[ANN] Joinmarket - Coinjoin that people will actually use

[windpath]

I've merged the code which implements a timeout for takers. If a maker doesn't respond for some time (default 30 seconds) the taker will connect to a new maker and try to finish the coinjoin. This means a tumbler.py run will not be stopped by one nonresponding maker. In fact in testing me and others ran very long tumbler.py runs and fixed several other bugs.

JoinMarket can now very robustly improve your privacy.

This is an important update, great job!

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[CohibAA]

Awesome job, this is a great update!

[Financisto]

How about publishing some (weekly/monthly) "traded" volume statistics at Joinmarket in the (near) future?

That would be good to spread the word and to get more attention (and liquidity) to this project too.

[belcher]

How about publishing some (weekly/monthly) "traded" volume statistics at Joinmarket in the (near) future?

That would be good to spread the word and to get more attention (and liquidity) to this project too.

There's a project for eventually doing that https://github.com/adlai/cjhunt
Alternatively me and others who run market makers could say how many CoinJoins they participated in last week.

Edit: I'll start, in the past 7 days my bot participated in 23 transactions with 1.94btc in total passing through my coinjoin outputs.

[CohibAA]

I usually only keep my logs for 72 hours, and rarely do I even look at them unless there was an issue, or I am bored.  That said, over the past 3 days, my bot has done approximately 25 joins for a total of about 13 BTC transacted.  My bot has earned exactly zero satoshi during that time, which may explain it's higher transaction volume, relative to belcher's stats.   

[belcher]

Don't you keep the yigen-statement.csv file?

I assume your zero-fee market maker is a slower cheaper way of mixing coins than running tumbler.py

[CohibAA]

Don't you keep the yigen-statement.csv file?

I assume your zero-fee market maker is a slower cheaper way of mixing coins than running tumbler.py

I truncate the csv and logs of anything older than 72 hours.  I do it manually each day, though, as I want to make sure to be able to save anything needed for troubleshooting.  The data I gave was from the current csv file.

Honestly, the small returns don't mean as much to me as seeing this project become commonly used, so I don't charge a maker fee to encourage more taker participation.  I buy coins pretty often, if I have extra cash, and I have daily mining income, so those are the coins being used by my bot, for the most part.  Of course, I don't keep my whole stash on the network, even though I feel like it would be relatively safe if I did.  I don't really have a need to tumble them, but I believe strongly in privacy.  Essentially though, yes, it's a slow and low cost way for my coins to be mixed, while also providing additional liquidity to the market.

My hope is that I won't be replacing another maker when my bot is used, but will just be one additional maker available for free to increase the maker count for each transaction.  That, of course, depends on the mindset of the takers however.  If they want to only mix with me as a sole maker due to having no coinjoin cost, I can't prevent that obviously.  Anecdotally, it seems most people are using above the default maker count when my bot is included.  I think most people realize that mixing with only one maker is not very private.

I wonder when and if we will start to see maker bots that pay takers.  I could imagine at entity (think DNM vendors, admins, etc.) with a "dirty" large stash of coins that constantly require tumbling would be willing to pay a fee to takers to encourage people to use their unclean coins in a join.  It's not my game, but I think it's only a matter of time before someone integrates joinmarket into their wallet structure for this purpose.  While I am sure that some people don't desire this (some joinmarket users, gubermints, etc.) , the beauty of an open-source, decentralized project like this is the freedom to do so.  This possibilities of this project are very intriguing and I am quite thankful for the people putting their time into it.

When I get cash, I often wonder how much cocaine and stripper ass the bill has seen, but I am glad I can use it still regardless, and virtually nobody that I pay it to will care about it's past history.  Bitcoin should also be like this, imho.

[Sukrim]

If there are people that do this stuff for free, you're disincentivizing makers.

I wouldn't want to be a taker in a market that consists of a handful known enthusiasts instead of a huge amount of anonymous people fighting to find a fair price.

[belcher]

I would also suggest that you look out for your own self interest.

Having said that, taker's use a significant amount of randomness in choosing offers to coinjoin with, so somebody offering zero fee in no way means they'll coinjoin with everyone. Of course there's also an upper-limit to how many transaction you can do per time, because of the requirement to wait for a confirm (or even many confirms when that feature is implemented)

[Janitor]

If there are people that do this stuff for free, you're disincentivizing makers.

I wouldn't want to be a taker in a market that consists of a handful known enthusiasts instead of a huge amount of anonymous people fighting to find a fair price.

What you're saying is you'd be happy to see fewer market makers and higher costs, so that you can feel good about it, as opposed to actual users being able to get proper service at a lower price.

[Sukrim]

No, I doubt that you'd get takers if a few makers destroy the market with their "charity" and a price race to the bottom early on.

[dooglus]

The most interesting JoinMarket coinjoin to date.  Very cryptic.

