still have no idea who Swan are or what they do
Discussion
bitcoin only exchange from us
everybody seems rly negative towards them, what did they do?
theyre kyc, and had prime trust integrated in some of their financial structures which collapsed or smth, but nothing yet happened to swan still.. i dont think they'll collapse tbh but also idk shit b f
also it doesnt matter
they're very focused on teaching their customers self-custody
but maybe not the bigger orgs.. so idk ab that
they used prime trust as a custodian, which means prime trust held your bitcoin ious until they processed your withdrawal request. before prime blew up, they moved custodians and now use fortress trust - which shares a cofounder and rumored to have some shared dependencies.
They actively lie to their user base. Claiming they dont track or do chain analysis on their clients but they are a front end for prime trust who 100% does works with a chain analysis (company or they do it in house i'm not exactly sure there.)
Also they KYC. Ill admit that them pushing so hard for self custody is cool but thats about as much slack as ill cut them.
going against core fundamental values as a self-claimed pro-bitcoin company..
really?
Yup and they use technical loopholes and tricky language to claim that they don't track their customers. When I was still on twitter I saw this a lot.
While swann itself technically doesn't track anybody, they are a front end for a large liquidity provider (it was prime trust, now its something else) which they collect the KYC info and pass on to that liquidity provider who 100% does chain analysis. Its just dishonest.
They are basically a "bitcoin only" wrapper around some pretty shady liquidity providers (prev. Prime trust, now fortress trust, both scams)
Their heart is in the right place but this shortcut they took is putting a lot of people at risk
IMHO
Which exchange is best is your opinion?
Bull bitcoin in Canada
River in USA
Thanks
How is River different?
River runs their own infrastructure, they don't take shortcuts
why take shortcuts like that…
people can’t sit on their hands and just earn profit and reinvest
fascinating that people just can’t help themselves when it comes to greed and ego
Never liked em, always seemed sus