0 replies \ @P2P_bitcoin OP 8 Feb \ on: LocalcoinSwap adds non-custodial P2P trading for Litecoin bitcoin
While I couldn't give two shits about Litecoin itself, I do care about low fee methods for converting Bitcoin into Fiat in places where there are few to no exchanges.
I can once again do a swap between LN and LTC, and then sell the LTC on LocalCoinSwap. (And vice-versa for a way to buy Bitcoin)
LTC trading used to be possible on LocalCoinSwsp for years, but LocalCoinSwap then dropped all their custodial trading methods. It took on-chain fees for Bitcoin going to high levels before LocalCoinSwap decided they had to add LTC back as well.
Trading BitcoinFor Bitcoin trades larger than 0.005 BTC, LocalCoinSwap charges a 1% fee to the vendor as usual. However, for trades smaller than 0.005 BTC, LocalCoinSwap charges flat 0.00005 BTC fee to the vendor.
This is in addition to the multiple on-chain transaction fees ... involved in each trade.
RoboSats is what is known as a P2P exchange, but they are unique.
Some P2P exchanges (e.g., Paxful) require identity verification. RoboSats does not.
Even some P2P exchanges that do not require identity do hold custody of your funds (e.g., AgoraDesk). RoboSats does not.
Even some P2P exchanges that do not require identity do hold custody of your funds (e.g., AgoraDesk). RoboSats does not.
Of the very small list of P2P exchanges that do not require verification and are non-custodial (HodlHodl, Bisq, LocalCoinSwap, and RoboSats), only RoboSats uses lightning network as the trading currency.
Financial privacy is so important with RoboSats, you can't even use a regular browser (e.g., Chrome) and you don't even get to set your username -- you are assigned a new "robot" for each trade.
Here's more:
https://learn.robosats.com
Source (paywalled):
Binance Drops Sanctioned Russian Banks From Peer-to-Peer Service
https://www.wsj.com/finance/currencies/binance-drops-sanctioned-russian-banks-from-peer-to-peer-service-fef93a1d
P.S. ...Would highly recommend anyone actively using Telegram consider dropping it entirely in favor of a more private and secure messaging app (one where you can't be indiscriminately banned!!)If you have friends using RoboSats, please make them aware of this update! 🤖⚡️
Previously a senior executive at TrustToken (now known as Archblock), Dharia led the DeFi institutional lending business.
We know what comes next.
We love Bitcoin, buy our shitcoins.
Also see:
Mostro: Lightning Network P2P Exchange Platform on Nostr
https://www.nobsbitcoin.com/mostro-ln-p2p-exchange-nostr
#175905
Also see:
Mostro - Telegram
#175906
https://t.me/MostroP2P
Nailed it!!!
ChatGPT says one or more of these would match that scenario:
- "Get Out" (2017)
- "The Lazarus Effect" (2015)
- "Pet Sematary" (1989)
- "Pet Sematary" (2019)
- "The Invasion of the Body Snatchers" (1978)
- "The Return of the Living Dead" (1985)
I'll have to take ChatGPT's word for it, I've not seen any of them.
The link for this post uses a read-only front-end for Twitter, which can be easier to read for viewing a full Twitter thread. The Tweet that kicked off the thread is:
It is done! 88% of all frozen accounts have been UNfrozen. 10 days, 3 scripts and sleepless nights with no engineers or compliance folks but we did it! This is my final act as CEO of @paxful Go login now and claim your funds! Self custody for the win 🏆 post here if u got it!
The link for this post uses a read-only front-end for Twitter, which can be easier to read for viewing a full Twitter thread. The Tweet that kicked off the thread is:
To everyone in the Global South. NEVER work with any financial company in the US or even any that serve Americans at all. They will confiscate your funds and not even give you a reason because they cannot by law. The system itself is designed to hurt you.
Some issues with certain P2P exchanges:
Now that blocks are full every time an the time,
LocalCoinSwap - They now use a static bitcoin address per account. To get financial privacy where all your transactions are not easily identified through chain analysis, creating a new account for each trade is possible, just not really manageable. There is no Replace By Fee (RBF), though you can adjust the slder to adjust the fees.
Noones - Haven't tried it. They have geofenced the U.S.A. They ID require verification. To me, it was no loss when LocalBitcoins, and then Paxful shut down -- as I don't use Verification mandatory exchanges, ... P2P or otherwise. It does support LN though, so it will likely gain some
RoboSats - mobile app is deemed "alpha" yet.
Many of them are fairly decent, but have too little liquidity (e.g., HodlHodl). Makes it hard to find a counterparty.
I could go on.
Another difference is that RoboSats requires you to use it with the Tor browser
There's an Android app ("alpha") available now.
The link for the .apk to download can be found in the release notes for each release (see the "Assets" at the bottom of the release notes).
Remember though this is alpha software.
The link for this post uses a read-only front-end for Twitter, which can be easier to read for viewing a full Twitter thread. The Tweet that was shared is:
Since Nov 2022, our volumes and trades have tripled the previous records meaning that non-custodial Bitcoin P2P is alive and growing globally 🌍We've managed to add new regions: LATAM, Asia, and Africa.
The link for this post uses a read-only front-end for Twitter, which can be easier to read for viewing a full Twitter thread. The Tweet that kicked off the thread is:
Swaps are momentarily turned OFF to squash a bug ... apologies in advance ...To the user that took advantage of this bug, we would greatly appreciate if you share how this trick was done 😁FYI if you come across a bug, please be an honest user and notify the public TG group!
Here's where the amount and the destination bitcoin address are discussed:
Swaps are OFF guys. We cannot have nice things. Someone has deliberately to stolen ~5 million Sats using some bug on the RoboSats codebase.
Not to deliverately expose anyone. This is the onchain address bc1qgm3gfntdzra8c6zt32lnwleky5juvautwja8ey if you are involved with this, I would very highly appreciate input on what was the procedure to get the trick done (I knew it was not too solid, but still...)
Why? Because people are dumb and trust these platforms and give them their BTC. Simple as NOT YOUR KEYS = NOT YOUR BITCOINS.
Just to differentiate between the custodial lenders like the ones you mentioned and Lend at HodlHodl -- Lend at HodlHodl uses a multisig escrow, so the platform alone doesn't have access to the funds (though if the (fiat) lender colludes with HodlHodl, technically then yes -- the platform would then have the power to cheat the borrower.)
And just like with this Firefish ... the price oracle used with Lend at HodlHodl adds third party risk as well.
One thing that HodlHodl has, which I'm not sure if Firefish has something similar, is their "Doomsday software" for use to recover the escrowed BTC collateral should the platform go down or no longer exist.
When buying bitcoin through RoboSats you have the ability to chose "On-Chain" as the payout method. What RoboSats does then after the seller indicates your payment has been received is to create a reverse-submarine swap, such that the sats end up in a bitcoin transaction pays your on-chain bitcoin address that you provide.
Here's a Tweet that shows the UX for that:
🤖RoboSats has leveled up this weekend!⬆️Buyers can receive their Sats directly on their cold storage.RoboSats will perform an on-the-fly reverse submarine swap for you. The fee rate will depend on the available on-chain liquidity on the platform.