Bitcoin Forum

Building and developing an Anonymous Decentralized Bitcoin/Altcoin Exchange and we are looking for many people with experience in any of the following:
- Sidechain and Blockchain development
- Project Development Consultant
- Economic Projections
- Legal Assistance
- Investors

Interested in making some money and creating an anonymous exchange?
People should be able to exchange their coins without having to create an account. This allows for complete privacy to you and any transactions across all blockchains.

+KidMarx

About legal assistance, you should know that if you plan to use fiats you won't be able to be anonymous, KYC is mandatory regarding the usage of FIATS and Bitcoin (only in some countries).
If you do it regardless of what i said you will never be legal, and you could even be prosecuted for money laundering or terrorism financing.

Bad idea, and there some important reason:
1. What do you mean, then say "anonymous" ? Bitsquare already anonymous and deventralized.
But how many peolple using Bitsquare? Less then number of peoples which use Poloniex or Bitfinex.
You ask me: Why that? And i will answer you: because decentralized exhanger is worse then centralized (Poloniex as an example)
Commision bigger then at centralized, it's harder to trade and there more opportunites for thiefs to steal your money. Or your time, while you will be waiting till arbitrator'll solve your problem. Also, arbitrator can check your real personal information (like a video call or e-mail). At the centralized exhanger you can use fake document.

By Anonymous are you hoping to hype off the group or do you mean you actually want to make an anonymous coin unknown to anyone?

I think by anonymous the op means he is planning to create a bitcoin exchange where you dont have to give your valuable informations such as email id etc. Now most of the exchanges require your full details for buying or selling the bitcoins for fiat currency. Bitcoins are anonymous but you have to provide the exchange your full details and you have to submit your ID for verificaion check. So the point of anonymous doesnt have any value here. The op is planning to build a exchange where it doesnt have any signups or verification checks to keep the buyer and seller of bitcoin anonymous. We need more exchanges like that.Its a good project and all the best for his new project.

How people use the technology isn't indicative of the technology itself.
But I suppose if we are to be prosecuted, it'll be for the justice system(s) to decide.

We are ready for any turbulence this may create in global economic structures.



This is exactly correctly.

Bitsquare isn't completely anonymous, as it does require people to provide personal information. Almost all exchanges do. We don't want that. We want you to be able to exchange as much as you want, without any knowledge of who you are. Because, it's your money and your business, not ours. Bitcoin is pseudo-anonymous. As time progresses, we are creating and building more blockchains that handle issues that weren't originally foresee-able. In some cases, they were foresee-able, but the original developers didn't know how much it'd scale. Whatever the reason,  the ability to utilize and seamlessly exchange any coin, any time, without a record becomes more and more valuable, as it will allow for the best parts of all coin attributes, so long as your funds exist in that/those coin(s).

There are many wallets/addresses that have funds in them that are monitored by chain analyses, people who's job are to de-anonymize wallet owners, etc. Bitcoin tumblers aren't trustless, and don't move your money off the public ledger. We are creating a trustless exchange, that allows for an exchange to other coins, say Monero, that are more private and allow for you to move your money back to whatever coin you want (be it Bitcoin or any Altcoin). Other ideas can include moving your coins to a more stable coin when other markets fluctuate, automatically buy/sell when conditions are met, no limit to amount of coins moved (some exchanges limit/cap how much a person can transfer). Transaction fee back to the exchange for their work. Growth in revenue isn't limited to the Market Caps of all coins, but the demand for people to apply the positive attributes of any coin they wish.

Sounds like an awesome and ambitious project that I am sure the community would welcome. Will watch.

Doing it in a decentralized way is a welcome idea, and it seems like a good time for that, as uncertainties have increased over exchanges after the recent events involving China, after governments have said they were possibly going to do inspections in the exchanges.
If this can increase anonymity, it might be even better, especially for users who think there is not enough privacy in most exchanges.

Ok, and what about technical issues? How will you make anonymous system in your exchanger?
How will work arbitration system if someone will try to steal my money? Like an example, Bitsquare using multisig wallets for trading and arbitres for controversial situations.
I know Wawes making their own decentralized platform, but without anonimization. What do you think about their project?
More details please.


This isn't seems like decentralized exchanger, lol. Sorry, maybe I haven't understood you, but what kind of fee you talking? to whom it will back?

