ClearCoin Closing

[Gavin Andresen]

I've been struggling recently to keep ClearCoin moving forward while I also try to keep core bitcoin on track, and with all the demands on my time I can't spend the time on ClearCoin to make it a project that I'm really proud of.

So in the next day or two I'll stop allowing the creation of new escrow transactions. Existing transactions will be unaffected, and I'll keep ClearCoin running for at least two months after the last active transaction has expired.

I hope ClearCoin will be back at some point in the future, but I won't bring it back until a lot of behind-the-scenes work is done to make it a robust, scalable business.

[1714906991]

1714906991

[1714906991]

1714906991

[done]

thanks for making it available while it lasted. im sure someone will come along and grab the flag.

[Astrohacker]

Have you made the software open source? If not, you should consider it. Escrow is something that depends on trust. It would be great to have something like ClearCoin available as open source, that way two people in a transaction can pick a third party they trust to run the escrow.

[ribuck]

Why don't you sell the code and the customer base as a going concern?

[matonis]

Thanks for the memories, Gavin. Maybe someone will purchase ClearCoin.

[qualia8]

Definitely consider selling.  We *must* have escrow!

[Sher]

Sad news, it was a very good tool for newcomers like me.

thanks for giving it to us and hope it comes back soon

[YoYa]

Good idea, an automated escrow has some awesome potential.

Please hand it over to a worthy party should you get the opportunity, but if you wish to keep it for another time....one can understand.

[Trader Steve]

Gavin,

That's too bad. I was just starting to use it. Maybe you can hire some trustworthy person to run it in your absence?

At any rate thanks for all your efforts to help make bitcoin a success!

Trader Steve

[Frozenlock]

That's really sad, the canadian OTC was using it on a daily basis: https://en.bitcoin.it/wiki/Secure_Trading-CAD-interac

Hopefully you will be able to do what you like with the main BTC client.
Godspeed!

[allinvain]

Is there nobody who would consider taking the mantle sort of speak? Also I'm curious do you have a certain sell price for the site?

[BitcoinPorn]

Put me in the camp that hopes someone can get behind this monetarily, from a business or a person.

[bitcoinminer]

Is there nobody who would consider taking the mantle sort of speak? Also I'm curious do you have a certain sell price for the site?

I'll give you 25,000 BTC for it!!!

[Chick]

Is there nobody who would consider taking the mantle sort of speak? Also I'm curious do you have a certain sell price for the site?

I'll give you 25,000 BTC for it!!!

Are you serious... You could just convert some 75 Bitcoins into USD and pay a developer to do that.

[NO_SLAVE]

I hear 25,000 BTC who will give 26,000 BTC? do I hear 26,000 BTC? do I hear 26,000 BTC?

[allinvain]

Is there nobody who would consider taking the mantle sort of speak? Also I'm curious do you have a certain sell price for the site?

I'll give you 25,000 BTC for it!!!

Are you serious... You could just convert some 75 Bitcoins into USD and pay a developer to do that.

He's not serious of course. He's just being an asshole troll as usual.

[bitcoinminer]

He's not serious of course. He's just being an asshole troll as usual.

What, you thought you had a monopoly on that?

[allinvain]

He's not serious of course. He's just being an asshole troll as usual.

What, you thought you had a monopoly on that?

No but you surely outshine them all. I christen you SuperTroll!

[bitcoinminer]

No but you surely outshine them all. I christen you SuperTroll!

I appreciate that, but I don't think I've been here long enough to earn this award.  I'd say I'm the #5 troll, at best.  You're at least #3.

[cbeast]

I hope the drain on Gavin's time are still somehow bitcoin related.

[caveden]

I also think you should consider selling it.

[0x00]

That's really too bad, I was going to start selling stuff using clearcoin.

Escrow operated by someone trusted by community, is really important for bitcoin economy development.
Open sourcing the escrow would be a great contribution to community. But even with the open source, building users' trust will take time.

[Atom]

Sorry to hear the service is going away, I finally got my hands on some bitcoins and was planning on using it to facilitate some BTC auction transactions.

That said, you obviously have many irons in the fire - I can't wait to see what you come out with next!

[PGPpfKkx]

this was a great idea and a service...i did my first transaction with clearcoin and it makes the newbie feel so much more secure...

[Joseph]

We really need a trustworthy Clearcoin alternative soon. I just placed a link to Clearcoin on my website..

