- All you can verify is just that Alice sent some funds to the BitLaundy
- If Alice and Bob send each other txns on regular basis without BitLaundy
- So that many people can use the service
- In some way keeping the logs, potentially selling data to another third party
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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 transaction is private between Alice and Bob -
Explain a situation where Alice’s and Bob’s privacy could be compromised?
If it was the only transaction sent within the 30 mins. People on Alice’s side saw she sent out money, and people on Bob’s side saw him receive money. -
What is BitLaundry’s incentive to be honest?
Service fees, profit, growing the business. -
What is BitLaundry’s incentive to be dishonest?
Corruption, Greed, Steal all the network’s money, or Government pressure or bribes
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- Public keys and IP address are different from there own.
- The fact they have UTXO’s coming from BitLaundry.
- If BitLaundry is dishonest no one will use there service.
- BitLaundry can run away with your coins at any time.
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- You can see the amount Alice sent to BitLaundry. And you can see Bob received an amount from BitLaundry. But you cant see who Bob received from.
- If BitLaundry wasn’t busy at the time, or the size of their transaction stood out, or the assets they were transferring it could be obvious.
- By providing a smooth and hidden service they can connect fees. And build their rep.
- BitLaundry could be a Ponzi scheme, run off with the coins, or sell the information of they launding.
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I think that Alice does not want anyone to have a knowledge that she send funds to Bob.
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It could be compromised by governmental regulations, technical issues or by hackers!
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To have a good reputation of work, high security levels, strong technical support, professional team.
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By keeping the tokens for itself, or sending it to an account which belongs to them, or by giving false excuses for not sending the funds.
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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 doesn’t see Alice address.What both Alice and Bob seem to lose the blockchain trustless factor.
- Explain a situation where Alice’s and Bob’s privacy could be compromised? Bitlaundry address not a one time use, db link not deleted (might be logged in a database, hanging url in a server log, screenshot,etc). Bitlaundry infrastructure doesnt have the blockchain network effect.
- What is BitLaundry’s incentive to be honest? Only fees. I cant trust as we just lost the immutability of transaction, dont really know it happened.
- What is BitLaundry’s incentive to be dishonest? High, they will have your btc in their wallet.
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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 Bitcoin address from Bob is hidden for Alice.
The Bitcoin adress form Alice is hidden for Bob.
*** Explain a situation where Alice’s and Bob’s privacy could be compromised?**
If a hacker works at Bitlaundry.
*** What is BitLaundry’s incentive to be honest?**
If transactions go wrong, Bitlaundry gets a bad name so no one will use it anymore. they will not make money anymore.
*** What is BitLaundry’s incentive to be dishonest?**
A lot of Bitcoin.
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Amount of balance and address is hidden for Alice, but for Bob nothing is hidden
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If there aren’t a lot of transactions going in and out of the laundry system, you could observe the transactions from Alice to the temporary address and then keeping a look out for a transaction with that exact amount being sent out to a new address (Bob).
BitLaundry could also be selling information about their customers behind the scenes and straight out steal from them if they wanted to. -
a percentage extra on each transaction.
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Dataaaaaa and abuse of transactions
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Both addresses are hidden, Alice sees the address she used to send to Bitlaundry. 
Oh right, thanks for sharing
BitLaundry - Reading Assignment
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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 receiver is BitLaundry, and for Bob, BitLaundry is the sender.
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Explain a situation where Alice’s and Bob’s privacy could be compromised?
If BitLaundrey is storing the information between Alice and Bob on their Centralized server, these data could end up in wrong hands.
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What is BitLaundry’s incentive to be honest?
By their reputation (trust) and fees.
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What is BitLaundry’s incentive to be dishonest?
They could misuse the data information they get from their customers and f.ex. demand them to pay much higher fees or their information would be handed over to the government (that might link Alice and Bob to criminal activity).
Also they could just run away with the BTCs.
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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?
