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

[Zwei]

I noticed exch has a new icon.

This is from the browser favicon:



I liked it. Maybe you should promote it more.

and it's gone.



i think it was added by accident and is now removed.

That looks like it's easy to work around:

1. Deposit from one address (your wallet) and verify ownership by sign message or something - do they even allow that?

nope, from what i saw on another thread, the address "verification" is done by a liveness check.
yeah, they seriously expect people to record a video of their face to verify wallets. what a fucking joke.

[fillippone]

Have you guys seen the new rules based in MiCA regulations for bitstamp?

https://www.bitstamp.net/faq/how-does-the-travel-rule-in-the-eu-affect-me/

Basically you need to verify ownership of addresses that you withdrawal to and give informations about where you deposit from. For each new address

That looks like it's easy to work around:

1. Deposit from one address (your wallet) and verify ownership by sign message or something - do they even allow that?
2. Now you can withdraw money from any exchange, mixer, website, or dark money service, send all the withdrawals to another address, transfer the entire balance of said address or part of it to the verified address and then deposit.
3. Bitstamp won't say anything (but it remains to be seen if they are that gullible. My sources say no.)

This means you cannot use an exchange wallet as your main wallet, receiving and sending funds directly from it. When you deposit and withdraw from an exchange you must first send to a specific wallet, or sign a message from that wallet.
It has many privacy and usability functions, it's a hassle, and it is done mainly to "protect" the exchanges. At the expense of users, of course.

[examplens]

This means you cannot use an exchange wallet as your main wallet, receiving and sending funds directly from it. When you deposit and withdraw from an exchange you must first send to a specific wallet, or sign a message from that wallet.
It has many privacy and usability functions, it's a hassle, and it is done mainly to "protect" the exchanges. At the expense of users, of course.

Viewed neutrally, this could be a good initiative and force users to manage their coins more carefully. Many people still use exchange as a wallet today, which is wrong, and all for the reason of saving a small fee for an additional transaction.

[NotATether]

That looks like it's easy to work around:

1. Deposit from one address (your wallet) and verify ownership by sign message or something - do they even allow that?

nope, from what i saw on another thread, the address "verification" is done by a liveness check.
yeah, they seriously expect people to record a video of their face to verify wallets. what a fucking joke.

That's bloody stupid!

Why do they think signed messages were created?

Do they want people to record their faces holding their address on a piece of paper written on it?

They "pinky promise" to keep your verification data private, and yet this industry has routinely shown that they cannot be trusted with private data. Anyone breaching this database and you are looking at robbery, kidnapping, or worse.

[fillippone]

This means you cannot use an exchange wallet as your main wallet, receiving and sending funds directly from it. When you deposit and withdraw from an exchange you must first send to a specific wallet, or sign a message from that wallet.
It has many privacy and usability functions, it's a hassle, and it is done mainly to "protect" the exchanges. At the expense of users, of course.

Viewed neutrally, this could be a good initiative and force users to manage their coins more carefully. Many people still use exchange as a wallet today, which is wrong, and all for the reason of saving a small fee for an additional transaction.

We are wrong if we hope that evolution comes from studying and self-progress.
We move down the line of knowledge because it helps us solve some needs.

So yes, it is an effective way of teaching many users coin control and basic privacy features (address reuse).

You might be right here.

[JayJuanGee]

This means you cannot use an exchange wallet as your main wallet, receiving and sending funds directly from it. When you deposit and withdraw from an exchange you must first send to a specific wallet, or sign a message from that wallet.
It has many privacy and usability functions, it's a hassle, and it is done mainly to "protect" the exchanges. At the expense of users, of course.

Viewed neutrally, this could be a good initiative and force users to manage their coins more carefully. Many people still use exchange as a wallet today, which is wrong, and all for the reason of saving a small fee for an additional transaction.

Of course, a lot of folks are going to get irritated as fuck by these kinds of attempts to list clean addresses or clean wallets, and my past practice has been to attempt to keep track of which funds I am withdrawing from exchanges in order to deposit back to the exchanges from the same wallets, but still adding one more verification step is likely going to be a pain in the ass...

I guess there could be guys who had not been keeping track of their UTXOs, and they still might be able to go back and improve their records, to the extent that they might be able to trace some of their transactions. 

So for example, I tend to treat all exchanges similarly, so I might have one wallet that has several addresses, but they are transactions from various exchanges, and so I know that each one came from one of the exchanges or another, and so if I deposit back to the exchange, then I would take from one of those already known addresses first... and I suppose if at some point I run out of bitcoin from those addresses, then I would start to take from other addresses that I know or at least that I am able to figure out from where I got the bitcoin... but yeah, exchanges are likely going to be gathering way more information than they need, and much of it will be unnecessary, and perhaps even theatrics, but surely at the same time, some individuals are likely going to get fucked over too when their transactions might get rejected or even locked.

