💦 splash.tf - instant exchange BTC / ETH / XMR / DAI

[Pmalek]

I have sent a few times BTC directly from eXch to my (and others) binance account, and even other local CEX from Brazil.

Binance was on the list that didn't consider eXch funds as unworthy and so they didn't create issues for people who owned them.

Funds from eXch only had AML problems after bybit hack, which unfortunately tainted eXch forever...

I forgot the name of that instant exchange that considered eXch funds as dirty and there was also an AML service that rated them as such. All this was even before the Bybit hack.

It is a good idea to check de AML risk in blockchair.com. Maybe you were lucky.

I didn't know they provided risk scores for addresses. You just enter an address in the search field and the site displays the AML risk score for it or is there a different tool somewhere on the website that you need to use?

[LoyceV]

It is a good idea to check de AML risk in blockchair.com. Maybe you were lucky.

I didn't know they provided risk scores for addresses. You just enter an address in the search field and the site displays the AML risk score for it or is there a different tool somewhere on the website that you need to use?

Just enter an address on the site: blockchair.com/bitcoin/address/1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD:

Just know that "risk scores" are made up by companies trying to sell them to you, so I assume Blockchair is showing them because they earn from it. It's basically an advertisement. Which makes me assume they also track anything anyone looks up from their site (so use Tor: blkchairbknpn73cfjhevhla7rkp4ed5gg2knctvv7it4lioy22defid.onion/bitcoin/address/1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD).
I used to like Blockchair, but this page doesn't even show inputs and outputs of transactions anymore. They do show their "Blacklist Report", "AMLBot", "MistTrack", "Risk level", "Scam reports", "Risk score" and more. I'd take those with a huge grain of salt: the fact that the "Risk level" doesn't match the "Risk score" says it all.

[bitmover]

I have sent a few times BTC directly from eXch to my (and others) binance account, and even other local CEX from Brazil.

Binance was on the list that didn't consider eXch funds as unworthy and so they didn't create issues for people who owned them.

Funds from eXch only had AML problems after bybit hack, which unfortunately tainted eXch forever...

I forgot the name of that instant exchange that considered eXch funds as dirty and there was also an AML service that rated them as such. All this was even before the Bybit hack.

The problem happened after the bybit hack. Probably, if you send those funds now to binance you will have AML problems.

I didn't know they provided risk scores for addresses. You just enter an address in the search field and the site displays the AML risk score for it or is there a different tool somewhere on the website that you need to use?

Just enter any address and you will see 2 different risk scores,  from different services.

Like this one, medium risk:

I'd take those with a huge grain of salt: the fact that the "Risk level" doesn't match the "Risk score" says it all.

Probably two different names for the same thing. Those are different services.

[LoyceV]

Probably two different names for the same thing. Those are different services.

I got that. I meant: one of them rates it "low", the other "medium". It's just arbitrary.

[bitmover]

Probably two different names for the same thing. Those are different services.

I got that. I meant: one of them rates it "low", the other "medium". It's just arbitrary.

I agree. Yet another injustice in life, but there are so many.

This the way life works... saying it is arbitraty doesn't mean much when a third party freeze your funds. So, we should just keep an eye out for those arbitrary AML scores, before sending our valuable satoshis to any CEX or swap service.

I think blockchair is an effective and cheap way to check that

[Pmalek]

Just know that "risk scores" are made up by companies trying to sell them to you, so I assume Blockchair is showing them because they earn from it.

I know, but the reality is that taint is here and it's here to stay. We can do our best to avoid centralized services and not care about their taint nonsense, but the notion still exists. Sometimes I am curious to see just what CEXs think about certain coins I have. Running them through AML risk checkers is one way to find out even if it remains a gamble. As you noticed yourself, one service says the history is fine, another one assigns it a medium risk.

[bitmover]

Just know that "risk scores" are made up by companies trying to sell them to you, so I assume Blockchair is showing them because they earn from it.

I know, but the reality is that taint is here and it's here to stay. We can do our best to avoid centralized services and not care about their taint nonsense, but the notion still exists. Sometimes I am curious to see just what CEXs think about certain coins I have. Running them through AML risk checkers is one way to find out even if it remains a gamble. As you noticed yourself, one service says the history is fine, another one assigns it a medium risk.

I had several high-risk AML coins. From Sinbad campaign, from eXch, from CM, etc...

