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joinmarket/joinmarket_private_flow.md
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@@ -6,7 +6,7 @@ This document aims to provide an introduction to using JoinMarket, a decentraliz
## Common definitions
### Mixdepth
* One of the accounts in the JoinMarket wallet.
* Abbreviated to m0 / m1 / m2 / m3 / m4
* Abbreviated to `m0` / `m1` / `m2` / `m3` / `m4`
* All are derived from the same BIP32 and BIP39 compatible HD seed.
### Sweep
@@ -15,17 +15,17 @@ This document aims to provide an introduction to using JoinMarket, a decentraliz
* The amount is not fixed and fees come off the sum of the inputs.
### Status labels
* applied automatically by JoinMarket via a simple transaction analyses
* applied automatically by JoinMarket via a [simple script](https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/a0991fad0be03f133236f635c95691e807bfeecb/jmclient/jmclient/wallet_utils.py#L457)
#### `deposit`: output of a simple transaction to new address
#### `cj-out`: one of the equal amount outputs
#### `change-out`: one of the unique amount outputs from a cj
#### `non-cj-change`: output of a transaction without equal amounts
#### `reused`: a utxo on an address which has been used previously
* `deposit`: output of a simple transaction to new address
* `cj-out`: one of the equal amount outputs
* `change-out`: one of the unique amount outputs from a cj
* `non-cj-change`: output of a transaction without equal amounts
* `reused`: a utxo on an address which has been used previously
### Orderbook
* Any platform collecting the public orders of the peers.
* General docs on the order book (including how to run without Bitcoin Core): https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/master/docs/orderbook.md
* General docs on the order book (including how to run without Bitcoin Core): <https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/master/docs/orderbook.md>
* A public example: <https://nixbitcoin.org/orderbook>
### Minimum size to coinjoin
@@ -39,11 +39,11 @@ This document aims to provide an introduction to using JoinMarket, a decentraliz
* Multiple bitcoin amounts are offered by several (10+) peers.
* On the example below 21 peers offer 19+ BTC
### Screenshots taken from <https://nixbitcoin.org/orderbook> in March 2022.
* Click the top of the line to order by it's attribute
* On the website click the top of a column to order by it's attribute
<p align="left">
<img width="147" src="../images/joinmarket_minsize.png">
<img width="100">
<img width="150" src="../images/joinmarket_maxsize.png">
<img width="107" src="../images/joinmarket_minsize.png">
<img width="50">
<img width="110" src="../images/joinmarket_maxsize.png">
</p>
## The flow of funds
@@ -59,12 +59,12 @@ This document aims to provide an introduction to using JoinMarket, a decentraliz
* The initiator acts repeatedly as a Taker and [pays all the miner and coinjoin fees](https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/master/docs/tumblerguide.md#a-note-on-fees);
* It is implemented in the JoinMarket-QT GUI and in the command line as the `tumbler.py`.
* For a detailed usage guide see:
* https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/master/docs/tumblerguide.md
* <https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/master/docs/tumblerguide.md>
* Video demonstration of the Tumbler function in QT GUI:
* https://www.youtube.com/watch?v=hwmvZVQ4C4M&t=827s
* <https://www.youtube.com/watch?v=hwmvZVQ4C4M&t=827s>
* Discussed further in:
* https://gist.github.com/chris-belcher/7e92810f07328fdfdef2ce444aad0968
* https://joinmarket.me/blog/blog/the-445-btc-gridchain-case/
* <https://gist.github.com/chris-belcher/7e92810f07328fdfdef2ce444aad0968>
* <https://joinmarket.me/blog/blog/the-445-btc-gridchain-case/>
## Sending transactions manually and running the Yield Generator
### Deposit
@@ -80,12 +80,10 @@ This document aims to provide an introduction to using JoinMarket, a decentraliz
### Send or participate in multiple coinjoins
* Stretch out in time to avoid timing analyses.
* The Taker acts as the coinjoin coordinator
* has the most privacy benefits
* pays the fees (miner and coinjoin fees)
#### The Taker role
* the Taker is the initiator and coordinator of the coinjoin - takes the liquidity on offer.
* As the coordinator it has the most privacy benefits.
* The Taker pays all the fees (miner and coinjoin fees).
* Send coinjoins to a new address in the next mixdepth.
* In a coinjoin multiple coins can be merged by sending custom amounts or sweeping.
@@ -94,10 +92,12 @@ This document aims to provide an introduction to using JoinMarket, a decentraliz
* Being a Maker can be thought of as providing a service, but also comes with privacy benefits.
* Activate the Yield Generator (Maker / Earn) to start.
* To get selected more often it is best to have a a sizeable Fidelity Bond. See:
* https://nixbitcoin.org/orderbook/fidelitybonds
* https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/master/docs/fidelity-bonds.md
* As a Maker the coins will circle through the accounts automatically:
... m0 -> m1 -> m2 -> m3 -> m4 -> m0 -> m1 -> m2 -> m3 -> m4 ...
* <https://nixbitcoin.org/orderbook/fidelitybonds>
* <https://github.com/JoinMarket-Org/joinmarket-clientserver/blob/master/docs/fidelity-bonds.md>
* As a Maker the coins will circle through the accounts automatically:
```
... m0 -> m1 -> m2 -> m3 -> m4 -> m0 -> m1 -> m2 -> m3 -> m4 ...
```
* Only the `cj-out` propagates to the next account.
* The `change-out` stays behind in the same account where the funding utxo was.
@@ -121,9 +121,9 @@ This document aims to provide an introduction to using JoinMarket, a decentraliz
* Don't merge a change from a previous transaction when sending to a new destination.
## More Reading
* https://github.com/JoinMarket-Org/joinmarket-clientserver/tree/master/docs
* https://en.bitcoin.it/Privacy
* <https://github.com/JoinMarket-Org/joinmarket-clientserver/tree/master/docs>
* <https://en.bitcoin.it/Privacy>
## Questions and discussions:
* IRC through Matrix: https://matrix.to/#/#joinmarket:libera.chat
* Telegram: https://t.me/joinmarket.org
* IRC through Matrix: <https://matrix.to/#/#joinmarket:libera.chat>
* Telegram: <https://t.me/joinmarket.org>