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The idea of using the DAI stablecoin is specifically because it has low volatility. This allows you to have peace of mind knowing the value of the coin will be similar 1 week from now as it is today. This is similar to what fiat tries to do. In addition, you can earn more or less guaranteed interest without worrying if your coin's value will drop suddenly. Not new anymore some market are offering the same with their stabelcoin products. Maybe this one is more focus on dai, but I better not base on this earning style which give you a very small profit. Better yet to do trading, or any lending platform with conservative and much more higher interest.
Binance doing this and they also have saver program well you literally hold your coin and even stablecoin of usdt and you earn passively. For me its better cause it is trusted than this.
The reason I suggest avoiding such solutions is that you do not have custody over your funds, Binance does. As the saying goes, not your keys, not your coins. Therefore you are not your own cryptobank but rather you switched from one bank to another. |
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You're right. Closing this thread. |
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Any intention or plan for getting your code fully audited?
Is there any ETA?
No manual audits done yet due to expense but AI powered audits performed show contract threat level is low. |
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Moved thread to altcoin service discussion.
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I have never heard of a place that can buy stable coins using fiat directly, all of which definitely require a third party. Maybe the only way you should buy it directly from people you know.
Can you guys share your thoughts on something like this? FiatDex ExchangeIt is designed to be a decentralized fiat to stablecoin exchange. |
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Binance is correct. The recipient can use the USDT sent to him/her. Binance uses the ERC20 version of USDT. USDC is also an ERC20. The private key of the recipient for both tokens will be the same. There is nothing Binance can do about it, it has already left their exchange. You must contact the recipient only to get this resolved. |
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Is there a way to buy cryptocurrency (particularly stablecoins such as DAI) with fiat money without using centralized exchanges or centralized parties (such as arbitrators, mediators, watchers) that is secure?
Something like LocalBitcoins but without needing a 3rd party when there is a dispute. The reason I ask is that even with these non-custodial peer to peer marketplaces, there is still a central point of failure that would bring down the entire market if it goes off line. For example, if the mediators fail to respond on Bisq, Bisq stops working in cases of disputes.
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Consider FiatDex as well. It is a new decentralized marketplace / smart contract. No middle-man or signing up required. Since its new, people will have to add to the offer book themselves. Website: https://happypsyduck.github.io/fiatdex-gateway |
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Use FiatDexFiatDex is a relatively new service ran on a trustless Ethereum smart contract that allows for two people to swap crypto for fiat without needing a 3rd party. This means no more middle-men and no more having to give out personal information to an arbitrator in cases of disputes. Instead, users work together to fulfill the terms of the agreement between each other. Using mutual collateral, both traders are incentivized to complete the trade otherwise they risk losing some of that collateral. See more here: Website: https://happypsyduck.github.io/fiatdex-gatewayContract: https://github.com/happypsyduck/fiatdex-gatewayWhitepaper: https://happypsyduck.github.io/fiatdex-gateway/whitepaper.pdfDue to a collateral requirement, both users need to have cryptocurrency initially, so it is not for those who are completely new to crypto but rather for those seeking to get more or cash out.
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There is no minimum trade size to use the protocol. What you are referring to is an open offer to buy DAI using fiat. Anyone can create an open offer of any trade amount. The mail method on that offer means the desire to send fiat by mail in exchange for DAI.
Ok, that means that using fiat > DAI, there's a minimum amount for purchase. Whilst, using crypto to crypto transaction, there's none? I think I've understood it, thank you for that. Not really, I mean there is one offer there right now where the person is willing to buy between 50-100 DAI with fiat. Other people can create other offers with different bid amounts. |
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Covid19 is not under control but humanity is now changing its mindset that they rather live with it than to lockdown. |
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Your dex needs a lot of improvement. You need to get your own domain first so you can operate. Someone who isn't aware of github might think of your dex as not a legit exchange.
You need to lessen the minimum trade for DAI. It's a dex so it should be more adopting than the cex so lessening the minimum is needed. What does the mail method means?
