Quoting from the other topic:
Actually, there are some very good methods of selecting an arbitrator. For example, each party submits 3 arbitrators, from which one is chosen by the other party. The two arbitrators select a third. The panel of three decides (2 of 3) from between solutions submitted by each party without alteration as to what funds are released to what party. This prevents a "splitting the baby" compromise.
The main problem: no matter how good the arbitrator is, it's not trustless. If someone wants to pay me with a private payment system which means I have to trust some people I don't know, I wouldn't accept it. I'm not into Bitcoin to trust people, I'm into Bitcoin to be my own bank so to speak.
When a BitCheque is purchased from the issuer (me), guarantee funds are locked up for a specific time period and/or until it is redeemed. If an unopened BitCheque is emptied of funds, this would indicate fraud or carelessness on the part of the issuer, and trigger arbitration - if the issuer does not promptly compensate the holder.
So if you sell 1000 Bitcoin in BitCheques, you'll need to deposit 1000 Bitcoin accessible from the private keys on the BitCheques, and another 1000 Bitcoin in the arbitrators' posession. Who's going to fund that additional 1000 Bitcoin?
This type of contract can be written in Solidity or possibly a taproot layer.
We're a long way from smart contracts being common in Bitcoin, and if Ethereum is any indication of what's going to happen, nobody will truely understand the details.
The Central African Republic has just declared Bitcoin to be legal tender, but 90% of the population doesn't have ready access to the Internet.
I assume that percentage will only go up the coming years.
I am exploring safe ways to use Bitcoin without having to connect to the Internet for every exchange.
It's like sending an email: you can't do it without the internet. You can print the email and send a letter, but if you do, it's no longer an email.
Ideally a paper wallet could be created in a manner that prevents anyone from memorizing or recording the private key before it is sealed.
That's not possible. I can print a paper wallet with my eyes closed and seal it, but you'd have to trust me on this. I can setup an automated production line that seals the paper wallets before they come out, but you'd have to trust it doesn't store the private keys. You can watch me burn the production line, but you'd have to trust I didn't use pre-generated private keys. The only way to be sure nobody else knows your private keys, is by generating them by yourself.
I am also exploring a smart contract that guarantees (via escrowed funds and/or multisig) that no funds are released until the BitCheques are opened.
"Smart contracts" always remind me of Ethereum's DAO scam, in which they called the only person who understood the contract "The Attacker", after which they let go of their "code is law" and hardforked it into a centralized shitcoin. Let's not go there with Bitcoin.
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