3e1572ca351d743d7bf627bc844da8f3bdc84eab4a9d27934a8dba30a2e05fe1

The address which the burned coins were sent to is mentioned in this deed bundle:

    http://deeds.bitcoin-assets.com/bundle-371897.txt

The first deed says:

Code:

In the Kamigata area, they have a sort of tiered lunchbox they
use for a single day when flower viewing. Upon returning, they
          throw them away, trampling them underfoot.

              The end is important in all things

and the second says:

Code:

            CONVICTED OF ACTIONS:
        - BOUNDLESS DISTRACTION
        - TROLLING SOME FACTION
 CE VERGE P'UN LEGAL INFRACTION!!

Time to leave this network.

My brief apology is dwarfed by massive gratitude
towards you, and you, and most of all... YOU TOO

If you have cared far to read this, you've earnd
the trinity (the best things in life... so phree

To reach me again, you doubtless know how
   some email on keyservers, github, and cetrums

The road   to help
           is 1PavedWithGodAndSomeTeensionXudq5X

Both deeds are signed with PGP key ID 7CDA03F9. When I verify the signature, I see:

    gpg: Signature made Fri 28 Aug 2015 05:50:16 AM PDT using RSA key ID 7CDA03F9
    gpg: Good signature from "Adlai Chandrasekhar <adlai.chandrasekhar@gmail.com>"

This was shortly after adlai had a falling-out with MP:

    http://log.bitcoin-assets.com/?date=25-08-2015#1252200, in which adlai dares agree that assbot is too spammy

    http://log.bitcoin-assets.com/?date=26-08-2015#1252289, in which MP asks him why he thinks he belongs in the channel

    http://log.bitcoin-assets.com/?date=27-08-2015#1253642, in which MP unpersons him

So it looks like the 'odd' coinjoin was adlai's parting message to #bitcoin-assets?

How about publishing some (weekly/monthly) "traded" volume statistics at Joinmarket in the (near) future?

That would be good to spread the word and to get more attention (and liquidity) to this project too.

There's a project for eventually doing that https://github.com/adlai/cjhunt
Alternatively me and others who run market makers could say how many CoinJoins they participated in last week.

Edit: I'll start, in the past 7 days my bot participated in 23 transactions with 1.94btc in total passing through my coinjoin outputs.

In the past 7 days my bot participated in 77 transactions for a total of 48.66 BTC.

[dansmith]

Is it sensible to require JM makers to do some proof-of-work to disincentivize the destruction of the market by the volunteers?

[belcher]

It's not clear volunteers do much harm. They're giving up an opportunity cost to earn money. Their hardware, electricity and internet costs them too. And eventually they run out of UTXOs and can't coinjoin anymore until they get confirmed.

There's also this idea to quantize the market prices to protect against front running. https://github.com/chris-belcher/joinmarket/issues/14#issuecomment-143509788 It's similar to what happens in stock and futures exchanges to stop someone placing an order one cent below everyone else so they can extract information from the market.

[dooglus]

Is it sensible to require JM makers to do some proof-of-work to disincentivize the destruction of the market by the volunteers?

No, I don't think so.

If there is more supply than demand, the price drops. That's normal, healthy, and to be expected.

You seem to be suggesting manipulating the market to force the prices to be higher than the market supports on its own. If we're currently short of "takers" then low prices is what we need to attract more of them, wouldn't you agree?

[Financisto]

There goes the immutable Law of Supply and Demand: https://en.wikipedia.org/wiki/Supply_and_demand

...as strong as the Theory of relativity.

Talking about Joinmarket (and also privacy), is it fully compatible with TOR?

[dooglus]

https://blockchain.info/tx/7e6fe504cc3030997e40655af53f06be04ef5fe2ee7df3430d41d571a75af285 is a messy one - one of the parties cleaned up a whole bunch of small outputs to fund it.

[PesiHUN]

How much can i earn with this? i have 0.01 btc

[belcher]

Talking about Joinmarket (and also privacy), is it fully compatible with TOR?

Yes

How much can i earn with this? i have 0.01 btc

Not very much probably.



In development news, you can now use JoinMarket to send to p2sh addresses too. This was a simple but overlooked fix.

The ob-watcher.py script web page now has the page /orderbook.json which returns all the current offers by makers.


There is a new script which allows you to create unsigned coinjoin transactions. This can be useful if you want to spend from cold storage without the private key touching an internet-connected computer. It can also be used to spend from a p2sh multisig address where many different people must sign the transaction.

https://github.com/chris-belcher/joinmarket/wiki/Spending-from-cold-storage,-P2SH-or-other-exotic-inputs-with-CoinJoin

On the downside, it requires you to manipulate raw transactions and private keys and is thus quite dangerous. Always carefully check your transactions before signing and broadcasting them. Preferably do it a few times on testnet first.

[PesiHUN]

how can i change "nickname = random_nick()" to my nickname? if i simply change it its wont work.