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Author Topic: Idea for Chain-Breaker Service  (Read 478 times)
youarefunny
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May 20, 2012, 09:55:52 PM
 #1

So I was looking into making a Bitcoin service and I was thinking about making a "Chain-Breaker"  Essentially it would be a service where you send your coins and I send you another from a different account.  The purpose would to anonymize where your coins came from and where they went.  Bitcoin is inherently anonymous because you can send and receive coins without proving who you are, but because all transactions are made in the public as soon as someone finds a "tie-point" they can track everything that has happens to those coins.

Currently the internals would work as follows:
An address is generated for you and you can specify any number of destinations.  Once a deposit is made to the address you are sent a different set of coins to the addresses.

Currently planned features are:
  • Timed transactions, You can specify a time at which you want the transaction to take place, this will make it harder to guess which input is related to which output.
  • Piecewise transactions, With larger transactions try to hide some of the outputs under other peoples transactions.  Ex: If you want to do 50BTC into two addresses and someone else does 30 you will get 30 in the second and the rest in the first.  This makes the second address harder to match up to your input.  You can also limit the time spent waiting for a match.  I might also add a divisor limit so that matching is easier.  (Ex: minimum divisor is half a coin and anything remainder is shaved.)
  • Multiple outputs, Split the money in a specified way among the destinations, again, makes it harder to match.

I have the idea and I know how I would implement it but I have some questions for you guys:
  • Would you have a use for this?
  • Would you trust the service?
  • What else would you recommend for "anonymizing" the transactions?
  • What other features would you want/need?
  • Does this already exist? (I couldn't find it)
  • Any suggestions?

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eastendtech
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May 20, 2012, 10:14:47 PM
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Sites such as these do exist and are usually called "coin mixing" services. Not sure which ones are trust worthy because the first ones I noticed were on Tor. You could check the trade page https://en.bitcoin.it/wiki/Trade and look under the financial services section to see what mixing sites are available.

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youarefunny
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May 20, 2012, 10:29:05 PM
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Sites such as these do exist and are usually called "coin mixing" services. Not sure which ones are trust worthy because the first ones I noticed were on Tor. You could check the trade page https://en.bitcoin.it/wiki/Trade and look under the financial services section to see what mixing sites are available.

Yes, there a couple, I don't like the login idea though.  I understand that he wants you to be able to split the coins to make it harder to trace but by using two addresses and having a long deadline for the "overflow" address you can achieve much the same thing.

It doesn't seem like to popular of an idea though. (surprised me)  I'll wait for a few more opinions before I decide to do it or not.

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Stephen Gornick
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May 21, 2012, 07:32:41 AM
 #4

There's a rumor that mining is being used as a way to provide a supply of clean coins to customers of a mixing service.  This method sends to the mining operators who did the hashing then coins that might be tainted.

If that is truly the case, then when the 50 BTC block reward drops to 25 BTC, the capacity for that service will likely be reduced proportionately.
notme
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May 21, 2012, 07:38:19 AM
 #5

There's a rumor that mining is being used as a way to provide a supply of clean coins to customers of a mixing service.  This method sends to the mining operators who did the hashing then coins that might be tainted.

If that is truly the case, then when the 50 BTC block reward drops to 25 BTC, the capacity for that service will likely be reduced proportionately.


And if the need for USD (the main reason to clean the coins since they become linked to an identity when they enter the traditional financial system) remains the same, price will have to increase in order to support this volume (as measured in USD).  The other option would be more transactions, thus more transaction fees, which are just as clean.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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