strike, swan, etc arenβt your friends. they donβt hold their own reserves and all rely on the same centralized entity, primetrust. this is totally antithetical to the ideas of bitcoin and should be avoided. check out bisq and start buying p2p
Discussion
Swan advocate heavily for self-custody.
it doesnβt matter. they still dont actually sell you bitcoin. theyβre a marketing front end for primetrust
Not in the US so canβt verify for myself. But trying to understand.
βThey still donβt actually sell you bitcoinβ
Are you saying I canβt make a Swan account, exchange fiat for Bitcoin take self-custody and have Bitcoin in a wallet?
swan is simply a reseller for primetrust. theyβre a centralized bitcoin seller which exchanges like swan and strike resell for for. when you withdraw from most primetrust services, you receive your bitcoin from a primetrust wallet and not from the exchange itself
So, how could things go awry? I mean if one withdraws/ self custodies from swan (prime trust) ?
I think what OP is getting at here is that if you have the experience and skill to buy P2P #Bitcoin do it.
Donβt patronize these megaliths no matter what front theyβre using.
Got it. Thanks.
hereβs a great write up from #[7] https://www.discreetlog.com/kyc/
I would pose a question to you that if the overwhelming majority of exchanges use primetrust for their reserves, and primetrust is responsible for their own kyc / aml, what happens when primetrust refuses to serve you? this level of centralization at the exchange layer is inherently bad for bitcoin as well as dangerous
I see it now, that prime trust is getting too big and thatβs concerning.
hereβs swanβs marketing friendly explanation -> https://help.swanbitcoin.com/hc/en-us/articles/360050513913-Who-is-Prime-Trust-
Swan π¦’ is a huge concern to me I must agree
The guy who runs it very quick to pick everyone albeit heβs been right
Normally you divert attention for a good reason
Or u wouldnβt care about what others are doing youβd focus on putting out your own message
Interesting I share your distrust of Swan
i think thereβs a place for exchanges like swan in the grand scheme of adoption, being that your grandmother isnβt going to use bisq. however, experienced bitcoins should never use these services. not in a world in which p2p exchanges exist
