BlockchainLess transactions

[annette786]

If the ultimate conveyance of control for an address with BTC is the private key, why not devise a transaction solution that simply transfers the private key.  It would have truer anonymity, have no fees, and transactions would be instantaneous.  It would also reserve the blockchain for transactions that require public record.  

I guess the trick would be in getting the exact transfer amount in an address that you wish to convey, and ensuring the sender doesn't steel your coins later.

Any ideas on how to do this?

[oakpacific]

http://gavintech.blogspot.com/2012/07/off-chain-transactions.html

About direct transferring of address without mutual trust, see here: https://bitcointalk.org/index.php?topic=66862.0

[yordan]

It sounds like a good idea.  Where is somebody that's going to explain why it's not feasible, practical, safe, whatever?

[hashman]

It sounds like a good idea.  Where is somebody that's going to explain why it's not feasible, practical, safe, whatever?

Yeah, why has BitPay not offered this as an option or another company stepped up to implement Gavin's really nice idea?  Maybe because we don't have the TX volume or 0-confirmation double-spend volume to require it yet.