rubbing compound
 

my 76 huffy was apperently painted, and the old paint is lurking underneath this coat of paint from chips. I tryed to scrap some of the paint off, i comes off put doesnt scrap off, it rubs off. Would rubbing compaound remove that ugly color paint so i can have my original paint showing? or do i need to use some type of paint thinner

You could try the rubbing compound to see. I would also try some lacquer thinner, but don't get carried away with it. Wipe it on sparingly and wipe off the newer paint quickly. My experience is that spray can paint will come off pretty quickly with the lacquer thinner while the original paint will be much more resistant to it. The original paint will eventually succumb to the lacquer thinner also though, so work quickly and carefully.

Sorry I have to ask why you started a new thread for this, you already have a thread on the first page about how to remove this paint from your bike. Why not add on to that thread. Sorry I dont mean to harp on you or anything but this forum is already rather full and if everyone started a new thread about everything it would overflow.