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Author Topic: [Idea] Physical Bitcoin Mixing  (Read 997 times)
CIYAM
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July 25, 2012, 05:33:36 AM
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1) Attendees at a Bitcoin event are each given a physical Bitcoin (from a trusted source and perhaps in paper form to reduce overheads) that contains zero balance.

2) Each attendee then sends an specific amount (say 10 BTC) to their physical Bitcoin's public address.

3) Swap physical Bitcoins of the same amount with another attendee (after checking balance and making sure private key is still hidden).

Anyone tried this yet?

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July 25, 2012, 05:56:56 AM
 #2

1) Attendees at a Bitcoin event are each given a physical Bitcoin (from a trusted source and perhaps in paper form to reduce overheads) that contains zero balance.

2) Each attendee then sends an specific amount (say 10 BTC) to their physical Bitcoin's public address.

3) Swap physical Bitcoins of the same amount with another attendee (after checking balance and making sure private key is still hidden).

Anyone tried this yet?


4) The honey pot is then cracked open, licked clean, and wrapped in yellow tape by DEA agents who have been watching you for a while. IRS can come, too.

They're there, in their room.
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July 25, 2012, 06:29:36 AM
 #3

Rather than swapping with only one other person, what if there was a big bowl that everyone put exactly one physical bitcoin into, which was then mixed around, and everyone took exactly one physical bitcoin out?
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July 25, 2012, 03:46:09 PM
 #4

Why take a blank physical bitcoin and have everyone load it...  Why not have everyone take Casascius 1 / 5 / 10 BTC coins and put them all in a bowl, this way you could easily check the balances with the Casascius Bitcoin Analyser and be certain they are valid.  Then if anyone wants their BTC back at the end of the day, they can be handed a coin at complete random.

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July 25, 2012, 04:23:01 PM
 #5

1) Attendees at a Bitcoin event are each given a physical Bitcoin (from a trusted source and perhaps in paper form to reduce overheads) that contains zero balance.

2) Each attendee then sends an specific amount (say 10 BTC) to their physical Bitcoin's public address.

3) Swap physical Bitcoins of the same amount with another attendee (after checking balance and making sure private key is still hidden).

Anyone tried this yet?


4) The honey pot is then cracked open, licked clean, and wrapped in yellow tape by DEA agents who have been watching you for a while. IRS can come, too.

LOL
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July 26, 2012, 01:15:58 AM
 #6

This concept of physical mixing is why no blockchain transaction tracking should ever hold up in court. It is impossible to prove that a transaction chain was not broken "off chain" by using physical swapping.

You don't even need to physically swap coins to mix... merely the fact that it is possible to do it means the ownership record is severed. The burden of proof cannot be met.
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July 26, 2012, 01:17:51 AM
 #7

I think this would be a matter of TRUST if the users had to print their own. Cassucus would be no fun.

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July 26, 2012, 01:26:42 AM
 #8

Programs can do it more randomly and I think that is the best way to mix bitcoin

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CIYAM
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July 26, 2012, 02:48:35 AM
 #9

Programs can do it more randomly and I think that is the best way to mix bitcoin

Certainly true - actually the idea would perhaps be more of an educational exercise in showing people how easily "traces" in the Blockchain (to an individual) could be severed without having to even use any special software.

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