Author: Melvin Carvalho 2013-06-06 01:06:56
Published on: 2013-06-06T01:06:56+00:00
On June 6, 2013, Peter Vessenes sent an email to the Bitcoin-development mailing list discussing the American Banker article that noted FinCEN's belief that irrevocable payments are money laundering tools. He pointed out a relevant part of Satoshi Nakamoto's whitepaper that was not mentioned in the article, which stated that completely non-reversible transactions are not possible due to financial institutions' mediation of disputes. Vessenes suggested layering on revocability through a trusted escrow service that issues time promises for signing. However, he acknowledged the vulnerability of this system to griefing and welcomed ideas from brighter minds. He also expressed his desire for a one-day reversible system that would enable him to have warning if someone attempted to spend his coins. Vessenes is the CEO of CoinLab.
Updated on: 2023-06-06T18:35:53.358790+00:00