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A comment on Why Bitcoin Can't Help the Poorest, Yet. Parent comment

Re:Why Bitcoin Can't Help the Poorest, Yet by nadaviv on Wednesday January 13, 2016 @05:32PM (#10898145)
The multi-signature feature in the bitcoin scripting language allows to add a refund process into bitcoin transactions. Bitrated, which I founded, provides consumer protection using that mechanism and a marketplace for dispute resolution service providers.
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Re:Why Bitcoin Can't Help the Poorest, Yet by bduerst on Wednesday January 13, 2016 @05:46PM (#10898259)
Multisig escrow doesn't solve the refund use cases and isn't new/unique to bitcoin. There are plenty of use cases where a refund is needed just a day after the transaction is complete (defective items, economic hold up, etc.).

It can also be gamed if the additional parties are in on the scam, which requires a level of trust that the article says the unbanked do not have.

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Re:Why Bitcoin Can't Help the Poorest, Yet by CyberDildonics on Wednesday January 13, 2016 @10:41PM (#10899477)
If you want to mimic credit cards, just have a company hold the money for 30 days, take %3, and take away any disputed transactions from the business.
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Re:Why Bitcoin Can't Help the Poorest, Yet by bduerst on Thursday January 14, 2016 @12:19AM (#10899789)
A payment system that ties up the funds for 30 days in escrow is even less useful and not competitive.

Again, escrow is neither new nor unique to Bitcoin. It doesn't solve the refund problems. Why do you think it's not used by modern payment systems?

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Re:Why Bitcoin Can't Help the Poorest, Yet by CyberDildonics on Thursday January 14, 2016 @01:55AM (#10900002)
> A payment system that ties up the funds for 30 days in escrow is even less useful and not competitive.

I agree but that's what credit cards are.

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Re:Why Bitcoin Can't Help the Poorest, Yet by bduerst on Thursday January 14, 2016 @02:00AM (#10900011)
Absolutely not. ACH delivers funds in 1-3 business days.

Do you not know how credit cards work?

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Re:Why Bitcoin Can't Help the Poorest, Yet by CyberDildonics on Thursday January 14, 2016 @11:13AM (#10902232)
From wikipedia:

> Businesses increasingly use ACH online to have customers pay, rather than via credit or debit cards.[citation needed]

> Rules and regulations that govern the ACH network are established by NACHA and the Federal Reserve. In 2013, this network processed nearly 22 billion ACH transactions with a total value of $38.7 trillion.[1] Credit card payments are handled by separate networks.

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Re:Why Bitcoin Can't Help the Poorest, Yet by DennisP on Wednesday January 13, 2016 @06:08PM (#10898389)
Credit cards can be gamed if Mastercard is in on the game, but that not something anyone worries about. Multisig escrow doesn't do away with the need for a trusted adjudicator, it just makes it possible to have one for Bitcoin.
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