Author: Mark Friedenbach 2013-06-06 18:18:26
Published on: 2013-06-06T18:18:26+00:00
In an email sent to Peter Vessenes, Executive Director of the Bitcoin Foundation, Mark expressed concern about efforts to comply with US regulations on money transfers. The email was prompted by a recent article in American Banker, which highlighted FinCEN's view that irrevocable payments can be used for money laundering. Vessenes responded by suggesting a scheme that would layer on revocability without requiring any protocol changes. His initial idea was for a trusted escrow service that issues time promises for signing. If it doesn't receive a cancel message, it will sign at the end of the time. However, he admitted that this approach seems vulnerable to griefing and that he is not sure whether it offers any advantages over a standard escrow arrangement.
Updated on: 2023-06-06T18:34:44.242987+00:00