I solved this problem by using swap services like eXch and splash.tf (there are others btw) which accept those coins and will give you USDT ETH XMR whatever. You can then swap again using other service to get other BTC back (with less AML risk). Or just keep the USDT to realize some gains 

[LoyceV]

I solved this problem by using swap services like eXch and splash.tf (there are others btw) which accept those coins and will give you USDT ETH XMR whatever. You can then swap again using other service to get other BTC back (with less AML risk).

If you exchange XMR to BTC in large amounts, and deposit that into a CEX, you're going to have a harder time answering questions from either the CEX or your bank if the transaction gets flagged. I'd rather say: "I got it from X for Y reason in the year Z" than having to explain the same thing, followed by: "I tried to hide this trail by exchanging it for Monero and back to Bitcoin before depositing to the CEX".

[examplens]

I solved this problem by using swap services like eXch and splash.tf (there are others btw) which accept those coins and will give you USDT ETH XMR whatever. You can then swap again using other service to get other BTC back (with less AML risk).

If you exchange XMR to BTC in large amounts, and deposit that into a CEX, you're going to have a harder time answering questions from either the CEX or your bank if the transaction gets flagged. I'd rather say: "I got it from X for Y reason in the year Z" than having to explain the same thing, followed by: "I tried to hide this trail by exchanging it for Monero and back to Bitcoin before depositing to the CEX".

We very easily went from 'Bitcoin being a tool to preserve privacy', to what is the best way to explain the origin of Bitcoin to a random CEX. Bitcoin (or any other cryptocurrency, even Monero) is more subject to control than fiat money in the bank. The bank has never asked me for proof of the origin of the money (it's true, I don't even deal with illegal things), and now I may be in a situation where I must submit proof to a Binance or similar CEX. Things went completely in the other direction from what was originally imagined.

[LoyceV]

We very easily went from 'Bitcoin being a tool to preserve privacy', to what is the best way to explain the origin of Bitcoin to a random CEX.

I don't think exchanges or even banks give a shit about where your coins come from, but the fines they've collected over the years make them compliant.

The bank has never asked me for proof of the origin of the money

Here, they do. The last bank account I opened was for the kids, and they asked all kinds of questions about what they'd use the account for, how much money they're expecting to receive, where it comes from, and if they have connections in Cuba, Iran, North-Korea or Russia. Yep, they have to ask those questions for young kids.

Things went completely in the other direction from what was originally imagined.

Many exchanges started anonymous, and as they grow, have to choose: face being shut down, or follow regulation. Compliance means Bitcoin is maturing. That leaves just small exchanges for anyone who still wants privacy.

[splashed]

Updates

We've just updated the pricing calculation and algorithm, so it should now more accurately reflect the market price 

[dkbit98]

I don't think exchanges or even banks give a shit about where your coins come from, but the fines they've collected over the years make them compliant.

That is true.
Many of us still can remember the days when all exchanges could be used without mandatory KYC.
But I think it's not only about fines, they started arresting people like CZ and putting them in jail, that is much more serious.

Bitcoin is maturing. That leaves just small exchanges for anyone who still wants privacy.

Or maybe it's time to make Bitcoin protocol changes and add privacy on based level, and maybe add quantum resistance along the way.

[LoyceV]

Or maybe it's time to make Bitcoin protocol changes and add privacy on based level

I think that would be the end of Bitcoin as we know it. Governments won't allow it, which will kill mainstream adoption as regulated exchanges would be forced to delist it (like Monero). Developers could face the same faith as Tornado Cash devs.
As much as I like privacy, I think Bitcoin is better off the way it is. If you want privacy, you'll need to work for it.

[dkbit98]

I think that would be the end of Bitcoin as we know it. Governments won't allow it, which will kill mainstream adoption as regulated exchanges would be forced to delist it (like Monero). Developers could face the same faith as Tornado Cash devs.
As much as I like privacy, I think Bitcoin is better off the way it is. If you want privacy, you'll need to work for it.

I don't think so because many countries and companies already own a lot of bitcoin.
Worst thing we can see is bitcoin having another split into separate chains, so we can see who really values privacy.
And even adding optional privacy would be fine for me, similar like litecoin did with adding mimblewimble.
If we continue the way we are going BlackRock and similar corporations will ''adopt'' and destroy all bitcoin sooner or later.

[joker_josue]

As much as I like privacy, I think Bitcoin is better off the way it is. If you want privacy, you'll need to work for it.

I always find it funny when people say that Bitcoin should be more private than it is.

These people should forget that nobody knows who created Bitcoin. Nobody knows who Satoshi is; he has managed to remain anonymous to this day. He might even be using bitcoin, which we don't even know about.

Bitcoin is anonymous and private enough, as long as the user knows how to use it.

