Example: "I will lose 15 pounds in 2 months or pay $200 to a charity I don't like."
It also allows you to choose a referee so that you don't cheat and just say you lost the weight so that you don't have to pay the consequences.
- I am curious if any current BTC services currently allow me to do the same:
- create a transaction to a charity of my choosing
- set a date for when the transaction should go thorugh (nTimeLock?)
- give "referee" or 3rd party control of:
- canceling the transaction as long as it is before the set date, sending funds back to me OR
- letting the transaction go uncanceled, letting nTimeLock send the funds to charity
- If no current services exits, how could this be implemented?
- Is example 1 from the contracts page of the bitcoin wiki the right direction?
https://en.bitcoin.it/wiki/Contracts#Example_1:_Providing_a_deposit