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Lower min deposit to 0.001 BTC #5326

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merged 1 commit into from
Mar 18, 2021
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sqrrm
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@sqrrm sqrrm commented Mar 18, 2021

Lower min refund to half of min deposit as it doesn't make sense to have
a higher min refund than the min deposit.

Lower min deposit to 0.001 BTC to be more reasonable in fiat terms. Would be good to change to use a fiat feed to determine this value in the future.

Implements suggestion in bisq-network/proposals#323

Lower min refund to half of min deposit as it doesn't make sense to have
a higher min refund than the min deposit.
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@ripcurlx ripcurlx left a comment

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utACK - I'll test it in-depth during backwards comp. release tests.

@ripcurlx ripcurlx added this to the v1.6.0 milestone Mar 18, 2021
@ripcurlx ripcurlx merged commit d34a732 into bisq-network:master Mar 18, 2021
@MwithM
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MwithM commented Mar 20, 2021

Mediators always have to leave 0.003BTC for one of the parties. Could you test that it won't be an issue?

@HeadyWook
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HeadyWook commented Mar 24, 2021

Has a scale been considered before? For example, if a constant price in fiat of $31.25 is desired then:

USD-----------------------------%BTC
$100,000,000 * 0.00003125%
$50,000,000 * 0.0000625%
$10,000,000 * 0.0003125%
$5,000,000 * 0.000625%
$1,000,000 * 0.003125%
$500,000 * 0.00625%
$100,000 * 0.03125%
$50,000 * 0.0625%
$10,000 * 0.315%
$5,000 * 0.625%
$1,000 * 3.125%
$500 * 6.25%
$100 * 31.25%
$50 * 62.5%
$10 * 312.5%
$5 * 625%
$1 * 3125%

What if there were some sort of scale used to determine minimum security deposit based on bitcoin price in USD (for this example) rather than again make a fixed minimum security deposit like before (i.g., 0.006)? If price goes up or down significantly, then another change will be needed if a static minimum amount is set with no scale, as proposed here with the 0.001 BTC. If security deposits were based on a scale, it would adjust as price changes. If the value of the security deposit changes significantly then the trade can be placed on hold until more collateral is deposited (price goes up) or returned (price goes down).

@HeadyWook
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HeadyWook commented Mar 24, 2021

Also, what is to happen to the smaller trades on Bisq with the current security deposit of 0.006 BTC?

For example, there is currently a trade up for 0.001 BTC but requires a security deposit of 0.006 BTC (600%!)

Perhaps the difference should be returned, allowed to edit, or moved to make another trade?

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Mediators always have to leave 0.003BTC for one of the parties. Could you test that it won't be an issue?

I'll test it and post my results here.

@BtcContributor
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Mediators always have to leave 0.003BTC for one of the parties. Could you test that it won't be an issue?

This has been adapted as well.
Now it is always 0.0005 btc.

https://github.com/bisq-network/bisq/pull/5326/files#diff-283bca2cb1b273b6c2f9a208191605540c51bfdca2d222dceacf82bc3b68f9aaR90

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5 participants