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[choeymethod]

Hypothetical scenario:

Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.

Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account

The escrow times out and both of them loose  money .
i.e:
 alice has now payed x(Deposit) +x(money payed to bob) = 2x
 and bob has nothing now => x(money received from alice ) -  x(deposit) =0 [and the guitar is gone]

Is there a way to recover from that ?

Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).

Good question, I don't think any rational person would consider this fud, quite the opposite I think constructive questions are much appreciated by most.

I'd also like to hear the answer from the bitbay team on that but I'd think since the funds don't get burned but go to the bitbay team there might be some sort of grace period, where if both parties issue a ticket to the support, with the transaction id, or something along those lines, they might be able to still get their money after the expiration date.

Again this is just speculation on my part though, but now Im curious about the solution to this problem as well.

[whetherman]

Tor itself has a known security vulnerability on exit nodes.

What security vulnerability? Tor is has almost never the weakest link. I feel like that FAQ is making a lot of claims and not many sources are given.

Bud you need to keep up. NSA has backdoored TOR and the last SR bust apparently came from leaky ip codes.

That might be true, however it has not been proven. What they mean is that a Tor exit node (which anybody can set up) can be easily sniffed by performing a man in the middle attack, stealing your data.

You guys are taking a small piece of information without actually understanding the technology and assuming a lot. Yes Tor exit nodes are CAPABLE of being sniffed but that is by design. This problem is easily mitigated by using HTTPS (or other solutions).

Tor itself has a known security vulnerability on exit nodes.

What security vulnerability? Tor is has almost never the weakest link. I feel like that FAQ is making a lot of claims and not many sources are given.

Bud you need to keep up. NSA has backdoored TOR and the last SR bust apparently came from leaky ip codes.

There is no proof for this claim and its more likely that they messed up somewhere else, there were a lot easier points of weakness than Tor.

Actually a short search of recent articles in the NTY or the Observer would come up with a number of  articles showing strong circumstantial evidence that NSA is circumventing TOR and has been devoting alot of money and time to doing so.

[whetherman]

Hypothetical scenario:

Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.

Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account

The escrow times out and both of them loose  money .
i.e:
 alice has now payed x(Deposit) +x(money payed to bob) = 2x
 and bob has nothing now => x(money received from alice ) -  x(deposit) =0 [and the guitar is gone]

Is there a way to recover from that ?

Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).

Good question, I don't think any rational person would consider this fud, quite the opposite I think constructive questions are much appreciated by most.

I'd also like to hear the answer from the bitbay team on that but I'd think since the funds don't get burned but go to the bitbay team there might be some sort of grace period, where if both parties issue a ticket to the support, with the transaction id, or something along those lines, they might be able to still get their money after the expiration date.

Again this is just speculation on my part though, but now Im curious about the solution to this problem as well.

How exactly do funds "go to the BitBay Team" ?  Not sure you are correct about that. Anyhow, having a third party to clean up messes sort of goes against the whole decentralized market concept.

[CryptoHeaven]

I've heard claims that Tor wasn't secure as well. Are we both mistaken?

[MemoryShock]

Hypothetical scenario:

Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.

Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account

The escrow times out and both of them loose  money .
i.e:
 alice has now payed x(Deposit) +x(money payed to bob) = 2x
 and bob has nothing now => x(money received from alice ) -  x(deposit) =0 [and the guitar is gone]

Is there a way to recover from that ?

Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).

Why not just have an escrow period that is sufficiently long enough with daily reminders in the wallet after a substantial amount of time has passed?

[whetherman]

Hypothetical scenario:

Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.

Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account

The escrow times out and both of them loose  money .
i.e:
 alice has now payed x(Deposit) +x(money payed to bob) = 2x
 and bob has nothing now => x(money received from alice ) -  x(deposit) =0 [and the guitar is gone]

Is there a way to recover from that ?

Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).

Why not just have an escrow period that is sufficiently long enough with daily reminders in the wallet after a substantial amount of time has passed?

The way to handle that is simply to structure the contract so it will be very painful for Alice to forget. And the more doubt about alice, the more pain in the contract. Wanting to have solutions after the horse has left the barn is a dead end road imo.

