Quote from: LoyceV on Today at 04:55:03 PM

Quote from: pbateman1 on Today at 06:08:00 AM

Now that XMR.to has shut down, we feel a need to fill the gap.

Have you seen this project?

No, we haven't seen that project. To be honest, we aren't really looking at other projects. I am implementing what I WOULD want as a user experience, coming from someone who has exchanged millions of dollars in Monero over the past year.

Quote

There are not any (truly) trusted third parties to facilitate this in a fashion that does not require KYC. True.

Quote

But just like I wouldn't trust the project I linked above, why would I trust your project with any substantial amount?

Trust is something any party has to garner through action over a long period of time. The way I see it, we gain more by operating on millions of dollars of volume/day, as opposed to *potentially* stealing up to 100BTC for a one time gain that would totally ruin our reputation forever.

Quote

no KYC (under 99.99% of circumstances)

Quote

I've seen this go wrong on so many sites. Will you at least publish what triggers the remaining 0.01%?

In the event that funds are clearly/demonstrably stolen. Think 2019 Binance hack, or KuCoin hack. We would be watching out for those coins and return any of them if they came onto our platform.

Quote

We are using an API to source liquidity from our accounts

Quote

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, it does not. We will not directly be using an exchange to facilitate transactions. Of course we may need to use an exchange to adjust liquidity, but I expect to have enough not to do this on a frequent basis.

Quote

I've also decided that the max transaction size will be 100BTC/equivalent in the other asset.

Quote

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 is. Why trust anyone? Once again, trust is something you gain through behavior over a period of time. If nobody wants to do large transactions, that's fine. The capability is there, that's what matters. I'm paranoid, so if I were on a platform like this I'd do like 10 transactions of 10 BTC haha. That's at first at least.

Quote

I think this high limit is super important because it will give financial freedom and privacy to those who seek it.

Quote

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.

I have as well. I recommend the same. If you put your life savings onto a website that you have no knowledge, or at least personal relationship with... well that's incredibly foolish risk IMO. But we don't plan to mishand someone's life savings if it were to ever come into our hands. $5000 could be someone's life savings, so I take every exchange seriously.

Quote

There's really no good option as far as no-kyc instant swaps (especially large ones) for the pair go anymore.

Quote

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.

Yeah. They are. I don't think we'll have those issues. Time will tell though.

Quote

Now that Binance has restricted unverified accounts to 0.6BTC in withdrawals a day, things have become worse.

Quote

Actually, it's 0.06BTC (and about a week to go before the 2BTC limit gets lowered).

My bad- thought it was 0.6- 0.06 is 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.

Quote

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!

pbateman1

Posts

Merits