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1 sat \ 2 replies \ @supertestnet OP 17 Feb 2022 \ parent \ on: Robosats: A P2P Fiat-to-Bitcoin Trading Site with Lightning Support bitcoin
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.
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0 sats \ 1 reply \ @thrown 17 Feb 2022
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.
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4 sats \ 0 replies \ @supertestnet OP 17 Feb 2022
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).
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