Bitcoin Forum
June 27, 2024, 10:39:38 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
   Home   Help Search Login Register More  
Pages: [1]
  Print  
Author Topic: Coin Mixer currency.  (Read 768 times)
Monster Tent (OP)
Full Member
***
Offline Offline

Activity: 238
Merit: 100



View Profile
March 06, 2013, 01:35:02 AM
 #1

What if an alternate currency had a large reserve of coins which would be used for a giant coin mixing service for that currency ?

For example opencoin and their 80 billion spare coins could accept "tainted" ripples and swap them out for fresh coins.

Its probably not going to happen for obvious reasons  Cheesy



TTBit
Legendary
*
Offline Offline

Activity: 1136
Merit: 1001


View Profile
March 06, 2013, 02:49:49 AM
 #2

What if an alternate currency had a large reserve of coins which would be used for a giant coin mixing service for that currency ?

For example opencoin and their 80 billion spare coins could accept "tainted" ripples and swap them out for fresh coins.

Its probably not going to happen for obvious reasons  Cheesy




Just had a similar idea today! Except the currency I offer would be "VGC" -- for virgin coins. Pay the miners a premium for mined coins, then stash them and have a currency back them up. When someone needs to be super secret about a purchase, simply redeem virgin coins.

good judgment comes from experience, and experience comes from bad judgment
Monster Tent (OP)
Full Member
***
Offline Offline

Activity: 238
Merit: 100



View Profile
March 06, 2013, 03:09:19 AM
 #3

What if an alternate currency had a large reserve of coins which would be used for a giant coin mixing service for that currency ?

For example opencoin and their 80 billion spare coins could accept "tainted" ripples and swap them out for fresh coins.

Its probably not going to happen for obvious reasons  Cheesy




Just had a similar idea today! Except the currency I offer would be "VGC" -- for virgin coins. Pay the miners a premium for mined coins, then stash them and have a currency back them up. When someone needs to be super secret about a purchase, simply redeem virgin coins.

I thought of it after finding out blockchain.info shut down their coin mixing service. Theres not many mixing services Im aware of that are large enough to offer the same level of mixing that these large sites do.

BeeCee1
Member
**
Offline Offline

Activity: 115
Merit: 10


View Profile
March 06, 2013, 04:16:18 AM
 #4

What if an alternate currency had a large reserve of coins which would be used for a giant coin mixing service for that currency ?

For example opencoin and their 80 billion spare coins could accept "tainted" ripples and swap them out for fresh coins.

Its probably not going to happen for obvious reasons  Cheesy


You should try Tenebrix: https://bitcointalk.org/index.php?topic=45667.0
Quote
Q: I heard you premined, you bad bad person...

A: Well yes, I premined 7 million coins. Why so many - well, to be completely blunt and honest, I got a bit tired of a discussion of how much should one premine that I had going on and used the premine value from GeistGeld. Perhaps not the wisest decision, but worry not though - I will use 2 millions do fuel verry slow (no more than 4 TBX per user, may get less if their price rises) faucets with strong user ID (Google Acc + captchas), and about 1.5 mils are set aside to help recruit developers and sustain support for no less than 6 years (you gotta agree that it is a looong road and a lot of money-gulping things can happen)

I will use the rest to start a unique transaction-anonymization service, using them as a buffer of sorts (old TBX + fee enters, crispy TBX from reserve exit in a certain randomized manner. In the end, I keep only the "fees" and the "old TBX" that entered the service are retained to form a new buffer as old one shrinks. Thus, the amount of TBX destined for buffer remains static forever, and never ever enters circulation, sequestered as a "transaction mixing service buffer" forever. I think we can all agree that stronger transaction mixing is a good thing and a benefit to community Smiley )

Should be done "real soon now" Smiley
Anon136
Legendary
*
Offline Offline

Activity: 1722
Merit: 1217



View Profile
March 06, 2013, 04:28:01 AM
 #5

What if an alternate currency had a large reserve of coins which would be used for a giant coin mixing service for that currency ?

For example opencoin and their 80 billion spare coins could accept "tainted" ripples and swap them out for fresh coins.

Its probably not going to happen for obvious reasons  Cheesy




Just had a similar idea today! Except the currency I offer would be "VGC" -- for virgin coins. Pay the miners a premium for mined coins, then stash them and have a currency back them up. When someone needs to be super secret about a purchase, simply redeem virgin coins.

I thought of it after finding out blockchain.info shut down their coin mixing service. Theres not many mixing services Im aware of that are large enough to offer the same level of mixing that these large sites do.

what happened to blockchain.info mixer? is there a thread about this?

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited?
baggyp
Member
**
Offline Offline

Activity: 95
Merit: 10


View Profile
March 13, 2013, 02:51:47 AM
 #6

this is a brilliant idea honestly and I'm surprised we haven't seen more discussion about it. That being said, I think you'd get more bites in a TORum than this here forum.
memvola
Hero Member
*****
Offline Offline

Activity: 938
Merit: 1002


View Profile
March 13, 2013, 03:04:44 AM
 #7

What if an alternate currency had a large reserve of coins which would be used for a giant coin mixing service for that currency ?

For example opencoin and their 80 billion spare coins could accept "tainted" ripples and swap them out for fresh coins.

Is there a way to do it in a decentralized manner?

If you are going to count on a central organization to remove taint, any laundry would work as well. Am I missing something?

Best way to do this is using blind signatures and predefined units. OpenTransactions should be able to do this, but it's not too hard to implement anyway. You need a client-side program though, which could be javascript like ripple.com client.
Pages: [1]
  Print  
 
Jump to:  

Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!