Bitcoin Forum
December 07, 2016, 10:47:48 AM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Proposal: neutral escrow  (Read 922 times)
quidam
Newbie
*
Offline Offline

Activity: 1


View Profile
June 10, 2011, 10:48:33 PM
 #1

suggestion: client is new to seller. client wants a large order, seller wants proof client has the coins. client puts the coins in an automated anonymous escrow, seller knows the coins are there and that those coins will be used to pay him. client naturally holds sole control over the temporary escrow and can either pay full, pay partially untill the escrow is empty, or withdraw. if the escrow is empty, it disappears. as long as the escrow exists, trust might be improved between client and seller. if this is in the protocol instead of a third-party service, i guess people will have trust in it.

1481107668
Hero Member
*
Offline Offline

Posts: 1481107668

View Profile Personal Message (Offline)

Ignore
1481107668
Reply with quote  #2

1481107668
Report to moderator
1481107668
Hero Member
*
Offline Offline

Posts: 1481107668

View Profile Personal Message (Offline)

Ignore
1481107668
Reply with quote  #2

1481107668
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481107668
Hero Member
*
Offline Offline

Posts: 1481107668

View Profile Personal Message (Offline)

Ignore
1481107668
Reply with quote  #2

1481107668
Report to moderator
1481107668
Hero Member
*
Offline Offline

Posts: 1481107668

View Profile Personal Message (Offline)

Ignore
1481107668
Reply with quote  #2

1481107668
Report to moderator
1481107668
Hero Member
*
Offline Offline

Posts: 1481107668

View Profile Personal Message (Offline)

Ignore
1481107668
Reply with quote  #2

1481107668
Report to moderator
grue
Global Moderator
Legendary
*
Offline Offline

Activity: 1932



View Profile
June 10, 2011, 11:46:07 PM
 #2

no, the main reason why people use escrow is so people won't get scammed (seller ships product, buyer doesn't send money)

It is pitch black. You are likely to be eaten by a grue.

Tired of annoying signature ads? Ad block for signatures
gigitrix
Sr. Member
****
Offline Offline

Activity: 476


Bitcoins finest!!!


View Profile
June 11, 2011, 12:22:59 AM
 #3

Escrow is all about trust. A third party service suffices in this regard, but if you feel a decentralised approach is necessary, I posit that a separate system be developed. The 'guts' of bitcoin need to remain as simple and static as is possible to make the whole thing work (for the security of bitcoin itself!) and adding features to the whole decentralisation is just asking for trouble. One bug. One security hole. That is all it would take to drain many accounts and utterly destroy faith in bitcoin (as well as potentially ruining lives of many foolish bullish investors.
BombaUcigasa
Legendary
*
Offline Offline

Activity: 1414



View Profile
June 11, 2011, 10:05:24 AM
 #4

I would remove the "withdraw" option from the client (still available if they both agree on it), and add a timer-based delivery.

Such that if the client dies, and can't "clear" the transfer, the escrow won't keep the money indefinitely while the seller is screwed. The client should also have the option to extend the timer manually.
inaltoasinistra
Full Member
***
Offline Offline

Activity: 127


View Profile
February 05, 2013, 11:26:10 AM
 #5

I would remove the "withdraw" option from the client (still available if they both agree on it), and add a timer-based delivery.

Such that if the client dies, and can't "clear" the transfer, the escrow won't keep the money indefinitely while the seller is screwed. The client should also have the option to extend the timer manually.
Also in my opinion withdraw should be removed. Moreover, the expiration should be fixed to a specific block number. In case of the agreement will not reached, the deposit fund will be added to the block reward (or it would be splited among N blocks, in order to achieve more constant rewards).

So, the payment will be performed in 2 steps:
- payment-id = escrow(to-address, expiration-block, amount);
- confirm-payment(payment-id);

Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!