To address the technical issues and without giving out too much details, the exchange wouldn't hold any of the money or funds itself. Rather, you as the client would give permission to move money to an already predetermined address which allows for multiple levels of permission. The exchange has the ability to notify you there is an exchange ready, request that the funds be moved, but you must confirm to move your money anywhere. Without you and your private key, your funds don't move (your key stays on client-side of course). We hold no money, only connect the people whom want to exchange.

The fee is to cover the network cost and pay the developers/investors. How and who (pseudo-ID) the fee gets distributed to is all public, but as to the identity for whom they are, that is not available. What's public is the % of the fee that pays each dev and potential investors. This can also be subject to change, and a dev or investor can give or sell their shares of the transaction fee if they so like. This would be projected and be public on the blockchain as well, to keep integrity in the service.

(I may have not explained this as well as I'd like to. Still working on my English.)

Like at the Bitsquare, lol.

Lol. this scheme is being used in every centralized or decentralized exhanger.

lol, that's mean that your exanger is centralized. In decentralized exchanger this infirmation is kept on the client's computer (node). And this complicates such exchangers, bacause node becoming very "fat" (it's holding every information from the system, like Core client).

you mean that you have centralized exhanger. in decentralized exchanger there isn't any "network cost". Please, watch my statement above.


Strange. Sorry, but today i don't have much time to explain your false. Maybe tomorrow i will try to do it.

I know the space is ripe for a  robust DEX, but it seems they are not getting the right traction or let me say funding to develop the right one to compete successfully with the centralised exchanges, the two DEX I've tried I don't enjoy the experience at all. I wish you the best with your project

is it similar to bitsquare.io ?

It sounds like a good idea but how would you get around KYC/AML laws in different countries? In Canada they're very strict so you wouldn't be able to not know who you were dealing with if you were a money exchanger.

Please, answer for one question: If you think that it's good idea, do you use bitsquare.io? How often do you trade on this exchanger? How do you estimate Bitsquare exchange by using 10-point scale?

There is always a need for anonymous exchanges, it would be really welcome but you would have to make everything clear from the start.

How were you looking to do this?

Great question!
To avoid KYC/AML laws, we won't be able to allow our users to purchase/sell with domestic fiats such as the Euro, Dollar, etc. It's only coin-to-coin.
We are considering having a feature that allows users to easily move their coins from blockchain to blockchain in a minimal amount of time, to make it difficult, if not nearly impossible for analyses to track. Increasing the entropy of the identity of users of this platform.

You have a few good questions. :)
I have used Bitsquare for awhile, and I can say their UI/UX experience is phenomenal. They also handle the connection to Tor before you're able to trade, another superb feature. But I did find some areas I wasn't personally happy about.

1. Limitation on exchange.
There is a cap on how much one can trade, and this present a problem for audiences who want to move around their assets. Max trade duration: 1 day / Max trade limit 3.00 BTC (only $2730 currently)

2. Centralized blockchain explorers
Though Tor connection is required, users aren't able to select their own source as to where they are gathering Bitcoin's Blockchain data. Same for other blockchains


Transparency is critical when starting a new business, and this is more true for an exchange. We will be providing all our code as open source, which will allow for anyone to verify that it's not even possible for anyone involved in this exchange to know who you are, or how you spend your money. I hope this sheds some light on your question. If it hasn't, please provide more details so we may explain more clearly.

+KidMarx

I meant more of how do you plan to build out what tech's are you going to utilize to do this.
Well this be a client, or will this be a site that's hosted on bullet proof servers.

Things like that.

This would really be the case if theres an anonymous decentralized exchanges since we are still in involving on fiat when we are building an exchange site so this means we should follow the rules regarding on fiat terms which you will really need it because you cant execute normally if funds/fiat are lacking. You will be facing such problems if you tend to build one.

I think a really Anonymous Decentralized Exchange  is a concept too hard for a newbie.
Did you set any business plan? Paying 4/6 crypto professional could be be a strong expense...

I'm sure there are already a few of these DEXes. Like Counterparty DEX, Eth Delta, etc..

ummm good luck wit dat.... how are you going to make money off of a decentralized exchange? it's a pretty difficult project. there are projects like https://etherex.org/ but they have very low liquidity.

