Robosats is my new obsession. I have only been using it a month or two with any regularity, but I feel like once you get some experience it really is fantastic. I still don't understand many things, though. Maybe stackers can help:
- How can coordinators steal your bitcoin or fiat?
- What degree of trust are you placing in these coordinators?
- How do you verify or check the reputation of the coordinator?
- What incentives do the coordinators have to take on what seems like a lot of work? How are they compensated?
- How private are the chats? Some people I'm transacting with have suggested we move to another platform or transact through email. I haven't done this, and I am weighing the different op sec of different methods.
They take a small fee from both parties on each transaction. Most of the time they don't need to do anything other than maintaining the service up and running. In the rare cases were ther is a dispute, they might need to intervene, but it's usually (in my experience) not a lot of work (time) either.
They are always encrypted. A little more info here.
I think you've already got the rest of your questions answered by others. :-)
A: I don't know technically but I try not to do any transaction I could not afford to lose or walk away from. AKA: many small transactions vs one big one.
A: On the Offer tab/page you can click on the icon of the coordinator for some current/historical data. This will give one some data on if they are a fly by night operation. I often will use coordinators I have a good track record with. Side note: I have not found any bad coordinators let.
A: You can always screen grab or export the chat log, so of course there is nothing that keeps other party from publishing chat. In the one dispute I had to open with coordinator they did request the chat log (the chat log was relevant to the issue at hand). In regards to users wanting to use email I found that this is because robosats has in the documentation to use email for some types of transactions. I often can talk them out of it for privacy reason because the chat is usually fine for the purpose.
I have had nothing but good experiences with RoboSats. The only "Issue" I have is I find myself spending a lot of time on it waiting for a party to find and accept the offer. This is just an "we are early" issue, as more users will make this better over time.
Thanks for this great reply. I thought of more questions. Do you do the whole garage thing and keep a few robots that you use more than once? I am only using one robot at a time. The only advantage I can think of to re-use robots is to develop a track record, like if you want to become a recognized seller or something?
I personally generate a new seed/token for every order.
So, no I don't do the garage thing
I don't think robosats does the track record thing for users. By design it is meant to encourage privacy. I do see people reusing their robot name but one would have to make offline notes as to who they had used in the past. I think people who reuse robot names are just being lazy.
This and they came from bullshit CEX
The coordinators get the fee. It's not easy to find, but in robosats (desktop on Tor):
Thanks for this. That's what I was looking for.
FYI there's a good telegram group for Robosats - t.me/robosats. The website says they're switched to SimpleX, but it seems most people are still using Telegram. There's some activity on SimpleX as well though.
I haven't seen anything from Reckless Satoshi, the developer of Robosats, in a long time. I wonder if he's "retired".
I've never had anyone suggest moving to another platform. Email is famously insecure. What kind of fiat payments were they using, to not want to use the secure chat?
@Reckless_Satoshi is on SN also
It was a gift card. The guy didn't push. He said something like we can do it right here or move to another platform.
I will let others to answer all these good questions and just zap the good ones. I suppose you already read Robosats documentation.
Yes I did. The federation git hub mentions coordinator duties and responsibilities. I know there are risks and trust issues, but I don't understand them.
FYI- I just found this on one of the learn pages:
@siggy47 , When you have a minute check your nostr DM
I did
the robosats experience in comparison to bisq...its not even close how much better robosats is
and i respect bisq, and have used it.
Bisq2 is coming with lightning, swaps and much more. Also robosats will have a desktop client, so they will be quite similar in the near future.
nice, ill definitely try it out 🤙
Use bisq for on chain and robosats if you need lightning. Then you can avoid unnecessary swaps
Got the apk, thanks for the tip.
LOL you noob guys are so lucky nowadays with Robosats... I remember back in the early years was damn difficult to buy safely some BTC...
My entire life is just one lucky mistake after another. I don't question it, I just stumble through life blissfully and stay thankful for all of my gifts.
It was LocalBitcoins here
It's a whole new world!
Yeah, I really like the whole experience better with the app
My next purchase is Friday. Good timing
Good luck
Siggy, try not to fall down too far before it burns you. I have never heard of good stories of people borrowing money.
I won't go crazy enough to do a Saylor like speculative attack to get more sats on robosats! At least I don't think I will. 😀
They get 0.2% of the deal, split between 0.025% from the maker (who posted the offer) and 0.175% from the taker (who took the offer). Check your coordinator fees:
https://i.ibb.co/1fs6pC1/temple.png
You pay less fees if you post your own offer!
I would not do that. Smell like scam.
That's what I thought.
I don’t know much about robosats but your posts are peaking my curiosity. I will have to check it out.
It is very cool. I am still learning, obviously.
It looks like BTC Sessions and others have done tutorials about it on Youtube but not sure if they're significantly outdated
Yes. I watched them. They are good. They just didn't answer all of my questions.
I am going to have a look today.
Robosats is awesome. Best of the P2P tools in my experience.
It's definitely a learning process though. Don't hesitate to ask here (or on the telegram, or simplex chat), there's lots of help.
If you have a laptop, try Bisq... You can get sats at UNDER market value.
I will
I've started using Robo a few months ago. But recently, I've been selling some BTC to help get some fiat back to pay bills, shipping and etc with. It's been a smooth experience so far.
I have never had a serious problem with a transaction. Lately, though, I have heard that some sellers have been having problems with fiat bank cards. Bad actors dispute transactions after receiving the bitcoin. It would be great if there were some type of reputation system, but it would be complicated. These issues aren't common.
Hmm, I receive fiat transacions just via strike. The other way I would is Zelle but I havent tried that yet.
I'm not saying it will happen to you, but I would keep transactions small if you are selling.
Yep, I do. Thank you. New bot every transaction