Fiat transfer bfore digital currency

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#1

Just wondering a few things??
If I put in cash in a bank account say for instance. How can the arbitrator see that money go in…??

Could the transaction be split into lots of automatic mini transactions ?? to limit exposure further… it just means pushing a button say 10 times for larger payments rather than once??

Also can core developers take on a higher level arbitration duty to arbitrate the arbitrators??

Can arbitrators be bribed from either end?? Is there anything that can be put in place to limit??

#2

faq is here https://bitsquare.io/faq/ look at pagesigner/tlsnotary arbitration section.
if pagesigner doesnt work for your bank website. im sure it would be possible i think also gather other evidence from your bank in some way perhaps that the arbitrator will accept.
do not split payments. lower the risk? make a smaller trade. there is already trade limits in place.

please also search youtube for bitsquare videos. manfred has made presentations and walkthrough of the software, although quite old they will give you an idea.

the arbitrator is the main developer at the moment. its in his best interest to not scam you for a fraction of a bitcoin.

1 Like
#3

Hey!

  1. If everything goes well the arbitrator never gets involved, but if there’s a dispute the arbitrator can ask for a cryptographically signed web page from buyer and/or the sellers bank’s web site, showing transactions in the account.
    2)Yes, at least for now you need to press the button 10 time :slight_smile:
    3)Right now there is one arbitrator - Manfred, the main developer of the program, so you can assume he won’t go rogue .
    In the new system there will be two level’s, mediators and arbitrators, and senior arbitrators in case the arbitrator’s decision is disputed.
    The arbitrator will need to put up a big security deposit - bigger than the maximum size of one transaction, so it’s not worth it to take a bribe for just one transactions.
    There will be other obstacles for gaming the system as well: a reputation system, impossibly of determining who your arbitrator will be ahead of time, and arbitrators known only by nickname (i assume).

Dose this answer your questions?

#4

1./ wow i didnt realise you could that… great
2./ i dont mind pressing a button 10 times. that way if one trasaction fails i only loose a small bit… great!!
3./manfred is a ledgend… i guess eventually it will be trustless but for now, there are systems in place that really encourage him to do the right thing… soo. its really safe…

new system sounds great… id love to be an abitrator and provide liquidity… Ill start posting some offers and bids. but I dont have much… Ill do what i can though… Ill also think about how I can get more people involved… Hopefull startinga meetup soon… if I can get it big enough . maybe we could fly a spokesperson to australia…

Its encouraging that the abitrator needs to put in large deposit… make allot of sense… really safe…do you think smart contracts will be able to arbitrate in the future??

The arbitrator will need a new id each time so they cant be tracked…?? Im sure someone will find a way to get the right arbitrator in front of them i.e. do a hundred fake transaction untill they get the right arbitrator… if there id is scrambled each time and there exact reputation score is kept to just a range it will be impossible to track… I think fees for arbiters should be based on a per capita bassis… hence you can keep the arbitrators to the correct ration…

Great answers…

Really gratefull.

2 Likes
#5

i read [Trading Rules and Dispute Resolution]( “Notarized” bank site) but still wonder what todo to get accepted bank history for arbitrator if you use some new fintech mobile only banking app?
lets assume:

  1. app prevents screenshots (for security reasons).
  2. i may workaround can take photo from display with 2nd device camera. well no real proof?
  3. no digitaly signed bank statement exist.
  4. no website for bank history exist.

with this setup I may never goto buy any btc on bisq because Im going to loose all my money in case of seller says he got not my money right?

#6

The seller would have to prove they sent you the money.

You can do a video (screen recording) of your app. Not as good ‘proof’ but still better than nothing. Also a lot of apps send email verifications. These can also be used for proof.

I try and trade with accounts that have access to both mobile and web apps.