Topic: What we know about new Dex Exchange by Jack Dorsey? (Read 108 times)

Really it should be expected at this stage. We all say that if you value your privacy and security that you should not be using wallets which are closed source, or installing software which is closed source, or running an OS which is closed source, but then when it comes to exchanges, no one seems to care. Open source is one thing, but if the source code contains provisions for them to lock your account if they don't like your KYC details or the trades you are making, then it doesn't really matter and it isn't decentralized.

DEX is a buzzword that most people don't understand. People still call LocalBitcoins a DEX just because it is peer to peer despite being completely centralized, requiring you to deposit coins to their wallets, demanding KYC, and frequently locking accounts. The exchange IDEX has DEX in the name and market themselves as the "fastest and most secure DEX", and yet require KYC, have control over your account, have control over the smart contracts they run, have control over which coins they list, etc.

They'll market themselves as a DEX, people will lap it up and not understand the difference.

he is a long-time supporter of bitcoin and decentralization but his actions does the opposite. twitter had shut many users. just as this dex that he is planning. it is said to be opensource which is good. making it opensource is very noble that many developers might even participate to look at its codes.

but a dex that will ask KYC is unbelievable. did he really think it will be considered a DEX when there is KYC?

I was coming to talk about this topic! Totally agree with your post, I don't have much sympathy and I don't trust Jack Dorsey precisely for these reasons. The censorship applied on Twitter does not seem to me to correspond to some of our values, at least to mine. As said above, he has a good reputation in the crypto community, I regret it a bit even if I understand well what he was able to bring

I swear I'm not being antagonistic just for the sake of it, but I think I'd actually like that even less. Part of the great thing about Bisq is that it remains open source, free, and free from outside influence. I have no doubt that if Twitter decided to start funding its development or similar, then some decisions about its future would be influenced in ways we didn't want them to. A good comparison would be BitTorrent, which has gone steadily downhill since being bought out by Justin Sun.

Given just how many altcoins/ICOs/DeFi projects etc. end up have some enormous critical bug in them, I would be very hesitant to trust some brand new and untested smart contract or similar with my KYC details.

I don't trust Jack Dorsey and his big tech blue bird at all, but it looks like he still has a good reputation in Bitcoin community, despite all his censorship work.
They call him to be guest and speaker on Bitcoin conferences and they call him be part of some bitcoin mining groups.
Meanwhile he is singing kumbayas and saying that Bitcoin will unite the world, but I suspect in honesty of anything he say or does.

I think that only difference would be that wallet for Square dex will be non-custodial, like we have now in Bisq for example.
Why not helping Bisq team and improving existing open source dex project instead of building something from zero?

I wouldn't be surprised if they start using something from Gates and microsoft, because I heard they are working on something like this...it's their wet dream.
Big tech always works together behind the scenes.

Call me cynical, but Twitter isn't exactly a bastion of free speech and will regularly censor or outright ban people who say things they don't like. Why should we believe that a crypto exchange ran by the same company would be any different? I wouldn't trust him not to censor me for a second. If they are demanding KYC then it means they are planning on complying with all the various AML legislation, which also means they must have some power to freeze your coins, trades, or account. I also don't care if the KYC process is decentralized, whatever that means - at some point, someone somewhere must look at your documents to confirm them, and someone somewhere must have the ability to hand your information over to the authorities, otherwise there is no point to the KYC process, so your information is just as much at risk.

From what I've read so far, it doesn't seem like this is bringing anything new to the table. It just seems like another LocalBitcoins clone.

Few days ago Jack Dorsey made a tweet announcing new plans to make new decentralized exchange for Bitcoin, so I am collecting all news and updates in this topic.

We know they plan to make this exchange as Open Source project, and this came after recent news that Square is working on new Open Source hardware wallet, and for few years they are talking about decentralized Twitter called @bluesky.

I am not sure if this exchange will be called Square or something else, but they already created twitter account for that @TDB54566975 and they have a team starting with Mike Brock @brockm.

Some interesting questions and answers by Mike Brock I found on twitter:


This a good starting point, make everything Open Source so that anyone could inspect the code, contribute and find potential bugs.


So we know that this dex exchange (let's call it Square dex for fun) will be with full KYC and with some unknown decentralizes ID solution, I didn't expect anything less coming from big tech.


It looks like they are going to use Lightning Network and some kind of smart contracts that are connected with Bitcoin.
Using main chain when there are a lot of transactions would make this exchange almost unusable, so this is understandable.


Non-custodial wallet and fiat on/off ramps sounds great, but real problem is providing enough volume while not forcing people to KYC, maybe give option for face-to-face trading like Bisq is offering.

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This topic will be updated in due time.
If you know more information or have some fresh news you can post them here, but please don't go off-topic if you don't want to see your post being deleted.