Would you all be interested in a P2P exchange for Cryptocurrencies on the Safe Network? I feel like Localbitcoins is slowly becoming less popular.
Most definitely! But the network isn’t ready just yet.
I know just wanted to hear some opinions and prepare.
See also this thread, that I created.
And also this topic:
Hell yes I’m interested and I’m sure many others would be too.
If you don’t mind divulging, how in depth do you plan on making it? Would it be for currencies strictly native to SAFE or allow for blockchain and other DAG based coins? I’m not sure how the latter would work securely or anonymously.
What are your UI/UX plans? Plan on replicating or taking inspiration from any of the popular platforms currently out there?
Trading futures has become extremely popular though I’m not sure if that is something we want to welcome immediately. It will likely happen eventually regardless so. Not sure how that works in a P2P fashion besides likely requiring smart contracts.
I like the idea of a local bitcoins equivalent though, as any exchanging from fiat will require kyc aml stuff that will deanonymize and I think most drawn towards SAFE would have an appreciation for the option of anonymity.
Just some ramblings to give you something to chew on.
Is “Duh!!!” too simple a statement to embrace the concept?
Nope, I would be interested in safenetwork native smart contracts allowing exchanging tokens without central authority. Every centralized exchange on safenet will be worse than those on clearnet. If you make it anonymous without KYC, there is 0 guaranty people will get their coins back. If you make it legal business, than your exchange will have 0 advantages compared to clearnet. But it will have many disadvantages. Your exchange will be illegal in many countries just because you use safenet. Your exchange will be suspicious to authorities. You can steal coins and people will have problem to proof they used your exchange, since all communication is anonymous. Simply nobody will trust you that you are doing legal business even if you do. And you will not be ably to comply with anti money laudering laws. Of course there is a space for very risky anonymous exchanges, where people will exchange small amounts. But sooner or later all of them will end up as scam. They have to, it is how it worked with all BTC anonymous services in the past. Trusted anonymous centralized money service is impossible.
True… but, reputation goes a long way. Even if its entirely anonymous, in time we will know who to trust.
I presume exit scams will be rife so I see your concerns.
I’d like to see one site combine a DEX with a localcoin style p2p … then can swap coins and trade for fiat all in one place - there would be a lot of synergy in a site like that. Currently existing DEX’s suffer from very low volume, so any additional things that a DEX site could add would boost it’s volume IMO.
But in any case, yes please, build whatever you can for SAFE!
I think localbitcoins style could work, I don’t see a major exchange that works in clearnet(that needs a db) working on safe anytime soon unless they come up with a elegant kickass db solution they could pair with running local vaults(maybe a distributed global cassandra db cluster of some
sort with a layer of encryption that only the safe webapp could process on with the right public key for decrypting). Maybe could make a site right now that requires both to send crypto to an intermediary to then send it out to both sides else refund it, maybe that intermediary can be non-human interaction and charge a small fee.
The problem of today no KYC anonymous exchanges is, that it is not user friendly to move - exchange - withdraw enough fast 10 times or 50 times in a raw to reduce risk of lost all founds. If you could use an App connected to exchange and set maximal amount to trade, you could set exchange rate and total amount and in few sec you would start getting back exchange currencies in your wallet.
nX in wallet X move to exchange, exchange X to Y move Y to wallet keep all nY after few minutes.
As it is hard to do with Bitcoins, it is easy with plenty of other coins/tokens.
That exchange could get liquidity from big exchanges.
If you haven’t realized it yet all exchanges (dex or cex) from now on will have abide by the law and will have to employ the best security practices as well as measures — Know Your Customer KYC, Anti-Money Laundering AML, Combating the Financing of Terrorism CFT, if they don’t want to be shut down. If you ignore this you live in your own lala land.
Not on SAFE. Not if done right with full anonymity for all parties. If you don’t see this as a real possibility then lala land is all yours.
Yea, than he made first step wrong. If he plans to do illegal anonymous exchange, than anouncing it here, on clearnet made him already exposed. He will be first target for agancies searching for such illegal exchanges owners. Don’t take it wrong, but if you plan to do anything illegal, just don’t register an account here. You will be in a small DB of people to investigate. Safenet anonymity will not protect your mistakes you have done on clearnet.
For example there was an article claiming agencies already know who was satoshi, thanks to his written text analysis. Everyone has unique writting style. So if you write any longer text on safenet, you are not anonymous. They will catch you. They have all your written text history from your emails, blogs, social networks etc.
If you really have to break some law, than try to be of 0 importance for agencies. Illegal exchange is high priority for them.
A lot of exchanges are going to be clamped down in the next year. The space is going to be cleaned out before new money pours into this market. I like maid safe and the safenetwrok vision but my way of looking at things has changed over the years, and if you think you will not abide by the law and the safenetwork will be a place for illegal activity, then this project has no future, it is doomed to be a failure. I don’t know if the founders have thought about the implications of a regulatroy environment and how safenetwork can fit into a regulatory framework. I’ll be very disappointed if I put my money in a project that is leaded by a bunch of anarchists that think they can out win the governments of the world. Very very naive.
I was referencing anyone building such not the author of this topic. Even so, he could still build an anon one depending on where he lives and how he goes about it. Merely saying you’re interested in doing it isn’t prove by itself that you are/did - they’d have to hack/raid him to find the evidence. (He may also be using tor to access the forum here) Plus, if you open source the code, then the extortionists and their thugs are screwed as anyone could be using the code to build such.
Yes high profile activities will be targeted and there are ways to de-anonymise you using off network techniques. One mistake and you could be found out. That person who helps out so much wants to buy you coffee, it might be innocent enough but eventually they will want to see you in person for a lunch, or give you amounts of a certain size and they watch exchanges etc for those exact amounts to arrive. Or a number of other things to catch you.
My advise to everyone is to follow your laws and there will be little reason for authorities to attempt a process of trying to de-anonymise you.
The authorities might not succeed if you are a lone wolf and do not slip up. But does anyone really want to live their life that way? Also they probably will not succeed if its a one off whistle blower who is sensible, but ongoing activity leaves history and trails and many opportunities for slip up.
But if you are similar to millions/billion other people then you can say that that the SAFE network provides very good anonymity if desired.
So as always the advise is to follow the laws of your residence.