reply on: Are there any new projects innovating on escrow, buyer/seller protection? \ stacker news ~bitcoin

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0 sats \ 2 replies \ @ACYK OP 1 Jan \ parent \ on: Are there any new projects innovating on escrow, buyer/seller protection? bitcoin

yea, plenty of options when buying/selling bitcoin, but when it comes to merchant purchases, there doesn't seem to be much going on currently. Would be great if myself and a merchant could prove we've locked up funds for a specified period of time (30 days?) and some mutually trusted entities had signing power on those funds should a dispute arise. The merchant transaction itself could be a simple lightning transaction, as long as proof was there that a minimum amount of funds were held in a wallet somewhere with mediators holding enough keys to effectively mediate (but not steal funds themselves).

0 sats \ 1 reply \ @notgeld 1 Jan

I am afraid there are many nuances when it comes to merchant adoption. And LN is ok with 15 min timeouts but nothing more. You are talking about something that looks like onchain escrow.

0 sats \ 0 replies \ @ACYK OP 1 Jan

I wonder if a particular fedimint federation could enforce such a rule. The federation wouldn't care who I am, but it would be able to follow a rule and not let me spend my final 400,000 sats if it is locked up for escrow. In that case, you're already trusting the federation to not rug you, this just gives the federation one extra role. Not sure if that would be possible though. As long as the federation used by the merchant, and the federation used by the customer shared a linkage on a web of trust, the purchase could be insured.