eXch - instant exchange BTC / LN / XMR / LTC / ETH / ERC20

[LoyceV]

I sincerely hope theymos will read this and consider it.

There's a much better chance of that if this would be posted in Moving to Cloudflare.

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[Pmalek]

Realistic price should be much higher than now, and most shitcoins should have lower or no value at all.
Imagine that solana crap is ranked so high and they literally had more downtime than old dial-up internet connections  

All true, but it doesn't mean a thing for the price. Not being available on major exchanges and therefore not being available to the many users of such platforms affects the value negatively. Hype and marketing are more important than usability from a price perspective. That's just the reality of the world we live in.

[paid2]

I sincerely hope theymos will read this and consider it.

There's a much better chance of that if this would be posted in Moving to Cloudflare.

Thank you for the link.
I've posted a quote from OP's message, with the hope that it might lead to something...

[icopress]

Friends, I have great news for you!

In the very near future we will launch regular weekly raffles, by participating in which you can try your luck to win a custom Cryptosteel!

[apogio]

Friends, I have great news for you!

In the very near future we will launch regular weekly raffles, by participating in which you can try your luck to win a custom Cryptosteel!

Astonishing news icopress. You always take good care of your people. Thanks

[paid2]

Friends, I have great news for you!

In the very near future we will launch regular weekly raffles, by participating in which you can try your luck to win a custom Cryptosteel!

Here's the first raffle !  

[FREE RAFFLE] - Custom eXch Cryptosteel Capsule (#1)!

Good luck to you all

[hugeblack]

Some articles began describing this service as an Ethereum mixer, and I think the reason for that is the Privacy policy in the terms of use^[1]. Is there any intention to update it? especially if the service is misused as a mixer?

We do not collect any metadata from customers. We have IP address logging disabled on all of the following end-points of our service: reverse-proxies, caching servers and backend servers (API). Exchange-related information such as from/to/refund addresses of operations are deleted from our service after 15 days, except when users decide to remove exchange-related information by themselves by pressing a "Delete data" button available within complete exchange operations, immediately making all the exchange operation data unrecoverable and not available for further extraction/querying.

You mentioned in a previous reply that this service is barely making profits, and I see that Monero reserves are decreasing quickly. To what extent will the rise in Bitcoin price affect the XRP --> BTC service, assuming that Monero does not react positively to the speed of the rise in the price of Bitcoin and that you are barely making profits?


[1] https://exch.cx/tos

[examplens]

You mentioned in a previous reply that this service is barely making profits, and I see that Monero reserves are decreasing quickly. To what extent will the rise in Bitcoin price affect the XRP --> BTC service, assuming that Monero does not react positively to the speed of the rise in the price of Bitcoin and that you are barely making profits?

I think that, among other things, they gave an explanation related to Monero. They turned to customer-provided liquidity, even though they might lose some profit that way.

Absolutely. We can load 15000 XMR right now and it will be sold in just a few hours at 5%. At 0.5% in less than 1 hour. This situation has repeated many times already.

Some time ago we were using exchanges like Binance and Kraken to acquire XMR liquidity periodically, but we stopped doing so because they became very uncomfortable with us draining so much liquidity from them, because it became an infinite process.

We are now temporarily back to our old model (customer-provided liquidity only), but expect to resume having constant XMR liquidity soon once we acquire a good and reliable source.

[Pmalek]

I know that the eXch representative has said no to including the TRC-20 version of USDT on the platform, but I am still hoping that will happen. Out of all the USDT variants, I use that one the most. DAI is, obviously, the best if you have to engage with a stablecoin, but I haven't met many people that want it as much as they want USDT as long as they have a choice. 

[dkbit98]

Is there any intention to update it? especially if the service is misused as a mixer?

No need to change anything.
This is clearly not a mixer, and you can't send bitcoin to get mixed bitcoin, or send ethereum for mixed ethereum.

I know that the eXch representative has said no to including the TRC-20 version of USDT on the platform, but I am still hoping that will happen. Out of all the USDT variants, I use that one the most. DAI is, obviously, the best if you have to engage with a stablecoin, but I haven't met many people that want it as much as they want USDT as long as they have a choice. 

This is one of the worst crap stable coin blockchains, and fees are often higher than on all other alternatives, unless you stake trx shitcoin.
It would be much better to see L-BTC and L-USDT on liquid chain, and admin already confirmed they are working on it.

Here is comparison:
https://gasfeesnow.com/
https://liquid.network/

[Pmalek]

This is one of the worst crap stable coin blockchains, and fees are often higher than on all other alternatives, unless you stake trx shitcoin.

They are all crap stablecoin blockchains, but if you need to engage with them, then you are stuck using those that are the most popular among them. I have never used or heard anyone use USDT on Polygon or the BSC network. It's mostly the asset on Tron followed by the token on Ethereum. And the fees are cheaper on Tron. Even the source you linked to shows it. I never had any staked TRX, and the fees I needed to pay for USDT transactions were either 13 or 26 TRX. At the time I last used it, it was between $0.70 and $1.40/1.50. It surely costs more now with all cryptos up in value. 

But yeah, if you have some staked TRX, you can use the energy it produces and convert it into fees when engaging with smart contracts, which token transactions are.

[hugeblack]

I think that, among other things, they gave an explanation related to Monero. They turned to customer-provided liquidity, even though they might lose some profit that way.

So, it is probably the reserve will be zero in most cases.

No need to change anything.
This is clearly not a mixer, and you can't send bitcoin to get mixed bitcoin, or send ethereum for mixed ethereum.

