5 ms·
There is even a word for it: escrow
by cortesoft 6y ago
There is even a word for it: escrow
- arcticbull 6y agoIndeed, the process is quite simple. You want to do business with Steve, but you don't trust Steve. Cool. Do you and Steve mutually trust someone? Awesome, you've found an escrow. If you can't find someone who trusts both you and Steve, that's a great sign you shouldn't do business with Steve. No amount of magic Blockchain pixie dust is going to change that there are bad actors out there.
- naveen99 6y agoIt’s more for when you already trust Steve, but you don’t trust your national currency, the credit card companies, and other available “escrows”. Why force use of an escrow when you trust your counterparty ?
- arcticbull 6y ago> Why force use of an escrow when you trust your counterparty ? Why use a trustless payment method when you trust your counterparty and waste a month's worth of electricity?
- naveen99 6y agoBecause my counterparty may not be able to spend my IOU elsewhere.
- arcticbull 6y agoThis situation feels pretty contrived, do you have a concrete example, especially one which you've seen personally or been personally involved with?
- naveen99 6y agonot personally. but imagine you are the king of island A, and want to engage in a transaction with king of island B. Or you want to split up your estate amongst your children.
- arcticbull 6y agoI get that, but I firmly believe that solutions, certainly ones as highly touted here, should operated in the problem domain. We've yet to identify, in 11 years, a concrete problem that blockchains are better at solving than any other solution.