Author: Peter Vessenes 2013-06-06 00:19:16
Published on: 2013-06-06T00:19:16+00:00
A recent article on American Banker notes that FinCEN considers irrevocable payments to be money laundering tools. This has led Peter Vessenes, the CEO of CoinLab, to consider whether revocability can be layered on without any protocol change as an opt-in. One idea he had was a trusted escrow service that issues time promises for signing. However, this approach is vulnerable to griefing and relies on the existence of a mythical "trusted escrow service." Vessenes welcomes input from those who may have brighter ideas for a layer-on approach. He also suggests that a one day reversible system could be useful in providing warning if someone tries to spend coins, but he's not sure if it offers anything over a standard escrow arrangement.
Updated on: 2023-06-06T18:34:10.796064+00:00