[Bitcoin-development] Eliminating double-spends with two-party self-escrow for high value transactions

Peter Todd pete at petertodd.org
Sat Apr 26 18:31:19 UTC 2014

On Sat, Apr 26, 2014 at 08:07:58PM +0200, Mike Hearn wrote:
> What stops the buyer just always waiting to get their money back?

The seller won't hand over the goods of course until they have a valid
transaction signed by the buyer sending them the escrowed funds. (and
the nLockTime deadline is sufficiently far away that the probability of
not being able to get the transaction mined in time is low)

Note how the mechanism I'm proposing is basically just a Jeremy
Spilman-style micropayment channel(1) used for a single payment; I
should have made that clear in my original post.

1) http://www.mail-archive.com/bitcoin-development%40lists.sourceforge.net/msg02028.html

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