CHECKLOCKTIMEVERIFY Means Bitcoin Escrow, Refunds and a Fork
Yesterday, Bitcoin Core developer Peter Todd posted his draft for a new Bitcoin opcode, CHECKLOCKTIMEVERIFY. This new script gives Bitcoin powerful new features and solves transaction malleability issues. In his BIP draft Todd reveals use cases for Escrow, Time-locked Refunds, Two-factor Wallets, Micropayment Channels, Trustless Payments, and more. "Very nice," Gavin Andresen responded on the Bitcoin-development mailing list, supportive of Todd's request for peer review. He recommended deferring the "knock-down[sic] drag-out" deployment discussion. He stated his preference in achieving....
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CheckLockTimeVerify (CLTV) has been merged into Bitcoin Core. This is generally considered great news, because it means that Bitcoin's potential has improved drastically. In particular, the patch that was proposed by Bitcoin Core developer Peter Todd allows for the proper establishment of payment channels. This means that Bitcoin users will be able to transact cheaper, faster, and at a higher volume than usual, while maintaining all of the advantages as offered by the blockchain. What is CheckLockTimeVerify? The CLTV concept is fairly simple. Essentially, it allows users to create a....
The U.S. Federal Trade Commission is refunding about 8,000 victims who lost money from investing in two bitcoin scams. The fraudulent schemes promised that investors could turn their cryptocurrency payments of about $100 into $80,000 in monthly income. Bitcoin Pyramid Schemes’ Victims Get Refunds The Federal Trade Commission (FTC) has started sending refunds to victims of two cryptocurrency investment scams: Bitcoin Funding Team and My7network. According to an announcement by the FTC on Wednesday, the two schemes “falsely promised that participants could earn large amounts of....
One of the biggest features of Bitcoin is the lacking of chargebacks, which can be seen as an advantage and a disadvantage. By not having the ability to have chargebacks, sellers usually have the advantage when it comes to consumer protection. But what about the buyer? This is where an escrow service comes in. Escrow services are a third party which both the buyer and seller both agree on to exchange the money and goods. The buyer sends the money to the escrow, while the seller sends the product. Once both is confirmed, they are sent on their way. If one fails to hold their end of the....
Mt. Gox’s trustee, Nobuaki Kobayashi, has asked creditors of the defunct crypto exchange to register on a new online system so that they might receive their refunds and be able to vote on the civil rehabilitation plan. ● In a statement released Jan. 7, Kobayashi said the registration targets those creditors who have already filed claims but have been unable to log in to the old Mt.Gox online system. ● Users can register on the new system using the creditor numbers they received in the past, he said. Registration must be completed by March 31, 2021. The trustee is also....
The head of the Volantis escrow company faces up to 10 years in prison for defrauding customers.