Quote from: whored on April 21, 2016, 07:33:34 PM

Quote from: Andre# on April 21, 2016, 07:19:56 PM

Quote from: Elwar on April 21, 2016, 05:21:42 PM

Quote from: Equus on April 21, 2016, 04:50:47 PM

Quote from: BitconAssociation on April 21, 2016, 04:32:00 PM

Quote from: Hunyadi on April 21, 2016, 04:25:50 PM

...
You can use SEPA, OKpay, etc. The exchange is just starting, but it has lots of potential. At least, it is impossible to take down.

ELI5 who I wire actual irl money to, and why it won't get stolen immediately.

1) The bitcoins are programmed to be released only when two of three people agree that the money has been received.
2) When the money gets to your bank account you and the buyer release your coins.
3) If you lie about it, the buyer and a random aribitrator release your coins.

Not sure that I would trust it...ÃÂ but seems legit.

Did this with a SEPA transfer on bitquick once. The guy sent me 180 euro. I saw the transfer go through to my account. I released the bitcoins.

2 days later my bank calls me and says the person's account that sent me the money was hacked and that they needed to refund the 180 euro. Nothing I could do at that point.

Sounds like:
I sold a table once. The guy paid me 180 euro. I saw the bank notes fall in the palm of my hand. I gave him the table.

2 days later my central bank calls me and says someone's house had been burgled and the bank notes were stolen (they presented to me the list of serial numbers of the stolen bank notes) and that I had to give those bank notes back to them. Nothing I could do at that point.

Hence, it doesn't happen like that. If you can show you sold or exchanged something for that money, it's yours. No shopkeeper ever had to give money back because he accepted what turned out to be stolen money. Only if you knew the money was stolen, then you're in trouble. (e.g. asking and receiving a ridiculous commission for swapping BTC to cash raises the suspicion that you may have known it was fishy.)

It has happened a few times that scammers bought BTC from me while not paying for it themselves, but manipulating others into sending money to my bank account. I've never had to pay anything back, since I could always prove I was acting in good faith.

However, such scams are a possible threat to Bitsquare, because buyers and sellers are insulated from each other, which makes it difficult (if not impossible) for the receiver of fiat to assess the sender of fiat actually knows he is buying BTC. On the other hand, it also offers perfect deniability.

I can see how JJG could have gotten chumped, but Elwar does that shit all the time, he's the proverbial money changer. If Elwar could get pwnt like that, what of us mere mortals?

Seriously tho, check the context before replying. We're talking about the fail that is decentralized exchange.

I not only checked the context, I'm trading on Bitsquare now (two bids, two asks, one trade ongoing). It works like a charm, I'm impressed how mature the software is. No failing in sight, yet.