Topic: BTC-XMR Instant Swap Project (Looking for team members) (Read 272 times)

Changelly's problem is that they own your money and then they have the choice to either send the money to you or ask for identity verification and more information that may not end with sending the money to you.

Therefore, it is better not to send the money to you because you are the weaker party and you are forced to do everything possible to return the money to you.

With AML-regulations, you can't really exchange crypto for someone else (anymore). Governments might consider it money laundering, which is the reason exchanges ask for your details to comply.

Thanks for the feedback and support. That's one big thing I've noticed. Limits. We don't like those around here.

Do not be fooled. Changelly.com are KYC/AML complaint. Maybe they haven't asked you for KYC from you yet, but when they do, that's the day you will know you were wrong
Try reading their Terms
- https://changelly.com/terms-of-use
- https://changelly.com/aml-kyc

This Exodus wallet is closed source, and they are all using third party centralized services, not really atomic swaps, and you can lose your coins anytime, just check history and complains about changelly.

I also hear some rumors that for purchasing Bitcoin from Exodus wallet they are now asking your image of drivers license, so it's what we call a kyc verification.

That doesn't give you much privacy, some centralized server will know your transactions.

They don't have a very good track record.

Why would I use something like your site when I can just use swaps built into wallets, such as the Exodus one:



Changelly (https://changelly.com) also works really well for me (no KYC, less than 30 mins to complete)

the prospect of the project looks good, i have used unstoppableswap.net in the last few days but their maximum amount to swap is too low, if this project can become a reality and all the queries here ironed out, then it would be great, the only thing I would help out is testing and community support.

Instead of (truly) trusted third parties I prefer to have truly trustless option.
Before going any further with making your BTC-XMR instant swap, first check out UnstoppableSwap website, that is made for exchanging Bitcoin for Monero trustlessly|using Atomic Swap protocol.
There is no central authority that is holding any coins, there is no registration and no personal data is needed for swapping coins, but this project is still in testnet phase.
How is your BTC-XMR instant swap different from this project?

If you need to hire some developer or designer you will have better chance to find someone if you make a new post in Marketplace Services section:
https://bitcointalk.org/index.php?board=52.0

I am willing to help with testing of your website and I am sure few other forum members will join.

This is tricky! First of all, it's something completely different than what you just said (asking for KYC). But worse, fungibility is the basis of any currency:
And you'll have to trust Binance or KuCoin to speak the truth. I prefer the mantra "don't trust, verify".

There's another problem: if you're anonymous, what are you going to do with KYC information? How are you going to store it, and how can you prove you follow privacy laws? You can't demand customers to identify themselves while you're anonymous. And if you wouldn't be anonymous, you couldn't offer this service without KYC.

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You forgot one closing quote tag in your post:
This messed up the rest of your post.

Have you seen this project?

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

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

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?

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.

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.

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.

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

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.

Good luck

Hey everybody,

Founder of your favorite future BTC-XMR swap site here! (Name to be revealed soon, we think it's catchy). A little about me: I have a background in traditional finance, but took an interest in crypto around 2015. I've been enamored by technology my whole life, and I am fluent in most things needed to venture into such a project. Always learning though. I have been using crypto ever since then, but have never felt the need to get involved and build something. Until now.

Now that XMR.to has shut down, we feel a need to fill the gap. There are not any (truly) trusted third parties to facilitate this in a fashion that does not require KYC. Moreover, their limits, policy, and speed are paltry at best. As the title states, I am looking for candidates who feel they have something to add/have experience in the relevant fields that find this project interesting. We are working on an instant, no KYC (under 99.99% of circumstances) swap site for BTC to Monero, and vice versa. We are starting with Monero, because I see a great need for such a function. However, no other assets are ruled out for the future. Thus far, everything has been done among the initial team of 3 people that I hand chose. I've been stalking this forum for a while and feel there may be individuals on here who could greatly contribute.

The primary concept of the website is complete, and we have been working hard on our backend. We are using an API to source liquidity from our accounts to facilitate the trade/transfer upon sufficient network confirmation. This will make it one of the fastest swap sites, if not the fastest, because the withdrawal would be initiated within 15~ or less mins in most cases. The UX flow will be something like this: Home page -> order quote/entry on homepage -> refund + deposit address entry -> confirmation of tx with live updates on progress.

I've also decided that the max transaction size will be 100BTC/equivalent in the other asset. The way things are set up, I think we should be able to manage up to $10m~/250BTC~ a day in volume, as of now. We hope to grow to the point where I'll have to accomodate for more. I think this high limit is super important because it will give financial freedom and privacy to those who seek it. We will also be able to fulfill anything larger with a white glove, OTC solution via email, telegram, or jabber/xmpp. There's really no good option as far as no-kyc instant swaps (especially large ones) for the pair go anymore. Now that Binance has restricted unverified accounts to 0.6BTC in withdrawals a day, things have become worse.

The business model (how we will be profitable) is going to be by creating a spread based upon current market price of underlying asset prices. We will be taking the spread, or a set percentage on every trade. We truly believe in crypto, and will not be marking profits in fiat, but in cryptocurrency units. Other than overhead, we plan to HODL indefinitely. The market price will be updated at regular intervals, determined by market volatility. The price of said assets will probably be sourced by a trusted exchange/aggregate of exchanges. However, I have not ruled out using an oracle solution in the future. 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. There would probably be two different pools of liquidity with different spreads if that were to be done.

I am looking for a designer to execute our vision aesthetically, and someone who has experience in web development/blockchain.
The designer should have experience creating web design that fits a modern aesthetic that is simple yet functional. We will be needing graphics, but not many. Possibly some animated buttons too.

On the development end, I am looking for someone familiar with web development, and BTC/XMR. This includes blockchain, information systems, javascript, python, c++, sql, programmatic access in order to interface with our back end, key management, Monero CLI, Bitcoin Core RPC, and more.

We will also be seeking feedback from the community in the future regarding any fees that will be charged, features, and such other things. If you feel like you'd want to be apart of the team, please PM me, reply, or shoot an email to [email protected].

-PB