You lock your bitcoin. Based on that receive the fiat. Once you pay back your bitcoin will be unlocked. If you don’t pay back you can lost your locked bitcoin. It’s 2/3 multisig between you, counterparty and firefish (mediator).
If the price of bitcoin dumps you are prompted to increase collateral. In the worst case you will keep your fiat and counterparty gets your bitcoin with nice exchange rate 🥲
Hynek
npub1lz…hh86s
2025-04-20 10:55:36
in reply to nevent1q…j2g6
Author Public Key
npub1lz8xv2dnyryrk4vswkcgf52vqqzruqwuyp53s7pvusx4fef9fh2s7hh86sPublished at
2025-04-20 10:55:36Event JSON
{
"id": "6db699c78b53a66dc662622376d740648e3cc0ec212486749378c23ac0db1b7c",
"pubkey": "f88e6629b320c83b559075b084d14c00043e01dc206918782ce40d54e5254dd5",
"created_at": 1745146536,
"kind": 1,
"tags": [
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"content": "You lock your bitcoin. Based on that receive the fiat. Once you pay back your bitcoin will be unlocked. If you don’t pay back you can lost your locked bitcoin. It’s 2/3 multisig between you, counterparty and firefish (mediator). \n\nIf the price of bitcoin dumps you are prompted to increase collateral. In the worst case you will keep your fiat and counterparty gets your bitcoin with nice exchange rate 🥲",
"sig": "9b7dca272425435f8cc1d086960a7ee62c607df2ad772cfd10ea663e7ca69f71f2e39ababab4f14dbc846a14b364928e5b5542bab216614e2d6eda35170d6374"
}