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When depositing to Instawallet, your money would be stored in a common pool, so upon withdrawal you'd get different coins back. So it functioned as a "mixing se
by haakon 14y ago
When depositing to Instawallet, your money would be stored in a common pool, so upon withdrawal you'd get different coins back. So it functioned as a "mixing service", which helps improve anonymity for those who need that. And it was super easy to use, which made it popular with newbies with little understanding of how foolish it is to give a service like this full control over your money.
- facorreia 14y agoFrom the description, it sounds like a money laundering service.
- kami8845 14y agoNo that's already bitcoin itself.
- stcredzero 14y ago"Just use Bitcoin" is a money laundering meme governments should love.
- gesman 14y agoLol, and i think that's where it's main business came from. Law enforcement hired hackers to screw it and now awaiting at the front door to take a much closer look at everyone who'll start whining about lost funds. :)
- stcredzero 14y agoThey'd do much better to subvert it and observe the movement of funds.
- danielweber 14y agoYou made me think "if there's a site for online storage of wallets and someone has paid the amount of money needed for decent security for it, it's probably because the government is running it."
- stcredzero 14y agoProbably is the key here. There is the off-chance that some motivated people can enlist the help of talented up and coming experts. Also, this is something that a smart and savvy government would do. If large governments are ever smart and savvy, they're only that in specific contexts.
- MacsHeadroom 14y agoBlockchain.info does this for a small fee.