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Wouldn't the blockchain be a better place to be sending people to do things like this?

michaelmior 13y ago
I think one of the advantages of using a bank transfer is that it's more easily understandable by the general population.
- klaustopher 13y ago
  Well, you'd have to explain a hash function anyways, so you can also go ahead and explain the blockchain ;)
  - michaelmior 13y ago
    Sure, but I suspect people would also have some inherent trust in bank transfers as opposed to the block chain, which they may not fully understand.
steren 13y ago
Hi, This was also the feedback we had from /r/crypto on Reddit. You are right, the blockchain would be completely fine and could be even more automated. But we think that bank statement are more familiar to judges. Banks have to duty to keep the statements and be able to issue an official copy when requested for a few decades.
- forfengeligfaen 13y ago
  Would wager that a copy of the Bitcoin blockchain outlives many banks.
- MetaCosm 13y ago
  http://www.proofofexistence.com/about http://www.proofofexistence.com/about -- blockchain version. Do banks have to maintain the "Comments" by law?
Robin_Message 13y ago
Cuter, yes, but probably not measurably better from a security perspective, unless your threat model includes adversaries who can change the internal records of two separate banks. The advantage of using bank transfers is it is much easier to explain to a judge/jury. Bitcoin is public and automatable, so it could be better for some applications where courts aren't involved -- but where would you need to categorically prove priority but not have a court at least potentially involved?
- eof 13y ago
  > The advantage of using bank transfers is it is much easier to explain to a judge/jury. This seems like a really weak argument.. There are all types of things judges don't understand outright but can be made to be understood. The chance of a priority being granted to a hash embedded to a bank transfer and not a block-chain embedded one is essentially zero (all things being equal). Since it is both cheaper and more robust, a super-secure blockchain like bitcoin is clearly superior to a bank transfer.
0x45696e6172 13y ago
Does the blockchain have a notion of time as in dates? I believe it only notes continuity from one block to the next.

I think one of the advantages of using a bank transfer is that it's more easily understandable by the general population.

klaustopher 13y ago
Well, you'd have to explain a hash function anyways, so you can also go ahead and explain the blockchain ;)
- michaelmior 13y ago
  Sure, but I suspect people would also have some inherent trust in bank transfers as opposed to the block chain, which they may not fully understand.

steren 13y ago

Hi, This was also the feedback we had from /r/crypto on Reddit. You are right, the blockchain would be completely fine and could be even more automated. But we think that bank statement are more familiar to judges. Banks have to duty to keep the statements and be able to issue an official copy when requested for a few decades.

forfengeligfaen 13y ago
Would wager that a copy of the Bitcoin blockchain outlives many banks.
MetaCosm 13y ago
http://www.proofofexistence.com/about http://www.proofofexistence.com/about -- blockchain version. Do banks have to maintain the "Comments" by law?

Robin_Message 13y ago

Cuter, yes, but probably not measurably better from a security perspective, unless your threat model includes adversaries who can change the internal records of two separate banks. The advantage of using bank transfers is it is much easier to explain to a judge/jury. Bitcoin is public and automatable, so it could be better for some applications where courts aren't involved -- but where would you need to categorically prove priority but not have a court at least potentially involved?

eof 13y ago
> The advantage of using bank transfers is it is much easier to explain to a judge/jury. This seems like a really weak argument.. There are all types of things judges don't understand outright but can be made to be understood. The chance of a priority being granted to a hash embedded to a bank transfer and not a block-chain embedded one is essentially zero (all things being equal). Since it is both cheaper and more robust, a super-secure blockchain like bitcoin is clearly superior to a bank transfer.

0x45696e6172 13y ago

Does the blockchain have a notion of time as in dates? I believe it only notes continuity from one block to the next.