Hodl Hodl (P2P exchange) announces Lightning support

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legendary

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It's a first but important step.

I like how the larger exchanges have to back off for a bit because of their size and the risks that come with implementing something so new. If one or more smaller exchanges do it right, they can expect a massive boost and potentially compete with some of the semi larger exchanges later on.

Traders will love Lightning due to its speed. Imagine seeing an arbitrage opportunity on Bittrex, then instantly move BTC to that exchange, sell there and repeat. Right now you have to wait for 3-6 confirmations, which can take an hour or so at worst, and that might be the end of your opportinity. Yup. We. Are. Moving. Forward. Grin

BitHodler

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Quote from: Beerwizzard on April 29, 2019, 08:25:46 AM

That's only for now. I bet that as soon as this exchange becomes somehow popular and legit then the government would push them to make KYC/AML stuff.

This. I have seen how exchanges started out as free to access for most people, then became overly aggressive when it comes to KYC/AML measures. Bittrex and Poloniex are great examples.

Both exchanges saw themselves grow out to the largest players based on volume, then fell back after they started annoying their users, which in the end resulted in frozen funds and blocked accounts. It was and still is a mess.

We just have to accept that exchanges are subject to these measures no matter how we think about it. If an exchange hasn't yet implemented KYC/AML measures, it very likely will the more popular it becomes.

The larger an exchange becomes the more it signals to the authorities that they should knock on their door.

hugeblack

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Quote from: magneto on April 28, 2019, 05:58:08 PM

I think that hodlhodl is trying to differentiate their product here by integrating lightning, and taking advantage of the fact that Localbitcoins and Paxful right now are both probably receiving regulatory pressures to increase the stringency of their KYC procedures.

I do not rule out that there are marketing goals of this acceptance rather than support for technical development, but I think that the lightning network has begun to find some acceptance in this area.

Such adoption may be a motivation for other platforms, especially for platforms and markets (or Localbitcoin layer for daily products sellers) that offer simple products such as gift cards sellers.

LeGaulois

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Quote from: Beerwizzard on April 29, 2019, 08:25:46 AM

Quote from: hugeblack on April 28, 2019, 02:40:12 AM

The good side is that identity is not applied basically (KYC/AML) as it does in localbitcoin/Paxful, so maybe if you're looking for an alternative this might be a good one.

That's only for now. I bet that as soon as this exchange becomes somehow popular and legit then the government would push them to make KYC/AML stuff. For now no one just cares about them but later the exchange may be easily either shut down by the government or some jurisdictions (like EU) would ban this service on their territory. In this case service would lose much money (considering they are earning on fees) and would lose the fight anyway.
So hurry up before it is too late,

Unless it removes all the fiat options, which could be an approach. Too many problems with fiat options. From the chargeback in Paypal to dispute a bank transfer, using stolen credit card details and so on. Instead to try to fight to secure each payment method for the users better to remove everything and deal with smart contracts and cryptos only.

Beerwizzard

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Quote from: hugeblack on April 28, 2019, 02:40:12 AM

The good side is that identity is not applied basically (KYC/AML) as it does in localbitcoin/Paxful, so maybe if you're looking for an alternative this might be a good one.

That's only for now. I bet that as soon as this exchange becomes somehow popular and legit then the government would push them to make KYC/AML stuff. For now no one just cares about them but later the exchange may be easily either shut down by the government or some jurisdictions (like EU) would ban this service on their territory. In this case service would lose much money (considering they are earning on fees) and would lose the fight anyway.
So hurry up before it is too late,

magneto

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Quote from: hugeblack on April 28, 2019, 02:40:12 AM

I do not know if this is the first P2P platform that enables lightning network, but it seems that acceptance has begun to increase.
Users try Lightning on the testnet (testnet.hodlhodl.com) at the start of May but by the end of May, they will be able to use it on the Mainnet.

Quote from: https://www.reddit.com/r/Bitcoin/comments/bhzkme/p2p_bitcoin_exchange_hodl_hodl_announces/

Here in Peter McCormack's podcast, we announce Lightning support, but we'd like to highlight a few things:

1> Everyone will be able to try Lightning on the testnet version of our exchange testnet.hodlhodl.com at the start of May.

2> Mainnet Lightning will be available at the end of May.

The good side is that identity is not applied basically (KYC/AML) as it does in localbitcoin/Paxful, so maybe if you're looking for an alternative this might be a good one.

Well, any adoption, especially by these trading platforms, is good adoption.

I think that hodlhodl is trying to differentiate their product here by integrating lightning, and taking advantage of the fact that Localbitcoins and Paxful right now are both probably receiving regulatory pressures to increase the stringency of their KYC procedures.

If this goes well, they could really set themselves apart from other p2p exchange competitors being one of the first to adopt, and being still young means that there are minimal regulatory pressures for them to force KYC onto users. Whether this is anonymity is going to last though as they grow is probably going to be an issue.

hugeblack

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I do not know if this is the first P2P platform that enables lightning network, but it seems that acceptance has begun to increase.
Users try Lightning on the testnet (testnet.hodlhodl.com) at the start of May but by the end of May, they will be able to use it on the Mainnet.

Quote from: https://www.reddit.com/r/Bitcoin/comments/bhzkme/p2p_bitcoin_exchange_hodl_hodl_announces/

Here in Peter McCormack's podcast, we announce Lightning support, but we'd like to highlight a few things:

1> Everyone will be able to try Lightning on the testnet version of our exchange testnet.hodlhodl.com at the start of May.

2> Mainnet Lightning will be available at the end of May.

The good side is that identity is not applied basically (KYC/AML) as it does in localbitcoin/Paxful, so maybe if you're looking for an alternative this might be a good one.

Topic: Hodl Hodl (P2P exchange) announces Lightning support (Read 178 times)