[bitmover]

As much as I like privacy, I think Bitcoin is better off the way it is. If you want privacy, you'll need to work for it.

Bitcoin is anonymous and private enough, as long as the user knows how to use it.

I strongly agree with this.

I have been using bitcoin for more than 8 years, moved thousands and thousands of dollars around the world and nobody knows that it was me.

I can receive payments by anyone in forum with a very decent degree of privacy, or from anyone else. That is quite enough for me.

If you are super paranoid about privacy you can use a mixer for extra privacy. So many options. I like bitcoin the way it it is too.

[Forsyth Jones]

Bitcoin is anonymous and private enough, as long as the user knows how to use it.

I strongly agree with this.

I have been using bitcoin for more than 8 years, moved thousands and thousands of dollars around the world and nobody knows that it was me.

I can receive payments by anyone in forum with a very decent degree of privacy, or from anyone else. That is quite enough for me.

If you are super paranoid about privacy you can use a mixer for extra privacy. So many options. I like bitcoin the way it it is too.

You don't always need to use only mixers or coinjoins, especially if you're using small amounts, it's not worthwhile due to the operational costs. simply exchanging Bitcoin from the main network for L-Bitcoin, Bitcoin LN or Monero and then reverting to BTC to achieve a certain level of privacy. Of course, it all depends on each person's needs.

That's why it's important that Splash adds Liquid network support for BTC and USDT.

I would also like Bitcoin to be more private than it already is, something similar to the confidentiality of the Liquid network, but it's quite possible that this would result in another hardfork, ideological divisions among devs, and we'd have a new civil war in Bitcoin.. But who knows, in the future, if the current level of Bitcoin privacy no longer satisfies most individuals, there will be a greater incentive to improve the network as a whole.

For me, at the moment Bitcoin needs to solve the problem of lack of scalability without compromising its decentralization, the Lightning Network is difficult to understand or use, especially for new users.

[bitmover]

For me, at the moment Bitcoin needs to solve the problem of lack of scalability without compromising its decentralization, the Lightning Network is difficult to understand or use, especially for new users.

I always struggle with those "scalability problems"

Mempool is empty now. You can literally get a confirmation in the next block for 1 satoshi per byte, which is less than $ 0.10

In the morning the next block target fee was 0.1 sat/vB which is $ 0.01

We may face a scalability problem in the future, but so far it is working quite well. We dont have scalability problems yet

[LoyceV]

I always struggle with those "scalability problems"
Mempool is empty now. You can literally get a confirmation in the next block for 1 satoshi per byte, which is less than $ 0.10
In the morning the next block target fee was 0.1 sat/vB which is $ 0.01
We may face a scalability problem in the future, but so far it is working quite well. We dont have scalability problems yet

What if mempool is empty because Bitcoin failed to scale? When I started in Bitcoin, I could use it to order take away. That's no longer possible where I live. I remember paying over $25 for the smallest possible transaction size back in 2017, and the receiving party would have to pay a similar amount to move those funds. The practical dust limit was 0.001BTC at that time, anything less wouldn't even cover the fee to send it. I remember seeing exchange transactions paying thousands or tens of thousands of dollars just to consolidate the deposits they received back then.
For a while now, mempool barely shows any real Bitcoin transaction. I've been checking it for years, and usually about 80-90% is filled with data spam (ordinals, runes, inscriptions or whatever they call the crap to sell to gullible people).
The current low transaction fees don't change the fact that blockspace is very limited. I don't hear stories anymore about fast food chains accepting Bitcoin, or large webshops. A few transactions per second isn't enough for them to scale. Even back in 2017 I was concerned the high fees would limit Bitcoin's growth, and now the number of real on-chain transactions is much lower than it was back then.

[bitmover]

The current low transaction fees don't change the fact that blockspace is very limited. I don't hear stories anymore about fast food chains accepting Bitcoin, or large webshops. A few transactions per second isn't enough for them to scale. Even back in 2017 I was concerned the high fees would limit Bitcoin's growth, and now the number of real on-chain transactions is much lower than it was back then.

I think many transactions are happening off chain.

Many people buying and selling ETF, which doesn't involve on chain transactions.
There are also many people sending BTC inside binance (to other binance accounts for example, which is not BTC but it works like it)...

People might even been using more stablecoins to send money, instead of bitcoin. Stablecoins are really a thing now, everywhere. There is a decent degree of privacy and freedom, even with the risks and limitations of a stablecoin, it is still much better than using the banking system (slow expensive and not as private as a stablecoin)