Simplex Group for former Agora/LM sellers and buyers (simplex.chat)

submitted 6 months ago by CaptainCanaryLLC@monero.town to c/monero@monero.town

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If anyone is interested in sharing about current trading methods, asking/answering questions about p2p XMR trading, and other pertinent topics. The Simplex group link is shareable to others as well if you know other sellers/buyers you'd like to invite.

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[-] shortwavesurfer@monero.town 1 points 6 months ago

What does it not do? Perhaps that's functionality that can be added into the software.

[-] CaptainCanaryLLC@monero.town 1 points 6 months ago

It's not capital-efficient for high volume crypto-fiat sales because every coin can only be listed/earmarked with a single payment method. Meaning I can't list all my XMR at once with every payment method I take as an option, just one. I was told if I make a custom listing with all my payment methods then I'd basically be fucked in arbitration. So I can tie up all my available coin with one payment method in one listing, or pick a few payment methods and split my coin among a few listings. None of those options are efficient for crypto-fiat.

Ways I'd currently use haveno-reto:

coordinating a planned large sale with a buyer offsite and completing it through haveno-reto for arb/escrow purposes
crypto-crypto instant sales. I have listings up to test that out.

But the way it's set up for fiat is too limiting for my business model.

[-] shortwavesurfer@monero.town 1 points 6 months ago

That's done because of network latency. With a centralized service like local Monero was they could offer that because if somebody took an offer for one payment method they could immediately disable all the other ones so that there was no conflict and double locking of Monero or fractional reserving of Monero. Running everything over the tor network introduces drawbacks and latency is a huge one and so they cannot guarantee that quality. If you had the same Monero earmarked for say three different payment methods and somebody took one and somebody else tried to take a different one, that Monero would not be available.