All they each know is that they are transacting with Bitlaundry
- Explain a situation where Alice’s and Bob’s privacy could be compromised?
Same as any other Centralized ledger…
- What is BitLaundry’s incentive to be honest?
Their livelihood is on the line and if they can live up to their promised, they will get dumped by people pressing their own sell button on them
- What is BitLaundry’s incentive to be dishonest?
They can be threatened by a bad actors, domestic or foreign or government that they will incur losses if they don’t comply with one’s demand for the data. Of course, their own greed or internal security breeches can take the money and run
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[quote=“Grant_Hawkins, post:1, topic:13030”]
- Alice uses BitLaundry to send funds to Bob. What information is hidden for Alice: sender, receiver or amount? How about for Bob?
- That they did a transaction directly, any observer from outside will see Alice sending to “BitLaundry” and Bob receiving from “BitLaundry”.
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Explain a situation where Alice’s and Bob’s privacy could be compromised?
The service is largely used the security is granted by the crowd of inputs and outputs going in and out at random times, but if alice and bob are the only users in that time stack, is easy to connect them. -
What is BitLaundry’s incentive to be honest?
They get 0.5% fee on the transaction’s value. -
What is BitLaundry’s incentive to be dishonest?
They could run away with the money if it is big enough. Hit and Run
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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?
Alice can see sender, receiver and amount. Bob cannot see sender. - Explain a situation where Alice’s and Bob’s privacy could be compromised?
If the database entry linking the temp address to Bob’s is not deleted or if someone gets access to it before deletion then someone could link Alice to the temp address and hence Bob - What is BitLaundry’s incentive to be honest?
They take a fee per transaction. If they remain honest more people might use it and they make even more on fees. - What is BitLaundry’s incentive to be dishonest?
Payouts occur every 30 minutes and a payment can happen a random number of 30 minute segments later. This could leaves a good bit of time before people might get suspicious, giving the founders time to let funds build up before taking them out to buy Lambo’s
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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?
- Explain a situation where Alice’s and Bob’s privacy could be compromised?
- What is BitLaundry’s incentive to be honest?
- What is BitLaundry’s incentive to be dishonest?
1- For Alice no info is hidden, she knows the amount, the receiver and, of course, the sender. Bob Knows he received BTC from a Bitlaundry address, but he must know its from Alice (but not from the blockchain information).
2- The database of Bitlaundry is centralized. It hides in numbers, but that is not good enough.
3- conscience? Reputation and fees, actually.
4- They can gather an amount large enough and go away. Also, they can have the data and use it for malicious ends.
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- The information that is hidden for Alice is the receiver. The information that is hidden for Bob is the sender.
- Privacy may be compromised (even with a one time random address that is deleted) if bitlaundry sends the amount immediately to Bob after they receive it from Alice instead of waiting a couple of 30 minute intervals before sending.
- The incentive to be honest is reputation of company and excellent fees.
- The incentive to be dishonest is to sell the personal information and transaction history of their clients on governments, corporations, or the dark web.
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BitLaudry - Reading
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Information hidden for Alice are sender and amount
Information hidden for Bob are sender and amount -
Multiple inputs from one address could be linked to both Alice and Bob.
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Lots of commission are made on multiple transactions through breaking the single transaction into several transactions. This is an incentive for BitLaundry to be honest.
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If there is no way of linking Alice to the transaction and there is no way of Bob knowing who sends the money, through which Laundry and how much is sent. This is an incentive for BitLaundry to be dishonest.
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Amount is visible to both.
Why would this be an incentive for the service to be dishonest?
I think its more that they can pack up and take the money.
In this case it will be difficult for BitLaundry to cheat, but it is still possible. The deterrent here is if Alice Knows Bob, she could easily tell Bob how much is sent. As you know rumours go around fast, especially in the case of dishonesty.
Alice probably knows Bob and knows how much she wants to send to him. The point of BitLaundry is that Alice does not associate with Bob, so there is no way to know from the explorer that Alice knows Bob.