We know that 2 is insufficient and 10,000 is more than enough.

We also know JoinMarket can achieve about 2-6, Monero 2-3, but there all transactions are mixed, so they add up, CoinJoin can do 400-ish, but 50-100-ish is more realistic.

What kind of practical or theoretical approaches there are those can help decide what anonymity set should a developer/researcher aim for?

1 Answer 1


This is a fun question. I think to answer it one would need to first consider the effort required to identify each member of the set and work backwards from there.

To do that, I figure you might need to specify what kind of threat the anonymity set is facing.

For example: "What is a sufficient anonymity set to conduct a private transaction"

  • with a merchant hoping to determine my spending habits
  • in such a way that a counterparty cannot determine the source of funds in civil proceedings
  • to ensure that a national tax authority cannot make a reasoned judgement as to the source of funds
  • to ensure that a complex nation state with virtually unlimited resources cannot unmask the identity of a dissident

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