how exactly does it work ?
The #bitcoin-otc marketplace is an unstructured marketplace where various offers to buy and sell can be listed. There isn't even a requirement that the trade involve bitcoins so there have even been trades like Steam subscriptions traded for Amazon gift cards, for instance.
Here's a view of the open buy and sell orders:
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http://bitcoin-otc.com/vieworderbook.php?sortby=id&sortorder=DESCTo help prevent against fraud, there is a reputation system called the #bitcoin-otc Web of Trust (WoT). Here's the list of the 1,500+ users:
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http://bitcoin-otc.com/viewratings.phpAll actions for the marketplace occur through IRC. The "front door" is the #bitcoin-otc-foyer IRC channel:
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http://webchat.freenode.net/?channels=#bitcoin-otc-foyerBut to access the marketplace you'll want to use a GPG key, register it with the -otc marketplace, and then hang out in the #bitcoin-otc channel:
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http://webchat.freenode.net/?channels=#bitcoin-otcThere is a bit of a learning curve if you aren't already familiar with GPG.
Here's a video tutorial on using the #bitcoin-otc WoT:
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http://www.youtube.com/watch?v=2HVSVIibZJcHere's a wiki page for the marketplace:
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http://en.bitcoin.it/wiki/Bitcoin-otc