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January 31, 2014

Mix your coins for 1% - Bitbet as Mixer

Filed under: Uncategorized — @ 12:00 a.m.
Mix your coins for 1% - Bitbet as Mixer

Updated to be more sensible.

One can propose more or less any silly bet on Bitbet, provided you pony up the capital for the initial wager. This is trivially repurposed as a mixing service. How, you ask? Like so:

  • open (private) bet that the Dow/SP/whatever closes above some arbitrary number today
  • wait for bet approval
  • place the same amount of btc on each side
  • let bet close, collect cleaned coins at your specified receipt address

Your bet will resolve, Bitbet will take their 1%, and your receipt address will be filled with coins from the Bitbet war chest, unconnected to your original dirty coins.

Also, you can just place a badbet and catch the "mixed" refund, although MP promises to raise the fee to 5% if you start doing this on a regular basis.

There are other ways to effect the same thing, but they'd require you to actually calculate the parimutuel odds on a live bet. Not a thing I know how to do, so if you'd rather take that approach go figure it out yourself.

Mircea Popescu holds that Bitbet is killing off mixing services in this fashion, but since some people still use mixing services to clean up their booty it's probably worth bringing to your attention that there is a robust, reliably, trustworthy service that you can trivially repurpose to mix your dirty coins for a tiny fee.

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