eXch - instant exchange BTC / LN / XMR / LTC / ETH / ERC20

fillippone

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Quote from: Lucius on December 20, 2024, 06:14:33 AM

CEXs are unfortunately a necessary evil, although alternatives exist and people should use them more.

CEXs are a necessary evil, but there are a few differences.
One thing is trying to operate in an ethical way, minimizing the impact from regulation, and cooperating with the governments on the least possible footprint.
The other is being the government your main client (COINBASE).
That makes a huge difference.

And, yes, CEXs are a necessaryevil, for now.
One day we will exit, and stay digital.
(Like Andreas said many years ago).

traderethereum

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This is my first time I am trying to use eXch service and I am impress with the fast of the services. I convert my Bitcoin to be Dash and that is run smoothly without any problems.

First time I think the Bitcoin network traffic was too high and needs too long of the confirmation for the transactions. But after waiting for a few minutes, my transaction gets confirmed by the network and the order directly processed by the site without taking too long.

I have a suggestion to add more coins. If you can do this, I am sure that will help user to select their coins besides of the coins lists now.

Thank you eXch.cx.

examplens

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Quote from: Lucius on December 20, 2024, 06:14:33 AM

It doesn't have to be CEXs doing it at the highest operational level, but one corrupt employee is enough for the user base to become public.

This is not specific only to CEX, but also to all other services that collect user information for any reason. I remember that the same case with the corrupt employee happened at CMC. The email address I used there was flooded with new spam that same day.

Quote from: Lucius on December 20, 2024, 06:14:33 AM

CEXs are unfortunately a necessary evil, although alternatives exist and people should use them more.

I think the basic idea is CEX as a trading platform, everything else is additional features. It is something else entirely that people are lazy and use them for other things because it is easier for them to manage their assets from one place.

Lucius

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Quote from: fillippone on December 18, 2024, 03:38:08 PM

This is the case in the vast majority of the cases.
Just remember that the added liquidity is the price of your privacy,
It's not that DEXs are dearer; the centralised exchanges offer discounted spreads because they thrive on selling your data to very nosy actors.

Apart from the fact that they have very expensive service fees, which is why we often hear that using BTC is too expensive, it seems that data harvesting is a real gold mine where they make money. It doesn't have to be CEXs doing it at the highest operational level, but one corrupt employee is enough for the user base to become public.

CEXs are unfortunately a necessary evil, although alternatives exist and people should use them more.

d5000

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I don't know if this has been already brought up, but I'd have a minimal and probably cheap to implement feature request for 2025 or beyond:

When you transfer coins from Bitcoin (or any "slow-moving" or "high-fee" chain) to exch, the waiting time until it gets confirmed can be quite long. So to see if your transaction was confirmed and if it is already being processed you sometimes have to access the browser tab with the "exchange page" several times.

If the start of the tab title reflected the "state" of the exchange, you would not need to access the tab at all but could see the state in the tab title.

Currently the title of the exchange page is:

- eXch / Automatic cryptocurrency exchange

The idea could be to change it to this when the coins are received:

- [RECEIVED] - eXch / Automatic cryptocurrency exchange

and when the transaction was confirmed:

- [CONFIRMED] - eXch / Automatic cryptocurrency exchange

and so on with the following steps (exchanging, sending, sent).

It seems the exchange page is updated server-side (as no JS is required) so this should be simply a tiny HTML change if I'm not wrong.

Just an idea

fillippone

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Quote from: dkbit98 on December 18, 2024, 10:33:31 AM

Quote from: Zwei on December 16, 2024, 02:05:29 AM

they are faster and cheaper, but they are not kyc free, and a lot of people don't have access to CEXs for various reasons. so exchanges like eXch are their only option.

I would argue if those big centralized exchanges are always cheaper and faster.

This is the case in the vast majority of the cases.
Just remember that the added liquidity is the price of your privacy,
It's not that DEXs are dearer; the centralised exchanges offer discounted spreads because they thrive on selling your data to very nosy actors.

Zwei

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Quote from: dkbit98 on December 18, 2024, 10:33:31 AM

Quote from: Zwei on December 16, 2024, 02:05:29 AM

they are faster and cheaper, but they are not kyc free, and a lot of people don't have access to CEXs for various reasons. so exchanges like eXch are their only option.

I would argue if those big centralized exchanges are always cheaper and faster.
There are many examples of people accounts getting frozen, coins confiscated, and they sometimes charge hefty withdrawal fees.

faster and cheaper here was in the context of exchanging to stablecoins and the higher liquidity they have, as that what the discussion was about.

