire the whole shebang to arbitrator Anon?
Do I need to send a bunch of separate money transfers to all the Anons involved, or do I just wire the whole shebang to arbitrator Anon?
...
Edit: Am I reading that (my) screencap right? There's 5 Euros' worth of BTC on that exchange, and 3.5 BTC if I want to use USD?
That's, like, a whole used car. Probably won't get a sticker, but hey, at that price, who got time for statist bullshit like safety inspections, amirite?
Edit: Am I reading that (my) screencap right? There's 5 Euros' worth of BTC on that exchange, and 3.5 BTC if I want to use USD?
That's, like, a whole used car. Probably won't get a sticker, but hey, at that price, who got time for statist bullshit like safety inspections, amirite?A serious question, awesome!
For each trade the buyer/seller need to send/receive a separate money transfer to/from the seller/buyer with the reference of the trade ID, while the BTC is in escrow with the arbitrator holding a third key of a 2-of-3 multisig wallet. (BTW, in my screenshot you can see that there's a total of 4.9 BTC of EUR trades, 3.5 BTC of ETH trades, and 1.33 BTC of USD trades -- seems like you mixed it up a bit.) These are divided over 18 different offers that require fiat transfer via SEPA or OKpay.
If I look now, the statistics are like this:
- 7 EUR asks via SEPA (total 2.415 BTC), from AT, EE, PT, NL
- 5 EUR asks via OKpay (total 3.12 BTC)
- 2 EUR bids via SEPA (total 1 BTC), from NL & PT
- 4 EUR bids via OKpay (total 0.351 BTC)
Given the fact that for the SEPA offers alone, money needs to be transferred to four different countries makes it highly unlikely all these bank accounts are controlled by the same person.
I'm in the States, so let's get back to the 1.3 BTC I could actually (what's the appropriate term to use here? CrowdBuy?)
Let's say I wanted to live large, and buy all the BTC I could on this exchange. Without exchanging my decent American dollars for Czech koruna, Botswana pula, or EU Euro, that's a grand total of 1.3 BTC
.Now, lets forget for a moment that I've already made $3 million US by trading on that exchange, and know this stuff like the back of my hand. Let's pretend I'm not the virtuoso p2p trader I know I am, and need this explained.
Looking at MY screencap I've previously posted, it appears there are 6 people behind that 1.3 BTC on offer.
Now, remind me, do I have to wire money to 6 individuals to buy that 1.3 BTC? Will I then wait for all those people, +the trusted intermediary, to agree that I actually sent the money & it has cleared?
In short, describe, step by step, things I'd have to do to get my greedy paws on that sweet sweet 1.3 BTC
Firstly, this thing is in beta, it's being tried out for real since a few days. Over and over emphasizing that there's still very little going on is getting lame. Of course there isn't.
If you engage in 6 different trades, you make 6 different money transfers. Apparently, you've never used platforms LocalBitcoins or Paxful. Because that's what Bitsquare is competing with. It does the same, without the centralized platform where you have to keep a wallet for your BTC -- with all the risks that brings.
The procedure is quite similar as for LBC or Paxful. Only, there's no chat between buyer and seller. All the information you need for the payment method is encapsulated in the offer.
