This is almost identical to their trading volume in April (24.43 BTC), and up 10x from May 2022.
I wonder if any of these exchange lawsuits will drive more people towards P2P exchanges this summer…
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273 sats \ 1 reply \ @mudbloodvonfrei 7 Jun 2023
Never heard of robosats before. I'm watching one of their tutorial videos right now.
What I don't understand is, what prevents one party from not meeting his obligations? There can't be a reputation system since nyms are auto-generated for every transaction.
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132 sats \ 0 replies \ @ek 7 Jun 2023
Trade escrows: https://learn.robosats.com/docs/escrow/
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66 sats \ 1 reply \ @2bithits 6 Jun 2023
How much of that were swaps?
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21 sats \ 0 replies \ @kr OP 6 Jun 2023
not much, i believe under 10%.
euro & usd were the largest markets.
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19 sats \ 8 replies \ @siggy47 6 Jun 2023
Well, you can count my measly buys. Only P2P from now on.
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0 sats \ 7 replies \ @kr OP 6 Jun 2023
nice, what caused you to make the shift to entirely p2p buys?
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237 sats \ 6 replies \ @siggy47 6 Jun 2023
It's a long story. I was using Swan. I was grandfathered in even though I'm a NY resident and they no longer serviced NY accounts. They notified me after last week's switch from Prime to Fortress that I can no longer make buys. It's just as well. I have to get used to P2P anyway. By the time Gensler is done, we all might.
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66 sats \ 5 replies \ @anon1 7 Jun 2023
I don't think Gensler is going after Bitcoin as I'm pretty sure he has recognized it as a commodity in the past. Could be wrong though.
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76 sats \ 4 replies \ @siggy47 7 Jun 2023
Oh, I agree. There's no way he can go after bitcoin, especially now that he apparently is pushing the fiction that eth isn't a security. The administration or one of the alphabet agencies of the executive branch will come after bitcoin re the mining fud idiocy, but it won't be nearly as effective as today's actions. The rest of the world will pick up the mining slack within months.
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0 sats \ 3 replies \ @anon1 7 Jun 2023
The fact that ETH was not included was interesting to me. Do you think he considers it not security? Was he actually pushing that it wasn't a security?
I think that the SEC will eventually go after ETH. I think they are starting with the small cryptocurrencies first to sort of build a precedent and if they are ruled securities (which they very likely will be) then they will go after ETH.
Literally the only fact you have to look at to see that ETH is a security is that its premine still makes up 60% of its supply as of June 10, 2022. (source https://www.galaxy.com/research/insights/breakdown-of-ethereum-supply-distribution-since-genesis/)
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10 sats \ 2 replies \ @siggy47 7 Jun 2023
I agree with you that eth is a security. I'm starting to think the government may want to keep eth around, though. We'll see. I misunderstood your point on your last reply to me, when I said we all might need P2P soon. With the exception of Swan and CashApp, which are both bitcoin only businesses, I don't think the other exchanges can survive just trading bitcoin and (maybe) eth. That's what I was thinking, but it was an off hand comment.
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0 sats \ 1 reply \ @anon1 7 Jun 2023
Oh I see! Do Swan and CashApp run their own markets? I use Strike and I know that they use some other exchange to actually execute trades.
Yes I totally agree that all these exchanges are gonna get a lot smaller. They rely so heavily on the volume that the shitcoins bring them. Coinbase stock looking like a good short lol.
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