Bitmarkets decentralized market intro video released

[stevedekorte]

Here's the video:

    https://vimeo.com/135888102

Bitmarkets is an anonymous decentralized market based on two party mutual security deposit escrow.

It's fully peer to peer (no central servers), no fees, no middle men, no altcoin,
built on Bitmessage, Bitcoin and Tor, open protocol and source, working today.

website: http://bitmarkets.org

slides: https://voluntary.net/bitmarkets/slides/Bitmarkets.pdf

white paper: https://voluntary.net/bitmarkets/whitepaper/

I'd be happy to answer any questions and hear your thoughts on it.

[-Lux-]

Here's the video:

    https://vimeo.com/135888102

BitMarkets is an anonymous decentralized market based on two party mutual security deposit escrow.

It's fully peer to peer (no central servers), no fees, no middle men, no altcoin,
built on Bitmessage and Bitcoin, open protocol and source, working today.

website: http://bitmarkets.org

slides: https://voluntary.net/bitmarkets/slides/Bitmarkets.pdf

white paper: https://voluntary.net/bitmarkets/whitepaper/

I'd be happy to answer any questions and hear your thoughts on it.

Still a fail still uses bitcoins and still not anonymous

[stevedekorte]

Still a fail still uses bitcoins and still not anonymous

Let me guess, you have some premined altcoins to sell us?

[-Lux-]

Still a fail still uses bitcoins and still not anonymous

Let me guess, you have some premined altcoins to sell us?

lol as if this shit is gonna fail just like every other thing going on here

[stevedekorte]

Still a fail still uses bitcoins and still not anonymous

Let me guess, you have some premined altcoins to sell us?

lol as if this shit is gonna fail just like every other thing going on here

There's no profit motive or investment and we work on this for fun so there is nothing to lose.
I'd be happy even if it only inspires people to think about and work on these problems.

Btw, I think you did some nice design work on the Shadow website. Are there screen shots of the app somewhere?

[AtheistAKASaneBrain]

How does this compare to other p2p services such as conffeine or openbazaar? I've been waiting for ages the day I can properly buy bitcoin through p2p without intermediaries, hopefully without getting scammed..

[eerygarden]

Well this appears completely out of the blue. I've been eagerly anticipating openbazaar's release for months and then Stevey Newbie comes along and says here you go, I built it first.

I just watched the video on vimeo. Is the multi sig wallet explained in the video the only means of payment? I'd like other options, such as direct payment and escrow options.

I am keen to see reviews by more trusted users and a windows release.

Well done!

[stevedekorte]

How does this compare to other p2p services such as conffeine or openbazaar? I've been waiting for ages the day I can properly buy bitcoin through p2p without intermediaries, hopefully without getting scammed..

Basically, Bitmarkets is based on two party escrow and focused on privacy. Other markets rely 2of3 multisig and escrow agents but 1) agents have no means of fairly resolving disputes (as they only have one person's word vs another) and 2) 2of3 exposes the user to exit scams as both other signers may be the same party (this has happened many times in dark markets using 2of3).

This is covered in this slide deck: https://voluntary.net/bitmarkets/slides/Bitmarkets.pdf

It's possible to use this system to exchange cash for cryptocurrencies by physically mailing the cash while being confident the other party will sign the payment once the cash is received as they will otherwise lose their deposit part of the transaction.

[eerygarden]

It's possible to use this system to exchange cash for cryptocurrencies by physically mailing the cash while being confident the other party will sign the payment once the cash is received as they will otherwise lose their deposit part of the transaction.

Presumably the security deposit will be of a smaller sum than the cash being sent?

[harrymmmm]

It's possible to use this system to exchange cash for cryptocurrencies by physically mailing the cash while being confident the other party will sign the payment once the cash is received as they will otherwise lose their deposit part of the transaction.

Presumably the security deposit will be of a smaller sum than the cash being sent?

The video says it's the same amount.
I wonder if users can agree to adjust that tho.

[harrymmmm]

Bitmarkets is an anonymous decentralized market based on two party mutual security deposit escrow.

It's fully peer to peer (no central servers), no fees, no middle men, no altcoin,
built on Bitmessage, Bitcoin and Tor, open protocol and source, working today.

