I just stumbled across Bisq (haven’t even installed it yet) But the exchanges are the effing devil. A ratrace of refuse on a marathon to the bottom of human depravity.
Unbelievable how difficult it was for a beginner to:
- Get a coinbase account
- Deposit money/link accounts
- Pull earning back out into cash in a reasonable timeframe (would take about a month to unload 100k in coinbase/meanwhile market tanks and cant do anything about it)
I was just thinking to myself that if left unchanged, the exchanges will kill the motivation to move to a crypto currency. Cant use ‘this’ to buy ‘that’ without first converting to ‘them’, can only transfer so much per day, per week, loose money at every step.
So why the hell isn’t there a programmatic escrow built into a trading app that functions much like a bitcoin hash. The very app itself would need to be trusted.
Lets say I have a digital representation of a carrot and I want to trade user Bob for a digital representation of a potatoe. Why should this app care wtf I am trading? it first collects both items from both users, then the moment that it has both, boom, it simply swaps the owner. The most important part of the transaction is the trust of the app (I believe).
step 1. Do you have the official App? (confirmed by a unique hash) Everybodys app is the equivalent of 1 bitcoin for instance, It can not be faked or spoofed etc. The app (think bitcoin) is confirmed valid in the same way the blockchain transactions are confirmed.
step 2. each party, after validation of their app, defines objects you want to trade (Bitcoin/XRP/potatoes/Yen/doesnt effing matter).
step 3. Accept the trades.
step 4. Mutual transmitting of objects to the other user.
step 5. Recording via a swap blockchain.
App should have a linked bank account for dealing with local users currency
How does Bisq try to do this? what am I missing?