Not sure this will work in the sense that two people locking a sum of money means a disagreement causes the money to be locked forever with no way to release it.
The usual way to deal with a tradesman in fiat is to pay on milestones. The tradesman does some work, trusting you based on various factors (your appearance, where you live etc.) that you will pay. He completes and you are satisfied, so you pay him cash. He does more work. You are satisfied so pay the next instalment etc. I think this works better than a multisig approach.
E.g. with multisig: we lock funds. Builder does work, finishes. I get what I want so may as well not release the funds just to be an a-hole. Builder sues me. etc. etc. This solves nothing. Probability of being an a-hole is even higher with stranger on the internet.
Topic: APP IDEA?: Create the MultiSig equivalent of dividing a hundred dollar bill. (Read 632 times)
March 25, 2014, 09:40:42 PM
March 25, 2014, 08:06:44 PM
This to make any kind of deal between random people easier. With a Multisig transaction you could get the equivalent of both sides holding half of a single banknote.
Money you both put in, will take both parties to get back out. In any deal, this creates the need for people to come back together and do whatever it takes to make it end well. It is a mutual bond.
In real life ripping up a dollar bill can work, but it is a bit cumbersome having to tape a torn up note back together. A simple Multisig app could make this real easy with bitcoin.
Let's both put up a bond when we agree to do a construction job tomorrow that needs the both of us to complete. Lend your bike to the guy in a hurry, just make him put up enough to make it credible that he will come back. And do it in such a way that you won't be able to run off with his money either.
It should be a simple app with just two buttons, no more complicated than DEPOSIT and RELEASE on both sides.
What do you think?
Money you both put in, will take both parties to get back out. In any deal, this creates the need for people to come back together and do whatever it takes to make it end well. It is a mutual bond.
In real life ripping up a dollar bill can work, but it is a bit cumbersome having to tape a torn up note back together. A simple Multisig app could make this real easy with bitcoin.
Let's both put up a bond when we agree to do a construction job tomorrow that needs the both of us to complete. Lend your bike to the guy in a hurry, just make him put up enough to make it credible that he will come back. And do it in such a way that you won't be able to run off with his money either.
It should be a simple app with just two buttons, no more complicated than DEPOSIT and RELEASE on both sides.
What do you think?
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