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Sorry but, do you know exactly what trustless means? This concept applies to custody, not to fiat-to-crypto exchanges. Because a fiat-to-crypto exchange is an
by siwatanejo 3y ago
Sorry but, do you know exactly what trustless means?
This concept applies to custody, not to fiat-to-crypto exchanges. Because a fiat-to-crypto exchange is an on/off ramp into/outside crypto. And as fiat cannot be held in a trustless way, the most "trustless" way to make a swap without the exchange holding the fiat amount is by using an escrow system. If the escrow system can only be moved to party A or party B during a trade-dispute, then it's the most trustless thing you can get, my friend.
PS: Your 2nd link seems to suggest that you're saying "DEXes are better than p2p exchanges!", well, DEXes don't have fiat-to-crypto pairs, only crypto-to-crypto. Nice try.
- imtringued 3y agoI was going to write the same post. All you need is escrow and no, escrow is not as dangerous as cryptoexchanges holding onto fiat deposits because you don't give them your money ahead of time, you only give them exactly how much you want to transfer for any given transaction down to the cent. If they screw you over, they will lose their payment service provider license and go out of business.