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One note about fees - because of the way this works with Bitcoin's multi-signature transactions, arbitrators don't have to intervene at all when there's no disp
by nadaviv 13y ago
One note about fees - because of the way this works with Bitcoin's multi-signature transactions, arbitrators don't have to intervene at all when there's no dispute so a lot of them choose to charge fees only for disputed transactions, meaning that most transactions should be free of charge.
That being said, I do see the rational behind charging for every transaction and think that its going to be a popular choice too. I wrote some of the reasons for that here: http://www.reddit.com/r/BitcoinSerious/comments/1sqibz/bitratedcom_uses_bitcoins_nofm_protocol_to/ce1o6ds http://www.reddit.com/r/BitcoinSerious/comments/1sqibz/bitra... (near the end, in the "Edit:")
(full disclosure: I'm Bitrated's creator)
- jnbiche 13y agoI absolutely think the only feasible business model for arbitrators is to charge a fee for each transaction. Otherwise, how can they afford to spend the time and money to investigate a dispute properly? People are not going to want to pay for more than the cost of an item when there is a dispute, yet it could cost many more times the value of the disputed item to conduct a proper investigation and produce a fair arbitration. Great project, by the way. Thanks for releasing it open source!