What is the point of a Haveno security deposit in case of a irreversible payment methods? (self.haveno)

submitted 3 weeks ago by hetzlemmingsworld to c/haveno@monero.town

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Placing an offer to sell my BTC and get XMR, it prefill 15% security deposit for both traders and this % is customizable. Why not to set it to 0% if both payment methods (BTC, XMR) are irreversible and why Haveno-reto does not set it like that automatically?

Existing offers of this currency pair usually has 15% or 40% deposit and the fee 1.8-20% which is also weird, I would expect people would be willing to trade like 0-1% just to cover the crypto. fees.

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[-] anesthesia@monero.town 4 points 3 weeks ago

Its not about reversibility.

Let's say you and me trade BTC/XMR.

When we start the trade, both security deposits + the trade amount in XMR get locked.

If I'm offering the BTC, then if I never send the BTC you just never release the coins. In this case you call the arbitrators, you prove you never received the coins, they will unlock the funds and since I am trying to scam you, you will get a refund of your XMR, your security deposit, but also my security deposit, so I lose the deposit.

If you are offering the BTC, let's say you send them to me but I claim I never received them. Then, again you call the arbitrators, you prove that you sent them to me, they will unlock the funds, and you will receive either your security deposit, or that PLUS my security deposit, or maybe even the whole trade amount (which were my coins, but I tried to scam you, so I lose them)

So the security deposits are in place to try to make it unprofitable to scam people in this situations.

Actually, since a bank transfer is reversible, security deposits do not really give safety in this case. We can do a trade normally, I send you 300$ and you send me 2 xmr, and I can contact the bank 2 weeks later saying someone hacked me and get my money back while I still hold the xmr. So this is always a risk. That's why cash is always better, but personally I have used haveno a few times and never got problems.

[-] hetzlemmingsworld 1 points 3 weeks ago* (last edited 3 weeks ago)

you will receive either your security deposit, or that PLUS my security deposit, or maybe even the whole trade amount

So the security deposits are in place to try to make it unprofitable to scam people in this situations.

So If I do not set a sec. deposit in my offer, then i still get mine and MAYBE your deposit, which makes it unprofitable already. Isn't it unprofitable just because the scam attempting user has to pay the transaction fee + risking his standard (non security) deposit? (we are still talking about irreversible exchange BTC/XMR)

[-] anesthesia@monero.town 2 points 3 weeks ago

You cannot set an offer without a security deposit. Minimum is 15% of the trade amount. You can specify an even larger percentage when creating the offer.

When taking the offer you must agree to whatever security deposit percentage the creator of the offer has set.

But the idea is that scamming in Haveno is unprofitable (or risky I guess) because you risk losing your security deposit, yes

this post was submitted on 27 Nov 2024

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