🍑Public Service Announcement for the peaches who waited too long for their sats this weekend 🍑
GroupHug, our transaction batching system, was skipping transactions that couldn't match the current fee rate at batch time. Problem: fees spike, your tx gets left out, waits 24h, fees spike again, repeat. Very unlucky. Some of you waited up to 5 days. Not acceptable. Sorry.
Fix applied: we stop skipping, and include all PSBTs. When fees drop back, your tx confirms. If they don't come back down for too long, we'll CPFP it.👨👦👦
Your sats were never at risk. We just need GroupHug to actually hug everyone.🤗🍑
Happy stacking yall
How well a trade proceeds mostly depends on your trade counterpart behavior.
Answering fast ? Good
Speaking clearly ? Good
Staying predictable ? Great !
Now while these traits are not particularly difficult to adopt, new users may need a little bit of practice to integrate these. Therefore the trade is more likely to be prolonged, or not go through at all.
Its more risky!
Which means trading with a new user may require a different kind of approach.
Typically :
- lower amounts
- higher premiums
- an adjusted level of patience
Quite different that what one would set with the expectations of "good" behavior from experienced counterparts. For arbitrageurs, it would be easier to clearly separate the two kinds of offers. This why we're introducing the possibility to craft offers only for specific experience levels.
This will allow three things :
- arbitrageurs can organize their offers more thoroughly
- new users may find offers more easily
- create offers for experienced users only without needing the "instant" feature
Right now, the scale is binary. Less than 4 trades ? New user. More that 3 trades ? Congratulation, you've been promoted to "experienced user". You have gained access to more liquidity. More is expected of you so be careful, the mediators may not be so tolerant on bad behavior.
This is what the new cards will look like.
How to set it up : in the offer creation process, toggle the experience level on. Then chose your target.
If needed, check-out Alex's short explanatory video : 
exactly what's new:
1 - new accounts will generate a PGP Keypair based on their Seed Phrase.
2 - Payment Details are encrypted and backed up to the Peach Server
Why we're doing this:
We are starting the process of moving away from the file backup. We want to make the peach account fully recoverable with the seed alone. It will be much more practical than keeping a file.
This will also address the problem of having the same Peach account on 2 different phones but have different payment methods on each phone, which leads to errors. Your PGP key will be derived from your seed (if you are creating a new account) and your Payment Details will be encrypted by you and stored in the Peach Server (as always, we can't decrypt them, only you can).
If you are an existing user, stay tuned to know how to take advantage of this.
3 - Transaction IDs are copiable (thanks Anton for the suggestion!)
4 - Buyers are informed they will enter a trade with MPesa (Revolut & Wise) Sellers
Since we enabled M-Pesa as a version of Revolut and Wise, we added some extra warnings for Buyers to be aware that the Seller is expecting the M-Pesa version of the payment, plus a very clear indication: the Buyer *only* pays the amount shown on the Peach App. Nothing more, nothing less. Extra fees from the transfer are on the seller to bare.
Thanks for using Peach everyone !
