I can't understand how most of you use CEXs and advocate for decentralization, with the resources available today, it's incomprehensible.
Can someone explain to me why such stupidity still happens?
#nostr
#bitcoin
#monero
Discussion
Captured bitcoin
It's simple. Other than perhaps OTC, which is KYC anyways, there is no possible way to safely purchase the amount of Bitcoin required via p2p only for many people.
Say you need to purchase $500k worth of Bitcoin. Or Monero for that manner. Go ahead and get that P2P. Bisq? lol, sure. You could get MAYBE 50k and get raped on the spreads. maybe. more like 5-10k tops in reality these days. Then you have trust and security issues with bisq. Virtually no dex can handle that in any way.
The thing is most the people are buying less that 1k in centralized exchanges, you don't see any plebs buying that kind of amounts here, and that is nonsense..
Bisq does not have trust issues nor security issues, the multisig trading protocol is non-custodial and pretty strong. Buyers in particular are extremely protected, it could be argued that sellers are more exposed to triangle scam risk.
But then again, any CEX could just hold your funds for whatever reason.
Other than that, there is no upper limit to the amount you can buy on Bisq, single trades may be capped to some thousands of fiat tokens but there is no limit to the number of trades you can start simultaneously, the only limit is the throughput of your fiat institution.
Bisq absolutely has trust trade offs. Number 1, you are trusting and using reputation of your Bitcoin seller, but also in the case of disputes, you rely on 3rd party mediators in the DAO.
What do you call that?
It's a great, albeit terribly coded and slow(v1), software/project, but it has tradeoffs. I have used it many times.
But there is zero chance you can easily and safely make a $500,000 Bitcoin purchase KYC free on bisq in a few minutes or even at a day on bisq. There is no market for that on bisq. Most are $500, $1k max. Maybe 10k or 20k but rare.
GTFO.
I was going to post an elaborate reply, before reading the GTFO at the end.
GM/GN or whatever they say in your parts.