The idea of using the DAI stablecoin is specifically because it has low volatility. This allows you to have peace of mind knowing the value of the coin will be similar 1 week from now as it is today. This is similar to what fiat tries to do. In addition, you can earn more or less guaranteed interest without worrying if your coin's value will drop suddenly.


The reason I suggest avoiding such solutions is that you do not have custody over your funds, Binance does. As the saying goes, not your keys, not your coins. Therefore you are not your own cryptobank but rather you switched from one bank to another.

Medium Article:
https://medium.com/@happy_psyduck/how-to-be-your-own-bank-with-fiatdex-and-the-dai-stablecoin-6f53d930e950?sk=ea7e4f75888862eb9e847c8f82c58d45

This article describes how to setup your own stablecoin (DAI) based cryptobank using a decentralized peer to peer fiat gateway called FiatDex and decentralized lending protocols that earn interest.

Moved market and changed title

Your right. Closing this thread.

No manual audits done yet due to expense but AI powered audits performed that show contract threat level is low.

Moved thread to altcoin service discussion.

Can you guys share your thoughts on something like this? It is designed to be a decentralized fiat to stablecoin exchange.
FiatDex - https://github.com/happypsyduck/fiatdex-gateway/

Binance is correct. The recipient can use the USDT sent to him/her. Binance uses the ERC20 version of USDT. USDC is also an ERC20. The private key for both tokens will be the same. There is nothing Binance can do about it, it has already left their exchange. You must contact the recipient only to get this resolved.

Is there a way to buy cryptocurrency (particularly stablecoins such as DAI) with fiat money without using centralized exchanges or centralized parties (such as arbitrators, mediators, watchers) that is secure?

Something like LocalBitcoins but without needing a 3rd party when there is a dispute. The reason I ask is that even with these non-custodial peer to peer marketplaces, there is still a central point of failure that would bring down the entire market if it goes off line. For example, if the mediators fail to respond on Bisq, Bisq stops working in cases of disputes.

We all know about LocalBitcoins and that it was among the first peer to peer market places to exchange fiat for crypto. Now that there are many others, which do you prefer to use and why or do you use them all?

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Consider FiatDex as well. It is a new decentralized marketplace / smart contract. No middle-man or signing up required. Since its new, people will have to add to the offer book themselves.

Website: https://happypsyduck.github.io/fiatdex-gateway

Use FiatDex

FiatDex is a relatively new service ran on a trustless Ethereum smart contract that allows for two people to swap crypto for fiat without needing a 3rd party. This means no more middle-men and no more having to give out personal information to an arbitrator in cases of disputes. Instead, users work together to fulfill the terms of the agreement between each other. Using mutual collateral, both traders are incentivized to complete the trade otherwise they risk losing some of that collateral.

See more here:
Website: https://happypsyduck.github.io/fiatdex-gateway
Contract: https://github.com/happypsyduck/fiatdex-gateway
Whitepaper: https://happypsyduck.github.io/fiatdex-gateway/whitepaper.pdf

Due to a collateral requirement, both users need to have cryptocurrency initially, so it is not for those who are completely new to crypto but rather for those seeking to get more or cash out.

Not really, I mean there is one offer there right now where the person is willing to buy between 50-100 DAI with fiat. Other people can create other offers with different bid amounts.

Covid19 is not under control but humanity is now changing its mindset that they rather live with it than to lockdown.

Thanks for the feedback. There is no intent to move it to a centralized domain name / hosting as the hope is that users of the protocol run the site from their own localhost server. If they do that, it makes it more difficult to censor the protocol.

There is no minimum trade size to use the protocol. What you are referring to is an open offer to buy DAI using fiat. Anyone can create an open offer of any trade amount. The mail method on that offer means the desire to send fiat by mail in exchange for DAI.

Thanks for the feedback. There is no intent to move it to a centralized domain name / hosting as the hope is that users of the protocol run the site from their own localhost server. If they do that, it makes it more difficult to censor the protocol.

There is no minimum trade size to use the protocol. What you are referring to is an open offer to buy DAI using fiat. Anyone can create an open offer of any trade amount. The mail method on that offer means the desire to send fiat by mail in exchange for DAI.

Compound.Finance is a major decentralized lending platform that has a public use price oracle that we source. They already average the Ethereum price from major exchanges into that oracle.

Those who are good with price action trading will probably do well in this market.

Based on the Odds, the winner can earn up to close to 90% of the pot. The less likely the odds of winning, the higher the payout when winning. That payout is taken from the house pot and a 5% fee is taken from that. The payout is though, capped to the maximum ETH of either playing side.