Post
Topic
Board Service Announcements
Re: [ANN] Joinmarket - Coinjoin that people will actually use
by
belcher
on 22/07/2015, 12:13:54 UTC
This message is merely a warning to make people more aware of what they're getting into. Clear information is good for market outcomes. People can still go ahead with the deal by typing 'y' same as before. Though maybe the wording should be changed, removing prescriptive words like "insane".

In the event that prices rise above 2% and many people get bored by constantly reading the same warning, the threshold can be easily changed.

Remember that ultimately the point of JoinMarket isn't to give free money to market makers but to provide privacy at a cheap price.
If we look at the interests of coinjoiners not accidentally paying too much vs investors being faced with a warning for high fees, the interests of the customers wanting privacy should come first.

There was already a shill trying to use this incident to ruin the reputation of JoinMarket on reddit with an editorialized headline, which I reposted sans headline. Opposing that warning won't you more money, it's likely to make you less in the long run.

By the way, almost any investment can look bad if you work out the per-day return. Find the per-annum income and compare, and think about the low risk you take, how little time and effort it takes to run and the fact you're getting paid in a deflationary currency. If you want to raise your earnings the best way is to have more takers as customers. Either contribute to the code or promote the use of JoinMarket to bitcoin users who might be interested.


Someone seriously needs to make stats on volume and estimated amounts earned.

Be the change you wish to see in the world!
https://github.com/adlai/cjhunt
https://github.com/chris-belcher/joinmarket/issues/19


To earn just one single USD per day(!) you'd need to keep about 7 BTC at that rate on a hot wallet while announcing your IP to an IRC server.

Also I am wondering if it is a better strategy to put up several instances with similar configuration and effectively sybil attack the market, hoping you get more volume from people that try to "fan out" to get more counterparties involved or to pool all your funds in one large account, hoping for a "big fish" that wants to launder a lot of money at once.

The IRC server accepts tor.

Higher amounts of bitcoin in one offer command a higher fee (like the high 0.5% fee for the guy who has 124btc) so there is a strong incentive to keep your coins on one bot rather than fanning out.