P2P Everything

in LeoFinance2 months ago

Hey Jessientrepreneurs

I often speak on the need to break the reliance on the centralised on-ramps and off-ramps of crypto and the importance of robust peer to peer markets.

At the moment we have apps like Localbitcoins and Paxful that offer peer to peer markets for excahgning fiat for crypto and vice versa. We also have apps like HODL HODL where you can create lending contracts on a peer to peer network.

But what about peer to peer markets in everything else, like eCommerce. Why don't we more markets where we can trade our skills, our goods and services, or items for crypto and vice versa.

I think having P2P markets are the way we really unlock the value sitting in cryptocurrency.

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Trasnaction volume doesn't tell the full story

Billions of dollars are flowing through the crypto market each day and yes it's creation value in terms of the infrustruvure being built to handle more people and those using their crypto wealth for real world application but it doesn't tell the full story.

We cannot see how much GDP is created per Bitcoin floating around, that to me is going to be a more important factor than price and will show us if we have a healthy crypto market in the future.

Having P2P markets will allow us to get a sample of the GDP generated through crypto as we could see things like sales and transactions for various goods and services.

Exclusion of a greater market

Right now if you're not a coder, marketer, content creator, strategist, trader, fintech entrepreneur, artist (with NFT's) then you're probably not going to be securing much of the value in the crypto market with your labour.

This current structure excludes a ridicouls about of people, talent and value from entering the crypto market and using their talents to enrich the market and make it more competitive.

Converting labour into crypto

At the moment if I want Bitcoin I need to work, generate a payment take that fiat money and convert it into Bitcoin. I make a loss on transferring my fiat to the exchange and then when I purchase Bitcoin, so a part of my productivity is lost int he conversion process.

In a P2P market, I set the price for my labour and I retain more the value ex mining fees ofcourse, if It were on the lightning network or a cheaper chain I can retain even more and have my bill settled instantly.

I can then turn around and use that same value and purchase something I want. P2P markets the more robust they get will make labour tradable in places and in ways we've never seen before.

It's a project I think has massive potential and something I personally want to work on in the coming years.

Have your say

What do you good people of HIVE think?

So have at it,, my Jessies! If you don't have something to comment, "I am a Jessie."

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It's one of the reasons why I like HIVE. No transactions fees internally. The only issue we pay for in P2P transactions is that we have to trust the other party. In an exchange, they take the place of the trustee and the fee is used to pay them for doing the transactions for you.

For example if you use LeoDex to transfer HIVE to HE, the fee is 0.25%. You could save on this fee by trading someone HIVE in your wallet and that person sending you an equivalent of SWAP.HIVE on HE. The biggest issue in this is the trust between both parties. So in this type of way, I understand the need for fees so long as it is small enough. But a fee like that in ETH is ridiculous and makes zero sense for small players.

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I don’t know hive’s structure well enough but I’m sure you can set up an escrow in a P2P model that releases on condition! Bitcoin has this with multi-sig so as long as 2 of the 3 parties agree the transaction is good to go!

The reason why I don’t see a big problem with the fees on ETH is because I don’t look at it in dollar terms I look at it in ETH terms so it’s always going to be a percentage of ETH the fact that ETH is now worth a a lot makes people think it’s expensive!

You could be using other chains that take a bigger percentage fee but because their token doesn’t have a high dollar value like TRON it’s seen as “cheap”

The fees are clearly not stopping people from using ETH and you going to pay a premium to lock into their network and tap into their security and liquidity same with Bitcoin

It’s like any product the cheaper you go the less security you have and that’s the same with blockchain

I just think people will find the solution that suits them! Hive is great for transactions but in terms of security or liquidity not that great

Yea I agree. The escrow model would work out if one was made. Its also true that HIVE isn't good in terms of security or liquidity.

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I saw a few projects talk about it one was Dlux, where you could place funds in escrow for trades and the other was hiveloans, not sure how far these projects are, I thnk the Hivehustlers guys also wanted to create a P2P labour market not sure where that is either

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Yes brother absolutely P2P everything This is our future and I'm more then happy to work towards this future with all the like minded people that understand the value this has and will have long term for society. P2P needs to be meta, within game theory this is a level of mutual coordination that benefits everyone!

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I'm with you man, lets get these rent seekers sucking value out of deals and driving up costs out of the equation, they need to go look for better ways to create value then stick their nose in other peoples business. I do home P2P becomes more popular I think this DEX and trading thing is just showing it is possible

Totally showing it's possible! Sometimes I even compare it to a simple good old cash transaction, from one person to another with no intermediary. The advantage here like you point out is that this can facilitate participation globally, instant trustless P2P transactions from one corner of the world to another. A thing of beauty.

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I used to wonder why I need to hold on crypto when I always have to convert it into Fiat money. Holding did not make sense as I can book a food profit when crypto price is high.
The reason was there was no P2P service to directly pay in crypto.
That’s need of the hour. Once we have good amount of dice arrangements more and more people will hold crypto just time Fiat.

The more this gains popularity the more people will insist on being paid in crypto and if not they'll convert the fiat themselves. I just think that it makes more sense to just send the crypto without having to switch in and out of fiat. I have HIVE and HBD if someone is selling food and they'll take HIVE or HBD why not?

This does seem like it would be a better model for us to migrate towards. I think that some more policies and laws need to be established for crypto before we can get to that point. Even as recently as three years ago it was a risky venture to get fiat moved into crypto, often requiring back-alley transactions.

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I am not sure about the legal stuff, I wouldn't even know who to ask or where to look. I just see it like a craigslist/gumtree/ebay vibe buyer beware and you use it at your own risk versus paying the premium to use a 3rd party service.

So yes people will get scammed as always but I'm sure with a rating system and it kept on a blockchain, we can tag peoples addresses and you can have a rating per seller and buyer to drive more trust along with transaction history pulled from the blockchain

It won't be prefect by any means but I've done P2P transactions with people on HIVE, pop into a discord and we sorted it out ourselves

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Yeah, I have done something similar for some graphics arts work in the past. Talked on Discord, paid in Hive. Got my file. It was really seamless and easy. There are already some P2P trading platforms. I can't remember the names of them now, but I know I have seen commercials on TV.

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Like crypto P2P platforms or general freelancers like Upwork and Fivver?

No, it was more of a Craig's list type thing. Ah, I remember now. Let Go

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Well it would be nice if we could have a closed crypto economy like you mentioned earlier without having to keep converting back and forth with fiat. Think it will happen within the next five years.

I think 5 years is fair time frame, as more money gets sucked into crypto, people will want to use it and the shlep and tax implications are going to attract commerce, it just has to. not too long ago websites didn't even have eCommerce functionality, now its the standard

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I will take anything for decentralization. Decentralization moves things forward even if it's not fast but it's better. I actually like the P2p thing. I have been using p2p since I started back in 2017.

It's so sad that the crypto space does not really give room to doctors and professionals... What can I say? I will have to do both part

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I don't care about proffesionals, more often they have access to banking and investment and can get along with fiat. I care about those who don't get special bank treatment because they don't seem profitable for banks, these are the people we need to be getting into crypto and helping them bypass the banks.

No African country has a good currency and that has been a pain of the continent but also gives us the opportunity to all move over to Bitcoin. Imagine Africa where we use Bitcoin, I can buy stuff from Jumia or Konga in Nigeria and have it shipped to me, I can travel to Tanzania on holiday with the same currency, it will make things far easier

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thank you very much for the post and information, have a great day

Thank you very much for the information, have a good day and a great mood