Another big step towards mainstream adoption: PayPal patenting a system for faster cryptocurrency transaction times

20 comments

  1. Apatomoose - Reply

    There’s already a system for instant transactions called Lightning Network. Patented systems are antithetical to decentralization.

  2. blackmarble - Reply

    Have not read the patent, but on it’s face, this is not a great idea. Even if you are handed over the PK, you are still subject to immediate doublespend attack from your counterparty, so the same rules of waiting for confirmation still apply.

    You gain nothing. Only introduces a man in the middle attack vector, where somebody else could get the PK.

    Edit: also could be obvious from prior art of Casasius Coins, Opendime, etc.

  3. fmfwpill - Reply

    >The shorter waiting time is due to the supposedly faster process of transferring private keys associated with the “predefined amounts” of cryptocurrency that are equivalent to the transaction amount.

    Did they just “invent” the dollar bill but for crypto?
    Obviously giving someone else a predefined key to a wallet is fast but you don’t have control of the money if someone else can still have the key.

  4. AstarJoe - Reply

    So IOUs for bitcoins.

    The idea is to be trustless, not to involve another intermediary. But they got a business to run, so I think I see what they are trying to solve.

    I just think that bitcoin itself will solve this problem on its own in the near future, making this kind of pre-settlement thing obsolete.

  5. Insplestrade - Reply

    I personally got banned by paypal because they thought I was a scammer. They did not even listen to what actually happened. Which in reality was my dad sold a guitar on ebay and forgot to change the paypal account back to his and so when the sale went through I sent it to him and they thought I was causing fraud. At that moment I decided I want to see paypal go down and go down hard. Paypal is the worst. The way they hold money for whatever reason they want just to collect interest on it for themselves. Also their fees are way too high. In closing FUCK PAYPAL.

  6. typtyphus - Reply

    tldr; swapping private keys of 10mBTC or any other ‘predefined value’ wallets .

    aka purchasing btc gift cards

  7. Digiff - Reply

    Good and bad news but the main message is that the cryptos are the future which means this market is just a sleeping volcano .

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