If FastBTC adds privacy, once we get FastBTC peg-out why not create a service like CoinJoin to loop in and out and take a small, say 1% cut for the community. Keep it low to drive traffic and get visibility. The 1% could be split between stakers and the developers to keep working on it. A portion could even be used to buy back SOV on the market to prop up the price. We could even charge less for those who have a stake. The input screen could generate a FastBTC address and you input the amount and the output address. An in and out so liquidity needs would be capped? Seems like a good idea to drive Sovryn adoption but may be missing something technical. What do you think?
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I have asked about this as well. I don’t know the technicalities well enough to know what’s possible. However, I’m convinced this could be a huge draw for bitcoiners to Sovryn and a significant revenue source. So far I haven’t been able to get anyone’s attention who might be willing to pursue it. Thanks for bringing this back up.
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Want to be careful the FastBTC operators don’t end up in hot water like the Helix operators:
I think it would be possible to implement a non-custodial mixing service on top of FastBTC using something like Wasabi 2.0 as a backend. People converting RBTC to BTC would then receive their BTC via a Wasabi 2.0 spend tx. FastBTC would know the address connection, but not anyone else, so the privacy model is similar to that of a VPN.
Of course, if all you want to do is mix your BTC, you can already do that with Wasabi Wallet, no need for another service like FastBTC to take a fee on top of that, and it would be more private too.
Appreciate the thought on this. Definitely a risk. But, without KYC, the protocol is already at risk for this in some ways with the SEC. That was discussed on Yago’s call with Swann. I am not sure this is different, but maybe it is because of money laundering risk vs. SEC risk? Great input though. Plus, I guess if someone wanted to do it through FastBTC, they could just as easily do it on their own without it being automated. Trying to find ideas to drive more traffic to Sovryn…