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Author Topic: Trezor users can now exchange in wallet (beta)  (Read 229 times)
gentlemand
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September 24, 2018, 06:09:19 PM
 #1

https://news.bitcoin.com/trezor-users-can-now-exchange-cryptocurrencies-directly-in-wallet/

Looks like unnamed third parties will be running the actual exchange bit so presumably there will be some KYC. I wonder whether fees will be competitive or horrific.

The ability to trade while remaining inside your hard wallet is a kind of sexy idea. I suppose many will not want to link their main balance to KYC though.

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September 24, 2018, 07:51:44 PM
 #2

Thanks for highlighting this.

I've been planning to buy a second hardware wallet for a while now - keep my current Ledger as my main cold storage, and have a second one for taking out and about, on business, etc. I had always just planned to buy another Ledger when I finally get round to it, but this might tip my decision to pick up a Trezor instead. This is exactly the kind of functionality that would be useful in a wallet that I'm using on a day-to-day basis. Need to pay someone in ETH when I'm only holding BTC - no problem.

The KYC is going to be the deal breaker here for me, and so I'll wait to find out what the exchanges are requesting before pulling the trigger on a purchase. The quote "Decentralized exchanges are, of course, being evaluated" is interesting, though.

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September 24, 2018, 08:11:33 PM
 #3

I had always just planned to buy another Ledger when I finally get round to it, but this might tip my decision to pick up a Trezor instead.

I've got both. I much prefer the Trezor myself. It seems a little more rounded and friendly overall. The coin selection is what'll seal it for people of course.

If it's not the case already, soon enough it's going to be dex or KYC and nothing else.

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October 26, 2018, 09:57:00 PM
 #4

"safely" is debatable... Note that these exchanges are NOT run by Trezor. They are 3rd-party services...

Quote
The digital asset exchanges available on the Trezor platform include Changenow, Coinmama, Changelly, Paybis, and Coinswitch
Several of these exchanges have been reported as engaging in somewhat dubious KYC procedures... as in, waiting for user to deposit large amount of crypto and then demanding KYC completion before releasing or returning funds.

"Caveat Emptor"


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October 29, 2018, 08:04:22 AM
 #5

"safely" is debatable... Note that these exchanges are NOT run by Trezor. They are 3rd-party services...

Quote
The digital asset exchanges available on the Trezor platform include Changenow, Coinmama, Changelly, Paybis, and Coinswitch
Several of these exchanges have been reported as engaging in somewhat dubious KYC procedures... as in, waiting for user to deposit large amount of crypto and then demanding KYC completion before releasing or returning funds.

This.

I'd recommend everyone to rather use an proper exchange (if possible) instead of using such services.
Not only those KYC-scams, but also the lack of verifiability and transparency are a big red flag for me (not mentioning all the attack vectors here..).

Currently there are scam accusations open against changenow. So, i'd probably avoid them if possible.

If one really has to use such a service and there is no other possibility of using an real exchange, i'd probably rather use changelly/shapeshift than anything else (simply because they are the 'most reputable' ones).


But IMO it is way safer to send your funds to an exchange, trade and withdraw, instead of using such a service.

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October 30, 2018, 02:54:24 AM
 #6

Currently there are scam accusations open against changenow. So, i'd probably avoid them if possible.
Didn't they return the user's funds after ~5 months? Yeah, they are shady. But at least they didn't exit scam (so far).

But IMO it is way safer to send your funds to an exchange, trade and withdraw, instead of using such a service.
Yeah. The bigger difference for me is the fact that you may end up having your coins locked by any of those services (due to KYC measures - which is actually becoming mandatory in many of them, like ShapeShift), while I never had any issue with other big exchanges like Binance (I've done multiple trades there without providing any personal document). It may look like more convenient, but using an trusted exchange is still the best option.

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November 04, 2018, 12:54:10 PM
 #7

I'm using trezor as main wallet, I'm not an active trader. It's important decision to make safety exchange into wallet. Especially for not skilled users.

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November 04, 2018, 01:01:36 PM
 #8

$100 to bet the partner they don't want to tell publicly is Shapeshift. If not then I am really interested to know who got the business with Trezor. The idea is great basically but it all depends on the conditions, KYC is not an option for me, the idea with a DEX is more interesting.

