“The problem with decentralized exchanges like Bisq,” people say, “is that shady people use it to wash money and evade the law, and you’ll end up getting tainted bitcoin or money from CashApp and bank accounts being watched by the FBI.”
Bullocks
I’ve done, in the last 12 months, 300 transactions (daily DCA) with over 200 unique individuals on Bisq. Most of the time I’m buying bitcoin, but I've sold bitcoin there too. I’ve purposely sent the bitcoin I’ve acquired on Bisq to Coinbase and Binance (international), before dispatching it to cold storage or spending apps. Never had a problem. CashApp never a problem. Zelle (and they love banning people) never a problem. Bank never a problem. Strike never a problem.
I also know plenty of people who use Bisq, and the only problem they ever had was people not showing up to F2F (face to face) meetings. Most of this F2F happens in Las Vegas because there’s a bunch of professional outfits there either arbing or balancing the books for offshore and small sportsbooks, many of whom use bitcoin exclusively.
Bisq deserves the hardest to learn, easiest to master award for DEX’s. I really wish they’d get a Peter North sized load of funding, dramatically improve the platform, kill the friction, incentivize the masses, and prepare for the inevitable bond madness that bitcoin will bring in the next couple years. They could use CKbunker/HSM type stuff for hard wallets, integrate the LN and nodes too. A lot.
Now what about that non-KYC bitcoin that mainstream talking points and some on this sub like to FUD? According to them, KYC bitcoin will soon trade at a premium to “tainted” bitcoin. I mine at home with a few ASICS and host a few more with Compass Mining. All of that is non-kyc bitcoin paid directly from the coinbase my mining pools earn. I sell this on Bisq (and another DEX) advertised as virgin Bitcoin with a small forensics report proving it's unblemished. I figured this could be a great business model for small miners, and list this at a 10% premium to the Bisq aggregate BTC average. You know what? I’ve had no success. Every once in a blue moon I’ve made a sale. I dropped the premium to 5% and had marginally more success, and the buyers of it are more likely than not uninformed, because here’s the folly of all that non-KYC BTC:
When a stranger sells you their bitcoin, it becomes non-KYC.
That’s precisely why decentralized exchanges are so important. That’s precisely why the LN is so important. That’s precisely why #getonzero which trends on Twitter every so often is so important. It’s precisely why P2TR (Taproot) with its LN functionality and simple SM’s is so important and must be integrated by most wallets and upgraded to by most full nodes. Over time, this whole KYC, non-KYC BTC talk becomes irrelevant. It will never trade at a premium to KYC bitcoin for the same reason empty blocks will disappear over time.
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