5 ms·

> How are there no fees and restrictions? _Someone_ is paying the TX fees. Who? It can't be a single party, especially the developers, without betraying the de

• ddon 9y ago
  TX fees are paid to miners. Currency conversions are probably done using ShapeShift https://shapeshift.io/ https://shapeshift.io/
  • avaer 9y ago
    Hm, if that's indeed the case then this is free, feeless and decentralized only to the depth of its landing page.
    • jstanley 9y ago
      What part of it do you think is not decentralised? And how would you propose they implement the system in such a way that Bitcoin miners are incentivised to include fee-less transactions? In terms of fee structure, it is quite clearly an improvement over centralised marketplaces. OpenBazaar is not charging any fees.
      • avaer 9y ago
        If e.g. Shapeshift can walk away with my money when they feel like it, that's not decentralized. If the law can kill off Shapeshift for shady transactions and not following sufficient KYC protocol, that's not decentralized. I'm not sure how to solve the problem of Bitcoin transaction fees. Much, much smarter people than me haven't. But I'm also not promoting a Bitcoin service with "no transaction fees". And I'm not sure I agree that this is an improvement over centralized markets. With those I can buy escrow and some amount of assurance I'm not being swindled by the platform itself, which the platform is on the hook for legally.
        • jstanley 9y ago
          OK, using ShapeShift isn't decentralised, but you don't have to use ShapeShift unless you want to pay in a currency that the merchat doesn't want to accept. (And even then, you don't have to use ShapeShift. You can use any currency exchange). You can buy escrow on OpenBazaar too. You can't really be swindled by the OpenBazaar platform. It's just open source code that you run yourself. There's no way for anybody to jump in and change the rules from underneath you.
        • Trundle 9y ago
          > Scammers try to take advantage of both buyers and sellers online, but OpenBazaar uses a unique feature of Bitcoin that helps prevent fraud: Multisignature escrow. In this unique e-commerce marketplace buyers and sellers agree to a mutually trusted third party before they start a trade, and then the buyer sends his bitcoin to an escrow account. Those Bitcoin can only be released when two out of the three parties agree where it will be sent. Normally the buyer and seller are the two parties in agreement, but if there is a dispute the third party will come settle the dispute. These third parties offering dispute resolution are selected on an open marketplace. From the Features page of the linked website that this is the comment section for.
• mhluongo 9y ago
  Right now it's with ShapeShift, but down the road you could use cross-chain swaps to accomplish something similar
  • Frogolocalypse 9y ago
    > but down the road you could use cross-chain swaps aka the holy grail in crypto.
    • mhluongo 9y ago
      Hah fair enough, though with Lightning's progress we're closer than ever
• SamPatt 9y ago
  The platform itself has no fees. No cost to use the platform. There are fees associated with using Bitcoin or other cryptocurrencies.