How constant success of eXch distracts competitors from focusing on their own business leading them to failure
We have noticed that one forum representative of a recently born exchanger named something like "The Change LTD" openly called us criminals and dishonest in their recent thread posts. We were actively monitoring progress of that particular exchanger during all its journey on Bitcointalk, from the launch of their marketing campaign to its end, wishing them to succeed because we don't like the fact we are the only centralized full non-KYC exchange around and we actively hope to get a decent competitors, which unfortunately didn't happen yet.
That exchanger from the neighbor subforum is a perfect example of a how to not do this business, since problems always come when such projects aiming to bring eXch some competition while failing to learn and understand the very basic keys to success in this business.
Three fundamental principles that help eXch to be what it is now are honesty, transparency and high standards in information security. We think that if a non-KYC exchanger lacks at least one of these, it shouldn't even think to join this business, because without these the project won't bring anything useful to the industry but will only make it worse because weak projects that lack or don't defend their ideologies often become victims of the regulatory pressure (i.e. corrupt practices of Ciphertrace that we will expose in one of our next posts). This is what exactly happened with that project who indirectly called us names in an apparent moment of frustration and failure.
That project adopted the strategy of relying on third-party exchanges hoping they will be able to get any significant audience/volume while deciding to team with guys that teach and indoctrinate their downstreams anti-crypto ideology.
Their new partners WhiteBit/AMLBot take dishonesty and disrespect towards crypto users as their key life principles, slowly contributing to destruction of neutral and decentralized cryptocurrency market.
WhiteBit/AMLBot while being criminals themselves with having funds sourced from russian carding projects and
doing wash trading artificially pumping their WBT token to exorbitant heights using fraudulent practices, present themselves as visionaries of "clean" cryptocurrency that, in their opinion, do the good to "clean this space from cybercriminals" (that are in reality just innocent CoinJoin/privacy protocols users) by freezing its users and its partners users coins right and left without users being able even to have it back. They use various sets of AML/KYC policies to falsely accuse users of being criminals, having their partner AMLBot randomly marking addresses as high-risk up to their judgement without employing any transparency.
WhiteBit/AMLBot onboard small exchangers that need liquidity, like one the subject of this post, and start to indoctrinate them in their focused Telegram groups on what's good and what's evil consistently with their own interpretation of it, which basically consists of assuming any business/user that doesn't want to KYC their users/peers is evil criminal.
Interestingly enough, that specific small exchanger that started public hate campaign against us in their thread, has its origins on the forum called "Zelenka" where they have a public security deposit - a forum where a significant part of the russian cybercrime scene reside, sharing botnet/C2 related tools and exploits all over it. eXch has never advertised on cybercrime-oriented or darknet forums nor participated in illegal activities, but yet, that small exchanger called eXch criminals while most probably having criminal background themselves, given the nature of their origin forum.
Secondly, on calling eXch dishonest about its volumes. Anyone who thinks our volumes are exaggerated or unreal probably doesn't understand how we operate and how much effort we put into our operation, having as a return the necessary volume being made by our users which is necessary for any exchange that operates with its own liquidity. Our loyal users know very well that we were able to get from 50 BTC of base investment into 400 BTC of self-sustained liquidity just in less than 2 years (a) WITHOUT scamming a single user and (b) WITHOUT having to lie about our project operations to the general public. The only third-party we use is the decentralized Thorchain network that does not employ nonsense funds screening techniques (yet) and that is necessary for us to rebalance our liquidity. Apart from that, we do not rely on anyone but our own pools of wallets. We have provided our full proof of reserves many times. We are a cryptocurrency exchange in a full meaning of it.
Others who try to copy us or that lost their users because they now prefer eXch fail to understand what a proper business model consists of and at the end of day get blinded by their hate to us because they lack sufficient knowledge to deploy operational model like eXch has and team up with wrong guys like WhiteBit/AMLBot who make their situation even worse because of constant brainwashing and false prophecy.
Sometimes it's quite sad to see projects with potential chosing wrong path leading to their failure, which apparently still a reason we don't have any honorable competitor yet up to this date (ChangeNow and FixedFloat don't count since they are dishonest and continue to scam their users, thus many stay away from them already).
Meanwhile, we at eXch continue standing by open and neutral Internet and cryptocurrency, having honesty and transparency as our key principles.
And if anybody is curious on what we consider a big no-no, these are:
- ChatGPT for public communication
- calling your custodial wallet/exchange "non-custodial"
- having and promoting AML/KYC policies while lacking any understanding on them;
- relying on bad AML providers like AMLBot and promoting AML/KYC terrorism
- using "anonymity" and "privacy" terms in marketing and announcements without any practical realization of them
- reselling major CEX via API as a primary business model and complying to their AML/KYC policies without being transparent about it with your users
- assuming any of your customers who prefer to use coinjoin or other privacy tech are criminals
- giving a reason to other exchanges who promote AML/KYC terrorism
- bad infosec practices and lack of knowledge in the spectre
- using VPS instead of dedicated bare metal hardware to store data of your customers
- using Cloudflare without at least optimizing it to be Tor-friendly
Who knows, maybe it might be useful to somebody who will finally make a decent non-KYC exchange alternative to eXch.
God Bless neutral cryptocurrency market. Don't let the evil indoctrinate you.
