Unresponsive buyer

Support
1

I’m BTC seller as taker (selling BTC for fiat), the current status is waiting for buyer to start the payment.

  • 24 hours after starting the transaction, I ask buyer if they have sent the payment via chat, no response.

  • It is now 48 hours after initiating the transaction. No payment and no response from the buyer.

  • “Remaining time” is displaying as 6 days.

I’ve not experienced this before, so I’m checking I understand the next steps;

  • Wait for 6 days. If no response, open mediation.

  • If buyer is still unresponsive, wait another 14 days (20 days from trade initiation BTC for fiat) for arbitration.

In this situation, where the buyer is completely unresponsive, will the mediator suggest that I receive 100% of their security deposit?

If it ends up going to arbitration because the buyer doesn’t agree or respond, would I receive 100% of their security deposit?

2

You’ve got it, you will be able to open mediation 6 days and arbitration 20 days since beginning of the trade.
You’ll probably not get 100% of buyer’s security deposit, but most of it.

BTW, looks like buyer is not interested in buying since the price went down lately (future or option trading).

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3

Thank you @MnM.

Its difficult to not get frustrated in this situation.

I’ve put up my bitcoin in the expectation that the counter-party will complete their end of the trade in a timely manner.
I don’t see it as particularly reasonable that because the other party is unresponsive, that my coin should be locked up for 20 days, when it should realistically either be exchanged for fiat within a few days or be cancelled and returned to me.

I hope that bisq penalizes them to the fullest extent, what a waste of time. If the other party changes their mind, just let us agree to cancel the transaction and move on. Or default cancel transaction if they don’t respond for a few days.
People messing around in future or option trading are fine to participate just as much as anyone else, but there has to be some kind of system in place to stop this situation where someone in good faith wants to exchange their bitcoin for fiat, and through no fault of their own has to keep bisq open for 20 days and hope that they get their coin back because the other party is unresponsive.

4

I’m not sure if banning their Bisq account should be considered. I find it abusing some centralized privileges admins have over the network, but they can be overrided by nodes and this buyer has broken the protocol by not settling this trade.

Why would you let go your counterparty when it’s not responding without penalizing him, specially suspecting that he’s taking profit by not paying for this trade?
This is what security deposits are made for. Security deposit - Bisq Wiki

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5

I think the full deposit should be forfeited in this instance, rather than banning, as its trivial to create new accounts.

My point is that if it becomes apparent within 24-48 hours that the other party is not going to complete the trade, there should be an option to just simply move on - dissolve the transaction. In my instance I would rather have cancelled with not taking their deposit.
But now as it becomes apparent that I will be waiting 6-20 days, I’m wanting their full deposit for the inconvenience.

6

Creating a new signed account to buy it’s not trivial.
He will probably loose all the security deposit. Allowing traders to simply cancel and move on would make future trading even more profitable, and data mining too cheap.

7

Hi @wisey39083

Sorry to hear you have had a frustrating experience.

The guidelines for buyers late with payment are as follows:

The buyer does not make payment in the trade window

If late, the buyer loses the following; 0-24 hours late: Buyer loses 5% of the trade amount., 24-48 hours late: Buyer loses 10% of the trade amount, 48-72 hours late: Buyer loses 15% of the trade amount,

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