This means you cannot use an exchange wallet as your main wallet, receiving and sending funds directly from it. When you deposit and withdraw from an exchange you must first send to a specific wallet, or sign a message from that wallet.
It has many privacy and usability functions, it's a hassle, and it is done mainly to "protect" the exchanges. At the expense of users, of course.

Viewed neutrally, this could be a good initiative and force users to manage their coins more carefully. Many people still use exchange as a wallet today, which is wrong, and all for the reason of saving a small fee for an additional transaction.

We are wrong if we hope that evolution comes from studying and self-progress.
We move down the line of knowledge because it helps us solve some needs.

So yes, it is an effective way of teaching many users coin control and basic privacy features (address reuse).

You might be right here.

Hopefully it also incentivizes some of us to attempt to create circular economies too, so that we don't have to go through exchanges and/or banks in order to purchase/sell goods and services.  I would like to find some folks who I could buy eggs, milk and meat.. and perhaps at the same time interchange other goods and services without going through third party services.

[wavessurfing]

That looks like it's easy to work around:

1. Deposit from one address (your wallet) and verify ownership by sign message or something - do they even allow that?

nope, from what i saw on another thread, the address "verification" is done by a liveness check.
yeah, they seriously expect people to record a video of their face to verify wallets. what a fucking joke.

That's bloody stupid!

Why do they think signed messages were created?

Do they want people to record their faces holding their address on a piece of paper written on it?

They "pinky promise" to keep your verification data private, and yet this industry has routinely shown that they cannot be trusted with private data. Anyone breaching this database and you are looking at robbery, kidnapping, or worse.

on one side there could be a sound gestion, on the other side only a desorganized move secondary to the failed regulation.
please don't concur to brownian movement, and stick to sound objectives.

[bitmover]

So yes, it is an effective way of teaching many users coin control and basic privacy features (address reuse).

You might be right here.

Won't this feature force users to make address reuse?

I don't think those new rules will teach people about privacy. They will learn how to make the worse privacy habits ...

Luckily,  I  can still avoid those exchanges from UE because I live in Brazil. I just used bitstamp and other foreign exchanges to move money to other countries..

[joker_josue]

So yes, it is an effective way of teaching many users coin control and basic privacy features (address reuse).

You might be right here.

Won't this feature force users to make address reuse?

I don't think those new rules will teach people about privacy. They will learn how to make the worse privacy habits ...

Luckily,  I  can still avoid those exchanges from UE because I live in Brazil. I just used bitstamp and other foreign exchanges to move money to other countries..

Yes and no.

Yes, because for reasons of convenience, it may motivate the person to always use the same address so as not to provide this data.
No, because KYC data is not required in most cases. Normally the person only needs to say their name, country of origin, and type of wallet (custom or not).


Note another explanation on the subject: https://help.crypto.com/en/articles/10190809-european-union-travel-rule-requirements-faq


Now, this type of law is stupid and clueless about how Bitcoin and cryptocurrencies in general work.

[eXch Support]

It seems many people forgot already, but we think it's worth to summarize the list of our past donations:

Date	Amount	Recipient	TXID
July 2023	5 ETH	Tor Project	0xb8a54c3468328af8782ab7bb313c376d4a89e5a54c2f74db451250f2fdeed461
November 2023	3 ETH	SimpleX Chat	0x21f0da3982926d693c915b30a8a138db48f469989bff3e9e6434916fa2d3783f
June 2024	31 ETH	Legal Defense Fund Tornado Cash developers	0x98bfc604c917ccc83d1a86b7af1542011a5aa54208dd110036e2c280a963a498
June 2024	1 BTC	DivestOS ROM developers	782153c2193b2801dfcdb9458ebc4125c033cfbe5ff554741e1857d37c079949
June 2024	1 BTC	SimpleX Chat	1c72e10a91f06979cd4c8d239ef548c10a1515573187c7f2d9a2229d1b5ffcee
August 2024	1 BTC	Thorchain developers	e21424bcd1e59735b5d4b43e70b59d1985e148411e6c197112207cd4c4524ea7
January 2025	0.555 BTC	Bisq Light Client Project	3fcebcf2043abbc4ad60cd0af1b085533ad6f1fe918b892ba408c60524fa367b
March 2025	0.7 BTC	Bisq Light Client Project	44232a707d69a27d449885f2d920c441980964e119fed61a2585c6913449f972
March 2025	2 BTC	MMGen multicurrency wallet	b97638e1c0de516e99689034fa303ca205b5dffbd67848beb3f01bf9b3829d59
April 2025	1 BTC	World Food Program USA	7874ce3009ec1b210f8b0920f696116d0dabf023f74fc52487e662e176e90ab8

This is to remind people like Marian Muller, Zachary Wolk (ZachXBT) and others who criticize us that our mission is based on genuine belief in open-source privacy and decentralization technologies. You couldn't expect such donations from other non-KYC instant exchanges nor the level of transparency we provide to our customers and the general public, always being honest and keeping our word.

