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The multi-signature feature in the bitcoin scripting language allows to add a refund process into bitcoin transactions. Bitrated, which I founded, provides cons

by nadaviv 11y ago

The multi-signature feature in the bitcoin scripting language allows to add a refund process into bitcoin transactions. Bitrated, which I founded, provides consumer protection using that mechanism and a marketplace for dispute resolution service providers.

bduerst 11y ago
Multisig escrow doesn't solve the refund use cases and isn't new/unique to bitcoin. There are plenty of use cases where a refund is needed just a day after the transaction is complete (defective items, economic hold up, etc.). It can also be gamed if the additional parties are in on the scam, which requires a level of trust that the article says the unbanked do not have.
- DennisP 11y ago
  Credit cards can be gamed if Mastercard is in on the game, but that not something anyone worries about. Multisig escrow doesn't do away with the need for a trusted adjudicator, it just makes it possible to have one for Bitcoin.
- CyberDildonics 11y ago
  If you want to mimic credit cards, just have a company hold the money for 30 days, take %3, and take away any disputed transactions from the business.
  - bduerst 11y ago
    A payment system that ties up the funds for 30 days in escrow is even less useful and not competitive. Again, escrow is neither new nor unique to Bitcoin. It doesn't solve the refund problems. Why do you think it's not used by modern payment systems?
    - CyberDildonics 11y ago
      > A payment system that ties up the funds for 30 days in escrow is even less useful and not competitive. I agree but that's what credit cards are.
      - bduerst 11y ago
        Absolutely not. ACH delivers funds in 1-3 business days. Do you not know how credit cards work?
        CyberDildonics 11y ago
        From wikipedia: > Businesses increasingly use ACH online to have customers pay, rather than via credit or debit cards.[citation needed] > Rules and regulations that govern the ACH network are established by NACHA and the Federal Reserve. In 2013, this network processed nearly 22 billion ACH transactions with a total value of $38.7 trillion.[1] Credit card payments are handled by separate networks.
TokyoKid 11y ago
How much does a hitman go for these days?

by nadaviv 11y ago

bduerst 11y ago

Multisig escrow doesn't solve the refund use cases and isn't new/unique to bitcoin. There are plenty of use cases where a refund is needed just a day after the transaction is complete (defective items, economic hold up, etc.). It can also be gamed if the additional parties are in on the scam, which requires a level of trust that the article says the unbanked do not have.

DennisP 11y ago
Credit cards can be gamed if Mastercard is in on the game, but that not something anyone worries about. Multisig escrow doesn't do away with the need for a trusted adjudicator, it just makes it possible to have one for Bitcoin.
CyberDildonics 11y ago
If you want to mimic credit cards, just have a company hold the money for 30 days, take %3, and take away any disputed transactions from the business.
- bduerst 11y ago
  A payment system that ties up the funds for 30 days in escrow is even less useful and not competitive. Again, escrow is neither new nor unique to Bitcoin. It doesn't solve the refund problems. Why do you think it's not used by modern payment systems?
  - CyberDildonics 11y ago
    > A payment system that ties up the funds for 30 days in escrow is even less useful and not competitive. I agree but that's what credit cards are.
    - bduerst 11y ago
      Absolutely not. ACH delivers funds in 1-3 business days. Do you not know how credit cards work?
      - CyberDildonics 11y ago
        From wikipedia: > Businesses increasingly use ACH online to have customers pay, rather than via credit or debit cards.[citation needed] > Rules and regulations that govern the ACH network are established by NACHA and the Federal Reserve. In 2013, this network processed nearly 22 billion ACH transactions with a total value of $38.7 trillion.[1] Credit card payments are handled by separate networks.

TokyoKid 11y ago

How much does a hitman go for these days?