Would you put your bank statement on the Internet for everyone to see?
No?
Then use coinjoin.
Discussion
💯
#[0]
i tried to understand it yesterday
it's looks so complicated
DMs are open (not that you have a choice on Nostr 🤣). Happy to help
thank you, might do that soon™ 🙏
I really hope this helps. I understand why coinjoins seem intimidating, at first. They're not. Hopefully, you'll get used to it. 👌
No, it's much easier than you think..
I was confused in the beginning, too.
If you use sparrow, follow this guide..
i'll be looking into this too
🌀
#[0]
How many minimum mixes needed?
I'd say one mix is enough to break the deterministic link.
But we've got an exert here 😉 #[4]
Yeah 1 breaks deterministic links, but you shouldn't approach coinjoin as a 'one and done' rush job.
Mix amounts that you're comfortable having hot for a few months. Leave it running and your privacy grows exponentially.
If you use Sparrow then you can mix directly to cold after N mixes.
Once the first batch is done and locked away in a HWW, just rinse and repeat.
Once I was mixing about.50 utxos (5 remixes) more than 3 months before I got them all into coldstorage🤣🌀🌀🌀
What would be the trade offs between coinjoin and utilizing smaller utxos for privacy? I've been thinking about this a lot lately where I'm trying to figure out a perfect utxo size while still managing fees to some extent. All of this under the assumption that bitcoin's price will be in the range of $500k at some point in the not too distant future.
Smaller amounts spread across pubkeys are better for privacy than simply relying on CJ w/ one large UTXO.
With that being said you can also just use LN to spend.
I think small utxos are better, coinjoin is also good. I guess if you do both, that builds upon eachother. So that sounds quite a good one at the end.
For lightning, it is also not fully private. Better than onchain privacy, but lightning has also its pitfalls. I suggest this site for further information:
Whoever sent you those utxos knows they're yours
I was referring to sending BTC to yourself,
If you're recieving you only really need to CJ once spending / consolidating, if you think the person who sent you those coins is tracking your shit.
I mean.. we share our inner most thoughts with random strangers online that actually sometimes leads to these people online understanding us more or better than even some of our real life firends would.
So what's sharing a bank statement?
The whole bitcoin blockchain is one big global financial statement.
Imo, Satoshi let you see other wallet balances for a reason.
(I think in the distant future, folks will want to know if they are talking to a whale or shrimp for financial advisen etc. Lol. Not a guy like me whos hide his balance)
And he made addresses not have names for a reason. If you bought your coins KYC then your name is on them in some database somewhere