Topic - Atomic swaps

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1436d
I'm wondering how to make an atomic swap of an physical thing?
1436d
I too wish to buy 1 atom of pizza for 1 satoshi.
1436d
And yes I know that 1g of Hydrogen contains 6.02×10²³ atoms so even if you owned every last Bitcoin, at 1 sat/atom you could afford less than a microgram of the lightest element on earth.
1436d
that is not what i was thinking :P how to buy lets say a bike with atomic swap? how to do it?
1436d
If you can quantify it, the data can be swapped atomically. If the data is incontrovertibly tied to a physical object, functional ownership can be relayed atomically.
1435d
Seriously though, can anyone ELI5 Atomic swaps?
1433d
Nobody?
1432d
"The two parties would set up transactions on both sides such that when they both sign the transactions, the second signer's signature triggers the release of both."
1432d
"The second signer can't release one without releasing the other." https://bitcointalk.org/index.php?topic=1790.msg28917#msg28917 satoshi
1432d
what do you think atomic swap means? as i understand it is a few steps exchange (for example some 3 steps). 1 2 3. begin 1 2 3 done! if step 3 fails everything rolling back to pre-begin state.
1432d
doesn't sound cool? yes, nothing so cool if we trading on public exchange or trust each other. Atomic swap is a way to exchange(trade) without trust and without public exchange-escrow.
1432d
We just using functions of our private wallets (timelock and multisig), like Electrum for BTC, can setup our exchange in a way that there is only two possible results: 100% done or 0% done.
1432d
it's just atomic precise. there is no atoms teleportation :(
1432d
I don't get it.
hv_
1432d
First, we need to peg some other coins or fiat on BCH. Colored Coin. For fiat it needs a physical institution that insures that, IMO.