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Cash-To-NXT and NXT-to-Cash using reputation system
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Author Topic: Cash-To-NXT and NXT-to-Cash using reputation system  (Read 954 times)

SwissAlps

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Cash-To-NXT and NXT-to-Cash using reputation system
« on: June 13, 2014, 05:36:08 am »

I present here some ideas on how to BUY or SELL something, in this case, NXT without using the following :
  • bank account
  • gateway
  • another crypto, like BTC

Note that the proposed solution is agnostic, it is a reputation system, it is not about Nxt. I believe we can make a small client using the blockchain, make it in OpenSource, and that it would be thereafter very hard for an unfriendly power to stop these Cash-to-NXT and NXT-to-Cash transactions; probably impossible. Today, the gateways are very vulnerable; suddenly, their banks can lock their accounts, or forbid transfers, the reasons are easy to find, like moneylaudering, terrorism, etc..

What features the client program should have :
  • Peer to Peer
  • Use the blockchain
  • Use a set of reputation tools well described
  • Making it easy for a peer to find a BUYER
  • Making it easy for a peer to find a SELLER
  • The objectives are the total avoidance of going through a gateway

What do you think of that ?
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superresistant

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Re: Cash-To-NXT and NXT-to-Cash using reputation system
« Reply #1 on: June 19, 2014, 11:34:18 am »


Sorry for late reply.

I think the biggest flaw here is the trust between buyer/seller.

Mexxer

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Re: Cash-To-NXT and NXT-to-Cash using reputation system
« Reply #2 on: June 19, 2014, 02:05:35 pm »

Something like this would need an automated escrow service to eliminate the trust issue.
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devphp

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Re: Cash-To-NXT and NXT-to-Cash using reputation system
« Reply #3 on: June 19, 2014, 04:15:35 pm »

There are localbitcoin, localdogecoin, locallitecoin sites, now someone should set up localnxt website. Not trustless, but good enough.
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msunxter

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Re: Cash-To-NXT and NXT-to-Cash using reputation system
« Reply #4 on: June 19, 2014, 04:39:11 pm »

The only way to accomplish, at the moment, is to meet in person, otherwise you would have to use some sort of gateway so transfer fiat. So I'm not sure your proposal solves the trustless fiat to nxt dilemma.

I think there is a startup in Spain that is developing a system on top of the Bitcoin blockchain that allows for the blockchain to act as an escrow service. Basically, you set down a deposit, say 10% of the total transaction, the other peer does as well. Then the transaction happens in steps. Each step is never larger than the deposit. So if someone backs out, you get their deposit, thus no risk. That is my understanding of the service, I may be wrong.
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rudeboi

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Re: Cash-To-NXT and NXT-to-Cash using reputation system
« Reply #5 on: June 19, 2014, 05:42:08 pm »

At the moment no one has come up with any way a decentralised reputation system could function without being easy to game.

Generally you need someone to moderate feedback to prevent misuse, but then isn't decentralised.

When local bitcoins add Nxt it will be a good day.
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