Bitcoin has no value because deflationary spiral.
Seriously, nice work!
Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
41–50 of 74 posts
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#42Earlier quoted context omitted.
humble suggestion: you should go through the arbitrator's list every so often and clear out the test and dummy accounts
The arbitrarors list is a problem. It seems to suggest that they're all trustworthy, so if your seller just says 'ok lets go with this guy' you might just accept. Then it turns out it was a dummy account created by the seller... To be useful this would really require a separate service with a reputation system, perhaps a check saying if the arbitrators identity was verified, required pgp etc.
I'm working on that! See my other comment, https://news.ycombinator.com/item?id=6843655
Edit: Also, for now, I'm hoping that it'll take place off the website, possibly over Reddit (which have a pretty active Bitcoin community). I opened an r/bitrated subreddit for possible future use, but it seems like r/bitcoin aren't very excited about this project [1] for now...
[1] http://www.reddit.com/r/Bitcoin/comments/1s0myx/bitrated_bit...
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#43Hey, I'm the creator. I'd love to hear any feedback/questions/suggestions you have, but specifically on the security model [1] I implemented, design/ux (my design skills are terrible, thank god for Bootstrap for making it look half decent :) and the marketing/texts (I'm not a native English speaker, so any corrections are much appreciated). If you don't know what multisig/m-of-n means, check out the FAQ: https://www.…
humble suggestion: you should go through the arbitrator's list every so often and clear out the test and dummy accounts
Thanks for the tip; I cleaned them up.
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#44Hey, I'm the creator. I'd love to hear any feedback/questions/suggestions you have, but specifically on the security model [1] I implemented, design/ux (my design skills are terrible, thank god for Bootstrap for making it look half decent :) and the marketing/texts (I'm not a native English speaker, so any corrections are much appreciated). If you don't know what multisig/m-of-n means, check out the FAQ: https://www.…
I'm glad someone finally made this.
What do you think about potentially offering more complicated schemes in the future? For example, supporting say three arbitrators, requiring two to agree?
You could do this as follows:
Seller: Keys S1 and S2
Buyer: Keys B1 and B2
Arbitrators: Keys A1, A2, A3 (one per arbitrator)
You then do a 4-of-7 multisig transaction.
This generalizes to buyer, seller and N-of-M arbitrators:
Seller gets N keys
Buyer gets N keys
Arbitrators each get one key
Actual transaction is 2N of M + 2N.
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#45That is interesting. I have some doubts about their claim that this escapes regulation of escrow services (it sounds good, but their argument may not hold sway with regulators). But it seems like a very practical and useful system that shows the kind of thing that could ONLY be done with Bitcoin, and NOT with traditional money.
The arbitrator is not in control of the funds. He cannot defraud either merchant or customer directly. That is the nature of multisignature transactions. The law's got a lot of catching up to do.
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#46Earlier quoted context omitted.
humble suggestion: you should go through the arbitrator's list every so often and clear out the test and dummy accounts
The arbitrarors list is a problem. It seems to suggest that they're all trustworthy, so if your seller just says 'ok lets go with this guy' you might just accept. Then it turns out it was a dummy account created by the seller... To be useful this would really require a separate service with a reputation system, perhaps a check saying if the arbitrators identity was verified, required pgp etc.
Using well-known arbitrators solve this problem also. I signed up and have quite an online identity that can be verified easily, as did the creator of the hexayurt.
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#47Hey, I'm the creator. I'd love to hear any feedback/questions/suggestions you have, but specifically on the security model [1] I implemented, design/ux (my design skills are terrible, thank god for Bootstrap for making it look half decent :) and the marketing/texts (I'm not a native English speaker, so any corrections are much appreciated). If you don't know what multisig/m-of-n means, check out the FAQ: https://www.…
I'm glad someone finally made this. What do you think about potentially offering more complicated schemes in the future? For example, supporting say three arbitrators, requiring two to agree? You could do this as follows: Seller: Keys S1 and S2 Buyer: Keys B1 and B2 Arbitrators: Keys A1, A2, A3 (one per arbitrator) You then do a 4-of-7 multisig transaction. This generalizes to buyer, seller and N-of-M arbitrators: Se…
This could be a cool idea, but Bitcoin currently artificially limits the total number of public keys to 3, but that limitation will probably be lifted at some point.
Also, in the future, you won't really need hacks like that to make something like that work - Bitcoin has a scripting language that allows you to specify much more complex conditions than m-of-n. You could specify something like `2 of (buyer, seller, (2 of (arb1, arb2, arb3)))`. But currently, the scripting language is limited to a specific white-list of allowed script templates, and doesn't allow doing stuff like that.
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#48Firstly, great idea. I'm assuming there will be some sort of rating system for arbitrators in the future. That list on /u could get unwieldly. However, what's to stop an arbitrator from gaming this service and faking his reputation? For example, he could send transactions between himself all day, using himself as the "arbitrator", and build his fake ratings that way.
I touched that point at https://news.ycombinator.com/item?id=6843655
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#49Hey, I'm the creator. I'd love to hear any feedback/questions/suggestions you have, but specifically on the security model [1] I implemented, design/ux (my design skills are terrible, thank god for Bootstrap for making it look half decent :) and the marketing/texts (I'm not a native English speaker, so any corrections are much appreciated). If you don't know what multisig/m-of-n means, check out the FAQ: https://www.…
Hey! I saw you talk about this on #bitcoin. Congratulations on the launch! I'm excited to see where you take this.
Re: Show HN: Bitrated – Bitcoin m-of-n arbitrated transactions
#50Hey, I'm the creator. I'd love to hear any feedback/questions/suggestions you have, but specifically on the security model [1] I implemented, design/ux (my design skills are terrible, thank god for Bootstrap for making it look half decent :) and the marketing/texts (I'm not a native English speaker, so any corrections are much appreciated). If you don't know what multisig/m-of-n means, check out the FAQ: https://www.…
Oops - that testnet link shouldn't be using SSL. Instead of serving he testnet version, it goes to the default ssl server which is the regular version...
I can't edit the comment now, but here's the fixed link: http://testnet.bitrated.com/