Re:Cambridge Bitcoin Electricity Consumption Index
by boldslogan on Wednesday February 10, 2021 @04:43PM
(#26095213)
This third party arbitrator’s decision... if it is not liked by one party. Wouldn’t that party demand an arbitrator on the decision1? But then couldn’t decision2 be demanded to be arbitrated by the other party. And then. And then... it doesn’t seem to stop? In other words it seems you would need some kind of judicial process to keep in check the arbitrators. Which then sounds just like regular money, where you can usually arbitrate many times?
I’m also in the grandparent’s boat and I just want to get another view on this.
Re:Cambridge Bitcoin Electricity Consumption Index
by DennisP on Wednesday February 10, 2021 @05:20PM
(#26095589)
That's not how it works in regular life. If two parties agree on an arbitrator, then that arbitrator's decision is binding.
Re:Cambridge Bitcoin Electricity Consumption Index
by reaperducer on Wednesday February 10, 2021 @05:52PM
(#26095929)
One old scheme is a simple 2-of-3 multisig, where the keys are buyer, seller, and arbitrator
Who is the arbiter? Who pays for the arbiter? Do I have to negotiate for an arbiter for every purchase I make? There's a candy store down the street that takes Bitcoin. Am I really supposed to figure out an arbitration scheme just to buy a tub of popcorn?
Re:Cambridge Bitcoin Electricity Consumption Index
by shawnz on Wednesday February 10, 2021 @06:05PM
(#26096077)
> Who is the arbiter? Who pays for the arbiter? Do I have to negotiate for an arbiter for every purchase I make?
How do you do it with traditional financial instruments? You probably sign a long-term contract with some agency just as you would if you were signing up for a credit card. Or you could simply not worry about arranging any kind of arbitration for such a low-value purchase, or simply just use fiat currency for those things (there's no reason it can't continue to coexist with cryptocurrencies).
> refunds when corporations rip us off?
Easily implemented in various ways. One old scheme is a simple 2-of-3 multisig, where the keys are buyer, seller, and arbitrator. If buyer and seller agree, the arb doesn't have to be involved, otherwise the arb decides where the funds go.
> what about losing 100% of my funds when my key is lost or stolen?
Hence Vitalik's advocacy of social recovery wallets: https://vitalik.ca/general/2021/01/11/recovery.html
> Who enforces splitting of equity when some rich dick beats his wife into submission? The courts don't control any bitcoin keys.
No, but courts have effective ways to make you pay up even when they don't directly control your funds, including putting you in jail for contempt.
> my children would not be able to trade fiat for it
If Bitcoin or whatever isn't available to anyone besides miners, then I don't see why it would have any value at all. Cryptocurrency that succeeds is out in the economy, not locked up in a small group of professionals. There are plenty of cryptocurrencies owned only by a small group of enthusiasts, and they are nearly worthless.