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Doesn't this go against the whole point of bitcoin by relying on a central entity that prints, validates, and transfers the notes? Wondering if this requires a
by captn3m0 4y ago
Doesn't this go against the whole point of bitcoin by relying on a central entity that prints, validates, and transfers the notes?
Wondering if this requires a money transfer agent license in the US, since you are holding funds in custody and issuing scrip?
- deleted 4y ago[deleted]
- ccamrobertson 4y agoThe construction of the multisig is such that (1) the key we generate and store encrypted on the note can never access the funds alone -- and we don't store it because we don't want to be custodians and (2) the end users load the notes, we never touch BTC.
- ALittleLight 4y agoI think you need a better explanation of the multisig procedure and how you are not a central authority, capable of spending the bitcoin, etc. I've seen multiple comments here confused by this.
- ccamrobertson 4y agoThanks for the feedback -- agreed, that's definitely become apparent.
- quickthrower2 4y agoYes, people need to know: 1. What are the steps to purchase it. 2. What are the steps to spend it. 3. What are the steps to receive it, including verification. 4. Convince me I won't lose my funds by accident. 5. Convince me I won't lose my funds by hack of protocol. 6. Convince me I won't lose funds if a hacker gains access to your centralized system. 7. What happens if I lose the note(s)? 8. Processing fees. 9. Can I give someone a note and avoid the Bitcoin transaction fee? (I am guessing yes as nothing needs to happen on the chain. But if I receive a note can I be sure I won't be swindled).
- spicybright 4y agoFrankly it seems weird you even need this pointed out to you. If I wasn't giving you the benefit of the doubt, it really smells like your typical crypto scam to trick people that don't understand the technology fully into giving you money.