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  • intelliot 3:09 pm on October 27, 2013 Permalink | Reply
    Tags: , consumer, payment, , protection, protocol, refunds   

    How do receipts work?

    When a payment request is signed it’s not just the addresses. The memo is also signed. By keeping around the signed payment request, and the transactions you created to satisfy it, you obtain a mathematical proof of payment. The merchant cannot dispute what was paid for because the memo field contains a description, nor can they dispute that payment was delivered (unless they claim they lost control of their private keys, of course).

    This is great because it fills in a missing piece for low-trust third party dispute mediation using multi-sig transactions. Currently if you tried to implement that, you’d run into the problem of a buyer saying “seller did not deliver!!” and the seller saying “the buyer never paid me!” or more problematically, buyer saying “seller gave me something different to what I asked for” and the seller saying “I gave him exactly what we agreed on”.

    With receipts, it suddenly becomes much easier to figure out what happened in a transaction and recompense the right party.

    https://en.bitcoin.it/wiki/Contracts#Example_2:_Escrow_and_dispute_mediation

     
  • intelliot 9:37 pm on January 11, 2013 Permalink | Reply
    Tags: citizens, deterrents, , law-abiding, protection, ,   

    “It is reasonable to wish that only virtuous people had guns, but there are now nearly 300 million guns in the United States, and 4 million new ones are sold each year. A well-made gun can remain functional for centuries. Any effective regime of “gun control,” therefore, would require that we remove hundreds of millions of firearms from our streets. As Jeffrey Goldberg points out in The Atlantic, it may no longer be rational to hope that we can solve the problem of gun violence by restricting access to guns—because guns are everywhere, and the only people who will be deterred by stricter laws are precisely those law-abiding citizens who should be able to possess guns for their own protection and who now constitute one of the primary deterrents to violent crime. This is, of course, a familiar “gun nut” talking point. But that doesn’t make it wrong.”

     
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