Author Topic: Operation DarkMarket  (Read 12808 times)

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Offline rgcrypto

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If a customer pays in BTC and then gets a refund after their money was held in escrow as BitUSD, they could get less BTC back than they expect. How would this problem be resolved?

Wouldn't it be so much easier if our dreams came true and everyone just used BitAssets? :)

That detail can be included in their policy.

Offline hadrian

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If a customer pays in BTC and then gets a refund after their money was held in escrow as BitUSD, they could get less BTC back than they expect. How would this problem be resolved?

Wouldn't it be so much easier if our dreams came true and everyone just used BitAssets? :)
https://metaexchange.info | Bitcoin<->Altcoin exchange | Instant | Safe | Low spreads

Offline Rune

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BitUSD has a lot of promise as a behind-the-scenes system for hedging against bitcoin volatility. I think the focus on using bridges for dark markets is the right way to go, especially if they could get a system so transactions are sent through a bridge and into escrow as bitUSD. The average user still only understands bitcoin, but with bridges that's all they ever have to understand or deal with while others can get the benefit of bitUSD.

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Offline triox

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 +5%
I believe that silkroad singlehandedly saved Bitcoin from obscurity in late 2011. When the price fell into single-digits I remember shutting down my miner and thinking "OK, this was a cool idea, too bad nobody cares". I imagine the general outlook was similar.

I believe at this point the silkroad demand alone formed the base of BTC value. A 'backing' of sorts.

When the price rebounded in early 2012 I thought: OK, as long as dark markets exist BTC will not fall to zero.

Offline vegolino

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Fully support this! +5% Bitassets need utility & best of all it has the potential to lower drug related crime!
  +5%

Offline Method-X

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Wouldnt the hedge mechanism is the mobile wallet do the job here? They would be using the normal bitcoin wallet forked to alowmthem to hedge in bitassets... Any bitasset they want. Oil gold usd silver etc.. Better support other fiats too for global use. This way we dont need another custom interface and integration use what we got

For storing profits, sure (assuming sufficient liquidity). Using BitUSD as an escrow hedge is the area that interests me most.

Offline jsidhu

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Wouldnt the hedge mechanism is the mobile wallet do the job here? They would be using the normal bitcoin wallet forked to alowmthem to hedge in bitassets... Any bitasset they want. Oil gold usd silver etc.. Better support other fiats too for global use. This way we dont need another custom interface and integration use what we got
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Offline Method-X

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Yeah same barriers.  Wouldn't that indicate they would have to develop their own bts specific escrow system and cart.  Concern is this needs some hands on from the devs to help transition to bts.

Their backend ends to be capable of holding bts no?  This is compelling btw

All they need to do is hold BitUSD on their end. That's it. The customer would pay in BTC like they're used to and the hedging (BTC <--> BitUSD) is seamlessly taken care of on the backend (assuming sufficient liquidity is provided of course). Even the merchants don't have to know how the escrow hedging works because the conversion can be done both ways. Once the goods are received and the customer releases funds to the merchant, the BitUSD can be converted into BTC.

Not many people know this but the original Silk Road 1 did hedging from 2011 to 2013. Read this article.

Offline Bitcoinfan

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Yeah same barriers.  Wouldn't that indicate they would have to develop their own bts specific escrow system and cart.  Concern is this needs some hands on from the devs to help transition to bts.

 This is compelling btw
« Last Edit: February 16, 2015, 05:08:20 am by Bitcoinfan »

Offline Method-X

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Immediate challenges are technical functionality:  getting escrow to work with ease of use and having cart functions.  @Jsidsu what do you think?

All Tor based marketplaces are centralized and use their own escrow system (nobody uses the multisig option in practice). Both Agora and Evolution could use MetaExchanges API to facilitate BTC <--> BitUSD conversion. The only real problem is liquidity. Theoretically they could even fork MetaExchange and do everything "in house", including provide BTC <--> BitUSD liquidity.
« Last Edit: February 16, 2015, 04:59:32 am by Method-X »

Offline Bitcoinfan

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Immediate challenges are technical functionality:  getting escrow to work with ease of use and having cart functions.  @Jsidsu what do you think?

Offline Method-X

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This is what we're going to do:

1. Raise BitUSD awareness on marketplace forums.
2. Create tutorials explaining in detail how to go from BTC --> BitUSD and back again.
3. Post articles on DarkNet blogs such as DeepDotWeb (I'll be a regular columnist from now on).
4. Advertise metaexchange.info once they have BitUSD liquidity.

Do we have people assigned to these tasks already?

I'm just making this announcement now, so not all details are in place.

1. We'll need a dedicated person for his task. Their job will be to frequent the Evolution and Agora forums, helping to educate merchants on how to hedge into BitUSD.

2. Riverhead and myself.

3. I'll be doing regular articles for DeepDotWeb and I'll try to get something on Zero Hedge. If others could help, that would be awesome.

4. To be determined.

Offline bitAndy

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Fully support this! +5% Bitassets need utility & best of all it has the potential to lower drug related crime!

Offline fluxer555

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This is what we're going to do:

1. Raise BitUSD awareness on marketplace forums.
2. Create tutorials explaining in detail how to go from BTC --> BitUSD and back again.
3. Post articles on DarkNet blogs such as DeepDotWeb (I'll be a regular columnist from now on).
4. Advertise metaexchange.info once they have BitUSD liquidity.

Do we have people assigned to these tasks already?