Hi all. We've been quiet for some time, because we've been cooking something exciting!
Why Boltz does not trade BTC/USDt? Because of the free option problem. And why SideSwap requires you to use their own wallet? To address that problem. The third solution - SideShift - is to charge you extra spread for it. There are also Bitfinex, etc who are KYC and custodial. What if we tell you there is a better way?
Introducing a (some will say crazy) idea of letting a web app manage the wallet's private keys to trade with you directly:

Liquid BTC/USDt Swaps

A proof-of-concept implementation of "Exchange in a Browser" idea. You trade against an open source code hosted at GitHub Pages. No third party involved, except to provide a bag of private keys + UTXOs to the website when the page loads. The rest happens automatically: if you deposit L-BTC, you get back L-USDt and vice versa. Kind of a large smart contract.
To prove available reserves, balances are computed from the keys. The deposit address is also derived from a new private and blinding keys. These keys, along with TxId and Vout are added to the wallet's available UTXOs after funding. This insures automatic refund in an unlikely event that the purchased asset is not available (some other user purchased all or most of it while your trade was pending).
All trades have blinded amounts and assets, with outputs randomized. Private keys are (hopefully!) well protected by encryption and code obfuscation. Feel free to prove us wrong by hacking the code and stealing our testnet coins. To this end, the code is made very simple with minimal UI. Not mobile friendly at the moment. Bells and whistles, and mainnet, are coming soon!
Could this be true and how safe is it. Great works.
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1 sat \ 0 replies \ @ama 9 Nov
It's true. I just tried it and it works nice and fast.
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Hope this will encourage everyone to look at the code in search of security holes. We will stay on testnet until mainnet adopts CT discounts.
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0 sats \ 0 replies \ @nym 9 Nov
Awesome concept!
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Oh. My. God. I love you guys.
This is amazing news!! 🙌🏻
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Liquid BTC/USDt Swaps
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You won't approve, but many expats remit their relatives in third-world countries USDT. Or bring USDT with them to change f2f for local cash. I.e. Russians and Ukrainians in EU. Bitcoin adoption needs time.
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A message for all those LOSERS taking tether and any other bullshit for their valuable sats:
This is NOT adoption, this is just supporting an evil system to survive. For more you are using the fiat system and the adjacent tools (tether), more will survive and you will continue to be their slave.
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Some normies learned to change fiat into tether, and then tether into Bitcoin. Baby steps. That's adoption. And now they are lerning that Liquid USDT cannot be blacklisted unlike Tron or Ethereum.
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