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If people keep coming to you below market to dump XMR for fiat, that is closer to working for Monero than buy. Curious how you set the discount and whether the same sellers come back?
...and first reply gets tipped some more free Monero ;))
It's a cliché thing to say, but really the market sets the rates. I don't care much about being a buyer. I can just say, "Sure, I can buy it for 10% below market." If they accept, fine. If they don't, that's fine too. Some sellers do come back, sure.
As I need to balance activity on p2p accs not to look like I'm money laundering, and prioritizing selling side since there's higher profit in selling than buying, bc there's more open market demand on buying XMR than selling it back to market.
Remember the person you mediated for on Sep. 8, the likely crypto <-> XMR exchange with a 20% fee? That's the other side of the spectrum. Charging substantially above market can make the transaction look economically unusual, for example, potentially resembling wash trading intended to create an appearance of legitimate activity.
BTW, what do you think about this #339092?
I don't think stasher is the correct venue.
W/o rep system and/or checks and balances, escrow/bond, you're going to have a bad time. It's proven again and again both in LocalMonero, bazaar and everywhere.
Also people come here for news and dialogue and stuff, trades don't have "there's value in seeing this news/dialogue" angle. (except promoting the service itself, I guess.)
There're reasons not to do trades directly in public as well, BTC is transparent chain, you can potentially time/amount correlate the other party via stasher dialogue tracking, boom, you know, can track BTC wallet of one of the trade parties. Not very private. You'd want trade metadata to be as little as possible for a trade as private as possible.
We don't benefit seeing open trades, trade parties end up w/ a trade less private doing it in the public square. Failing on multiple fronts, IMO.
Charging substantially above market can make the transaction look economically unusual, for example, potentially resembling wash trading intended to create an appearance of legitimate activity.
thanks for the insight ^^, noted ✍️
People selling their XMR to me at a discount in exchange for fiat as part of an exchange service.
Like, you're paying me extra to take Monero off your hands in exchange for something inferior, fiat.
Amazing concept.
It almost feels like free Monero.
Am I technically buying XMR from them? Yes. But they're the ones coming to me with the request, willing to sell below market in exchange for the service/liquidity I'm providing.
Economically, that starts looking a lot more like working for Monero than simply buying it.