Quote from: ancore on May 06, 2013, 07:14:09 AM

Quote from: johnyj on May 06, 2013, 03:54:26 AM

Bob can also destroy Alice's risk fund, so after that transaction is recorded in the blockchain, Alice's risk fund should be released automatically

BTC users can always initialize the transaction and get the risk fund back, since the transaction is in the blockchain. Seems the first sent medium will always be BTC

doesn't this require the exchange (nashx) to know bob's btc address, I thought the whole point was that this would be anonymous

same with risking usd, it's only possible with litecoin or bitcoin or nashx would need to know your bank account or somehow receive cash deposits and refund

That's the point of using blockchain because all the transactions are visible to anyone. NashX does not have any idea of Alice or Bob's identification, it only record the announced transction account and check the balance of each corresponding account to see if funds have arrived, all these can be done by program, and each time Alice and Bob can use different address

But there is no good way to prove that Bob has sent the USD to Alice, so there is still a risk of either Bod do not send or Alice do not acknowledge

Comparing with an escrow service, the Bob first send USD to escrow and after Alice saw the USD at escrow, she sent the BTC, and escrow will check the blockchain and confirm the transaction, then release the USD to Alice. So anyway fund should arrive at a public trusted location, either blockchain, escrow or exchange, when it comes to USD, you must have a USD account at escrow, then it is almost the same as exchange

And since NashX is an unregulated exchange, it will not be welcomed by the government