If there is something that we learn from last year, then any service is linked to a hack and does not cooperate with the authorities or delete user data, then it will be on the government's radar, the easiest accusation that they are running an unlicensed platform and I think that what happened with Fixedfloat is a good reminder.

[examplens]

They are all crap stablecoin blockchains, but if you need to engage with them, then you are stuck using those that are the most popular among them. I have never used or heard anyone use USDT on Polygon or the BSC network.

I've used it on BSC.
Recently, I was somehow forced to use the BSC network, so it all ended with a conversion to a USDT(BEP20) token. Honestly, quite cheap transactions, with almost negligible fees. Around $0.04. After that, Ethereum and ERC20 are tough shit if you ask me.

So, it is probably the reserve will be zero in most cases.

It's almost like that now. Currently, most of the reserves are in BTC and ETH, with an insignificant share of XMR and stablecoins.

[bitmover]

Friends, I have great news for you!

In the very near future we will launch regular weekly raffles, by participating in which you can try your luck to win a custom Cryptosteel!

Happy to see my service is being used in the raffle, providing fair and easily verifiable results.
https://bitcoindata.science/giveaway-manager/

It's almost like that now. Currently, most of the reserves are in BTC and ETH, with an insignificant share of XMR and stablecoins.

Users are probably dumping their BTC to convert to stablecoins. This might be an interesting strategy, if we see some correction ahead the person can just rebuy. I think I will do something liket that soon.

[Pmalek]

I have two questions that can also be suggestions to eXch.

1. What happens if there is only a partial amount in the reserve of the coin/token I want to buy? For instance, I want to swap $2,000 worth of BTC for ETH, but when it's time for the swap, there is only $1,000 of ETH left. Will the exchange swap the $1k and return half of my BTC or will everything be returned to me? You could add an option where the user could opt in to receive less than what they intended to swap if there isn't enough in the reserves. Then, if I am fine with getting a lower amount, I could get it.

2. Could you create a waiting list for swaps that users could opt in for if they wanted? For example, there is no XMR left, but I opt in to be placed on a waiting list for x amount of hours. I deposit the coin I wish to swap for XMR and then I wait to see if the reserves will fill up? When they do, I get my XMR 2/6/12/x hours later if my turn comes.

[GazetaBitcoin]

Friends, I have great news for you!

I just saw this post a bit earlier and I already registered the raffle!

Thank you eXch and icopress for making this possible! Thank you paid2 as well, for organizing the raffle! I tried to bring a bit more popularity to the raffle by announcing it also in the Romanian translation of this topic.

The prizes look very nice and I am sure the winners will be very happy

[SFR10]

Here's my brief review of eXch:

The very first thing that I noticed was its minimum limits being so low that it makes it the best ^{[and probably the only]} option for those who want to exchange smaller amounts, so I used a small amount to pay for a monthly subscription ^{[I do know it's the opposite of what we normally recommend to newcomers, but I wanted to see how they'd respond if I encounter a problem (FWIW, everything was buttery smooth)]}... My exchange involved sending Bitcoin and receiving Monero, so I was expecting some delays due to full confirmations of the UTXOs from previous orders but to my surprise, a few seconds before mempool.space displaying the next block on their website, eXch already had sent the transaction from their end ^{[I probably got lucky with little to no backlog, but still...]}.
Out of curiosity, is the 15-second auto refresh still accurate or there has been some changes that don't reflect on the order page?

• I noticed the confirmations shown on my order page were a confirmation behind, in comparison to what was being shown at the time on blockchair ^[screenshot].
  ^{Note: I did check the status of your XMR node and it was displaying the correct block height at that time.}

[examplens]

2. Could you create a waiting list for swaps that users could opt in for if they wanted? For example, there is no XMR left, but I opt in to be placed on a waiting list for x amount of hours. I deposit the coin I wish to swap for XMR and then I wait to see if the reserves will fill up? When they do, I get my XMR 2/6/12/x hours later if my turn comes.

This is wrong in many ways. Pre-selling something you don't own yet is always a bad idea.
It would oblige exch to keep user funds, an additional unnecessary security risk.
It would no longer be instant exchanges, functionally the same as other CEX, it is not what we users want. Funds somewhere without control, for an indefinite period
To manage the price, a significant up or down of the currency price can happen, so the customer will not receive the amount that was planned at the beginning of the swap process.
I assume that such a list would have to be public because you don't want to send Bitcoin without knowing that there are already 20 open orders pending. A public list on exchanges which prefer anonymity seems like an illogical solution.

[hugeblack]

It's almost like that now. Currently, most of the reserves are in BTC and ETH, with an insignificant share of XMR and stablecoins.

This is another problem. I see that the balance is improving now, but I fear that it will be low when Bitcoin price skyrockets.
@eXch Wouldn’t it be better to display a reserve chart for the last 7 days or 30 days or more? This would greatly help those who want to predict your reserve.

[LoyceV]

2. Could you create a waiting list for swaps that users could opt in for if they wanted? For example, there is no XMR left, but I opt in to be placed on a waiting list for x amount of hours. I deposit the coin I wish to swap for XMR and then I wait to see if the reserves will fill up? When they do, I get my XMR 2/6/12/x hours later if my turn comes.

What you're looking for is a "normal" exchange, where buyers and sellers fill the order book. Orders happen when buyers and sellers "overlap".
There could be a market for a trusted non-KYC exchange for Monero. That may lead to a higher price. If it's sold out most of the time, I'd say the price is too low.