What Collateral To Use On Robosats? \ stacker news ~bitcoin

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1237 sats \ 54 comments \ @siggy47 26 Jan bitcoin_beginners

I'm wondering about the nuts and bolts of using robosats. How is collateral handled by stackers? Which kind? Storage? I will "nice try fed" myself in advance.

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255 sats \ 4 replies \ @LowK3y19 26 Jan

Nice try IRS

I use your mom as collateral

0 sats \ 1 reply \ @Fabs 26 Jan

Oh damn, droppin' some bombs I see.

80 sats \ 0 replies \ @Fabs 26 Jan

Or better yet: some Moms

0 sats \ 0 replies \ @siggy47 OP 26 Jan

Was that you?

0 sats \ 0 replies \ @expatriotic 26 Jan

Hahahahaha

83 sats \ 12 replies \ @ek 26 Jan

Do you mean the bonds with collateral? I used Phoenix for the bonds and payout this week with 7+ trades and had no issues even though it’s not recommended. But I think their recommendations are just outdated.

Edit: I see they mention Phoenix works well as a taker. I was only the taker so far.

119 sats \ 11 replies \ @siggy47 OP 26 Jan

No, what I mean is the non bitcoin asset used to buy or to accept in exchange if you're selling.

50 sats \ 7 replies \ @ek 26 Jan

I use Revolut and pay with EUR. Had absolutely no issues with it unlike with SEPA Instant. In one trade, a seller had to give me three bank details until one worked. No idea why the others didn’t work.

109 sats \ 6 replies \ @siggy47 OP 26 Jan

Okay. My point is, if you are using revolut, or in the US cash app, venmo, paypal, etc, are you gaining much over a straight KYC exchange, privacy wise? FYI I don't really understand how revolut works

146 sats \ 0 replies \ @Jon_Hodl 26 Jan

If the counterparty is a fed/chainal/bad actor, then they know that your Revolut account is being used to buy bitcoin and they can attach that sale to your KYC’d identity.

If the person selling is an honest actor, then it just looks like you paid them for something and that’s all but I can 100% guarantee that Revolut is building a social graph with each and every transaction regardless of what it’s for. They can absolutely recognize patterns and quickly determine who is doing something “unconventional” and will begin to monitor your account.

Amazonngidt cards with cash is the best way to privately buy on RoboSats because it’s the only payment method on the site that can be sent electronically without the need to KYC to buy.

I can also 100% guarantee you that Amazon is doing their own “chain analysis” of when and where a gift card is purchased and then compare it to when, where, and what account applied the credit.

If you buy in San Diego with cash and that card is applied to an account in New York later that same day, I guarantee that raises some suspicion with Amazon and may illicit an “investigation”.

41 sats \ 4 replies \ @ek 26 Jan

They see that you paid someone but they don’t see for what. So the sats you receive are KYC-free.

30 sats \ 1 reply \ @siggy47 OP 26 Jan

Thanks for the explanation of your reasoning. The reason I'm asking is it's tiring and inconvenient as hell to drive around to different stores to buy Amazon cards with actual, cash dollars.

79 sats \ 0 replies \ @ama 26 Jan

I see that's got to be a real pain. I think any app for direct payments, like Rev, CA, Venmo, etc. should be perfectly fine for small amounts which won't "call" for attention.

As @ek said, the receiver sees minimal info of yours (@RevTag, first name, and second name initial only), and the app sees only the payment. Robosats users are discrete and don't like any note with the payment or anything, which is convenient for privacy, too.

0 sats \ 1 reply \ @Satosora 26 Jan

Arent there easier ways to receive kyc stats?

9 sats \ 0 replies \ @ek 26 Jan

Become a journalist, send press inquiries for KYC stats to companies and governments

71 sats \ 0 replies \ @ama 26 Jan

I use Revolut with EUR, CHF, and USD. I exchanged sats to EUR only a couple of times to learn how to do it for a couple of EUR each time, so I don't know what might happen if I received fiat often or larger amounts.

I usually pay fiat to receive sats, I load my Revolut accounts with debit cards or SEPA transfers, and I haven't had any issue there.

41 sats \ 1 reply \ @Jon_Hodl 26 Jan

I would never sell on RoboSats because it opens you up to a lot of counterparty risk imho.

I know several people who had multiple bank accounts shut down because they sold sats on RoboSats.

I only buy with RoboSats.

0 sats \ 0 replies \ @expatriotic 15 Feb

Try BISQ

It will change your life. You can buy at NEGATIVE premiums if you make the order. Try it!

41 sats \ 12 replies \ @Aardvark 26 Jan

I tried to use it for the first time yesterday. No luck, I couldn't get it to load up even.

41 sats \ 11 replies \ @siggy47 OP 26 Jan

Were you using for?

41 sats \ 10 replies \ @Aardvark 26 Jan

Yup. It just wasn't loading up.

62 sats \ 5 replies \ @ek 26 Jan

Which site did you try? robosats.com is not loading for me either but learn.robosats.com is. You can find the onion for the DEX here.

41 sats \ 1 reply \ @siggy47 OP 26 Jan

Exactly. That seems to be the only way for me to get in on laptop, but with the Android app from zapstore with orbot it works fine.

41 sats \ 0 replies \ @Aardvark 26 Jan

Oh, I didn't even know that was an option. I'll try that.

41 sats \ 1 reply \ @ama 26 Jan

I'm trying out the apk and it's much faster and reliable than through the browser. Managing a garage with several bots seems to work much better.