Quote from: dkbit98 on December 18, 2024, 10:33:31 AM

For eXch you don't have to register anywhere, no need to use email, you are not sending any personal information, there is no login, so for me eXch is faster.

eXch is faster if you want BTC, ETH, or LTC. but for XMR, the liquidity is almost always low due to high demand, and the same goes for USDT, USDC, and DAI.
i guess this is why the discussion about USDT on Tron started.

dkbit98

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Quote from: Zwei on December 16, 2024, 02:05:29 AM

they are faster and cheaper, but they are not kyc free, and a lot of people don't have access to CEXs for various reasons. so exchanges like eXch are their only option.

I would argue if those big centralized exchanges are always cheaper and faster.
There are many examples of people accounts getting frozen, coins confiscated, and they sometimes charge hefty withdrawal fees.
For eXch you don't have to register anywhere, no need to use email, you are not sending any personal information, there is no login, so for me eXch is faster.

Zwei

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Too Little, Too Late.

Quote from: mikeywith on December 15, 2024, 06:38:49 PM

I suppose the majority of those people use CEXs; they are faster and a lot cheaper. eXch is a whole different matter, where privacy holds an order of magnitude more value than cost. This means the use case of USDT on any DEX is very weak. I suppose anyone who wants to go from BTC/LTC/XMR to a stablecoin would rather use DAI.

they are faster and cheaper, but they are not kyc free, and a lot of people don't have access to CEXs for various reasons. so exchanges like eXch are their only option.
if we check the daily USDT trading volumes on eXch, it's not small. and not everyone uses eXch because they care about their privacy, they just use it because it's a good exchange.

examplens

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Quote from: mikeywith on December 15, 2024, 06:38:49 PM

What I meant is that someone who values their privacy and is going to use a service like eXch is unlikely going to interact with USDT regardless of which blockchain it sits on, so USDT on eXch is somehow very 'not-important' IMO, it's not worth the hassle to maintain it even on an existing blockchain like ETH, let alone run a whole new blockchain just for USDT.

I am pretty sure that there is not a negligible percentage of those who do not use eXch exclusively for privacy and only because of the no-KYC policy. Lately, there have been indications that eXch is also used for daily trade due to the competitive rate, so I would certainly not consider USDT as "not important" on this exchange.

mikeywith

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Quote from: examplens on December 14, 2024, 05:05:26 AM

Regardless of which network, USDT has nothing to do with privacy.

What I meant is that someone who values their privacy and is going to use a service like eXch is unlikely going to interact with USDT regardless of which blockchain it sits on, so USDT on eXch is somehow very 'not-important' IMO, it's not worth the hassle to maintain it even on an existing blockchain like ETH, let alone run a whole new blockchain just for USDT.

Quote from: pooya87 on December 14, 2024, 07:16:20 AM

People use Tether because its price is fixed which makes it suitable for when they want to exist the market when things get "weird".

I suppose the majority of those people use CEXs; they are faster and a lot cheaper. eXch is a whole different matter, where privacy holds an order of magnitude more value than cost. This means the use case of USDT on any DEX is very weak. I suppose anyone who wants to go from BTC/LTC/XMR to a stablecoin would rather use DAI.

pooya87

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Quote from: mikeywith on December 13, 2024, 05:29:44 PM

The other question we should ask is, how many people use Tether and care about privacy? Will having USDT on TRX20 eXch be of any real value? I doubt it.

People use Tether because its price is fixed which makes it suitable for when they want to exist the market when things get "weird". It is also useful when they want to transfer their funds between exchanges at low cost (withdraw fee) and not face market spread (eg. you'd buy Doge at 402 sat on one exchange and after transfer you'll have to sell it at 390 sat and most money).

This is why the risks and privacy concerns are ignored. The second reason is also why some people want to use it on TRON due to its lowest cost (minimizing cost leads to maximizing profit in trading).

examplens

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Quote from: mikeywith on December 13, 2024, 05:29:44 PM

The other question we should ask is, how many people use Tether and care about privacy? Will having USDT on TRX20 eXch be of any real value? I doubt it.

Regardless of which network, USDT has nothing to do with privacy. TRX20 is being pushed as a possibility only for reasons of lower fees. ERC20 can sometimes be quite expensive to transfer

Speaking about Tether, it is not out of place to remind that they decided to discontinue several networks.

Quote

Tether will no longer be obligated to accept redemption of USD₮ or EUR₮ on Omni, Kusama, SLP, EOS and Algorand starting on September 1, 2025.
Tether will freeze all remaining USD₮ and EUR₮ on Omni, Kusama, SLP, EOS and Algorand on September 1, 2025.

https://tether.io/news/tether-provides-an-update-on-prioritizing-community-preferences-for-blockchain-support-in-strategic-shift/

mikeywith

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Quote from: Rikafip on December 07, 2024, 01:16:40 PM

I don't think that you understood their answer correctly.

