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From: Alan Reiner <etotheipi@gmail.com>
To: bitcoin-development@lists.sourceforge.net
Subject: Re: [Bitcoin-development] Revocability with known trusted escrow services?
Date: Wed, 05 Jun 2013 20:34:55 -0400	[thread overview]
Message-ID: <51AFD92F.1020206@gmail.com> (raw)
In-Reply-To: <CAMGNxUv7wkiUYZ2nZjOP0mEW7bgR0a+CXKyDPq38joU-fMMQ9Q@mail.gmail.com>

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The two most basic ways would be simply:

(1) You create your transactions having a locktime of X days and has
sequence numbers such that it can be replaced exactly once.  The
replacement, can be executed within 30 days.

(2) You simply send money to 1-of-2 transactions:  me-or-you.  If the
person who is receiving it wants it, they have to sign for it by sending
it to one of their own single-sig addresses.  Otherwise, you can return
it to yourself at some point in the future.

I don't totally understand the goal, and how/if these solutions actually
achieve such goal.  But it does add a way for transactions to exist a
non-final state for some amount of time.  But in both cases,
accessibility is still binary:  you have complete access to it, until
you don't.   Which might be seen as the point of irrevocable transfer.

-Alan



On 06/05/2013 08:19 PM, Peter Vessenes wrote:
> So, this
> http://www.americanbanker.com/bankthink/the-last-straw-for-bitcoin-1059608-1.html?pg=1
>  article got posted today, noting that FinCEN thinks irrevocable
> payments are money laundering tools. 
>
> I will hold my thoughts about the net social good of rent-seeking
> large corporations taking money from consumers over fraudulent
> reversals. Actually, I won't, I just said it.
>
> At any rate, it got me thinking, can we layer on revocability somehow
> without any protocol change, as an opt-in?
>
> My initial scheme is a trusted (hah) escrow service that issues time
> promises for signing. If it doesn't receive a cancel message, it will
> sign at the end of the time. 
>
> The addresses would be listed by the escrow service, or in an open
> registry, so you could see if you were going to have a delay period
> when you saw a transaction go out.
>
> This seems sort of poor to me, it imagines that mythical thing, a
> trusted escrow service, and is vulnerable to griefing, but I thought
> I'd see if some of the brighter minds than me can come up with a
> layer-on approach here.
>
> When I think about it, I can imagine that I would put a good number of
> my coins in a one day reversible system, because I would have warning
> if someone wanted to try and spend them, and could do something about
> it. I'm not sure if it gets me anything over a standard escrow
> arrangement, though.
>
> Peter
>
> -- 
>
> ------------------------------------------------------------------------
>
> CoinLab LogoPETER VESSENES 
> CEO
>
> *peter@coinlab.com <mailto:peter@coinlab.com> * /  206.486.6856
>  / SKYPE: vessenes 
> 71 COLUMBIA ST / SUITE 300  /  SEATTLE, WA 98104
>
>
>
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  reply	other threads:[~2013-06-06  0:35 UTC|newest]

Thread overview: 10+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2013-06-06  0:19 [Bitcoin-development] Revocability with known trusted escrow services? Peter Vessenes
2013-06-06  0:34 ` Alan Reiner [this message]
2013-06-06  1:06 ` Melvin Carvalho
2013-06-06  8:31 ` Peter Todd
2013-06-06  9:01   ` Leszek Rychlewski
2013-06-06 16:31     ` Jorge Timón
2013-06-06  9:03 ` Mike Hearn
2013-06-06 18:18 ` Mark Friedenbach
2013-06-06 22:22 ` Melvin Carvalho
2013-06-07  5:46   ` Caleb James DeLisle

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