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This will not work, because regular bank wire transfers and cash deposits have been reversed in the past, the sender simply claimed hacked account or fraud. Ex

• gfody 9y ago
  still not a bad alternative to localbitcoins.com, you could arrange to exchange cash in person or mail money orders around which could still be cancelled if the escrow fails.
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  • Lesley344 9y ago
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  • Sleeep 9y ago
    Money orders you get from strangers are almost always fake.
• julian_1 9y ago
  I found their proposed mechanism for handling settlement finality, outlined in their faq, https://bitsquare.io/faq/ https://bitsquare.io/faq/. The escrow for bitcoin is a 2 of 3 multi-party contract. What happens if the person buying bitcoin does a chargeback on their national currency after the bitcoin has been released from the multisig escrow? We only support payment methods in which chargebacks are not easy (i.e. we don’t support Paypal). But there is still certain chargeback risk with banks. If a bank executes a chargeback after the cryptocurrency escrow has released, there is nothing the arbitrator can do. Bisq’s goal is to make this scenario as unattractive as possible, using three primary mechanisms: 1. There is a trade limit of one bitcoin, which is generally too small to attract criminals (though this limit may be lifted in the future). 2. We will remove national currency payment methods which are found to be used for chargebacks. 3. Bisq has support for delayed payouts using the “locktime” feature, which might help if the chargeback is done quickly after the transfer.
  • patio11 9y ago
    There is a trade limit of one bitcoin, which is generally too small to attract criminals (though this limit may be lifted in the future). I feel like technologists consistently overestimate where the lower bound is for size of an opportunity which causes it to attract adversarial attention, given an adversary who understands e.g. specialization of labor or, more prosaically, how for loops work.
    • kbenson 9y ago
      Indeed. One bitcoin was over $3k about 5 weeks ago, and is still over $2k today. Scam someone for half a bitcoin twice a week and that's over $100k a year at current value.
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