21 Jul '12, 12pm

What a difference a year makes: < now Tim Lee is a bitcoin owner, user and promoter.

What a difference a year makes: < now Tim Lee is a bitcoin owner, user and promoter.

Tim also plays down the importance of money-laundering services, suggesting that they’re too much trouble for most users. Again: while current interfaces are simplistic, these sort of services can be highly automated, and present very simple interfaces for users. We could imagine a simple Bitcoin-laundering service as follows. Users (through a client) ask the laundry service for an address to pay into, and they specify an address to pay out to, as well as how quickly they want the payout. The service specifies an address and the users pays some money in. At a regular rate, perhaps every minute, or ten minutes depending on the number of users, the service makes a whole load of transactions, paying all the users who requested payouts at about that time. It randomly picks which addresses to make transactions from, so there’s no easy way to link an incoming payment with an out...

Full article: http://activerhetoric.wordpress.com/2011/07/14/bitcoin-mo...

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