Open Bazaar – decentralized Bitcoin marketplace • Hacker News Board

Open Bazaar – decentralized Bitcoin marketplace

#1

Post by amingilani » Sat, Jul 22, 2017, 12:25 PM UTC

Open Bazaar – decentralized Bitcoin marketplace
openbazaar.org

Re: Open Bazaar – decentralized Bitcoin marketplace

#2

Post by symlinkk » Sat, Jul 22, 2017, 7:11 PM UTC

It's not anonymous at all right now. I believe they're working on Tor support for the future however.

Re: Open Bazaar – decentralized Bitcoin marketplace

#3

Post by SpeakMouthWords » Sat, Jul 22, 2017, 7:12 PM UTC

How does the unit economics work here? To my understanding, BTC (even after SegWit) has non-negligible transaction fees. Is this site just eating into VC money to make things feeless?

Re: Open Bazaar – decentralized Bitcoin marketplace

#4

Post by avaer » Sat, Jul 22, 2017, 7:13 PM UTC

> How are there no fees and restrictions?

_Someone_ is paying the TX fees. Who? It can't be a single party, especially the developers, without betraying the decentralization.

> Pay with 50+ cryptocurrencies on OpenBazaar: Bitcoin, Ethereum, Litecoin, Zcash, Dash, etc. Seller receives payment in Bitcoin

How does this work without a middleman or central party?

Re: Open Bazaar – decentralized Bitcoin marketplace

#5

Post by wmf » Sat, Jul 22, 2017, 7:15 PM UTC

SpeakMouthWords wrote: post #3

How does the unit economics work here? To my understanding, BTC (even after SegWit) has non-negligible transaction fees. Is this site just eating into VC money to make things feeless?

I'm sure you still have to pay Bitcoin transaction fees. They should really say that there are no additional fees to use Open Bazaar since it is open source.

Re: Open Bazaar – decentralized Bitcoin marketplace

#6

Post by blairanderson » Sat, Jul 22, 2017, 7:18 PM UTC

Shouldn't need to be said, this does not remove fees from BTC/Ether transactions.

The feature is that it does not ADD fees to use the platform.

Re: Open Bazaar – decentralized Bitcoin marketplace

#7

Post by hdhzy » Sat, Jul 22, 2017, 7:21 PM UTC

I can't find details on dispute resolution. Are they using multisig escrow transactions like Silk Road?

Re: Open Bazaar – decentralized Bitcoin marketplace

#8

Post by omarchowdhury » Sat, Jul 22, 2017, 7:22 PM UTC

In the crypto-darknet community, the word is that this is where the drug trade is going to move to after the recent busts of the past weeks.

Re: Open Bazaar – decentralized Bitcoin marketplace

#9

Post by mtgx » Sat, Jul 22, 2017, 7:23 PM UTC

SpeakMouthWords wrote: post #3

How does the unit economics work here? To my understanding, BTC (even after SegWit) has non-negligible transaction fees. Is this site just eating into VC money to make things feeless?

I think it just means no "eBay-like fees". There should still be Bitoin transaction fees.

> OpenBazaar costs nothing to download and use. There are no fees to list items, and no fees when an item is sold. Because the trade is p2p (peer to peer), it’s happening directly between buyers and sellers with no middleman to take a cut from each sale. It’s completely free e-commerce.

https://www.openbazaar.org/features/

Re: Open Bazaar – decentralized Bitcoin marketplace

#10

Post by jstanley » Sat, Jul 22, 2017, 7:24 PM UTC

hdhzy wrote: post #7

I can't find details on dispute resolution. Are they using multisig escrow transactions like Silk Road?

You can choose an escrow agent at checkout time, or alternatively pay the merchant directly and take your chances.

I bought something off OpenBazaar just to try it out, I paid the merchant directly and the item arrived promptly. It was a positive experience and I'd use it more if there was more stuff available that I wanted to buy.