Hi all, I have redesigned the purchasing algorithm by cash by mail, I think it can now work in an environment like Bisq
It would work like this:
Seller offer 1 BTC, deposit 0.03 BTC
Buyer takes offer, deposit 1.003 BTC
Buyer send cash by mail
The seller receives the money and signs the transaction
The buyer receives BTC from the seller and recovers his deposit
Seller recovers your deposit
The Seller does not receive the money
The seller marks the transaction as Not Received
The seller informs the referee about it.
The referee takes the buyer's deposit
The referee takes the BTC from the seller
The referee returns the deposit to the seller
The seller does nothing and the transaction ends
Buyer's deposit passes to arbitrator
Seller's BTC passes to arbitrator
Seller's deposit passes to arbitrator
The buyer can not exert any pressure. If you send an empty mail, the seller would choose the option with least losses (NOT RECEIVED), and at least recover their deposit. The buyer would lose his large deposit. No one would do that.
The seller can not exert any pressure: if he receives the money and decides not to sign, the transaction will end on time limit and he will lose his deposit and his BTC.
From the moment the offer is accepted, the parties are bound to cooperate with each other, under penalty of suffering serious losses.
The NOT RECEIVED option means sending a notice to the referee to make this option somewhat more complicated than simply signing the transaction. Thus, if the seller receives the money, the easiest and most direct way is to sign. The referee may request an explanation from the parties although, given the difficulty of proving anything in that environment, usually, unless you see it very clearly, always choose to execute the options described.
It is imperative that there is no communication between the parties to avoid extortion or social engineering scams. Envelopes, ordinary mail, should not enter the true address of the user, to avoid such responses.
In order to avoid serious losses to the parties, in case of lost mail, this option could be limited to small quantities, such as 0.2 BTC.
Well does anyone know of how to crack this system?