I think there would be a market for this, however it would be very easy for the merchant to abuse the insurance company.
The merchant could simply send funds to themselves for a "purchase" and attempt to double spend the transaction, whenever they are successful they would file a claim with the insurance company. The merchant would have no losses but would be paid by the insurance company (the insurance company would think they have losses).
Topic: Double-spend insurance for 0-conf transactions? (Read 1168 times)
There might be a market, but everyday merchants will use something like BitPay. Merchants that process their own Bitcoin transactions are very low.
It's been a while (several hours, at least) since I've posted a dumb question, and I need the practice.
Is there an opportunity in the bitcoin economy for selling double-spend insurance to merchants who believe their best business practice is to accept 0-conf transactions?
Is there an opportunity in the bitcoin economy for selling double-spend insurance to merchants who believe their best business practice is to accept 0-conf transactions?
I'd say definitely. People will always try to get one over on others unfortunately - and as long as that holds true, I think there will be a market for said insurance.
Not a bad idea, but the bitcoin network is working against you. It silently buries all evidence of double-spend attempts. Here is data from one node that publishes the re-spend attempts that it sees though.
http://respends.thinlink.com
http://respends.thinlink.com
Thanks for sharing the page.
Do you know what they represent?
Forget it, it is right in the bottom of the page.
Deppends how often people in fact try to double spend with 0 confirmation transaction.
Usually business that use 0-conf transactions(casinos, and online stores) only allow withdraw after confirmations, or just don't ship until confirmation.
Usually business that use 0-conf transactions(casinos, and online stores) only allow withdraw after confirmations, or just don't ship until confirmation.
Not a bad idea, but the bitcoin network is working against you. It silently buries all evidence of double-spend attempts. Here is data from one node that publishes the re-spend attempts that it sees though.
http://respends.thinlink.com
http://respends.thinlink.com
It's been a while (several hours, at least) since I've posted a dumb question, and I need the practice.
Is there an opportunity in the bitcoin economy for selling double-spend insurance to merchants who believe their best business practice is to accept 0-conf transactions?
Is there an opportunity in the bitcoin economy for selling double-spend insurance to merchants who believe their best business practice is to accept 0-conf transactions?
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