It will compliment users that want to use Haveno but do not have any Monero for the security deposit as it will be a way for them to obtain Monero easily.

It will also be useful for those wanting to trade Monero for no fees.

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[–] prancing389@monero.town 2 points 5 months ago (1 children)

So if you're selling Monero for Fiat, when do you send the Monero to the purchaser's wallet? Sounds like what LocalMonero does, but Element may not be the best tool to set up the bonds required. With recent litigation, who wants to take custody of anything is an open transaction for any length of time? Look forward to hearing how that is solved programmatically.

[–] baldeagle@monero.town 1 points 5 months ago

Monero buyers send the fiat first. Once the fiat has been received the seller will send the Monero. Just like Local Monero. No bonds are required for the Matrix rooms, buyers choose sellers with good reputations and keep trade amounts small. The Monero remains in self-custody of the seller up until payment is received. It is then sent to the buyer's self-custodial Monero wallet..

[–] SummerBreeze@monero.town 2 points 5 months ago* (last edited 5 months ago) (1 children)

You're doing this on the day Haveno has 2 competing markets launch?

[–] baldeagle@monero.town 3 points 5 months ago (1 children)

Haveno buyers and sellers need Monero security bonds to make a trade. This means Haveno traders need Monero before they can make or take an offer.

This proposal is an easy way to buy or sell Monero with no security deposit.

Think of it more of a replacement for Local Monero than competition for Haveno.

[–] Saki@monero.town 1 points 5 months ago* (last edited 5 months ago)

Maybe what you’re thinking is like an XMR version of Bisq's “Get your first BTC” room?

https://bisq.wiki/Getting_your_first_BTC This dilemma is real and understandable, while it’s not clear what would be the best solution:

For new users, Bisq requires between 0.002 and 0.007 BTC for traders to make their first trade: [...] It can be difficult for new bitcoiners to acquire their first coins, so this requirement is often a barrier for new Bisq users. The Get your first BTC room offers one possible way to get this initial bitcoin without signing up for a centralized exchange.

Basically the same thing for Haveno, I guess.