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@ OpenMonero.com
2025-03-01 13:58:43
That exactly how openmonero works; Quote from the interview recorded on simplifiedprivacy
The minimum requirement of 0.35 XMR security deposit for sellers on OpenMonero is there to help cut down on spam offers. While it’s not really meant to fund an offer, you can still use it for that (or just fund the difference) as long as the buyer’s trade request is no more than the security deposit.
Both the seller and the buyer can cancel a trade request if they feel like the other person isn't trustworthy since no xmr is locked at this early stage. Right now, the seller is chatting with the buyer and checking out their reputation, looking at things like how long they've been registered and what kind of feedback they've received. Should all evaluations meet satisfactory criteria, the seller has the option to secure an arbitration bond utilizing either an internal wallet (security deposit) or an external wallet (such as Cakewallet, Moneroju, Feather Wallet, Monero CLI Wallet, etc.)
For big trades, the seller might choose to fund the bond from a separate external wallet to avoid any potential scams from the arbitrator right from the start. On the other hand, for smaller trades, its usually easier for the seller to just use the internal wallet (security deposit) for the bond. By allowing both types of wallets for funding, the platform strikes a good balance between keeping things liquid and secure.
If there weren’t an option for external bond funding, there's a chance that an arbitrator could run off with all the money. But because funding is done manually, it really cuts down the risk of good exit scams or bots locking up coins.
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