Bitcoin does have a way to implement better consumer protection. It's called multisig. The idea being that a special kind of bitcoin address is created from three keys. If any two of the private key-holder, the money can be moved. So to create a robust consumer protection model you give the buyer, seller and an arbitrator each one key. The buyer pays into the multisig address, if the buyer receives the service and is happy, her and the seller can both use their private keys to send the money to the seller. If they can't agree then the arbitrator can use her private key to tie-break and distribute the money as they see fit. Also the arbitrator can't steal the money on his own as they only have one key, so they don't need to spend time and money on security.
I like this paragraph and would be happy with this for my merchant activities. Because arbitration is new for some of us coming from Ebay and Etsy it would help people feel more comfortable if we know that arbitrators would only have one key and there was no possibility of arbitrator theft. I like many of the points you made and this issue needs a lot of attention as we are starting to see the first decentralized marketplace options appearing. It is so important for the consumer AND merchant to feel comfortable doing business if we want more adoption. Whoever nails this first will have the most successful marketplace. On the contrary, I believe customers are very used to arbitration in Ebay and Paypal. They don't call it that word but they know they can get their money back if the deal goes bad. It takes more than a marketplace to make smart contract escrow easy. All bitcoin wallets need to be integrated into the system too, for a 2-of-3 style multisig the customer's wallet needs to send it's public key to the arbitrator somehow. We saw how long it took wallets to be able to send to p2sh addresses, having them all adopt this pubkey-sending thing will probably take a similar time. Arbitration is only working for buyers at this point with Ebay and Paypal and many buyers are privy to this and taking advantage of sellers (sorry, too much time on the Ebay seller message board). Chances of winning a case against a buyer are slim these days and it is just easier to refund and take the loss rather than have Ebay get involved with a process that takes FOREVER. Buyers sometimes do not even contact sellers on ebay before opening a case which in turn hurts the seller. I appreciate what you are saying but for sellers on ebay there is no arbitration. |
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Terrible plain and simple. No notice? What are you scared of Barclays??
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Bitcoin does have a way to implement better consumer protection. It's called multisig. The idea being that a special kind of bitcoin address is created from three keys. If any two of the private key-holder, the money can be moved. So to create a robust consumer protection model you give the buyer, seller and an arbitrator each one key. The buyer pays into the multisig address, if the buyer receives the service and is happy, her and the seller can both use their private keys to send the money to the seller. If they can't agree then the arbitrator can use her private key to tie-break and distribute the money as they see fit. Also the arbitrator can't steal the money on his own as they only have one key, so they don't need to spend time and money on security.
I like this paragraph and would be happy with this for my merchant activities. Because arbitration is new for some of us coming from Ebay and Etsy it would help people feel more comfortable if we know that arbitrators would only have one key and there was no possibility of arbitrator theft. I like many of the points you made and this issue needs a lot of attention as we are starting to see the first decentralized marketplace options appearing. It is so important for the consumer AND merchant to feel comfortable doing business if we want more adoption. Whoever nails this first will have the most successful marketplace. |
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I think a lot of DAO money is going to dump to get into Lisk.
Exactly this. I was thinking the same thing. Totally agree. May 24th,2016 is the LISK launch date! May 28th, 2016 is when Dao is available on gtecoin to withdraw! Reply with a market prediction!! I don't think DAO will affect Lisk as each day that goes by you get less and less DAO for more ETH. On May 15th you could get 100 DAO for 1 ETH and ETH was only 10.00....now you have to pay nearly 14.00 for one ETH and get much less DAO. Point is, I am speculating that as the days go by the DAO purchases will be less - people that were serious and in the know already invested a ton. If anything the rise in ETH will help some people take profits and buy into lisk. Let's hope for a continuous bull run on ETH!!! |
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I second this. I know there are cases of double tax for foreign income. It is good you are paying locally already but check out the IRS laws for sure. |
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Entertaining blog post and true on many points. Do you still want to become a Bitcoin Wizard? yes, I hope to some day.
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The fees are definitely insane. I have faith that one of the decentralized marketplaces in the works is going to give Ebay a run for its money: OpenBazaar, BitBay, or Syscoin.
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Yes, not so much by choice but because it is so widely used. Some charities and online merchants I like only accept it. I am hoping I can eventually leave PayPal forever and be dealing with only bitcoin and cryptos.
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FUD. Please cite specific laws being broken. The fudders will come out strong as the btc/crypto markets are rising.
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Thanks for sharing. More ways to use bitcoin as you would any other currency. Turning a pension into bitcoin is something I would be interested in. I especially like who is involved in the company:
The Chief Strategist of the company, Edmund C. Moy, who served in 2006-2011 as the Director of the US Mint.
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Hi Bellabit,
could you post a screenshot? Can not find how to deposit USD on this darn site....
I was wrong, I am thinking of Kraken. Looks like Bittrex does not have the USD option, at least when I enter into the support search. Either way, depositing btc easy at bittrex and I have never had a problem there. |
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Congrats and thanks for sharing and spreading the word. Gaming is going to be a big part of increasing bitcoin adoption, Steam is a great start!
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You can add funds with USD or BTC. It is pretty straightforward and not much info is needed to send btc. When you start using USD I believe you have to provide ID.
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2017 will be the year of it all. Bitcoin, Ethereum, Blockchain, cryptos, p2p, crowdsourcing and anything else decentralized. Bitcoin has been building a foundation and every year is its year.
2017 will be a year of increased adoption of everything mentioned above.
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The Forbes article and the WSJ article are pretty funny. Both authors seem to think it is some sort of "magic". Either way great press for the entire crypto community! |
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Is this significant news that yahoo finance ran this article or do any penny stock articles make it up on yahoo? |
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Like the way they ended the article, "Shares in The DAO can be purchased using Ether until May 28th, by anyone who can figure out how to do that."
Would have been good if they explained the process quickly and did a bit more research on the thing they are writing about.
I noticed that at the end. This definitely signals that this is ground level phase for early adopters/investors. It is not that hard This article was low on any real information about the blockchain, author is basically stunned with the 100million raised. |
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That would be great to attend if I was in Singapore  This is 2 days after a coinfest in London. There is momentum building around ETH, BTC, crypto and the blockchain. |
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To me it is always Buy Time. As long as it is not 1k I will still buy bits. If you believe in bitcoin for the long term then investing what is reasonable for your income level is a good thing.
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Very exciting to see this number. Venture Beat did a recent article that indicates almost 20% of all crowdfunding money is going to crypto and blockchain companies. Will be interesting to watch DAO.
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