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Show HN: Instant confirmation via Bitcoin payment protocol

greenaddress.it

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Re: Show HN: Instant confirmation via Bitcoin payment protocol

#2

Post by BrokenPipe »

Hello:)

Author of the BIP draft for the Instant Confirmation Payment Protocol aka BIP70 extension and founder of GreenAddress.

You can find the draft here https://github.com/greenaddress/bips/blob/bip-payment-reques...

Bitcoin dev mailing list discussion http://comments.gmane.org/gmane.comp.bitcoin.devel/5628

Reddit discussion http://www.reddit.com/r/Bitcoin/comments/284me8/instant_conf...

The aim of this extension is to reduce risk by allowing, via a third party, instant confirmation of bitcoin transactions.

Questions, comments and in general any feedback is very welcome!

Cheers! Lawrence

Re: Show HN: Instant confirmation via Bitcoin payment protocol

#6

Post by BrokenPipe »

dublinben wrote: post #5

I would be incredibly careful of trusting any new BTC trust protocols this week, with the ongoing 51% threat from GHash. http://arstechnica.com/security/2014/06/bitcoin-security-gua...

reminds me of this comment on reddit

http://www.reddit.com/r/Bitcoin/comments/284me8/instant_conf...

Not to dismiss the 51% issue but that would affect all transactions, this -'instant protocol' is on top of bitcoin, not in replacement of.

Re: Show HN: Instant confirmation via Bitcoin payment protocol

#9

Post by BrokenPipe »

tyho wrote: post #8

Which merchants currently accept your key for instant confirmations? From the bitcoin wiki: [green addresses] are generally considered a bad idea and not advisable to implement.

An ATM bitcoin to cash manufacturer is testing the functionality right now and another one is planning to integrate it when they implement the payment protocol.

There's also other users that can check either inside the GreenAddress wallet or at https://greenaddress.it/instant

it's called GreenAddress because when I thought about the concept, end of 2012 beginning of 2013 it wasn't yet associated with the bad reputation or MtGox double spends and I felt anyhow that it could be improved (which I think we did).

The modus operandi of the platform is different from the original GreenAddress concept as the instant confirmation comes out of band and is based on multisignature allowing the system to prevent users double spends.

However, like the original GreenAddress concept, it is based on third party trust, there is no magic bullet.

Re: Show HN: Instant confirmation via Bitcoin payment protocol

#10

Post by wdewind »

BrokenPipe wrote: post #2

Hello:) Author of the BIP draft for the Instant Confirmation Payment Protocol aka BIP70 extension and founder of GreenAddress. You can find the draft here https://github.com/greenaddress/bips/blob/bip-payment-reques... Bitcoin dev mailing list discussion http://comments.gmane.org/gmane.comp.bitcoin.devel/5628 Reddit discussion http://www.reddit.com/r/Bitcoin/comments/284me8/instant_conf... The aim of this extension i…

It seems that much of the "bitcoin is great because it is feeless" stuff is going to get eaten up by the services/fraud reduction layer put on top of it, by stuff like this. Right now, including miner fees, it seems like the transaction cost of bitcoin is actually as high, if not higher, than most credit cards.

How do you see the fees finalizing? Will there still be a significant cost reduction for in person transactions once the industry has matured a bit more? (equivalent of CC transactions in terms of ease of use).

Either way, this is a cool idea, best of luck to you.

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