They didn't claim that tether is a potential scam, but that other stablecoins other than USDT/USDC/DAI are scams/potential scams, and they don't wanna support whole other network (Tron for example) just for 1 stablecoin. (in this case USDT).

I think he understood it correctly. The reply suggests that Tether is a risky coin and/or a potential scam, and that's a completely valid concern. Everything about Tether is shady, and while people have been saying that it would burst soon, it somehow managed to survive for years. Still, that doesn't make it any less risky, so not wanting to support a whole new network for a risky coin like USDT is, IMO, good reasoning.

The other question we should ask is, how many people use Tether and care about privacy? Will having USDT on TRX20 eXch be of any real value? I doubt it.

paid2

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Zwei

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Too Little, Too Late.

Quote from: virasog on December 07, 2024, 02:59:12 AM

I don't know if it is addressed before but my question is why eXch does not have USDT on tron network too ? Or is their any plan for that ?

I think most of the users will prefer to convert into USDT using tron network (trc20) because it saves a lot of fee. It won't be feasible to convert to USDT on ETH if the amount is less as there is will lot of tx fee involved in moving the USDT on the Ethereum network.

maybe in the past, but now the fees are almost the same if you are burning TRX for energy, maybe a bit lower. (except when ETH fees spike for a while)
but i do think adding USDT on tron would help increase the liquidity, as most of the time it's low, and you need to wait longer to complete an exchange.

bitmover

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Paid2 recently told me about this page, which lists the CEX which accepts exch funds

https://exch.cx/faq#aggregation

I send some LTC from exch to Foxbit (https://foxbit.com.br), a local brazilian exchange, without any issues. Maybe you want to add it to that list

Rikafip

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Quote from: virasog on December 07, 2024, 04:44:47 AM

I understand this concern and also watched that video but i don't understand one thing, If tether is a potential scam, it is irrelevant if you have USDT on Ethereum chain or Trc20 chain.

I don't think that you understood their answer correctly.

They didn't claim that tether is a potential scam, but that other stablecoins other than USDT/USDC/DAI are scams/potential scams, and they don't wanna support whole other network (Tron for example) just for 1 stablecoin. (in this case USDT).

virasog

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Quote from: hosseinimr93 on December 07, 2024, 03:23:20 AM

Quote from: virasog on December 07, 2024, 02:59:12 AM

I don't know if it is addressed before but my question is why eXch does not have USDT on tron network too ? Or is their any plan for that ?

They already explained why they support USDT only on ethereum network and don't want to have it on other networks like Tron.

Here is the relevant post.

Quote from: eXch on May 27, 2024, 07:41:38 AM

Quote from: examplens on April 29, 2024, 06:24:05 PM

I know that there was a discussion about it earlier, but what is the final statement, will there be or is it planned to integrate other "cheaper" networks than Ethereum and ERC20? I imagine that many would like the possibility of swapping to TRC20.

Most likely not and specially if the purpose of supporting the whole new network is only because of 1 stablecoin (USDT). USDC is quitting Tron by February 2025, DAI is Ethereum only, other stablecoins are either scam or potential scam. Almost every crypto company looks like this https://youtube.com/watch?v=soNnMObpiYM so I think you might understand our lack of motivation to support centralized stablecoins (we support them with risks assumed).

I understand this concern and also watched that video but i don't understand one thing, If tether is a potential scam, it is irrelevant if you have USDT on Ethereum chain or Trc20 chain. In case of any mishap with tether, the ones having USDT on erc20 chain wouldn't make much difference than those having it on other chains.
Anyways its eXch decision of giving support of which networks on their site.

hosseinimr93

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Quote from: virasog on December 07, 2024, 02:59:12 AM

I don't know if it is addressed before but my question is why eXch does not have USDT on tron network too ? Or is their any plan for that ?

They already explained why they support USDT only on ethereum network and don't want to have it on other networks like Tron.

Here is the relevant post.

Quote from: eXch on May 27, 2024, 07:41:38 AM

Quote from: examplens on April 29, 2024, 06:24:05 PM

I know that there was a discussion about it earlier, but what is the final statement, will there be or is it planned to integrate other "cheaper" networks than Ethereum and ERC20? I imagine that many would like the possibility of swapping to TRC20.

Most likely not and specially if the purpose of supporting the whole new network is only because of 1 stablecoin (USDT). USDC is quitting Tron by February 2025, DAI is Ethereum only, other stablecoins are either scam or potential scam. Almost every crypto company looks like this https://youtube.com/watch?v=soNnMObpiYM so I think you might understand our lack of motivation to support centralized stablecoins (we support them with risks assumed).

Topic: eXch - instant exchange BTC / LN / XMR / LTC / ETH / ERC20 (Read 29112 times)