[FollowMe]

So not sure if i did understand this escrow-system. If am going to sell my Bugatti Veyron worth 1,5m $ then the amount of 1,5m $ (=1,5m bitbay if pegged) will be froozen till buyer cofirms his purchase?

[GlooBoy]

Escrowed coins get burned/destroyed. They don't go to the "team".

One of the hardest selling points of all this to Johnny Q Public is they can't stand the thought of the escrow getting destroyed.

I see "Smart Contracts" as being smart. You should be able to write up ANY scenario.
I see no reason why escrow cant be used (just for piece of mind at first). Even if its only to get them to notice that a 3rd party isn't really needed anymore.

Why not 2-party that converts to a agreed 3-party after the time period expires?

And you will always have those that believe in the City Bus theory. (Where Alice gets hit by a City Bus and cannot release the escrow)
You will always have some that will not like the "destroyed" method for what-ever reason.

And you dont have to sell me. I'm convinced Halo Tech is a superior method of escrow.
You (and me) have to sell it to Johnny Q Public.

[weret]

Tor itself has a known security vulnerability on exit nodes.

What security vulnerability? Tor is has almost never the weakest link. I feel like that FAQ is making a lot of claims and not many sources are given.

Bud you need to keep up. NSA has backdoored TOR and the last SR bust apparently came from leaky ip codes.

That might be true, however it has not been proven. What they mean is that a Tor exit node (which anybody can set up) can be easily sniffed by performing a man in the middle attack, stealing your data.

You guys are taking a small piece of information without actually understanding the technology and assuming a lot. Yes Tor exit nodes are CAPABLE of being sniffed but that is by design. This problem is easily mitigated by using HTTPS (or other solutions).

Tor itself has a known security vulnerability on exit nodes.

What security vulnerability? Tor is has almost never the weakest link. I feel like that FAQ is making a lot of claims and not many sources are given.

Bud you need to keep up. NSA has backdoored TOR and the last SR bust apparently came from leaky ip codes.

There is no proof for this claim and its more likely that they messed up somewhere else, there were a lot easier points of weakness than Tor.

Oh come on, what are you doing, trying to defend Tors security? Its not secure at all.
It was created by the US army and the US government is the main donor to the project still.
2+2 equals...
Edit: I will ignore this discussion as its not BAY related.

[choeymethod]

Hypothetical scenario:

Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.

Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account

The escrow times out and both of them loose  money .
i.e:
 alice has now payed x(Deposit) +x(money payed to bob) = 2x
 and bob has nothing now => x(money received from alice ) -  x(deposit) =0 [and the guitar is gone]

Is there a way to recover from that ?

Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).

Good question, I don't think any rational person would consider this fud, quite the opposite I think constructive questions are much appreciated by most.

I'd also like to hear the answer from the bitbay team on that but I'd think since the funds don't get burned but go to the bitbay team there might be some sort of grace period, where if both parties issue a ticket to the support, with the transaction id, or something along those lines, they might be able to still get their money after the expiration date.

Again this is just speculation on my part though, but now Im curious about the solution to this problem as well.

How exactly do funds "go to the BitBay Team" ?  Not sure you are correct about that. Anyhow, having a third party to clean up messes sort of goes against the whole decentralized market concept.

Sorry my bad for some reason I initially misread or misinterpreted the last sentence of this answer from the faq.

 Q: Please explain how the escrow system will protect buyers & sellers in BitBay transactions.

A: The system is the revolutionary double deposit escrow. Both Buyer and Seller place deposits into a shared account. There is no need for an escrow agent. The deposits serve as the incentive to perform. Therefore theft and deception is impossible in these escrows. If those actions occur, the parties will not agree, the escrow will expire and they both lose. BitBay takes the profit out of theft.

[MomoCoin]

Nice update, it will be interesting smart contracts this week!

[FollowMe]

Nice update, it will be interesting smart contracts this week!

Not only this week, i dont assume that we will see lower prices than they are now.

[qawzsx]

Nice update, it will be interesting smart contracts this week!

Not only this week, i dont assume that we will see lower prices than they are now.

We should touch around 3-4m marketcap with working smart contracts.

