fmar on Nostr: Is Robosats a Scam? After completing several successful trades with different ...
Is Robosats a Scam?
After completing several successful trades with different coordinators on Robosats, I think it's a promising platform with great potential. The concept is appealing, especially as a non-KYC exchange tool, and I genuinely hope it gains more users and achieves long-term success.
However, I've recently experienced situations where I felt I was unfairly penalized, resulting in the loss of my fidelity bond for posting an offer. So far, this has cost me around 30,000 sats.
Here are the offer settings I used:
Public duration set to 23:59
Escrow/Invoice time set to 8:00
These settings should ideally allow you to sleep without risking your bond. If someone accepts your order right after you've gone to bed, the 8-hour escrow time should give you enough buffer to wake up, pay the invoice, and complete the trade.
The issue is that if someone takes your offer close to the end of the public duration—say, with only 1 or 2 hours left—the 8-hour escrow timer does not extend the overall duration of the offer. If you’ve gone to bed with less than 8 hours left on the public timer, you might have less than 8 hours to pay the escrow invoice before the offer expires and your bond is forfeited. This essentially penalizes users for not being able to respond instantly.
This setup seems flawed, as it forces users to stay vigilant during sleeping hours, risking money if they can't respond quickly enough.
I’m unsure if this issue varies by coordinator. Most recently, I noticed this with the Temple of Sats coordinator, but I believe I’ve had similar issues with others.
If this is the intended behavior, it raises concerns about potential bad actors using automation to take orders right before expiration, betting that the trade creators won’t respond in time—causing their bonds to be lost.
Has anyone else experienced this on Robosats? Any advice on managing it?
KoalaSat (npub1v3t…yvjh)
After completing several successful trades with different coordinators on Robosats, I think it's a promising platform with great potential. The concept is appealing, especially as a non-KYC exchange tool, and I genuinely hope it gains more users and achieves long-term success.
However, I've recently experienced situations where I felt I was unfairly penalized, resulting in the loss of my fidelity bond for posting an offer. So far, this has cost me around 30,000 sats.
Here are the offer settings I used:
Public duration set to 23:59
Escrow/Invoice time set to 8:00
These settings should ideally allow you to sleep without risking your bond. If someone accepts your order right after you've gone to bed, the 8-hour escrow time should give you enough buffer to wake up, pay the invoice, and complete the trade.
The issue is that if someone takes your offer close to the end of the public duration—say, with only 1 or 2 hours left—the 8-hour escrow timer does not extend the overall duration of the offer. If you’ve gone to bed with less than 8 hours left on the public timer, you might have less than 8 hours to pay the escrow invoice before the offer expires and your bond is forfeited. This essentially penalizes users for not being able to respond instantly.
This setup seems flawed, as it forces users to stay vigilant during sleeping hours, risking money if they can't respond quickly enough.
I’m unsure if this issue varies by coordinator. Most recently, I noticed this with the Temple of Sats coordinator, but I believe I’ve had similar issues with others.
If this is the intended behavior, it raises concerns about potential bad actors using automation to take orders right before expiration, betting that the trade creators won’t respond in time—causing their bonds to be lost.
Has anyone else experienced this on Robosats? Any advice on managing it?
KoalaSat (npub1v3t…yvjh)