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Alice would just need Bob’s public address, and a relationship with bitlaundry. Bob need the same
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bitlaundry could possibly get hacked, a server could become compromised or the government can serve a subpoena
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Their reputation has to be good in order to maintain a user base
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the can steal crypto and sell information
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1. Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob?
Receiver is hidden for Alice.
Sender is hidden for Bob.
2. Explain a situation where Alice’s and Bob’s privacy could be compromised?
If they are the only users at the 30 minutes interval.
3. What is BitLaundry’s incentive to be honest?
Fees from the service.
4. What is BitLaundry’s incentive to be dishonest?
BitLaundry could dissapear with the bitcoins or comply with governments.
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- No one will be able to link this transaction between Alice and Bob.
- Bitlaundry could sell information (or being hacked).
- To raise a good reputation in the market.
- Could sell information, increase a fee randomly and most important, if a large transaction was sent to Bitlaundry to complete on behalf of a client they could decide to send the bitcoins to themselves.
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1. Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob?
On Alice’s end, the receiver of the funds sent by her is hidden.
On Bob’s end, the sender of the funds he receives is hidden.
2. Explain a situation where Alice’s and Bob’s privacy could be compromised?
When not many transactions are placed on the BitLaundry event of sending money out (which occurs every 30 minutes) one might see the same amount Bob received and Alice sent match with not many other inputs or outputs of such same amount to hide their transaction together with.
3. What is BitLaundry’s incentive to be honest?
Fee rewards collected from every transaction going through the BitLaundry service. Potential increased future rewards if the service grows their customer usage when the platform provides the service its customers expect.
4. What is BitLaundry’s incentive to be dishonest?
Hit and run event: receiving the funds of transactions and disappear with the funds not sending the funds out to the intended receivers by the senders of the funds on transactions.
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The both public adresses are almost impossible to link to eachother, Receiver doesnt know who the sender is.
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The amount of the transaction stays the same, if they are the only useres its tracyble again. You still trust a thirdplayer-party if they dont deleat the datas.
3.They get their share with the fees.
- They can steel the money since they are in full control of it! datas can be sold as well!
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Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob? Bob’s address is hidden from Alice. Alice’s address and the amount that she sends are hidden from Bob.
Explain a situation where Alice’s and Bob’s privacy could be compromised. If BitLaundry doesn’t delete the database link for the one-time use address.
What is BitLaundry’s incentive to be honest? Any dishonesty would be reported by the victims, and no one would use the service going forward. It’s lucrative, considering how much they are charging.
What is BitLaundry’s incentive to be dishonest? Any party could approach BitLaundry with a huge one-time offer to be dishonest. Thus, the amount has to be SO LARGE that the service is willing to destroy its business in the process.
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1.) The information that is hidden for Alice is that she is the sender of the money to Bob (a one-time address generated by BitLaundry).
2.) A situation where Alice and Bob’s privacy is compromised would be if BitLaundry sent Alice’s money immediately to the one-time generated address.
3.) BitLaundry’s incentive to be honest is that user privacy is maintained through the 30 minute sending segments and the one-time generated address, as well as a database link delete between the one-time address and its receiver. As long as the user is forthcoming about the use of BitLaundry, their transaction will remain hidden.
4.) BitLaundry’s incentive to be dishonest is that they can easily steal Alice’s Bitcoin since they are the middle-man that holds those funds temporarily.
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- Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob? :
Both private keys are hidden transaction takes place on BitLaundry’s “protocol”
decorrelating the links between them.
2.Explain a situation where Alice’s and Bob’s privacy could be compromised? :
Alice and Bobs private key are hidden if eithers private key / privacy is compromised funds can withdrawn without discretion.
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What is BitLaundry’s incentive to be honest?:
BitLaundry incentive to be honest is the 0.5% transaction fee they receive per TX. -
What is BitLaundry’s incentive to be dishonest? :
BitLaundry incentive to be dishonest is they do not delete the database link between
the one-time-use address and steel the funds of its customers.
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For Alice the receiver information will be hidden, she doesn’t want to be linked with Bob so by sending the BTC to BitLaundry and then BitLaundry sending the BTC to Bob she is avoiding being linked with him. For Bob the sender will be hidden.
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If there are not many transactions in and out of BitLaundry there could still be a link between Alice and Bob by looking at the amount of BTC transferred.
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The incentive is the fee they collect for each transaction, 0.5%.
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If a large transaction of BTC comes in they might be tempted to steal.
They could sell the data base with transactions.
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Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob?
For this transaction, an external party would be unable to see that Alice is sending funds to Bob, and therefore people viewing Bob’s address would be unable to see that Alice send funds to Bob.
For Alice, the anonymous BitLaundry address is the receiver, and for Bob, the sender is the anonymous BitLaundry address.
Explain a situation where Alice’s and Bob’s privacy could be compromised?
In the situation where within the time frame, there is only 1 transaction - so you could clearly see one sender and one receiver. Anonymity is removed and it’s not hard to see that the BitLaundry is a proxy address between the two parties.
Alternatively, if you were Cathy, and you and Alice were the only two people using the service within the given time frame, Cathy could identify who Alice is sending to, and Alice could see who Cathy was sending to. This is because both Alice and Cathy know the address they were sending to, and the amount they sent.
The service works best when there are many disassociated parties sending uniform amounts. There needs to be at least 3 different senders for anonymity to begin.
What is BitLaundry’s incentive to be honest?
BitLaundry is charging a fee, and as soon as they break the terms of what they are advertising - no one will use them if they are compromised.
