43 sats \ 2 replies \ @solomon1923 OP 17 Mar \ parent \ on: Bisq 2 has just been released. I am a Bisq contributor AMA about Bisq or Bisq 2 AMA
The Bisq Easy protocol users the bitcoin seller's reputation as the security mechanism. This is not as secure as the bitcoin multi-sig used for Bisq 1, which is why the 0.01 BTC limit for trades exists.
Seller's will invest in their reputation so they have an incentive not to scam users as if they do they will lose their reputation. Ideally buyers will end up trading with users that have high reputation to avoid being scammed.
If a buyer takes an offer from a user with no or low reputation the risk of them being scammed will be a lot higher.
So like localbitcoins then. Is there any recourse for if & when they get scammed anyway? Any kind of arbitration at least?
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Bisq 2 has both moderators and mediators. If a user is scammed then the seller's profile would be banned from Bisq and the associated reputation they built would be lost. As there is a cost to develop a reputation for sellers it is in their interest to act honestly during the trade process.
Bisq 1 has arbitration because the funds are deposits into the multi-sig by the buyer and seller prior to the trade taking place. This is not the case in Bisq Easy.
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