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Bitcoin mixers aren't private as the real transaction is in the mix-set somewhere and it is really a matter of time until a determined researcher will find it.
by HashingtheCode 6y ago
Bitcoin mixers aren't private as the real transaction is in the mix-set somewhere and it is really a matter of time until a determined researcher will find it. Mixers work better the higher number of coin-joins in the mix, and it is better than nothing in that sense, but it gives users a false sense of privacy.
Privacy can be had in obfuscating your Bitcoin by sending them using the Lightning Network. You have your own LN Channel and then send them to yourself routing through as many other channels as possible. Bitcoin cleaned.
https://bitcoinmagazine.com/articles/how-the-lightning-network-layers-privacy-on-top-of-bitcoin-1482183775 https://bitcoinmagazine.com/articles/how-the-lightning-netwo...
Another way is to use ZCoin. Zcoin uses zero knowledge proofs which burns the minted coin and redeems a new coin. SO I convert my 0.5 Bitcoin to Zcoin, the orginal transaction iin Zcoin is burned and new equivalent Zcoin is minted. No trace.
Monero is good but it is now under attack by Chainalysis to crack it on behalf of the IRS.
https://cointelegraph.com/news/chainalysis-and-texas-firm-win-million-dollar-irs-contract-to-crack-monero https://cointelegraph.com/news/chainalysis-and-texas-firm-wi...
When it comes to anonymity from the solutions available; coinjoins, Monero or Zcoin, personally Zcoin seems the most private way to obfuscate one's blockchain trail.
- RandomBacon 6y agoA Zcash user recently made a challenge for anyone to tell where his coins came from that went from taddress->zaddress->zaddress->taddress. The winner only had to look at past public transactions and find the same coin amount to find the original t-address. That is why privacy-by-default is very important, and why right now Monero should be considered more private. Monero has been "under attack" for a long time now, well before the IRS started giving money out. There are possible attack vectors and subsequent remedies. The Monero people made a series called Breaking Monero where they talk about all of that stuff.
- ianmiers 6y agoZcash and Zcoin are two very different things run by very different groups with very different protocols. The poster was talking about Zcoin, and you responded with a canned line about Zcash.
- RandomBacon 6y agoThat's weird. I would have sworn the comment said Zcash when I posted.
- HashingtheCode 6y agoZcoin destroys the original and mints a new anonymous set in place