Bitcoin Forum
November 21, 2017, 07:11:01 AM *
News: Latest stable version of Bitcoin Core: 0.15.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: lend/borrow receipts inside Bitcoin network  (Read 1368 times)
Andrew Vorobyov
Hero Member
*****
Offline Offline

Activity: 565



View Profile
May 25, 2012, 10:13:33 AM
 #1

A lot of us need lend/borrow BTC and we want to get confirmations when we paid loan back or lent money to somebody..

Examples:
10 BTC sent to Crosby.  Please confirm reciept.

http://blockchain.info/address/616a5c435d4ebb621649b762310ae4b18cfc1213

I have deposited 20 btc, please confirm hashking.

Eveofwar is going to borrow 50 btc and repay 55 btc on 4/5/12.  Please agree to these terms Eveofwar. Ok your repayment address is 1L1kNRv7c5KAL6NZZW56E6VFt5mhLiWcjM.  Funds are sent.

Let's analyze situation:  Person A made a loan of 30 BTC to person B and person B paid back 35 BTC some time later...

Facts are:

1. Person B wanted loan
2. Person B wanted to pay back 35 BTC
3. Person B paid back 35 BTC

4. Person A agreed on conditions to be paid back 35 BTC
5. Person A gave money to person B

If we can link all of these actions to Bitcoin network interactions we can have nice stats... for example how much in debt person is right now, how much he repaid..

Now let's do same transaction again, but using new technique:

Step 1: Person A agrees to lend 30 BTC to person B and be repaid 35 BTC. He opens brand new address ( address A) and gives it to person B.
Step 2: Person B sends 35 BTC / 10^8 = 0.00000035 BTC to address A from address B.
Step 3: Person A sends 30 BTC to address A and then sends them to address B.
Step 4: Person B sends 35 BTC to address A.

If something goes wrong we can always see:

a) If lender actually lent any money
b) If borrower paid it back
c) If he paid in full

What do you think?







1511248261
Hero Member
*
Offline Offline

Posts: 1511248261

View Profile Personal Message (Offline)

Ignore
1511248261
Reply with quote  #2

1511248261
Report to moderator
1511248261
Hero Member
*
Offline Offline

Posts: 1511248261

View Profile Personal Message (Offline)

Ignore
1511248261
Reply with quote  #2

1511248261
Report to moderator
1511248261
Hero Member
*
Offline Offline

Posts: 1511248261

View Profile Personal Message (Offline)

Ignore
1511248261
Reply with quote  #2

1511248261
Report to moderator
Join ICO Now A blockchain platform for effective freelancing
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1511248261
Hero Member
*
Offline Offline

Posts: 1511248261

View Profile Personal Message (Offline)

Ignore
1511248261
Reply with quote  #2

1511248261
Report to moderator
1511248261
Hero Member
*
Offline Offline

Posts: 1511248261

View Profile Personal Message (Offline)

Ignore
1511248261
Reply with quote  #2

1511248261
Report to moderator
Elwar
Legendary
*
Offline Offline

Activity: 2282


www.bitpools.com


View Profile WWW
May 25, 2012, 11:20:30 AM
 #2

Person B gets loan.

Person B skips town.

Person B uses new wallet for future transactions.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
Andrew Vorobyov
Hero Member
*****
Offline Offline

Activity: 565



View Profile
May 25, 2012, 11:24:10 AM
 #3

Person B gets loan.

Person B skips town.

Person B uses new wallet for future transactions.

Now everybody knows person B is cheater and skips on him...

If you are looking for instruments how to secure your loan - it is not here..

What it is - addon to http://bitcoin-otc.com/trust.php

EDIT: on glbse.com every issuer can "skip town" right now

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!