[C0ins_R_U5]

- 33% of dev fund at btc at delivery of wallet with integrated smart contracts (Dec. 5th, 2014)

I guess this Friday (5th) should be pretty interesting

Putting a date on something of this magnitude..  could be epic, could be.....  looks like the price isn't going to bend any further, either.  Something is gonna break open very soon one way or another.  Interesting indeed!  feels like getting in at the ground floor finally.

[Piston Honda]

Nice update, it will be interesting smart contracts this week!

Not only this week, i dont assume that we will see lower prices than they are now.

Same thoughts here, yeah.  With this Friday release I'm sure there will be very nice movement upwards.......and it should only continue.

[BAYproviser]

Hypothetical scenario:

Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.

Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account

The escrow times out and both of them loose  money .
i.e:
 alice has now payed x(Deposit) +x(money payed to bob) = 2x
 and bob has nothing now => x(money received from alice ) -  x(deposit) =0 [and the guitar is gone]

Is there a way to recover from that ?

Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).

if alice forgets she will gain 1 guitar but loss her deposit and the extra deposit agreed by both alice and bob making the guitar double the price or even more for alice so alice has an incentive to actually go back to her computer and confirm that he received the guitar because she will want to get back that extra dollars deposit that she had to put down in the contract

so one solution could be
if alice forgets to confirm the extra money by alice is sent to the bob automatically    
after the contract time as expired no lost for bob and alice as paid for her for forgetfulness and probably wont forget to confirm on the next purchase

[RJF]

Hypothetical scenario:

Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.

Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account

The escrow times out and both of them loose  money .
i.e:
 alice has now payed x(Deposit) +x(money payed to bob) = 2x
 and bob has nothing now => x(money received from alice ) -  x(deposit) =0 [and the guitar is gone]

Is there a way to recover from that ?

Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).

Good question, I don't think any rational person would consider this fud, quite the opposite I think constructive questions are much appreciated by most.

I'd also like to hear the answer from the bitbay team on that but I'd think since the funds don't get burned but go to the bitbay team there might be some sort of grace period, where if both parties issue a ticket to the support, with the transaction id, or something along those lines, they might be able to still get their money after the expiration date.

Again this is just speculation on my part though, but now Im curious about the solution to this problem as well.

Honestly, if Alice is dumb enough to loose her money then don't deal with Alice anymore. It's the price of a lesson learned...

[BAYproviser]

Hypothetical scenario:

Suppose Bob sells a guitar to Alice.
Both of them deposit the value in a shared account.

Bob gets the payment and notifies the system that all is good.
Alice does get the guitar and is satisfied with it. She however forgets to notify the system in order for the release of the amount from the double escrow account

The escrow times out and both of them loose  money .
i.e:
 alice has now payed x(Deposit) +x(money payed to bob) = 2x
 and bob has nothing now => x(money received from alice ) -  x(deposit) =0 [and the guitar is gone]

Is there a way to recover from that ?

Please note: I am a substantial investor in bitbay and believe it its future .. This is just a question ..not a fud:).

if alice forgets she will gain 1 guitar but loss her deposit and the extra deposit agreed by both alice and bob making the guitar double the price or even more for alice so alice has an incentive to actually go back to her computer and confirm that he received the guitar because she will want to get back that extra dollars deposit that she had to put down in the contract

so one solution could be
if alice forgets to confirm the extra money by alice is sent to the bob automatically   
after the contract time as expired

no lost for bob and alice as paid for her for forgetfulness and probably wont forget to confirm on the next purchase

I agree. A time limit would solve the problem. Something around 2-3 weeks tops should be plenty of time for approval.

[issie81]

And bought another 3btc:)

Man this is crazy cheap this concept is gonna be huge
I will even sell there with my own company

Thanks for the cheap coins xD

[C0ins_R_U5]

And bought another 3btc:)

Man this is crazy cheap this concept is gonna be huge
I will even sell there with my own company

Thanks for the cheap coins xD

I agree completely at this point.. I had a buy sub 210 for the longest time, but looks like it was never going to fill.  Been happy getting my upper 220's orders filled all day.  seems like a no brainer