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Author Topic: KYC Free Exchange from Altcoin to Bitcoin?  (Read 264 times)
Bitcoiner2023 (OP)
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January 28, 2024, 02:09:52 PM
 #21

Is something like that safe?
And how does an atomic swap work?
As far as I know, everything runs with AMM (Automatic Market Maker), and about smart contracts right?
And you have full control over it yourself?

Do you have any Atomic Swap / Cross Chain Swap providers for me?
You may visit this thread Atomic swap tools and exchanges for Bitcoin (work-in-progress)

I can't say it's safe because there are a lot case smart contract got hacked https://4irelabs.com/articles/top-17-smart-contract-hacks/

You might fully own the token because it's non custodial, you know the seed phrase and can access it at anytime. Now the next question is, are you sure the exchange is open source? anything can happen if it's closed source.

Thank you, I'll take a look at the thread Smiley

I'm basically someone who only uses open source.
d5000
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January 28, 2024, 02:39:23 PM
 #22

exch.cx is too risky for me, nothing against the operators, but changing such large sums to someone who has control over my coins would give me a lot of stomach ache.
In general I would recommend, regardless of the tool you're finally using, to first try it out with lower amounts you can afford to lose. Even in atomic swaps there may be situations where a party can get an unfair advantage, although stealing the funds if you act correctly is not possible.

Atomic swap sounds interesting.
Is something like that safe?
If carried out correctly and monitored by both parties, an atomic swap is safe, yes. The risk is mainly that one of the parties can abandon the trade if the price evolution doesn't favour it, and the other party may sit on transaction fees.

The "smart contract hacks" list linked by Despairo does not really include hacks of traditional atomic swap platforms. There is an attack on Uniswap listed, but Uniswap is a more complex product with more risks involved, and it only supports Ethereum tokens.

And how does an atomic swap work?
The basic principle is simple: Two parties (Alice - altcoin buyer/Bitcoin seller - and Bob - altcoin seller/Bitcoin buyer) arrange transactions (two on each chain) in a way the funds on them can be used only if a secret (generated by one of the parties) is known by both parties. The exact process is described here (Tier Nolan is the inventor of the first really usable atomic swap technique).

The process can also be moved offchain to save fees (using Lightning Network), but that needs additional monitoring (you have to stay online until the whole process has concluded) and can be a little bit less safe.

As far as I know, everything runs with AMM (Automatic Market Maker), and about smart contracts right?
It's a kind of smart contract but written in Bitcoin Script, i.e. without loops, this means it does work very differently from the contracts you may know from Ethereum. Both parties of the trade generate transactions with a set of rules to ensure that the funds moved by their transactions (the Bitcoin transaction and the altcoin transaction) can only be spent by the other party if it follows by the rules, and if not, then the funds can be spent by themselves again after some time has passed. These contracts are called HTLCs (Hashed Time Locked Contracts, similar to those used in Lightning Network). In its raw form, this kind of atomic swap does not not use AMMs.

And you have full control over it yourself?
Yes.

About tools: Despairo has already linked my thread, so go there for a list of tools/platforms. (Edit: Take into account that also Blocknet and Thorchain are on the list of this thread. Both require trust in an additional blockchain, and Thorchain does indeed use a different model which is not totally trustless.)

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yhiaali3
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January 29, 2024, 03:05:36 AM
 #23

Atomic swap sounds interesting.
Is something like that safe?
And how does an atomic swap work?
As far as I know, everything runs with AMM (Automatic Market Maker), and about smart contracts right?
And you have full control over it yourself?
Yes, the atomic swap is safe because it allows cryptocurrency traders to exchange crypto assets without the need for third party arbitration and also allows them to have full control over their cryptocurrencies at all times.

Its working principle is simple: Atomic Swaps create automated, self-executing contracts. These contracts execute specific actions once pre-defined rules are met with zero-fee trading (network fees only).
Its main problem is that it has limited liquidity

You can learn more through this article:
https://www.forbes.com/sites/lukefitzpatrick/2019/09/02/a-complete-beginners-guide-to-atomic-swaps/?sh=42c314976178


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dkbit98
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January 30, 2024, 06:57:52 PM
 #24

It is USDC (Erc20)
In principle, all altcoins on the Ethereum blockchain.
I would use DEX to exchange the USDC into ETH or into USDT etc
You can't have big volume and decentralization with bunch of shitcoins you are allegedly holding (and I seriously doubt that).

Unfortunately, the volume of Bisq is too small for me, I'm talking about larger amounts that I would like to swap in Bitcoin.
What are you talking about?
There are thousands of trades each day on Bisq exchange with bunch of bitcoins traded all the time.
You probably never installed or used bisq in your life.
Bisq markets:
https://bisq.markets/

exch.cx is too risky for me, nothing against the operators, but changing such large sums to someone who has control over my coins would give me a lot of stomach ache.
Find a better one.
Good luck.
Exch is centralized but it's probably better than most of cross-chain crap and fake-dex exchanges.

Do you have any Atomic Swap / Cross Chain Swap providers for me?
You are asking to many questions...
I am sure large sum whales is asking questions like this in bitcointalk forum asking for atomic swap and special exchange  Cheesy

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Bitcoiner2023 (OP)
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January 30, 2024, 10:35:03 PM
 #25

You can't have big volume and decentralization with bunch of shitcoins you are allegedly holding (and I seriously doubt that).
When you trade on decentralized exchanges like dydx v4, you get your profits paid out in USDC.
Just for information!

There are thousands of trades each day on Bisq exchange with bunch of bitcoins traded all the time.
You probably never installed or used bisq in your life.
Bisq markets:
https://bisq.markets/
Bisq's daily trading volume is approximately $500,000, which is quite a low volume for an exchange

Find a better one.
Good luck.
Exch is centralized but it's probably better than most of cross-chain crap and fake-dex exchanges.
I think cross-chain swaps or Atomic Dex are far better than a centralized exchanger that has control over your money.
Good luck not getting ripped off at some point.

You are asking to many questions...
I am sure large sum whales is asking questions like this in bitcointalk forum asking for atomic swap and special exchange  Cheesy
We are in a forum where you can ask questions...
No, big whales probably exchange their funds with Binance, Kraken, Coinbase etc.
It's not for nothing that the trading volume on CEX is 2000 times bigger than bisq Cheesy
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