Isn't that the idea in the link I posted?
D'oh. Didn't read it. Consider my post a tl;dr for those too lazy or unwilling to click links.
Topic: Want to start an anonymous bitcoin exchange? (Read 4534 times)
D'oh. Didn't read it. Consider my post a tl;dr for those too lazy or unwilling to click links.
Thanks for linking to a bitcoinweekly article! 
No problem.
Thanks for linking to a bitcoinweekly article!
Isn't that the idea in the link I posted?
D'oh. Didn't read it. Consider my post a tl;dr for those too lazy or unwilling to click links.
One of the problems with an anonymous exchange is the transfer of funds to and from the exchange. One interesting idea for solving this problem is the use of a cut-out (an espionage term). Basically, if I want to send money to the exchange, I set up a bank account for this purpose only. I keep one ATM card and send the other to the exchanger (via an intermediary, so I don't know the identity of the exchanger). Whenever I want to transfer money, I deposit money into the account and alert the exchanger. He sends a runner out to a random ATM to withdraw the money. Then he credits my account with the same amount (minus a fee?). When I want to withdraw, the opposite happens. I notify the exchanger of my intent, he sends a runner out to deposit some money into the account, and I withdraw it at my leisure.
Isn't that the idea in the link I posted?It could be fairly easy for banks to determine who is using this method of exchange. It might look suspicious if a large number of accounts are being accessed at ATMs from all over the country as well as one specific geographic area. Perhaps the exchanger would have trusted agents located throughout the country?
Perhaps.
One of the problems with an anonymous exchange is the transfer of funds to and from the exchange. One interesting idea for solving this problem is the use of a cut-out (an espionage term). Basically, if I want to send money to the exchange, I set up a bank account for this purpose only. I keep one ATM card and send the other to the exchanger (via an intermediary, so I don't know the identity of the exchanger). Whenever I want to transfer money, I deposit money into the account and alert the exchanger. He sends a runner out to a random ATM to withdraw the money. Then he credits my account with the same amount (minus a fee?). When I want to withdraw, the opposite happens. I notify the exchanger of my intent, he sends a runner out to deposit some money into the account, and I withdraw it at my leisure.
There are some down sides that I see...
This could become a hassle with a large number of users, though there could be many anonymous exchangers that operate like this, or perhaps they merely supply fewer non-anonymous exchangers with liquidity.
It could be fairly easy for banks to determine who is using this method of exchange. It might look suspicious if a large number of accounts are being accessed at ATMs from all over the country as well as one specific geographic area. Perhaps the exchanger would have trusted agents located throughout the country?
There are some down sides that I see...
This could become a hassle with a large number of users, though there could be many anonymous exchangers that operate like this, or perhaps they merely supply fewer non-anonymous exchangers with liquidity.
It could be fairly easy for banks to determine who is using this method of exchange. It might look suspicious if a large number of accounts are being accessed at ATMs from all over the country as well as one specific geographic area. Perhaps the exchanger would have trusted agents located throughout the country?
http://bitcoinweekly.com/articles/anonymous-money-needs-an-anonymous-exchange
If there's enough interest, I would be up for being a runner, or even the operator if no one else wants to be. Anyone want to help?
If there's enough interest, I would be up for being a runner, or even the operator if no one else wants to be. Anyone want to help?
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