4 ms·
interesting idea but completely impractical for normal humans. if i want to buy an ipod on ebay for 0.5btc, i'm not going to stage another 0.5btc to protect ag
by benwilber0 13y ago
interesting idea but completely impractical for normal humans. if i want to buy an ipod on ebay for 0.5btc, i'm not going to stage another 0.5btc to protect against fraud where the potential outcome is I lose double, and the fraudulent seller loses 0 or whatever the staged contract amount was.
- DenisM 13y agoThe fraudster loses more than zero, that the whole point. If you're buying a $200 iPod, both you and counterparty make a $400 deposit. If seller takes your money but never sends you the iPod, you punish him for $400, so he is $200 in the hole. If the honest people outnumber fraudster, fraudster a lose.
- dllthomas 13y agoStrictly, there has to be at least as many people willing to punish than there are people unwilling to punish amongst the people the fraudster targets for the fraudster to lose all the gains from their scam. I don't know that this radically changes anything, but it's not quite the same thing as honest people outnumbering fraudsters.