Re: BTC-XMR Instant Swap Project (Looking for team members)
Now that XMR.to has shut down, we feel a need to fill the gap.
Have you seen this project?No, I haven't looked into any potential competitors too much. I'm implementing the version of this concept that I, as someone who uses this functionality to quite a large tune, would want ot experience.
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There are not any (truly) trusted third parties to facilitate this in a fashion that does not require KYC.
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True. But just like I wouldn't trust the project I linked above, why would I trust your project with any substantial amount?
Like I said, we have to gain trust through our actions over a long period of time. There is no other way to do so.
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no KYC (under 99.99% of circumstances)
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I've seen this go wrong on so many sites. Will you at least publish what triggers the remaining 0.01%?
Think a Binance (2019) or KuCoin hack scenario. If any coins that we know are stolen come onto our platform, we will return them to their owner.
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We are using an API to source liquidity from our accounts
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Does that mean you'll use other exchanges to make the trade? If so, how can you be sure they won't freeze a transaction?
No we won't be using an exchange to facilitate transactions. There may be the need to adjust liquidity via an exchange, but user transactions are not going to be routed through an exchange.
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I've also decided that the max transaction size will be 100BTC/equivalent in the other asset.
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That's 4 million dollars. That's quite a lot of trust to ask without any reputation while being completely anonymous. I've seen sites pull exit scams for a lot less.
It could also be large enough to adjust the market price on whatever exchange your API uses.
It could also be large enough to adjust the market price on whatever exchange your API uses.
We're not asking anyone for 100BTC, the option is there for people to freely use. I stand behind my word. If nobody utilizes that limit, so be it. We aren't concerned with *potentially* stealing 100BTC from someone for a one time gain. There is more to gain by doing millions a day in volume over a long period of time.
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I think this high limit is super important because it will give financial freedom and privacy to those who seek it.
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I've seen people lose their life savings to a single site. I can only recommend not to trust anyone with more than you can afford to lose.
Totally agreed. Never send any third party more than anything you're willing to lose. Mistakes happen, and people are inherently dishonest.
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There's really no good option as far as no-kyc instant swaps (especially large ones) for the pair go anymore.
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There is of course a reason for that: exchanges that aren't completely anonymous have to follow regulations, and authorities are cracking down on them.
They're under big scrutiny due to their size. I don't think we'll have that issue (at least at first)
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Now that Binance has restricted unverified accounts to 0.6BTC in withdrawals a day, things have become worse.
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Actually, it's 0.06BTC (and about a week to go before the 2BTC limit gets lowered).
My bad-thought it was .6, wow that's really bad.Quote
I am also considering letting the general public earn a part of the spread by depositing with us and providing liquidity if the site gains enough traction.
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I've only seen "bankroll funding" on casinos, I don't think I've ever seen it on an exchange. But again: you'll need to earn a lot of trust first.
Hopefully one day!
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Good luck 
Thanks!