P2P Trading - Is it Good or Bad?
Nov. 13, 2023
To answer this question, I first need to define myself: am I a microscopic actor or a macroscopic actor? A microscopic actor tries to maximize their own individual gains. In contrast, a macroscopic actor is concerned with the overall performance and behavior of the entire economy, acting to maximize the common good even if it infringes on individual profit.
I belong to the former group. Some may call me selfish, but it's a matter of prioritization, not a willingness to take what doesn't belong to me. It's wrong to exploit public goods for personal benefit. So, would P2P trading be beneficial to me?
Initially, P2P trading seemed inconvenient and dangerous. For someone like me, accustomed to the modern banking system, opening up to the idea of meeting a complete stranger and conducting a transaction in person looked challenging. The process is indeed inconvenient and risky, lacking a guarantee of safety or a central body to mediate in case of legal issues. Despite these concerns, both Bitcoin and BTCMobick are designed for person-to-person trading, a design choice that puzzled me until recently.
Looking at the crypto market, it resembles traditional stock markets. Users fund an exchange account and begin trading, opting to trust their chosen exchange with their money rather than using self-storage wallets. This makes Bitcoin appear similar to traditional stocks, which is a misconception. Bitcoin is fundamentally different; it was designed as a powerful weapon against tyranny or collective government. Bitcoins in an exchange's wallet deviate from this purpose because the government can seize your assets at any moment. Without self-custody, you surrender your only weapon of protection.
While Mobick is not listed on any exchanges, its daily trading volume surpasses $100,000. Some transactions are visible through traders posting their volume and prices, while others remain off-the-record. Friends and active community members, once identifying each other through previous transactions, no longer feel the need to meet in person.
Additionally, you can send and receive Bitcoin via Mobick paper wallets. If you can keep the paper wallets safe, there's no need for expensive hardware wallets. Unlike hardware wallets, paper wallets are unhackable, making them a secure means of transporting Bitcoin in and out of countries hostile to crypto trading.
This project has flipped my perspective on face-to-face trading. In my view, BTCMobick will continue this way even if a DEX opens. While a DEX is a form of direct exchange, some people may prefer picking up the phone and talking to someone rather than staring at a faceless computer screen.
Mobick's founder, Taemin Oh, predicts that the original paper wallets used in local airdrop events will be valued higher than commercially available ones. He suggests they will be exchanged at a premium and used by the super-rich as a vessel to transfer Bitcoin. The future will reveal the accuracy of this prediction.
A new app, 'Mobick Mania,' facilitates trading Mobick with strangers through multi-signature validation. A multisig wallet is a type of smart contract wallet requiring multiple signatures from different parties to authorize transactions, enhancing safety. The iOS and Android versions for Korean customers are available now, with international version in the pipeline. I eagerly await the international version, enabling everyone on the planet to purchase Mobick safely.
https://apps.apple.com/kr/app/mobick-mania/id6466781851 [iOS]
https://play.google.com/store/apps/details?id=com.btw.mobickmania&pli=1 [Android]
In a few years, many DEX and even CEX will attempt to list this crypto asset. However, P2P trading is likely to coexist with other transaction methods. For a businessperson seeking to move wealth outside China or another hostile country, Bitcoin is their sole option. Since BTCMobick has the world's only active P2P trading community, they will have no choice but to use it as a vessel for Bitcoin transfer.
Bitcoin cannot be halted by a flimsy measure like the crypto travel rule. As governments globally attempt to rein in Bitcoin, they will have to admit it's already too late. Satoshi Nakamoto took money from the hands of governments and returned it to its rightful owners: the people. Bitcoin will continue spreading through the very means he originally suggested: P2P trading.
#Bitcoin #Mobick #BTCMobick #p2ptrading #paperwallet