[Lucius]

It seems many people forgot already, but we think it's worth to summarize the list of our past donations:
---
This is to remind people like Marian Muller, Zachary Wolk (ZachXBT) and others who criticize us that our mission is based on genuine belief in open-source privacy and decentralization technologies. You couldn't expect such donations from other non-KYC instant exchanges nor the level of transparency we provide to our customers and the general public, always being honest and keeping our word.

I don't think anyone who follows the whole situation around eXch is not aware of your generosity, and those who are attacking you are perhaps jealous of it. If criticism is not based on solid facts, then the reason is in something else, right?

[examplens]

This is to remind people like Marian Muller, Zachary Wolk (ZachXBT) and others who criticize us that our mission is based on genuine belief in open-source privacy and decentralization technologies. You couldn't expect such donations from other non-KYC instant exchanges nor the level of transparency we provide to our customers and the general public, always being honest and keeping our word.

Criticism intensified when Bybit promised rewards from recovered funds of the hack. ZachXBT devoted himself quite a lot to the whole case, somehow it seems to me that he might have expected a donation from eXch to formulate his analyses differently.

[Cricktor]

Is it smokescreens to point fingers at eXch to divert attention from their own failures (Bybit's)? Where's the adequate and continuous criticism for how badly Bybit actually fucked up and lost a huge amount of money?

I've no respect for devoted bootlickers like those who jump on paid shit-compaigns by Bybit, because money corrupts weak minds, enough money some strong minds. And Bybit offers desperately a lot of money to cover up and remedy their fails.

Plenty of pigs gather around the feeding troughs, so to say.

Sorry for the rant, but I needed this, when evil seems to prevail.

[eXch]

After the World Food Program USA (https://www.wfpusa.org) announced they accept Bitcoin (https://www.wfpusa.org/news-release/wfp-usa-now-accepts-cryptocurrencies/), we have just made a donation of 1 BTC to their organization:

https://mempool.space/tx/7874ce3009ec1b210f8b0920f696116d0dabf023f74fc52487e662e176e90ab8

[arabspaceship123]

You've made donations before but this one's special because it's for charity. There's famine & war in places which didn't have to be affected but people created new realities on the ground which's brought suffering to innocent civilians. WFP's helped those ppl so it's beautiful to know they've received 1 BTC from you.

After the World Food Program USA (https://www.wfpusa.org) announced they accept Bitcoin (https://www.wfpusa.org/news-release/wfp-usa-now-accepts-cryptocurrencies/), we have just made a donation of 1 BTC to their organization:

https://mempool.space/tx/7874ce3009ec1b210f8b0920f696116d0dabf023f74fc52487e662e176e90ab8

[joker_josue]

After the World Food Program USA (https://www.wfpusa.org) announced they accept Bitcoin (https://www.wfpusa.org/news-release/wfp-usa-now-accepts-cryptocurrencies/), we have just made a donation of 1 BTC to their organization:

Congratulations on this initiative.
We just hope that they make really good use of these funds.

[fillippone]

we have just made a donation of 1 BTC to their organization:

Excellent news!
You are doing an ethical business, so I do expect you to use your funds ethically!

I guess every one of us has a favourite charity: it would be nice to open up for suggestions!

[Lucius]

Congratulations on this initiative.
We just hope that they make really good use of these funds.

I hope so too, as far as I can see they have some kind of transparency award, so I hope most of the money will reach those who need it most.

~snip~
I guess every one of us has a favourite charity: it would be nice to open up for suggestions!

I have my favorite. I even used to wear their avatar on the forum - but as far as I can see they don't accept donations in cryptocurrencies. I respect them for the reason that I know their founder, who during the war in my and neighboring countries personally brought large amounts of aid to people in need.

[dkbit98]

No, because KYC data is not required in most cases. Normally the person only needs to say their name, country of origin, and type of wallet (custom or not).

That is just a first step before asking for full kyc verification.
If they all did the quick change they would lose customers and more people would complain.
Instead they decided to use slow cooking of ''frog''.

It seems many people forgot already, but we think it's worth to summarize the list of our past donations

This is a great initiative!
I never doubted that eXch is more fair and honest service that most of the big centralized exchanges, but it's always good to remind people about known donations you made so far.

[joker_josue]

No, because KYC data is not required in most cases. Normally the person only needs to say their name, country of origin, and type of wallet (custom or not).

That is just a first step before asking for full kyc verification.
If they all did the quick change they would lose customers and more people would complain.
Instead they decided to use slow cooking of ''frog''.

Yes it is true. But unfortunately, using centralized exchanges will become increasingly difficult to use without KYC. This type of law only makes people migrate to the parallel market. They lose more control than they gain it.

Sometimes these legislators don't seem to realize that criminals never use KYC exchanges, they will always look for ways to avoid being found. Those who use open services are honest people who have nothing to hide. But having nothing to hide doesn’t mean you need to expose all your data to third parties.