What is BitLaundry’s incentive to be dishonest?
Data is valuable. They could keep tabs on who is sending to who, and for what amount.
Alternatively - the service could retain the coins sitting in the wallet. These coins have obvious value, however Bitcoin nodes could choose to invalidate UTXO’s moving forward when the BitLaundry service chooses to spend them.
This event shows that not all Bitcoin is not fungible.
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- Alice’s sender address is hidden due to BitLaundry creating a one time use address for her, the amount and recipient address on the database is then deleted for Alice and Bob.
- The transaction could be compromised if it’s the only transaction therefore can’t be mixed or if the server is hacked before the transaction logs are deleted.
- Being an authentic mixing service is highly valued in the Bitcoin community, earning respect = more money generated through fees.
- Pressure from regulators and governments.
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Alice sender and amount is hidden, Bob get its from a receiver but with different amount than Alice, and different sender from Alice.
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Privacy can be compromised only id they know each others amount and sender.
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Good reputation
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Bad reputation
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The addresses are private
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If wallet information was leaked somehow
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Incentive to be honest is so they can collect fees and grow and build a good reputation overall.
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Collecting and stealing peoples personal information for hit and run kinda of mass scam situation.
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- relation of Alice as sender and Bob as receiver
- public keys of Alice and Bob, linking
- fees, lucrative business
- as they have control (custodial service), trust is involved, so stealing, exit scam, revealing data…
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Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob?
For Alice, the information is hidden by using BitLaundry and not linked to Bob. -
Explain a situation where Alice’s and Bob’s privacy could be compromised?
If BitLaunrdy was hacked or information was leaked. -
What is BitLaundry’s incentive to be honest?
The reputation and incentives from bitcoin fees. -
What is BitLaundry’s incentive to be dishonest?
Steal the BTC or sell information.
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For Alice: the sender information is hidden, as the transaction is sent through the BitLaundry service, which acts as an intermediary. The amount of the transaction may also be hidden, depending on the specific mixing service being used.
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For Bob: the receiver information is hidden, as the transaction is sent to the BitLaundry service and then forwarded to Bob. The amount of the transaction may also be hidden, depending on the specific mixing service being used.
However, it is important to note that the use of mixing services does not guarantee complete anonymity. It is possible for a sophisticated attacker to analyze the patterns in the mixed transactions and potentially link them back to the original source. Additionally, if the mixing service is compromised or becomes untrustworthy, the anonymity of the users could be at risk.
BitLaundry’s incentive to be honest would be to maintain the trust of its users and ensure the integrity of its service. If the service is perceived as reliable and trustworthy, it is more likely to attract and retain customers.
BitLaundry’s incentive to be dishonest could include financial gain, such as by retaining a portion of the funds that are sent through the service, or by selling user information to third parties. It is important for users of mixing services to carefully research and evaluate the trustworthiness of the service before using it.
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Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob?
The receiver is hidden for Alice. No one can see who is the actual receiver from Alice.
The sender is hidden for Bob. No one can see who is the actual sender to Bob.
Explain a situation where Alice’s and Bob’s privacy could be compromised?
Alice and Bob’s privacy could be compromised if BitLaundry sent out Alice’s money immediately, the transaction could be linked easily especially if there are no other transaction happening within the 30 min intervals.
What is BitLaundry’s incentive to be honest?
BitLaundry is incentivised by collecting the fees on each transaction.
What is BitLaundry’s incentive to be dishonest?
BitLaundry could be dishonest by stealing the funds of it’s customers or selling information about the transactions from the database link.
1. Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob?
For Alice the true reciever is hidden. It appears she only sent BTC to BitLaundry.
For Bob BitLaundry shows up as sender
2. Explain a situation where Alice’s and Bob’s privacy could be compromised?
By Bitlaundry sending BTC to Bob immidiately after Alice made the transaction.
3. What is BitLaundry’s incentive to be honest?
By collecting fees for every transaction
4. What is BitLaundry’s incentive to be dishonest?
Sell information or use BTC sent via BitLaundry themselves
• Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob?
For Alice the private information is the receiver of her transaction and for Bob is the sender. This possibly ensures both parties greater privacy.
• Explain a situation where Alice’s and Bob’s privacy could be compromised?
If it was the only transaction happening on that 30 minute interval and others knew that Alice was sending to Bob. Or if someone knew rhe amount transacted as that is public.
• What is BitLaundry’s incentive to be honest?
Maintain privacy for users. Increase number of users through being trustworthy and credible. Grow profits through fees, able to keep fees lower with more users.
• What is BitLaundry’s incentive to be dishonest?
Easier to hide identity so may get away with stealing money or misdirecting receiver information to direct money to their personal address.
- When Alice uses BitLaundry to send funds to Bob, the sender’s information (Alice’s) is hidden. For Bob, the receiver’s information is hidden. The amount of the transaction is not hidden.
- Alice’s and Bob’s privacy could be compromised if a third party is able to link their transactions to their identities. This could happen if the third party has access to additional information that can be correlated with the transaction data. For example, if the third party knows that Alice and Bob are the only ones transacting at a specific time, they could infer that the transaction is between Alice and Bob.
- BitLaundry’s incentive to be honest is to maintain its reputation and continue its business. If it were found to be dishonest, users would stop using the service, leading to a loss of business.
- BitLaundry’s incentive to be dishonest could be to gain additional profits. For example, it could potentially steal funds from users or sell users’ private information to third parties.