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> If anyone doesn't meet the transaction contract (send the money or send the bitcoins), both lose the deposit. Am I understanding this correctly that if a buy
by M4v3R 13y ago
> If anyone doesn't meet the transaction contract (send the money or send the bitcoins), both lose the deposit.
Am I understanding this correctly that if a buyer tries to scam the seller in whatever way (i.e. will initially sign the transactions but ultimately doesn't pay) then the seller will lose his deposit? If that's the case then it won't work. I ran a P2P Bitcoin exchange and it's a pretty common thing to have "fake buyers" who place offers but ultimately don't fulfill them. With a third party you can resolve these kind of situations easily, it's much harder without them.
- luisivan 13y agoIf one of the parts doesn't fulfill its order, both the buyer and the seller lose the same amount of Bitcoins. That's the way we prevent scam!
- M4v3R 13y agoThe problem is, that in a P2P system you don't have only scammers that will not fulfill the trade. You also have careless people, who will mess something up, forget about the transaction, delete their clients/wallets, etc. With this schema, you are forcing the one party to take responsibility of stupidity of other.
- gotoalberto 13y agoAll information are public (only for themselves) and both users can restore the operation if something goes wrong. Both users are interested on cooperate and can restore the operation from a web app or your application. Also, is higly unprobably that something as this happens, is an automated process with a restore system. The system can restore the operation (knows all information to do it).
- luisivan 13y agoWell, that's true, but here we are talking about money and I have never met someone that wants to lose money... also, as Alberto said, we are working on some workarounds to prevent scenarios like that happen :)
- gwern 13y agoUnfortunately, if you try to make allowance for that, you incentivize scammers to say 'oops!'. To deal with this makes things a lot more complex: https://en.wikipedia.org/wiki/Trembling_hand_perfect_equilibrium https://en.wikipedia.org/wiki/Trembling_hand_perfect_equilib...