2 sats \ 11 replies \ @thrown 17 Feb 2022 \ on: Robosats: A P2P Fiat-to-Bitcoin Trading Site with Lightning Support bitcoin
Awesome concept!
-
in the Privacy section, I would advise mentioning that most ways of getting fiat to a person will inevitably dox that person. Unless you have a recommendation for how to do that anonymously?
-
it very briefly mentions that RoboSats will help resolve disputes. To me this is a big point that needs elaboration. I assume this is using the Lightning Escrow technology and RoboSats is acting as an independent escrow implementation? How can they resolve disputes exactly? If users are anonymous, how can anyone really be “punished”?
I assume this is using the Lightning Escrow technology and RoboSats is acting as an independent escrow implementation?
It's not using lightning escrow yet. I am the lead engineer at lightning escrow and I reached out to the robosats dev yesterday to talk about a collaboration. I hope he takes the best parts of our backend soon and adds them to robosats to reduce the trust required.
How can they resolve disputes exactly? If users are anonymous, how can anyone really be “punished”?
It depends on the payment method. Some people are using it for swapping between lightning and the base layer. If there's a dispute where one party says "he didn't send the right amount to my bitcoin address" you can check the blockchain to see what happened. Alt-to-btc trades can work similarly. For fiat trades, it gets harder.
reply
he didn't send the right amount to my bitcoin address
Yes and what happens in that scenario? Nothing really, right?
It’s not like RoboSats is reimbursing people for damages.
reply
Yes and what happens in that scenario?
If he agreed to send $50 in bitcoin to the other guy's bitcoin address and doesn't do it, the cheater loses his collateral (1% of the trade) because robosats keeps it instead of returning it to him, and robosats also uses the lightning network to return the $50 in escrow to the cheated party. Which means the cheater doesn't gain anything and loses 50 cents (1% of the $50 at stake).
reply
deleted by author
reply
i suppose you could build a somewhat profitable business using a PO Box. Serving a need of some kind.
The question is if it is truly worth your time. Maybe if you make $100 off of each trade it would be.
reply
deleted by author
reply
I wonder if cash can be withdrawn from paywithmoon.com cards. There is currently no fee for creating them. I want to get a credit card encoder, encode a hotel card or similar with data from a paywithmoon card, and then try to withdraw cash from it. I think I could do that by going to walmart, getting a money order (costs 85 cents), paying for it with the re-encoded card, and then cashing the money order at the same walmart later. If it works it might save you 4-9% on fees.
reply
deleted by author
reply
thebtcco offers international prepaid visa cards which you could then add to Google Pay or Apple Pay
reply
Walmart and USPS both require an id to cash out a money order. In theory they shouldn't know that it's related to bitcoin. If that is still risky, one option is to not make the money order out to yourself but make it out to a friend and have him or her cash it with their id.
reply
deleted by author
reply