Thanks for the feedback and support. That's one big thing I've noticed. Limits. We don't like those around here.

The real question is whether or not world governments would allow for such a scenario. Kleptocracy is more common than one might think, and sometimes comes in tandem with plutocracy. What's unique about the most powerful government, the United States, is that it is a very different form of kleptocracy than history has ever seen. Look at every store of value/means of transacting and we see that governments have always seized the predominant technology for this at one point or another. Think the 1930s, the US gov't seized mass amount of gold and silver, also Prodrazvyorstka in the Soviet Union.

In theory BTC could exist without fiat, but then government would lose control. Unless they owned a 51% interest in mining that is, which is technically feasible given the resources available although not likely because they know what would happen in that case.

Technologically speaking, BTC would be better off as an underlying store of value for a much speedier system layered on top. Kind of how gold backed the paper dollar, even though most of it was in vaults in New York/Kentucky, not in hand. BTC is digitally "heavy", just how gold is physically heavy and not easily moved en masse. The problem is, that requires trusting a third party. So someone would have to come up with a trustless way to implement that scenario. Ideally, this system would be cryptographically secure, but so speedy that the security of payment is as fast as a Visa transaction, or even better, like me handing you cash.

Financially speaking, Bitcoin would have to reach such maturity that the price of goods in BTC would not wildly fluctuate on a regular basis. We see this over long periods of time in fiat, which is kind of like a frog in boiling water effect. Somehow it all works out though because in real terms nobody is paying that much more for goods. Overnight price swings of 10% like we regularly see would not be acceptable in a crypto-only world though. I think we can get to this point once society as a whole realizes that instead of trusting that governments honor their obligations we could just hand that duty over to immutable mathematics and algorithms.  

So the answer is yes. But would it be allowed?

If you're dead set on multisig, you need to elaborate on what you mean by "ideas". Exactly what kind of trouble are you running into, specifically with the implementation you have in mind?

For escrow purposes, I don't think multisig is the correct solution. Users may lose/mishandle keys. At the end of the day, the site needs to sign the tx anyways. So you could prevent the transaction from ever taking place regardless. This doesn't decrease risk for user, it adds it. Also, many may be deterred by the additional complexity. You need to garner trust through reliable, logic action. This will build your reputation. There can never be a trustless escrow system, IMO. This is because in the event of a dispute there will ALWAYS need to be a decision made one way or the other, and someone will end up unhappy.

As for general security, I can't imagine multisig being a practical solution for regular operation/facilitating transactions. For a cold wallet of unused coin, maybe. As long as you handle site security properly, you needn't worry about a malicious actor compromising funds.

Hey everybody,

Founder of your favorite future BTC-XMR swap site here! (Name to be revealed soon, we think it's catchy). A little about me: I have a background in traditional finance, but took an interest in crypto around 2015. I've been enamored by technology my whole life, and I am fluent in most things needed to venture into such a project. Always learning though. I have been using crypto ever since then, but have never felt the need to get involved and build something. Until now.

Now that XMR.to has shut down, we feel a need to fill the gap. There are not any (truly) trusted third parties to facilitate this in a fashion that does not require KYC. Moreover, their limits, policy, and speed are paltry at best. As the title states, I am looking for candidates who feel they have something to add/have experience in the relevant fields that find this project interesting. We are working on an instant, no KYC (under 99.99% of circumstances) swap site for BTC to Monero, and vice versa. We are starting with Monero, because I see a great need for such a function. However, no other assets are ruled out for the future. Thus far, everything has been done among the initial team of 3 people that I hand chose. I've been stalking this forum for a while and feel there may be individuals on here who could greatly contribute.

The primary concept of the website is complete, and we have been working hard on our backend. We are using an API to source liquidity from our accounts to facilitate the trade/transfer upon sufficient network confirmation. This will make it one of the fastest swap sites, if not the fastest, because the withdrawal would be initiated within 15~ or less mins in most cases. The UX flow will be something like this: Home page -> order quote/entry on homepage -> refund + deposit address entry -> confirmation of tx with live updates on progress.

I've also decided that the max transaction size will be 100BTC/equivalent in the other asset. The way things are set up, I think we should be able to manage up to $10m~/250BTC~ a day in volume, as of now. We hope to grow to the point where I'll have to accomodate for more. I think this high limit is super important because it will give financial freedom and privacy to those who seek it. We will also be able to fulfill anything larger with a white glove, OTC solution via email, telegram, or jabber/xmpp. There's really no good option as far as no-kyc instant swaps (especially large ones) for the pair go anymore. Now that Binance has restricted unverified accounts to 0.6BTC in withdrawals a day, things have become worse.

The business model (how we will be profitable) is going to be by creating a spread based upon current market price of underlying asset prices. We will be taking the spread, or a set percentage on every trade. We truly believe in crypto, and will not be marking profits in fiat, but in cryptocurrency units. Other than overhead, we plan to HODL indefinitely. The market price will be updated at regular intervals, determined by market volatility. The price of said assets will probably be sourced by a trusted exchange/aggregate of exchanges. However, I have not ruled out using an oracle solution in the future. I am also considering letting the general public earn a part of the spread by depositing with us and providing liquidity if the site gains enough traction. There would probably be two different pools of liquidity with different spreads if that were to be done.

I am looking for a designer to execute our vision aesthetically, and someone who has experience in web development/blockchain.
The designer should have experience creating web design that fits a modern aesthetic that is simple yet functional. We will be needing graphics, but not many. Possibly some animated buttons too.

On the development end, I am looking for someone familiar with web development, and BTC/XMR. This includes blockchain, information systems, javascript, python, c++, sql, programmatic access in order to interface with our back end, key management, Monero CLI, Bitcoin Core RPC, and more.

We will also be seeking feedback from the community in the future regarding any fees that will be charged, features, and such other things. If you feel like you'd want to be apart of the team, please PM me, reply, or shoot an email to chainswapinc@protonmail.com.

-PB