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September 02, 2016, 06:08:56 AM |
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We have been working on a project for a few months and sketching out the details on old fashioned white boards and some of the set up will involve sidechain coins.
I was staring at one of the boards late at night while reading the forum and posting about a new coin scam and where the funds that were spent on the coin had gone. it was easily traceable straight to a single BTC account that can be assumed belonged to the dev that was stealing money from people. That was when it hit me what real sidechains can do.
The way that we we likely be setting up a portion of our business is this. There will be a single set of BTC wallets that funnel funds to a public view colored coin. That coin will only use and maintain one address that will then lead to a second private colored coin. the idea is simple, our investors will see that their funds did indeed enter our company through the first coin and then through the second coin, making it transparent that we did use their investments for the company, but within the private second colored coin, the public cannot see exactly how the coin is used. this lets the investors see that the funds are for company use, while not giving away every detail of the company affairs. the public will be able to see that the private colored coin can only be deposited into and withdrawn from the first coin, so they know there is only one way in and out, and every withdrawal will be documented as a company expense.
then it hit me that any person with a few BTC can make the Bitcoins in his BTC wallet completely leave the traceable, transparent world and never explain a thing. you can create a private colored coin without all the rules we are using, feed it from any Bitcoin address and then send the coins-to-BTC to any other address or set of addresses......AND, this is the best part, automate the dispersal. You can use all manner of internal scripting to automate your exit strategy. these are just a few options...
1. TX that goes off when wallet 1 reaches X BTC....easy to do, a TX that is not finished. I do Input of 0.9 BTC and the output to one or more addresses of 1 BTC....as soon as another 0.1 BTC is merged to that TX, it fires off. Good for leaving once your scam makes X number of BTC.
2. Automatic sending of X number of BTC to many addresses. Makes it hard to track and easy to pay the whole team of scammers. Pre-set the TX and feed it the input amount when ready to run.
3. Dated TX, simple TX that fires at a specific time and date. Good for potential bail money, lol.
The potential is endless and the fact is that this can all happen hidden from the public. The BTC will be invisible until is comes back off the private sidechain and hits the BTC blockchain again and that could be to 200 addresses, all owned by the scammer.
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