Thanks for the feedback. There is no intent to move it to a centralized domain name / hosting as the hope is that users of the protocol run the site from their own localhost server. If they do that, it makes it more difficult to censor the protocol. There is no minimum trade size to use the protocol. What you are referring to is an open offer to buy DAI using fiat. Anyone can create an open offer of any trade amount. The mail method on that offer means the desire to send fiat by mail in exchange for DAI. |
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FiatDex Protocol v2
Website: https://happypsyduck.github.io/fiatdex-gateway
GitHub Source: https://github.com/happypsyduck/fiatdex-gateway
Telegram: https://t.me/joinchat/LKOC7hNpttszh22G6lEfyg
A decentralized and anonymous fiat to crypto trustless swap process to trade fiat for DAI stablecoin without using a third party.FiatDex is crypto to fiat decentralized protocol that uses the risk of collateral loss to force traders to cooperate in fiat to DAI swap. There are no 3rd parties or middle-man arbitrators. No need for reputation systems or identity checks. Users can exchange fiat for crypto anonymously and without going through a centralized gateway. The only requirement is that both traders have some DAI to start with as that will be used as collateral. This protocol is not designed for those without any crypto, but for rather, those seeking more (or needing fiat) without wanting to use a 3rd party. Please read the whitepaper to learn more about the swap process and the technical details: https://happypsyduck.github.io/fiatdex-gateway/whitepaper.pdfAll feedback is welcomed. |
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How is the price of ethereum calculated? I mean do you take price from a particular platform/website or you take into account multiple prices from various sources and average them out.
I would suggest that you must use a average of a couple of price stamps and determine the price because a single whale can fluctuate price quite easily and benefit from you guys. I will check out your telegram channel and hopefully it explains more.
I am still reading and learning more about this, looks good.
Compound.Finance is a major decentralized lending platform that has a public use price oracle that we source. They already average the Ethereum price from major exchanges into that oracle. |
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I realize that this bet is for people who can almost have accurate predictions so they can win the bet. And for people who cannot predict or if you don't have good skills, then I suggest you be careful. I feel that I cannot predict correctly, and sometimes, I miss something in my analyzing, so I think it's difficult for me to predict where the price will move. But I am curious to see the result, and I wonder who will be the winner.
So, technically one must learned about technical analysis for a better chance of winning against other person whether the price will go up or down. You are correct that any person that doesn't have skills in predicting (only thinking randomly) are more likely to lose the bet but if the person you are against also don't know some skills then it would be harder to know which one will win and a little bit thrill. Those who are good with price action trading will probably do well in this market. |
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As mentioned where winners can get 90% the house pot.Then what you do actually mean of this one?
"There is a 5% fee pulled from the house pot distributed to the winners. There is no fee to withdraw or buy tickets".
Overall 15% and only 85% would be divided among winners? Thats too much.
Based on the Odds, the winner can earn up to close to 90% of the pot. The less likely the odds of winning, the higher the payout when winning. That payout is taken from the house pot and a 5% fee is taken from that. The payout is though, capped to the maximum ETH of either playing side. |
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What sustainable approach are you going to implement later on to have a constant number of players on your platform? That you will create a strong number of followers so each round you will always get number of players and not hoping that someone will make a mistake of checking on you.
What is great about this version is that you do not need players to play against. You will win some of the pot regardless of who is playing. |
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Current Pot is about 0.5 ETH. Ticket Cost is: 0.0051 ETHThese are the Game Rules:- Predict what direction you think the price of Ethereum will go 1 hour from the starting point.
- Winners will split the house pot, up to 90%, depending on the odds of winning.
- When you win, you will be able to withdraw what you put in plus a part of house pot.
- Winners will be rewarded a percentage of the house pot proportionally based on their tickets purchased.
- The entire market in ran on a trustless Ethereum smart contract.
- Compound.Finance price oracles are used for price determination as they update frequently.
- Buy Call tickets when you think the price will rise, Put tickets when you think the price will fall.
- When you lose a round, your funds are transferred into the house pot.
- Rounds last for only 1 hour. Tickets can be bought during the first 30 minutes.
- Odds of winning: Total Winning Tickets / Total Tickets Bought.
- Percentage paid out is calculated as: 10% + (80% x (1 - Odds of Winning) ).
- Regardless of the percent, payouts are capped to the total ETH amounts for either side, whichever is higher.
- The price of a ticket is 1/100th the house pot. This is constant during a Round.
- There is a 5% fee pulled from the house pot distributed to the winners. There is no fee to withdraw or buy tickets.
- After the round ends, you can manually close the round if the automated service fails to do so.
- Gas for closing a round is paid for from the house pot.
- You can only withdraw from a closed round. You cannot withdraw from an open round.
- To withdraw a balance from a previous round, go back to the round with the balance and then withdraw.
- If the price doesn't change or the round ends too late, the round will be a draw and you will get your funds back.
- Maximum amount of users per round is 1000.
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