Re: Attempts for payment escrow

Bitcoin has an m-of-n transaction capability (
https://en.bitcoin.it/wiki/BIP_0011). So you can choose to have 2-of-3
signature required as with an escrow service. Either the buyer and seller,
or seller and escrow party could sign the transaction. This has been used
on occasion (
https://blockchain.info/tx/60a20bd93aa49ab4b28d514ec10b06e1829ce6818ec06cd3aabd013ebcdc4bb1?show_adv=true)
but has yet to see wide-spread adoption. A major issue is still a trusted
3rd party escrow service to resolve disputes. Blockchain.info's wallet
supports it, https://blockchain.info/wallet/escrow, and several other
wallets are working on implementation.

Proof of transaction (if I'm interpreting your comment correctly) is being
implemented in the next major Bitcoin update v0.9.0. We did a writeup on
this a little while ago, see the "Dispute Resolution" section
http://thegenesisblock.com/significant-merchant-improvements-planned-for-bitcoin-v0-9/.
Merchants can initiate transactions signed with SSL certificates that
contain meta-data about the transaction. One side effect of this is that
after the transaction is completed customers then will have proof that the
transaction occurred with that merchant.

Cheers,
Jeff


On Tue, Sep 17, 2013 at 11:00 AM, <eanders@pobox.com> wrote:

> In short, attaching conditions to the spending of sent virtual currency.
>
> Example: Buyer and Seller must both use their digital signature to unlock
> the spending of a sent virtual currency.
>
> IMO, this is one of the largest dropped balls in Bitcoins, Ripple, etc...
>  Also proof of transactions is the 2nd dropped ball.
>
> Sure, not perfect, some risk like extortion for very large transfers, but
> its a step in the right direction.  A web payment system will never be
> general public accepted if "all transactions are always final, and no,
> there is no recourse if you were ripped off, too bad, so sad".
>
> Erik
>
>
>


-- 
*Jeff Schvey*
*Senior Product Manager*, The Genesis Block
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