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For example "irrevocability of transactions" is fixable by introducing arbitrators. This has the huge benefit of making the trade off explicit and still allowin

For example "irrevocability of transactions" is fixable by introducing arbitrators. This has the huge benefit of making the trade off explicit and still allowing for irrevocable transactions. With 2-of-3 multi-sig escrow services can be implemented in a decentralized and trust less way (if both parties agree no escrow agent has to be involved). Handling private keys has also become much simpler in the past years due to hardware wallets and hierarchical deterministic keys. But I can see why someone could not want to be responsible for the safekeeping of their savings.

root_axis 8y ago
"Arbiter" aka a centralized authority. At that point you're better off with a bank.
psychedelic 8y ago
I think we still have a long way to come in regards to handling private keys. In my efforts to get my family/friends informed on cryptocurrency it amazes me how difficult these things are. I think that is why Coinbase has been so successful. If my mom wants to hold some bitcoin, I'm sending her to coinbase. She can't be trusted with her own private keys. I'm interested to read more on the multi-sig escrow services you mentioned though. Do you have any recommended reading material on the matter? Thanks.
- tim333 8y ago
  Here's some more on multi-sig & escrow https://coincenter.org/entry/what-is-multi-sig-and-what-can-it-do https://coincenter.org/entry/what-is-multi-sig-and-what-can-...
- _nalply 8y ago
  Perhaps we should go physical. After all we seem to cope rather well with physical keys. Perhaps we should set up an infrastructure with 3D-printing keys and backup keys. Key scanners are able to read the key if (and only if) you insert the key. The keys are designed such that it is not possible to copy them from a picture of them. The idea is, if the majority of people understands private keys like they understand door keys, then perhaps managing cryptocurrency private keys will be possible for everybody? Perhaps with some prevention measures against physical loss or theft like Dapp-based insurance or arbitrage?

root_axis 8y ago

"Arbiter" aka a centralized authority. At that point you're better off with a bank.

psychedelic 8y ago

I think we still have a long way to come in regards to handling private keys. In my efforts to get my family/friends informed on cryptocurrency it amazes me how difficult these things are. I think that is why Coinbase has been so successful. If my mom wants to hold some bitcoin, I'm sending her to coinbase. She can't be trusted with her own private keys. I'm interested to read more on the multi-sig escrow services you mentioned though. Do you have any recommended reading material on the matter? Thanks.

tim333 8y ago
Here's some more on multi-sig & escrow https://coincenter.org/entry/what-is-multi-sig-and-what-can-it-do https://coincenter.org/entry/what-is-multi-sig-and-what-can-...
_nalply 8y ago
Perhaps we should go physical. After all we seem to cope rather well with physical keys. Perhaps we should set up an infrastructure with 3D-printing keys and backup keys. Key scanners are able to read the key if (and only if) you insert the key. The keys are designed such that it is not possible to copy them from a picture of them. The idea is, if the majority of people understands private keys like they understand door keys, then perhaps managing cryptocurrency private keys will be possible for everybody? Perhaps with some prevention measures against physical loss or theft like Dapp-based insurance or arbitrage?