Topic: The Red List - page 4. (Read 3706 times)
Thanks but we'll have soon KYC, AML and the rest all over us anyway
This sounds interesting but I would really like a better explanation of exactly what a mixing service would be.
It seems like if you did something as simple as allow donations to your wallet you might get hit with 'tainted money' - then what?
Next time you go to spend some BTC you find your wallet has been contaminated?
Someone with 'red' BTC could go all over the net and drop fractions and contaminate thousands of addresses?
What am I missing here?
It seems like if you did something as simple as allow donations to your wallet you might get hit with 'tainted money' - then what?
Next time you go to spend some BTC you find your wallet has been contaminated?
Someone with 'red' BTC could go all over the net and drop fractions and contaminate thousands of addresses?
What am I missing here?
Looking for another developer to take on board bitinsure (peercover) for a vital subproject not only for bitinsure but for the entire crypto-currency community
For more on the bitinsure project visit:
https://ripple.com/forum/viewtopic.php?f=1&t=2382
The Red List
The Red List is an anti-fraud/anti-theft subproject which allows us to identify wallet thieves even after money laundering and mixing.
In the case of private key/wallet loss money will never move out of the wallet. If it does we know it is fraud.
In the case of theft money will move out of the wallet. If the pool trusts the person it will approve the claim. We can track that stolen money across the blockchain or ledger, create a public red list of addresses, and flag that money as it is transferred. Basically a public record of theft. If directly used to buy anything or at an exchange, we can actually catch the thief if legal businesses choose to honor The Red List. If the thief uses a mixing service, we will flag that mixing service as a money launderer and will flag wallets the funds ultimately get mixed to, disincentiving users of mixing services (because you could inadvertently receive stolen funds and actually feel the consequences). Even if we are facing a professional money launderer and cannot directly catch a one-time thief, we can establish patterns which will allow us to prevent offenders from conducting transactions with legitimate businesses, forcing them underground.
Eventually we will get more sophisticated and even provide an API with which to check wallets against The Red List. Legal businesses could perform a simple API query to know if the wallet they choose to accept funds from is associated with stolen goods (first degree, second degree, etc). We could even go so far as to allow the legal merchant to send information such as address and name back to the registry after detecting a first or second degree red flag attempted wallet transaction in order to tie identities to The Red List entries.
To sign on PM me and visit https://c9.io/datz/bitinsure to gain project permissions.
For more on the bitinsure project visit:
https://ripple.com/forum/viewtopic.php?f=1&t=2382
The Red List
The Red List is an anti-fraud/anti-theft subproject which allows us to identify wallet thieves even after money laundering and mixing.
In the case of private key/wallet loss money will never move out of the wallet. If it does we know it is fraud.
In the case of theft money will move out of the wallet. If the pool trusts the person it will approve the claim. We can track that stolen money across the blockchain or ledger, create a public red list of addresses, and flag that money as it is transferred. Basically a public record of theft. If directly used to buy anything or at an exchange, we can actually catch the thief if legal businesses choose to honor The Red List. If the thief uses a mixing service, we will flag that mixing service as a money launderer and will flag wallets the funds ultimately get mixed to, disincentiving users of mixing services (because you could inadvertently receive stolen funds and actually feel the consequences). Even if we are facing a professional money launderer and cannot directly catch a one-time thief, we can establish patterns which will allow us to prevent offenders from conducting transactions with legitimate businesses, forcing them underground.
Eventually we will get more sophisticated and even provide an API with which to check wallets against The Red List. Legal businesses could perform a simple API query to know if the wallet they choose to accept funds from is associated with stolen goods (first degree, second degree, etc). We could even go so far as to allow the legal merchant to send information such as address and name back to the registry after detecting a first or second degree red flag attempted wallet transaction in order to tie identities to The Red List entries.
To sign on PM me and visit https://c9.io/datz/bitinsure to gain project permissions.
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