Trezor, Coinbase, Ledger,... with all the recent news about partnerships, changes in the business model, etc Am I the only one to see like a pyramid being created little by little recently.

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November 04, 2018, 01:16:48 PM
 #9

It's both Changelly and ShapeShift. I don't see how it's possible to enforce users to go through KYC personally but yeah, these partnerships with these exchanges are definitely not getting us anywhere. It's defeating the whole purpose of using crypto in the first place.

Here is Trezor's statement regarding this:

Quote
"The exchange feature is provided by various third parties; SatoshiLabs bears no responsibility for the process, exchange rates, fees, or functionality. In this initial release, we have decided to cooperate with ShapeShift and Changelly. Trezor Wallet will always operate without KYC, as the Wallet or your Trezor device are not custodial. If the exchange providers decide to enact KYC, registration and verification will be done by them. Your personal information will not be processed by Trezor Wallet / SatoshiLabs, nor will it ever be requested by the company. "

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November 12, 2018, 07:57:08 AM
 #10

@LeGaulois, I think it's been happening at least since 2016. Last year probably put it off for a while because values of funds were expanding but this year's contractions have forced them to revisit alliances and partnerships as a way to consolidate. Politically and economically, only makes sense to band together and strengthen their existing models, competition during these market sentiments generally will kill off smaller guys but also means you take a hit.

So minor hegemonies are forming... the other "pattern" I see is these crypto firms forming VC arms. Invest in friendly startups, build them up, expand their circles, those then also form VC arms and then we get those positive loops businesses like.

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December 03, 2018, 12:07:48 PM
 #11

If it's a third-party service then you do not need go trough the KYC shit, just keep using the Trezor wallet as before.  If you are OK with the KYC Policy then you can use this service, it's up to the user. I don't see the big deal with the security flaws .

Quote from the article.
Quote
It’s an optional service. If KYC will be enforced by those services, user will know it and can refuse to continue — Decentralized exchanges are, of course, being evaluated.

On the other hand if they implement KYC for to use the wallet, then this will be a certain death to Trezor or whoever else try to enforce this policy on a wallet.

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December 03, 2018, 01:27:47 PM
 #12

If it's a third-party service then you do not need go trough the KYC shit, just keep using the Trezor wallet as before.  If you are OK with the KYC Policy then you can use this service, it's up to the user. I don't see the big deal with the security flaws .

I think the real problem is there's no detailed information (such as KYC requirement), aside from "If you have any question regarding trades, privacy, ......" on Disclaimer page. At least according to screenshot from news.

Few users might be fooled since they think they already revealed their information by using credit/debit card and KYC isn't necessary. Add a bit more information on Disclaimer page should fix the problem though.

Quote from the article.
Quote
It’s an optional service. If KYC will be enforced by those services, user will know it and can refuse to continue — Decentralized exchanges are, of course, being evaluated.

On the other hand if they implement KYC for to use the wallet, then this will be a certain death to Trezor or whoever else try to enforce this policy on a wallet.

Unfortunately, it only applied to hardware wallet where most users aware of privacy/security

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December 06, 2018, 11:11:39 PM
 #13

The quote "Decentralized exchanges are, of course, being evaluated" is interesting, though.

I know I'm replying to a pretty old post, but there is a decentralized exchange that is planning on (and has even initiated the process of) adding Ledger & Trezor support. Here's their Trello progress webpage: https://trello.com/b/NQLsFMzK/blocknet-progress-tracker

It would be nice to have everything on the Ledger/Trezor and not have to move funds anywhere to exchange them. The future looks interesting. I think we're all running away from KYC and third parties we have to trust, I mean there are complications, scams and everything .. DEXs, if they'll make it through successfully without EtherDelta-like situations, would be our saviors. Smiley
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December 07, 2018, 03:17:02 PM
 #14

-snip-

Very interesting. Given how many new projects and exchanges are constantly popping up that turn out to be elaborate (or sometimes blatantly obvious) scams, I'm cautious whenever I see a new one, especially a new one that has big promises like this one does. However, having said that, a (very) quick look through their website, whitepaper and github does lead to the conclusion they are a serious team who know what they are doing.

As you say, being able to trade coins directly and securely from a hardware wallet without having to go through any kind of KYC would be a great step forward.


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