Just Some Notes On Robosats \ stacker news ~bitcoin

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2878 sats \ 16 comments \ @siggy47 8h bitcoin

As I have said elsewhere, I'm a little obsessed with robosats right now, so I just thought I'd make a little post about what I discovered so far.

The Android app with Orbot is much easier to use than desktop. I don't know if it was the fake tor which I was using with Brave or something else, but it was a hassle just accessing the site at times on my laptop.
Liquidity isn't great. I don't think there have been more than 150 active offers since I've been checking it out. From what I hear, bisq has much better volume.
Robosats is very liberal regarding assets you can use to buy or sell bitcoin. Bisq, for instance, won't allow paypal, venmo, cash app, or zelle because of the possibility of charge backs. Also, bisq won't allow use of physical amazon gift cards, although they provide the best privacy. The possibility of fraud is supposedly too great. Robosats has none of these restrictions, so you are accepting whatever risks are specific to each asset.
I started keeping a list of every asset I have seen used. It's already pretty long, so I won't cut and paste it here. My unscientific impression is that Revolut, instant SEPA and strike are probably the most widely used.
The chat uses pgp encryption, and (supposedly) coordinators cannot see the conversation. In case of disputes, the parties can take screen shots of the chat as evidence.
Regarding currencies, the euro and the US dollar are most popular, with the euro seeming to hold a slight edge. The Brazilian real is also very popular.
I like how the free market determines what an appropriate premium is for an asset. For example, if you want to buy bitcoin with a US amazon gift card, expect to pay a 4 or 5 percent premium. For a google play card, I have not seen a premium lower than 15 percent.
I have bought and sold to test out the process. It's not hard. You post a small bond to make or take an offer. You pay less of a transaction fee if you're the maker (you create your own buy or sell offer) than if you're a taker (you accept someone else's offer). You may have to wait around a while before your offer is accepted. If the 24 hour offer period expires, your deposit is returned.
Robosats uses the lightning network.

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56 sats \ 4 replies \ @0xIlmari 7h

I would like to start using it with my Revolut account but I'm always wary of dangers:

I don't know if I'm doxxing myself to the counterparty. I don't really know what can be divined from knowing someone's Revolut handle. And SEPA is even worse because IBAN contains a bank's branch code so it can doxx you down to a city. (Plus, a transfer must contain beneficiary's name.)
I don't know if Revolut is going to report my transactions to my country's tax office and cause me trouble.

10 sats \ 0 replies \ @siggy47 OP 7h

I don't blame you. Some stackers worry about this less than others. I am trying to find the most private assets. I like physical amazon gift card, but even there bitcoin sellers can't convert to cash.

0 sats \ 0 replies \ @DarthCoin 6h

guys stop buying bitcoin... is dangerous out there and the gov will hunt you down... let Darth having all the sats possible.

0 sats \ 0 replies \ @ama 7h

They know your @RevTag as well as your first name and family name initial. You get to know the same about them. Not that much, in my opinion. IBAN number would be worse, of course.

I only do small transactions (20-50 EUR or USD) at a time, so I don't think that'd look too suspicious of anything.

0 sats \ 0 replies \ @ama 7h

They know your @RevTag as well as your first name and family name initial. Not that much, in my opinion. IBAN number would be worse, of course.

I only do small transactions (20-50 EUR or USD) at a time, so I don't think that'd look too suspicious of anything.

41 sats \ 1 reply \ @Mumbo 4h

They have a desktop app now!

https://github.com/RoboSats/robosats/releases/tag/v0.7.3-alpha

0 sats \ 0 replies \ @siggy47 OP 4h

Nice

82 sats \ 1 reply \ @dingding541 7h

Thanks, I should really take a look, I also found the laptop with my tor and exactly as you say, kept crashing. Not worth the risk if in a trade.

15 sats \ 0 replies \ @ama 7h

Redundancy's the name of the game. I keep my secret keys on both my laptop and my mobile phone, in case of device failure or when I'm out and about. I can make an offer on one device, start the trade on another one, and finish on another one, if necessary/conveniente.

41 sats \ 0 replies \ @ama 7h

The Android app with Orbot is much easier to use than desktop.

In my experience is about the same. I use a sane browser though: tor-browser.

Robosats uses the lightning network.

Or on-chain.

41 sats \ 0 replies \ @Aardvark 7h

Tomorrow is my purchase day. I've been playing with the app all week, I'm excited.

41 sats \ 0 replies \ @stack_harder 8h

im always amazed how few people want gbp on there, i always end up flipping it into euros to do robosats

21 sats \ 1 reply \ @anon 3h

In case of disputes, the parties can take screen shots of the chat as evidence.

Just a small correction. In case of disputes you can optionally select a checkbox to send the logs, decrypted, to the coordinator. No need to make screenshots (which can be faked).

0 sats \ 0 replies \ @Jon_Hodl 3h

Good to know.

0 sats \ 0 replies \ @flat24 3h

Thanks for these very useful notes.

is a powerful tool, and it is still new, just emerging.

0 sats \ 0 replies \ @elvismercury 3h

I like how the free market determines what an appropriate premium is for an asset. For example, if you want to buy bitcoin with a US amazon gift card, expect to pay a 4 or 5 percent premium. For a google play card, I have not seen a premium lower than 15 percent.

This is interesting. I'm ignorant in such matters, is the premium just bc there are way more things to buy on Amazon? Or some other reason?