[bitcola]

Sell the business at flippa.com

When all set up, email the auction link to interested parties.

[allinvain]

Open sourcing is a good idea IMHO. At least this way whoever has the inclination can either improve the code or start using it. With a bunch more escrow sites out there eventually the free market will sort the good from the bad.

Still though in a way it won't be the same. The main reason why I considered using ClearCoin is because it was operated by you Gavin.

I was thinking, maybe you can pass it on to another trusted member of the bitcoin community? Maybe one of the forum admins or another one of the dev crew?

[hex]

I may be interested to create an alternative.

Sounds like something that can be coded in a week...

Is there anywhere any docs about its architecture and how it works so I don't have to reinvent the wheel ?

[Insti]

Sounds like something that can be coded in a week...

It's thinking like that that got mtgox into trouble.

[RevolutionMaster]

Open sourcing is a good idea IMHO. At least this way whoever has the inclination can either improve the code or start using it. With a bunch more escrow sites out there eventually the free market will sort the good from the bad.

Still though in a way it won't be the same. The main reason why I considered using ClearCoin is because it was operated by you Gavin.

I was thinking, maybe you can pass it on to another trusted member of the bitcoin community? Maybe one of the forum admins or another one of the dev crew?

I love FOSS, but I feel that this is a situation where it's better not to allow just anyone to open up an escrow service. I'd like to know that whoever ClearCoin is being sold to is a trustworthy individual.

[hex]

Sounds like something that can be coded in a week...

It's thinking like that that got mtgox into trouble.

Thats why i said week
It can actually be done in 2 days

But I would also like to make reputation system.

[hex]

This is how I intended to make it :


Buyer registers on escrow
He has an option to create new transaction.
When he wants to create new transaction he enters following information:
1)Release address
2)Transaction length (1m, 6m, 1y..)


Then he created transaction witch has its url and can be viewed by anybody.
Transaction page has following info:
1)Release address
2) Transaction length
3) Transaction creation date
4) BTC amount in it
5) Status - Current, Released
If buyer is logged in he also sees:
1)Option to increase transaction length
2) Option to release funds
3) He can see transaction address  (address to witch he sends BTC to be added to transaction)
4) He can see incoming transactions (to above address)


Buyers also have public profile pages where there is some basic information about buyer and number of transactions created by him and number of them released (like reputation)
Thay can also enter return address. (where to send BTC if transactions are not released)


-----------------------------------------------------------
Am I missing something here ?

[hex]

So there is no interest in this ?

[Octavian]

I am interested in having such a service  available again.

[BTCrow]

I am interested in having such a service  available again.

Just added the option (similar to ClearCoin) to my escrow service

Official Thread: http://forum.bitcoin.org/index.php?topic=21544.0
Link: BTCrow.com

[Bunghole]

If someone really wanted an escrow service, I bet one of the trusted senior members of this site would be glad to do it, informally, for a small fee.  For example, I would trust Atlas much more than some stranger.  If I wanted to buy something expensive, I would ask him to act as the escrow.  I would send him the Bitcoin payment, and once I confirm that I got the purchased item, he would release the funds, minus a fee, to the seller.

[hex]

But seller also needs to trust escrow.

I think that only way is to create separate service with good reputation (witch takes time earn).

[garyrowe]

There are 2 hard problems to solve with an escrow service:

1) making sure that both the buyer and seller do not have to trust the mediator (it's not possible for the mediator to run off with the coins)
2) the mediator making sure that he cannot be corrupted by outside forces (he does not have the keys to the safe)

The above can be solved with Bitcoin contracts. These are coming soon to a client near you. Then it's really going to be a lot of fun in the Bitcoin economy.

[LokeRundt]

why you trying to put human escrow agents out of business?

[garyrowe]

why you trying to put human escrow agents out of business?

Not at all. If a transaction goes well then the escrow process can be conducted automatically by the Bitcoin network (good for everyone). If it goes badly then people may have to step in and mediate. However, the actions of the people will be limited to paying either the buyer or the seller no other destination will be possible.

[marcus_of_augustus]

Do we have definitive answer that ClearCoin is not for sale?

[Gavin Andresen]

Do we have definitive answer that ClearCoin is not for sale?

Several people have asked me about buying it, but I won't sell it unless I trust that the team that takes it on has experience keeping customer's money safe and the resources to do all of the things I don't have time for-- penetration testing, better customer support, insurance on the coins in escrow, etc.