I watched openbazaar from the start, through many 'refactorings' and design changes (mainly networking problems.
It is truly a disappointment, but did have lessons to be learnt.

Bitmessage is a horrible bandwidth black hole, for example. I can't see you getting to ebay sized traffic with that. How do you keep it under control?

Tor and anonymity are definitely a plus. OB seemed to steer away deliberately from this, despite it's origins as a darkmarket.

I believe OB has decided to allow 2 party transactions, reluctantly, but I don't know if there will be a security deposit mandated.

Overall, this looks like a job well done. It's a pity it didn't get more notice earlier.

[stevedekorte]

It's possible to use this system to exchange cash for cryptocurrencies by physically mailing the cash while being confident the other party will sign the payment once the cash is received as they will otherwise lose their deposit part of the transaction.

Presumably the security deposit will be of a smaller sum than the cash being sent?

The video says it's the same amount.
I wonder if users can agree to adjust that tho.

The seller puts up 1x the price of the item and the buyer puts up 2x (1x for deposit, 1x for payment). These amounts aren't adjustable yet. The white paper explains why we choose a 1to1 deposit ratio.

[stevedekorte]

I watched openbazaar from the start, through many 'refactorings' and design changes (mainly networking problems.
It is truly a disappointment, but did have lessons to be learnt.

Bitmessage is a horrible bandwidth black hole, for example. I can't see you getting to ebay sized traffic with that. How do you keep it under control?

Tor and anonymity are definitely a plus. OB seemed to steer away deliberately from this, despite it's origins as a darkmarket.

I believe OB has decided to allow 2 party transactions, reluctantly, but I don't know if there will be a security deposit mandated.

Overall, this looks like a job well done. It's a pity it didn't get more notice earlier.

Thanks! We're not committed long term to Bitmessage, but it looked like the only practical and working solution at the time. We'd be happy to move to any solid working solution for messaging that's an improvement over Bitmessage and can maintain privacy&anonymity, scale to our needs and address the problem of spam (Bitmessage does that via proof of work stamps).

[-Lux-]

I watched openbazaar from the start, through many 'refactorings' and design changes (mainly networking problems.
It is truly a disappointment, but did have lessons to be learnt.

Bitmessage is a horrible bandwidth black hole, for example. I can't see you getting to ebay sized traffic with that. How do you keep it under control?

Tor and anonymity are definitely a plus. OB seemed to steer away deliberately from this, despite it's origins as a darkmarket.

I believe OB has decided to allow 2 party transactions, reluctantly, but I don't know if there will be a security deposit mandated.

Overall, this looks like a job well done. It's a pity it didn't get more notice earlier.

Thanks! We're not committed long term to Bitmessage, but it looked like the only practical and working solution at the time. We'd be happy to move to any solid working solution for messaging that's an improvement over Bitmessage and can maintain privacy&anonymity, scale to our needs and address the problem of spam (Bitmessage does that via proof of work stamps).

im just in investor in sdc.. but bitmsg is a no no shadowcash on the other hand .

Is 1 year old.
Has it’s own in-house cryptographer
Has 2 full time developers
Is the first bitcoin based coin with working ring sigs
Is the first crypto currency anywhere to have 2 coins on it’s blockchain that are inter-changable without third-party help. 1 public, 1 private
Started out as a Script coin and later became a SHA-256 coin
Uses PoSv2
Developed it’s own encrypted chat system (not based on bitmessage)
Developed the first HTML5 client GUI

[stevedekorte]

im just in investor in sdc.. but bitmsg is a no no shadowcash on the other hand...

I'm a bit disappointed that in both of the posts I've made about Bitmarkets on the bitcointalk.org forums, most of the responses were about altcoins. Is there a subforum specific to Bitcoin that I should be posting to instead?

[batesresearch]

Why is everyone against this? Has everyone seen the video?

The idea is brilliant!

[-Lux-]

Why is everyone against this? Has everyone seen the video?

The idea is brilliant!

its not FUCKING DECENTRALIZED bitcoin is not anonymous lol

[tungfa]

hey there
i try to get it running on my mac and it is updating since quite a while
are you guys available anywhere else than here ??

reddit
IRC
?