Using Instant Altcoin trades with auto-confirmation - a 1-hour trading window.
Trading partner is the XMR buyer. He initiates the trade, but deposit txid takes ~40 mins to receive 1 confirmation. After getting the confirmation, I’m now able to start payment. But, the remaining time left is only 20 mins. Is that intentional? Shouldn’t the clock start when the deposit txid receives 1 or in general, for good practice, >= 3 confirmations. ie. AFTER the deposit txid receives 3 confirmations, the counterparty is given 1-hour to send the payment.
What happens if confirmation of the deposit txid exceeds the 1-hour trading window?
Period for trading should not start until deposit tx gets the first confirmation.
If you think it’s necessary to wait for more confirmations, you can wait a little bit more. But I don’t think it’s necessary, specially for trades under 0.5BTC.
I don’t think you’ll get penalized if you stay responsive since minute 1 of the trade. Trades can be completed even after end of the trading period, as mediation always have to be triggered from one of the peers.
“Period for trading should not start until deposit tx gets the first confirmation.”
I agree that this should be the correct workflow.
However, that’s not what I’ve observed — which is the bug (?) I’ve detailed in the thread. I could be wrong. Am hoping one of someone from the Dev team can validate.
I might have heard something like this in the past, have not seen it myself. I will pass this to a dev but, in general, I’m quite sure that as long as you explain why a trade takes more than one hour to your peer or the mediator when needed in a proactively way, you should have no fear of being penalized.
Instant trades are not as instant as they look unfortunately.