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A comment on Cambridge Bitcoin Electricity Consumption Index. Parent comment

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?

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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).

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