Topic: Hard wired/client based p2p escrow ? (Fees and forfeit transfers go to miners) (Read 2695 times)

I swear I tried to give up judging people on their grammar and spelling. I tried so hard to walk away from it, I really did - and then you had to go and do this... Great. Just Great. I'm back off the fscking wagon again. Look what you did.

There are several ways to do this. See example 2 on

https://en.bitcoin.it/wiki/Contracts

The "send or burn" protocol is also possible of course, but it's best to avoid situations where somebody might want to burn coins, as there are a limited number of them.

Not really, we´ve just seen mybitcoin and MtGox compromised, Clearcoin is not inherently safe either. What I proposed would be a decentraslized option in keeping with the overall philosophy of bitcoin.

use clearcoin. problem solved.

How could that possibly work?

Your a absalute idiot!!!
If this is possible theiy(or Satoshi) would have done these right away. These does not work, they will not work, stop wasting the time for developer!

One of the main issues with bitcoin transactions seems to be that it is impossible to do a chargeback, which opens the door for scammers. Obviously a complete chargeback solution would not work either, as it would just reverse the problem.

But what about a system where bitcoins can be sent irreversibly, without the receipient being credited until the sender confirms the transaction?
The coins would be lost to the sender but wouldn´t be credited to the receipient until the sender confirms.

A system of this kind, requiring the sender to send&confirm seperately(without ever being able to regain the funds sent), would make it unattractive for either sender or receipient to engage in a scam, as they would be facing a loss or at best gaining nothing.

I am not qualified to suggest a way of implementing such a system, but the workload for the overall system would not seem much bigger than that of carrying ´lost´ coins.

It might even provide an opportunity to compensate miners in an alternative way: Why not charge:  ´2 x basic fee + basic fee x blocks to live x a factor` for such an escrow transaction, with any unresolved transaction(after the chosen ´blocks to live´ value has been exceeded) credited to the miner of the subsequent block(possibly with some smoothing out)?

I believe such a change to the client/system would really facilitate commerce and exchanges.


Let me try to give an example:

I decide to buy 100 BTC@20$(=2000$) from X. A safe way of trading would be:

1. X would ask me to transfer 10%(=10BTC[escrowed]) to his account as a sign of good will.
2. X transfers 110 BTC(escrowed) to my address.
3. I send my 2k USD to X
4. X confirms his prior transaction
5. I confirm my prior transaction.

The point being: Even for larger amounts, there is no incentive to cheat/scam, along any step of such a chain, the payoff for cheating for either side would be 0 or negative. With any ´leftovers´ going back into the system.

I would really love to see something of this kind implemented in the Bitcoin client.