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Author Topic: [2016-08-07]-CCN-Better Safeguards For Bitcoin  (Read 280 times)
Lucius
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August 07, 2016, 01:30:51 PM
 #1

Recent Exchange Hack Calls For Better Safeguards For Bitcoin

The recent bitcoin exchange hack underscores the vulnerability of bitcoin exchanges, an issue that needs to be addressed if bitcoin is to gain a larger following, according to Megan McArdle, a Bloomberg columnist.

https://www.cryptocoinsnews.com/recent-exchange-hack-calls-for-better-safeguards-for-bitcoin/

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August 07, 2016, 02:27:56 PM
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It would be really nice if there was a decentralized way of keeping bitcoins in escrow. So that no one asides the owner would have access to the coins.


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August 07, 2016, 04:01:23 PM
 #3

It would be really nice if there was a decentralized way of keeping bitcoins in escrow. So that no one asides the owner would have access to the coins.

Logically not possible. Escrow literally means that a third party has signing ability. Some kind of payment channel script could achieve what you're talking about, but it wouldn't be escrow. Something like that is pretty close to market; CLTV opcode is active on live Bitcoin now, and further infrastructural improvements will make possible what CLTV can't provide. Sadly, it's probably all far too late for Bitfinex users.

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