Author Topic: How a local-bitusd system should work  (Read 1056 times)

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Offline Rune

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Could be amazing. We could even tempt exchanges to adopt bitUSD by promising them to show them as exchanges on this list as well. Those who adopt quicker get better placement for some initial period of time.

Offline speedy

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Been doing more thinking about escrow:

Running a localbitusd.com type website would be a central point of failure and a target for regulators. We would be better served by multiple trusted users who can facilitate escrow as opposed to a single centralized website.

Fortunately all the components needed to do this properly will soon (I think) be in the toolkit.

Bytemaster has confirmed that there will be an escrow transaction type requiring 2 of 3 keys to send funds. Stan has also mentioned that there will be secure messaging builtin as well.

So I think we should leverage these two components to allow users to list BitUSD buy/sell adverts directly inside the client. These adverts could be created by Bitmessage-style broadcast messages, as they dont need to be stored forever on the blockchain, and because a new user does not yet have any funds.

Trusted members of the community can broadcast that they are willing to facilitate escrow, and BitUSD sellers can include their preferred escrow party in their sell advert. A new BitShares user then loads up the client for the first time and sees a safe and easy way to get his first BitUSD quickly.

This ties in nicely with the builtin reputation system that was talked about a while back.

What do you think? Is this the best way to do it?
« Last Edit: October 27, 2014, 09:26:41 pm by trader »