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Hi all, maybe I'm a little late into this thread. I've read a good deal of it, but not all 113 pages of it. Just wanted to insert an idea that I had while reading.
In building trust when it comes to transactions between unknown people.
Why do we need to trust someone? Couldn't there be a piece of software that could handle it for us?
Say I want to trade my 1 BTC for 2,000,000 DOGE to PERSONX.
There could be software that handles the transaction, the 2 of us first allocate what the overall transaction will be (my 1 BTC for PERSONX's 2,000,000 DOGE).
Then we agree on our RISK FACTOR, say .01 BTC , then the program will make many small transactions over the next 24 hours. So, instead of making 1 transaction of 1 BTC for 2,000,000 DOGE it makes 100 transactions over a longer period (as fast as it can be verified, depending on the volume and the risk factor) of .01 BTC for 20,000 DOGE.
The program would choose one person on the first transaction to go first, but it would take turns making each person go first every other micro-transaction. If the first transaction (or any subsequent transaction) never happens then the program stops any further transactions.
People can trade at whatever RISK FACTOR they are comfortable with, knowing that the most they can lose is the RISK FACTOR that they choose. You could make a high volume transaction with a very low risk, but the downside would be that the transaction would take a little longer.
Of course this brings up the issue of trusting the program itself, but if the source code is available I don't see any reason to trust it any less than any other wallet software.
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