so I’m looking on coinmarketcap and see a Monero volume, suprised as as far as I know it’s impossible to add XMR that dosen’t have a multisig option. I also searched the forum and see nothing about it. What’s going on?
In order for crytocurrency to become base currency in Bisq, it requires a multisig. Is this what you were referring to? This is why Monero wasn’t an option for base currencies.
But it can still be traded, like other altcoins and even fiat by utilizing Bitcoin’s multisig. The trade volume makes sense to be high for Monero on Bisq, as it is the best option for an exchange when someone cares about anonymity, I would say.
XMR <-> BTC trades are of course already possible, multisig is in BTC
Multi Sig is part of the last release 0.12.0.0.
Do we need any other feature before Monero can become a base coin and currency?
This is true, perhaps it could be added, since it seems like it is most traded altcoin on Bisq.
Recently we have been decreasing support for other base currencies, but adding Monero might really be useful. Not just since it is often traded, but because it might offer better privacy for trading on Bisq.
If multisig transactions in Monero offer the same level of privacy as other Monero transactions, it should be practically impossible for a bank to figure out if you are using Bisq for trading.
We should probably look into this more.
Changing base currency to Monero would be a huge dev effort. I think there is also no java implementation of Monero. If we move some day away from BitcoinJ and have a native wallet shipped with the app it might become a bit more feasible. From privacy perspective it would be great of course. But downside would be that we narrow the market to those who have and use Monero. Having multiple base currencies had no significant support from traders so far (we removed DOGE and DASH already and LTC might get dropped as well soon). It is hard enough to bootstrap a Bitcoin market.
sadface. i understand though. what would have to change about XMR for reconsideration? much larger adoption?
I guess higher user support for that base currency, yes.
A dev that is familiar with Monero enough and can help out in integrating it in Bisq would help as well, I guess.
Hello Manfred, thanks for your reply here, I have been sent here from a Reddit post.
There is already a Java RPC implementation for Monero, however you still need a full node running and probably nobody from Monero will want to maintain a full Java node implementation in parallel, since Monero hard forks every 6 months to integrate new features and it’s hard enough to make the base C++ implementation stable and secure. Like Bulletproofs implementation has been recently audited by three different external entities.
Monero’s Multisig implementation offers the same level of privacy like every other transaction.
Well, I assume these coins had no significant support at all on Bisq and this is obviously not the case for Monero and we see like 90% of all volume on Bisq is between BTC/XMR. I think most serious Monero users hate to use centralised exchanges with all the KYC eg., so also LocalMonero even when it’s a quite young project, it has pretty much volume already for a single coin marketplace.
I think after the DAO we will focus on the off-chain trade protocol idea, which solves many problems (privacy, arbitrators,…) and with that there is no base currency required anymore (but BSQ is required for a one-time bond similar to open a lightning channel).
Well that sounds quite similar to a new base currency, BSQ instead of direct trading like now and it probably will come with some of its downsides like additional volatility eg.
Most users I know would rather like to trade direct currency pairs using MultiSig, but that’s just my opinion. However, I see massive demand in Fiat/XMR trading pairs, which without excessive KYC are currently only filled a bit by LocalMonero.
Not really. You set up a BSQ bond of any amount and then you can trade until that amount is not exceeded, similar to a lightning channel. So with one time setup a bond of say 10 000 BSQ equivalent to say 10 000 USD you can trade in parallet up to 10000 USD. Once a trade is completed the bond balance gets adjusted so you would only require a higher bond if you want to trade more then 10k in parallel, otherwise u can leave it for long time locked. But yes there is volatility risk, same as with a lightning channel, when you set up a channel with 1 BTC today (6500 USD) and close it in 1 months and BTC fell to 5000 USD your returned BTC have less USD value. But same happens if u leave it in your wallet.
I understand the demand for XMR/Fiat and if any dev is interested to work on that would be great. It is just quite a big project and having the requirement to have monerod running in background will hurt usability for many/some users (not so sure if monero users have much of a problem with that, though).