Re: [Bitcoin-development] Revocability with known trusted escrow services?

[Mark Friedenbach <mark@monetize.io>]

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If a technical solution could be found, I don't doubt that it will
quickly become the only legal way to do transfers in the U.S.

Peter, you are Executive Director of the Bitcoin Foundation. I would
like to know that your efforts are focused on fighting this archaic
world view, not bending over backwards to comply with it.

Mark
On 6/5/13 5:19 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
>
> --
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