Incognito Fiat to XMR

Haveno raised a lot of XMR off the promise to somehow accomplish anonymous fiat to xmr trades.

That seems to be on hold now because they said the price of Monero has gone down too much to pay developers. I think Incognito could grow rapidly if it found a way to do this first. What do you think? Is it possible?

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AFAIK Haveno is going to be a more secure XMR based version of BISQ no? Could that be mimicked inside the incognito app?? Maybe! dunno!

So what is it?

  • basically a Peer-2-Peer exchange with pXMR or maybe even PRV as the base currency.

What does it take?

  • we would need a p2p chat functionality for peers to safely communicate
  • an escrow service smart contract of some kind
  • a bulletin board style classified broadcast system where offers can be posted

so far for the technical requirements, then we’ll need some community recruited trusted moderators and dispute clearance board.
At that point we would have hybrid localmonero/Haveno in App P2P FIAT to Crypto Market.
That would be a blast. And I don’t see why this should not be possible.

I like your idea, mate!

If that were to be live before Haveno has its funding back, that would be a real booster.

Skål Freyr

------edit: spelling and format

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I wonder if escrow for fiat could be done? That would eliminate the need for communication and trust. A new user on localmonero finds many offers from people selling xmr for fiat, but all require a high reputation score from previous trades. Removing that barrier would be huge.

Only the crypto party can escrow, something like this:

I found some dirty fiat and want to get rid of it, I post an ad one the pP2P-Board. “Buy 200 PRV for 100 USD” … someone is willing to trade, contacts me, we agree, the Crypto-Seller puts the 200 PRV in escrow, and provides me with the address, where to send Benny (100 USD). Once the letter is received, the recipient releases the 200 PRV …
To make sure that the letter is secure, it is insured and registered. The packing of the fiat in the envelop is video recorded and the unpacking as well, in case of dispute, these videos have to be provided.
The other way works correspondingly … post ad I give xyz PRV for abcd FIAT …
that would basically be it.

What localmonero also asks for from their active posting users, is a security deposit of I think at the moment min 3 XMR, something like this could be implemented as well, so you can not trade more value at a time as you have deposited securities and in case of misbehavior the security can be used to settle. But generally actors behave.

Let me know what you think …

Skål Freyr

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