W3C home > Mailing lists > Public > public-webpayments@w3.org > March 2014

RE: Support Cryptocurrency in Balanced

From: Reutzel, Bailey <bailey.reutzel@sourcemedia.com>
Date: Thu, 27 Mar 2014 17:16:07 +0000
To: Steve Klabnik <steve@balancedpayments.com>, Brent Shambaugh <brent.shambaugh@gmail.com>
CC: Web Payments CG <public-webpayments@w3.org>
Message-ID: <114A362579072745A265E71E5676C9BC1228415C@MBX202.domain.local>
This could be a legitimate concern yes... Especially for merchants doing high"er" volume wallet to wallet instead of using a merchant services provider like yes Coinbase.

But Steve-I don't think all of Coinbase's transactions are off the blockchain. Maybe some of the smaller ones... But either way, the merchant and customer would want to get that transaction on the blockchain as soon as possible so that it can be authenticated by the network and so rightful ownership of the bitcoin/millibitcoin is verified. Make sense?

So even if Coinbase says it's instantaneous (either by seeing the wallet has funds in it or just taking the risk associated with off blockchain transactions) they'd still throw it on the blockchain shortly after. I see this as them giving the "OK it's settled" before the roughly 10 minute miner's verification...
________________________________
From: Steve Klabnik [steve@balancedpayments.com]
Sent: Thursday, March 27, 2014 12:31 PM
To: Brent Shambaugh
Cc: Reutzel, Bailey; Web Payments CG
Subject: Re: Support Cryptocurrency in Balanced

This is one reason that we only support Coinbase. Coinbase -> Coinbase transfers are off blockchain, and therefore instantaneous.

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Received on Thursday, 27 March 2014 17:16:30 UTC

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