Nostr Web Client

Hello #Monerofrens my friend is curious on buying Monero on a KYC exchange and was wondering if its a bad idea. They only buy Bitcoin and their exchange supports Monero. They want to start stacking some Monero and are learning more about it.

What would be the pros and cons of them buying from an exchange?

#Monero #AskMonero

ede3d957... 2mo ago 💬 2

On a KYC exchange. You treat it as a speculative investment where the government can meddle in your business all the time but it's quite easy to realise your gains for fiat. Which will keep the fiat cuck system alive. You lend them money to short it against your interest.

On a DEX. You are your own master. You do what you want. For now adoption is low, so you can not really do what you want at all times without putting some PoW into your environment. Helping the people you do business with accepting Monero.

I vouched for the second option years ago. Still plenty of work to do.

But I'd say there's nothing of the non fiat things uoubtrally want that Monero can't by you. There will be endless numbers of proxybuyers that areceager to take your Monero from you.

Reply to this note

Please Login to reply.

Discussion

Khanto Blackhand 2mo ago

They want to self custody the XMR and not speculate on fiat.

Would you say getting it from a cex is a bad idea for them?

I want to teach them to get it P2P first. But buying it from a CEX is easier for them.

ede3d957... 2mo ago 💬 2

Absolutely. Are they sure they want a permanent record of their buys at the IRS? Who wants that?

To me that sounds like a convenience trap.

Go to a Bitcoin meetup and find people that sell you Monero for cash. Or use RetoSwap with cash by mail or with a secondary bank account (soft KYC).

Khanto Blackhand 2mo ago

Alright, I'll teach them how to do P2P for Monero. It will be tricky since CEXs are easy and P2P is a lot more work for normies. 😂

I'll try to see if there's a Monero meet up in my area for us to go to.

ede3d957... 2mo ago 💬 2

I introduce normies to RetoSwap all the time. Is not that hard once they know their way around.

With limit orders they can even get it cheaper than market rate.

Just teach them three things.

CTRL - O if they have a dispute they want to resolve early

Always use a secondary bank account or fiat service that you are willing to get force closed.

Treat RetoSwap as a hot wallet.

Couple more things. There is a SimpleX chat group on SimpleX in case they have any troubles.

Khanto Blackhand 2mo ago

What's the main link to Retoswap? I don't want to go to a malicious link.

ede3d957... 2mo ago 💬 1

https://retoswap.com/

It's also on Github

Khanto Blackhand 2mo ago

Thank you!