4 ms·

Sure, but you can't use DeFi to trade fiat for crypto. You can use DeFi to trade crypto for crypto, or for crypto that pretends to be fiat. Saying "centralised

Sure, but you can't use DeFi to trade fiat for crypto. You can use DeFi to trade crypto for crypto, or for crypto that pretends to be fiat. Saying "centralised exchanges bad, DeFi good" misses the point that the main use case of centralised exchanges is not covered by DeFi.

rahen 4y ago
> Sure, but you can't use DeFi to trade fiat for crypto. Of course you can, both ways. - https://bisq.network https://bisq.network - https://learn.robosats.com https://learn.robosats.com
- f00zz 4y ago
  > - https://bisq.network https://bisq.network The last time I looked into this it required a security deposit in BTC.
- ceejayoz 4y ago
  https://learn.robosats.com/docs/trade-pipeline/ https://learn.robosats.com/docs/trade-pipeline/ > On a private chat, Bob tells Alice how to send him fiat. https://learn.robosats.com/docs/payment-methods/ https://learn.robosats.com/docs/payment-methods/ > You can pay with any method that both you and your peer agree on. This includes the higher risk method such as PayPal, Venmo, and Cash apps. C'mon, that's not trading fiat for crypto. That's "PayPal me some money".
  - xnorswap 4y ago
    I love crypto! It's Decentralised! It's Trustless! De-fi is the future! Then it turns out that the promised future involves trusting someone to honour a paypal and pray you're not being scammed.
    - irusensei 4y ago
      Neither Robotsat or Bisq is that. The core functionality of these systems is to handle automated escrows.
  - bnralt 4y ago
    What's interesting is it seems they're only putting up a a 3% bond from what I can see [1]. So it looks like people could just take 97% of your money and run. Whenever a big exchange fails, we see a lot of people say "of course, this is why decentralization is better." But I'm not convinced people are less likely to lose money in decentralized exchanges. It seems like it would actually be easier, it's just that a bunch of small scale scams aren't going to get the same attention as a huge exchange collapsing. [1] https://bitcoinmagazine.com/business/robosats-private-bitcoin-exchange https://bitcoinmagazine.com/business/robosats-private-bitcoi...
- fear-anger-hate 4y ago
  Bisq is a really impressive project. Upon first hearing about it I was a bit skeptical at how a decentralized peer to peer exchange would work in practice, but now that I've used it a few times with no issues, it really does seem like the best way to do fiat <--> crypto exchanges. Really hope that bisq and other similar services get the recognition they deserve now that the trust in cex's has taken a fall.
  - rahen 4y ago
    Bisq v2 is going to be an interesting release: https://github.com/bisq-network/bisq2/blob/main/docs/aims.md https://github.com/bisq-network/bisq2/blob/main/docs/aims.md They're currently a little short on manpower. If you're a Java dev, you might consider giving a hand.
simple-thoughts 4y ago
Blockfi isn’t primarily an exchange, it is a crypto lending platform. Centralized exchanges are a viable target for regulation as the state has the capacity to do so if it chooses to. But these regulated exchanges should never be holding your crypto on your behalf. It should be purely fiat for crypto with minimal custody. However it will be difficult for that regulation to occur as dark hybrid exchange-banks are benefitting key political actors.
woah 4y ago
You can, using stablecoins like USDC. These also involve counterparty risk, but they are extremely simple to audit and regulate.
- ceejayoz 4y ago
  > they are extremely simple to audit Tether's audit has been promised since 2016. Still hasn't happened yet.
- tootie 4y ago
  Stablecoins are cryptofiat. There's no compelling reason to use a stablecoin over using USD.
  - mrep 4y ago
    But transferring to stablecoins means you don't have a taxable event and thus don't have to pay cap gains /s

rahen 4y ago

> Sure, but you can't use DeFi to trade fiat for crypto. Of course you can, both ways. - https://bisq.network https://bisq.network - https://learn.robosats.com https://learn.robosats.com

f00zz 4y ago
> - https://bisq.network https://bisq.network The last time I looked into this it required a security deposit in BTC.
ceejayoz 4y ago
https://learn.robosats.com/docs/trade-pipeline/ https://learn.robosats.com/docs/trade-pipeline/ > On a private chat, Bob tells Alice how to send him fiat. https://learn.robosats.com/docs/payment-methods/ https://learn.robosats.com/docs/payment-methods/ > You can pay with any method that both you and your peer agree on. This includes the higher risk method such as PayPal, Venmo, and Cash apps. C'mon, that's not trading fiat for crypto. That's "PayPal me some money".
- xnorswap 4y ago
  I love crypto! It's Decentralised! It's Trustless! De-fi is the future! Then it turns out that the promised future involves trusting someone to honour a paypal and pray you're not being scammed.
  - irusensei 4y ago
    Neither Robotsat or Bisq is that. The core functionality of these systems is to handle automated escrows.
- bnralt 4y ago
  What's interesting is it seems they're only putting up a a 3% bond from what I can see [1]. So it looks like people could just take 97% of your money and run. Whenever a big exchange fails, we see a lot of people say "of course, this is why decentralization is better." But I'm not convinced people are less likely to lose money in decentralized exchanges. It seems like it would actually be easier, it's just that a bunch of small scale scams aren't going to get the same attention as a huge exchange collapsing. [1] https://bitcoinmagazine.com/business/robosats-private-bitcoin-exchange https://bitcoinmagazine.com/business/robosats-private-bitcoi...
fear-anger-hate 4y ago
Bisq is a really impressive project. Upon first hearing about it I was a bit skeptical at how a decentralized peer to peer exchange would work in practice, but now that I've used it a few times with no issues, it really does seem like the best way to do fiat <--> crypto exchanges. Really hope that bisq and other similar services get the recognition they deserve now that the trust in cex's has taken a fall.
- rahen 4y ago
  Bisq v2 is going to be an interesting release: https://github.com/bisq-network/bisq2/blob/main/docs/aims.md https://github.com/bisq-network/bisq2/blob/main/docs/aims.md They're currently a little short on manpower. If you're a Java dev, you might consider giving a hand.

simple-thoughts 4y ago

Blockfi isn’t primarily an exchange, it is a crypto lending platform. Centralized exchanges are a viable target for regulation as the state has the capacity to do so if it chooses to. But these regulated exchanges should never be holding your crypto on your behalf. It should be purely fiat for crypto with minimal custody. However it will be difficult for that regulation to occur as dark hybrid exchange-banks are benefitting key political actors.

woah 4y ago

You can, using stablecoins like USDC. These also involve counterparty risk, but they are extremely simple to audit and regulate.

ceejayoz 4y ago
> they are extremely simple to audit Tether's audit has been promised since 2016. Still hasn't happened yet.
tootie 4y ago
Stablecoins are cryptofiat. There's no compelling reason to use a stablecoin over using USD.
- mrep 4y ago
  But transferring to stablecoins means you don't have a taxable event and thus don't have to pay cap gains /s