Mixing Coins of Different Quality: A Game-Theoretic Approach
نویسندگان
چکیده
Cryptocoins based on public distributed ledgers can differ in their quality due to different subjective values users assign to coins depending on the unique transaction history of each coin. We apply game theory to study how qualitative differentiation between coins will affect the behavior of users interested in improving their anonymity through mixing services. We present two stylized models of mixing with perfect and imperfect information and analyze them for three distinct quality propagation policies: poison, haircut, and seniority. In the game of perfect information, mixing coins of high quality remains feasible under certain conditions, while imperfect information eventually leads to a mixing market where only coins of the lowest quality are mixed.
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