And I had a few sats to claim as a colateral from a seller who didn't lock their sats and disappeared on me. I tried to claim them a few times before, but the invoices were not paid. I tried this morning via the apk and it went through instantly, as expected. :-)

0 sats \ 0 replies \ @siggy47 OP 26 Jan

Yep

41 sats \ 0 replies \ @Aardvark 26 Jan

I tried both, I'll give thst a shot later. Thanks.

62 sats \ 3 replies \ @Wumbo 26 Jan

Try going straight to the onion address in the tor browser (https://www.torproject.org/download/)

http://robodexarjwtfryec556cjdz3dfa7u47saek6lkftnkgshvgg2kcumqd.onion/

https://learn.robosats.com/docs/access/

I have seen issue with a browser redirecting to the .onion address of robosats.

Let me know if you still can't get it loaded.

41 sats \ 2 replies \ @Aardvark 26 Jan

I'll give it a shot as soon as I'm in front of my PC again. Thanks.

68 sats \ 1 reply \ @Wumbo 26 Jan

You left your pc

41 sats \ 0 replies \ @Aardvark 26 Jan

🤣

89 sats \ 4 replies \ @SwapMarket 27 Jan

p2p using banks is a stupid idea. They will leak any large or frequent transactions to taxman sooner or later, or just freeze the account. I only f2f for cash when I want to sell. I buy BTC on CEXes and immediately withdraw to cold. When I want to pay with it, I swap to LN or L-BTC. Good luck travel ruling my funds.

21 sats \ 1 reply \ @Signal312 27 Jan

How do you find the f2f trades?

0 sats \ 0 replies \ @SwapMarket 27 Jan

Telegram channels for local expats from my country. They always trade USDT for local currency because international banking syndicate banned us. I trade BTC for USDT on non-KYC exchanges (and run one myself).

0 sats \ 1 reply \ @expatriotic 15 Feb

Says p2p with banks is stupid.

Buys BTC on CEXs... (DO NOT USE THESE INFORMATION HONEYPOTS). It's not safe, and they will give your information to the IRS or other government agencies that request.

BISQ

They can't do anything about transactions to "friends and family" which is the default if you leave reference blank.

I use Wise and it's been great.

0 sats \ 0 replies \ @SwapMarket 15 Feb

Wise is KYC and will also tell on you. I don't use residential address/tax id of the country I live in. I have such a luxury. Significant volume of incoming fiat from p2p will trigger banks.

78 sats \ 0 replies \ @DarthCoin 26 Jan

you can use whatever you want if the taker is willing to take your offer.
even CCs :)

54 sats \ 3 replies \ @TheBTCManual 26 Jan

Feet pics is the best on-ramp, since they can be moved as easily as Bitcoin, I've used robo with stablecoins, paypal and local bank transfers. I'm a simple man if I see a good non-kyc order i'll make the effort to take it off the market

17 sats \ 1 reply \ @siggy47 OP 26 Jan

I see that as a maker you can add any forms of payment you will accept. Is that limited only by what a prospective taker will accept? Do people get creative?

41 sats \ 0 replies \ @itsMoro 26 Jan

can be literally anything. i remember darth joking about selling cowboy credits on robosats. except its not a joke if there is a taker...

22 sats \ 0 replies \ @siggy47 OP 26 Jan

I'd better trim my toe nails.

67 sats \ 0 replies \ @Slestak_Jack 26 Jan

I've used it to unload stable coins for that purpose. I had some old crypto that I wanted to exchange for Bitcoin after I learned the hard way. I swapped out a variety of tokens for stable coins on the Polygon chain. You'll find stable coins widely accepted for trade. I might try using Aqua wallet in the future, that has Tether, and Liquid assets built in.

62 sats \ 0 replies \ @OT 27 Jan

The bond?

It just needs to be a LN wallet that supports hold invoices. Zeus, Blixt and I think Phoenix work for this.

50 sats \ 0 replies \ @Satosora 26 Jan

You have to be careful about this.
Greed begets more greed.

41 sats \ 2 replies \ @ama 26 Jan

I only do small exchanges, so I prefer using lightning for both, privacy and lower fees. I always use the same wallet to pay the collaterals and Robosat fees and when I've stacked a bit, I use Boltz Exchange or Boltz Pro to swap it to RSK.

I do the same when I use Mostro or p2plnbot on TG, and I'm looking forwards to Bisq 2 adding LN to do the same there.

21 sats \ 1 reply \ @nym 26 Jan

How do you use Rootstock? Looking for use cases.

10 sats \ 0 replies \ @ama 26 Jan

I use RSK on Money-on-Chain, basically holding some of my rBTC as BPRO, which gets a small leverage (and also earn fees from the protocol while at it) on the price of BTC in exchange for being the collateral for the Dollar on Chain (DoC).

Also on Sovryn to play around a little, and learn about the zero lines of credit (borrowing zUSD at 0% interest using rBTC as collateral).

I haven't had the need to use DoC or zUSD yet, but I played around with something like 5 DoC once.

41 sats \ 0 replies \ @itsTomekK 27 Jan

Alby and Blink never failed me here

41 sats \ 1 reply \ @Signal312 27 Jan

Tip - for receiving larger Lightning invoices, Aqua used to work okay, then seemed to almost stop working. It kind of worked, but often took days, and I had to resubmit invoices. Huge hassle. (It works fine for the fidelity bond).

I use Boltz.exchange now. Submit a lightning invoice to Robosats from Boltz.exchange, and it gets paid almost immediately. It's a little weird because it goes into the mempool immediately, but then the confirmation seems to take longer than normal.

Regardless, Boltz is the way. Unless maybe you have your own well-managed lightning node.

0 sats \ 0 replies \ @siggy47 OP 27 Jan

Thanks for the tip. I have my own node, but In not sure if it's well managed😀