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Author Topic: [ANN] A mechanism to enable trustless crypto-fiat trading  (Read 107 times)
surbig83 (OP)
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September 17, 2020, 07:50:23 AM
 #1

I'd like to propose a way for the crypto community to decouple form the centralized exchanges.

It's a very simple mechanism and it can be implemented as a smart contract. It will enable trustless crypto-fiat trading i.e. you will be able to buy crypto using any fiat money, without KYC nor through any trusted medium.

I will explain the mechanism tomorrow.
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shuideshijie123
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September 17, 2020, 08:03:24 AM
 #2

crypto using any fiat money, without KYC?? Huh  mark it
surbig83 (OP)
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September 17, 2020, 03:37:01 PM
 #3

Assume we have two persons trading at this platform. User A needs to buy $1,000 in bitcoins. B is a random user who wants to sell his bitcoins. A and B don't know each other.

1. A and B have both both put down a deposit.
2. A and B trade on their own. (A transfers dollars to B. B sends bitcoins to A)
3. A and B rate the transaction. If both rate it as "happy", the Smart Contract awards both some tokens. If either party rate it as "unhappy", the Smart Contract deducts the deposits from both parties.

I'll explain why this would work tomorrow.
daunjuan
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September 20, 2020, 05:32:05 PM
 #4

You still need a gateway, if not then why not just use services of decentralized exchanges such as uniswap, ok not for BTC but still
surbig83 (OP)
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September 24, 2020, 02:45:11 AM
 #5

There is no need for a gateway. People's behavior can be dictated by only code rules (smart contract). This is a classic application of the Cooperative / non-cooperative type of game theory.
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