Hi everyone, a quick word from us: Over the past couple of weeks we've seen that there are some users who swap some bitcoins in and immediately swap the same amount out again, which usually results in them getting their own inputs back as that is the most optimal solution our coin-selection can come up with.
Now we could and probably will disable our coin-selection from allowing the newest inputs to be used in a withdrawal at the cost of some efficiency, but here's what you can do yourself to increase your privacy:
We recommend that you either hook out partial amounts totalling your deposit, wait a bit for your funds to be used by other users, or for you to reverse swap your bitcoins out using a trustless third-party such as
BOLTZ.exchangeThe latest works as follows:
1. Deposit bitcoin normally using one of your deposit addresses.
2. Generate a swap from LN-BTC to BTC on BOLTZ.exchange
3. Pay the lightning invoice by pasting the invoice in the "Send" field.
You will immediately receive the
BTC on the bitcoin address you gave them. This swap with boltz is completely trustless. Unfortunately boltz does charge a 0.5% fee.
This is really just a temporary solution until we get more users in which case this will gradually become less of a problem.
Unless you forget about them for too long. How about an alternative: instead of expiring instantly at a certain moment, could you charge a daily fee for storing the value of the giftcard? If you charge for example 0.02% of the value per day, that amounts to 7% per year and in exchange giftcards never have to expire.
We have more or less implemented this, however, due to the nature of the custodian it will be hard to make this backward compatible
which is why we have decided that the wipe will continue as planned.
We estimate that there currently is still between 0.002 - 0.01
BTC deposited by users that has not been withdrawn yet, which is why it doesn't make much sense for us to code in some exceptions that will barely if ever be used.
After this wipe we will make use of our new system which gradually decreases the value of a coin as time goes by. We're currently thinking this to be roughly one percentage point every 4 weeks with a 4 week grace period, so you will always have
at least 4 weeks to spend your coins without any additional fees.
Let us know if you have any questions about the nature of the new business model or if anything needs to be explained in further detail.
Expect some downtime (12-24h) after
2022-01-01T05:00:00.000Z