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Zerocoin works by allowing Bitcoin users to leave their coins floating on the network for someone else to redeem, on the condition that they can redeem the same amount of Bitcoin, similarly left floating on the network, at an arbitrary time in the future.
In other words, you leave your bitcoins somewhere in the network, to be picked up and used by some stranger using the addon. Then you use some other stranger's bitcoins.
What I don't like about zerocoin is:
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"Zerocoin would give you this incredible privacy guarantee, then we could add on some features which let the police, for instance, to be able to track money laundering. A back door."
I believe letting someone do searches on data meant to protect privacy is against protecting privacy.
