From: Joel Kaartinen <joel.kaartinen@gmail•com>
To: bitcoin-development@lists•sourceforge.net
Subject: Re: [Bitcoin-development] Instant / contactless payments
Date: Fri, 07 Mar 2014 20:07:57 +0200 [thread overview]
Message-ID: <531A0AFD.5010702@gmail.com> (raw)
In-Reply-To: <CANg-TZBv0zT6PywWJwug0DtzhQkXeE+9nMY14xKAfCysGfgkFg@mail.gmail.com>
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I think a reputation network is more complicated than is needed for
this. This can be solved by the market.
What is needed is a simple method for each individual user to mark
certain merchant as trusted. For example, if your device gets an
untrusted payment request, it'll make a small sound, light up the screen
and ask the user to authorize the payment. The user then has the choice
of adding the merchant to trust list, authorizing just a single
transaction or not paying (and perhaps adding to the user's publicly
shared untrusted list?).
This way, even lacking a trust architecture, only the first payment to a
merchant needs to take several seconds. If trust is granted, the next
payments will be swift.
The lack of chargebacks presents a clear risk to the customer, though,
so a need for a third party that can keep the merchants honest exists.
This opens up markets for transaction insurance companies. Even though
bitcoin transactions are final, if a transaction insurance company
offers to cover your losses in the event of fraudulent charge, the risk
is practically eliminated.
Such an insurance company would have a strong incentive to make sure the
merchants they insure for behave. Otherwise they'll suffer the losses. I
think this would result in an equally trustworthy but more decentralized
system than with credit cards.
- Joel
On 06.03.2014 16:20, Brooks Boyd wrote:
>
>
> On Mar 6, 2014 3:47 AM, "Mike Hearn" <mike@plan99•net
> <mailto:mike@plan99•net>> wrote:
> >
> > I just did my first contactless nfc payment with a MasterCard. It
> worked very well and was quite delightful - definitely want to be
> doing more of these in future. I think people will come to expect this
> kind of no-friction payment experience and Bitcoin will need to match
> it, so here are some notes on what's involved.
> >
> > 3) Have some kind of decentralised reputation network. I spent some
> time thinking about this, but it rapidly became very complicated and
> feels like an entirely separate project that should stand alone from
> Bitcoin itself. Perhaps rather than try to make a global system,
> social data could be exchanged (using some fancy privacy preserving
> protocols?) so if your friends have decided to trust seller X, your
> phone automatically trusts them too.
>
> A reputation network might be an interesting idea, or several
> different networks with different curators (to prevent complete
> centralization), like how the US credit score system has three main
> companies who track your score. Something like a GPG ring of trust,
> with addresses signing other addresses would work well, if some sort
> of Stealth address or HD wallet root was the identity gaining the
> reputation, then address re-use wouldn't have to be mandatory.
>
>
>
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next prev parent reply other threads:[~2014-03-07 18:08 UTC|newest]
Thread overview: 34+ messages / expand[flat|nested] mbox.gz Atom feed top
2014-03-06 9:45 Mike Hearn
2014-03-06 11:26 ` Andreas Schildbach
2014-03-06 13:44 ` Mike Hearn
2014-03-06 14:51 ` Andreas Schildbach
2014-03-06 16:55 ` [Bitcoin-development] Instant / contactless payments, IsoDep Andreas Schildbach
2014-03-06 17:00 ` Mike Hearn
2014-03-07 8:45 ` Andreas Schildbach
2014-03-07 9:26 ` [Bitcoin-development] Instant / contactless payments Johannes Zweng
2014-03-07 10:00 ` Mike Hearn
2014-03-07 10:23 ` Andreas Schildbach
2014-03-07 11:01 ` Mike Hearn
2014-03-07 12:00 ` Johannes Zweng
2014-03-06 14:20 ` Brooks Boyd
2014-03-06 17:07 ` Mike Hearn
2014-03-06 18:08 ` Brooks Boyd
2014-03-06 18:12 ` Mike Hearn
2014-03-06 18:20 ` Brooks Boyd
2014-03-06 18:24 ` Mike Hearn
2014-03-07 18:07 ` Joel Kaartinen [this message]
2014-03-06 14:39 ` Alex Kotenko
2014-03-06 16:46 ` Andreas Schildbach
2014-03-06 16:52 ` Mike Hearn
2014-03-06 18:03 ` Alex Kotenko
2014-03-07 8:59 ` Andreas Schildbach
2014-03-06 17:03 ` Mike Hearn
2014-03-06 18:49 ` Alex Kotenko
2014-03-08 8:52 ` Jan Vornberger
2014-03-10 15:09 ` Alex Kotenko
2014-03-10 19:28 ` Andreas Schildbach
2014-03-10 19:47 ` Alex Kotenko
2014-03-07 19:08 ` Troy Benjegerdes
2014-03-10 16:04 ` Mike Hearn
2014-03-10 16:14 ` Jean-Paul Kogelman
2014-03-10 16:27 ` Alex Kotenko
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