Our original design is to have, like you said, bulletproof servers.
Most likely it'd be a hidden service.
It wasn't until we saw BitSquare's UX that we even considered having a client instead.
It's an option we are considering.

"Custom Counterparty tokens can be used for a wide range of purposes and act as their own cryptocurrency, while still running on the Bitcoin blockchain."
Since they use the Bitcoin Protocol, the ledger is public. This isn't as privacy-centric as we'd like it to be.
Also, they use a web-wallet.

Eth Delta doesn't handle cross chain transactions. EtherDelta is only Ethereum coins.
They have a different model, one that I'd like to see grow.


Concepts aren't hard, but understanding them can take time. My personal background is in Information Security and it is true that I have not been actively participating on this specific forum, but I have been in other forums. Some of which that have a community whom have openly expressed a need for this platform. I'm here now as a result of other communities wishes to get this off the ground. They have large wallets and are petrified of moving their funds around because of the risk of involvement from legal and criminal entities. This account is new to this community, but I am not new to the security industry or privacy movement. I appreciate your skepticism.  

To answer your question about a Business Plan, yes. We understand the cost for paying crypto professionals is pricey, but we are more than happy to pay our family their desired salaries. Everybody who works, gets compensated for it. We have plans to incorporate an API into multiple marketplaces, which will increase the amount of transactions of our network. We would be willing to speak to you more privately if you are interested in contributing your time or effort to this. Thank you. :)

Sorry, but it doesn't seems like decentralized exchanger. Now I will explain my opinion: if you hoste (by your servers) your service, that means you own this service. You can disconnect your servers whenever you want and service will break after that.  Poloniex have the same system (i have took him like an example)

To be fair, Poloniex and Bitfinex have been around much longer than Bitsquare.
I could really see Bitsquare taking off in the next couple of years, there are already quite a few buyers and sellers on there and I've persoanlly used it without any issues.

Commissions are currently a bit larger than at a centralized exchnage, but that's only because there is less competition, once it gets more popular, that will change.

it's never be more popular. Humanity is developed in another direction. Because of that things like Iphone becoming more popular. Most of people year by year more become similar to kids. They dont want to think and to work their brains. Decentralized exhangers will be very hard and uncomfortable for them.

By that kind of logic, people would also not get into Bitcoin, since that also requires one to learn how the Bitcoin technology works. That's a really big generalization that you're making, even if decentralized exchanges remain somewhat of a niche, that doesn't mean that they can't be successful and have reasonable popularity.

As my favorite character said: "You're damn right!"  8)   Joke. Bitcoin much easier to work than Decentralized exchanger. Much more easier) DEC will not be popular in future. Sad but true.

Depending on your definition of popularity, this is true.
There definitely is a demand for it. I don't think nor do I expect it to become accepted in mainstream society. There probably won't be any mainstream press about it. But for those in ecosystems where financial privacy is a concern, it has the opportunity to become very popular.

That is true, lately we have seen that cryptocurrencies with a focus on anonymity have gained great attention from users, and I think they could actually generate demand for it. Most people who really understand the importance of decentralization will also agree that fungibility matters. An exchange based on these principles is something that such users need.

For one reason the anonymous exchanges won't run for long - Government.
Without a doubt scammers would try to launder money which would be taken  care of by the legal authorities someday and it will all come down to the exchange being blamed for carrying out trades involving money without agreeing to KYC terms and shit.

Decentralized exchange! Sounds a great idea! At least for bitcoin/altcoin. Fiat won't go anonymusly I think...

you can do everything...but once you try to trade fiat in usa you need the license

Not exactly. You can use some equivalent for dollars and euro on your exchanger and users will trade by usying it (they will buy it for real fiat) this system is very similar to different electronic money, like Paypal, webmoney and others.
Perfect money as an example don't have usa license, but that doesn't mean usa citizen can't use it (at one's own risk)

Will the administration also keep their info anonymous? if yes then I will not keep my money for longer because there is no guarantee that he will stay here. I have much bitcoin in one of my local exchange account and I have believe on that because he is not anonymous he have given us his info to us.

Lol, dude. In anonymous exchanger you're pay for anonymity by your financial security. Also, there shouldn't be any "administration" in decantralized exchanger. If you talk about arbitres (who help to solve some controversy) you must to know that they anonimes to (in some cases not) . (read whitepaper about arbitration system in Bitsquare for example)