Blockchain Value Exchange System


If you do not want to participate, that’s fine with me. This discussion is more for the edification of those who might read it.

Your statement “Let the market drive itself without judgment” is nonsense. Market participants are the ones that pushed for the creation of courts because a reliable dispute resolution system lowers transaction costs and risk. A market in which no one is accountable is a high risk market in which one time players cannot safely participate and lots of trusted intermediaries are required. This is the opposite of what blockchain proponents claim to want.

(.) #42

When the market depends on repeat business and people can leave feedback
the market can regulate itself, similar to ebay.

(.) #43

This discussion was started by me, and it is not for edification.
You can start an edification discussion for yourself, or you can have this
one , and I start another one.


You’re kidding, right? eBay runs one of the largest private court systems in the world, and you can’t settle transactions in Bitcoin on eBay because of the very problem that I’ve identified here. Courts and commerce are very closely related, and sophisticated court systems are the key to the advances in commerce in recent centuries.

(Chad Elwartowski) #45

OpenBazaar is eBay-like and uses bitcoins and a decentralized escrow service to deal with any problems that may arise with a transaction. Vendors are rated and escrow providers are rated. The market determines everything on that system.


And OpenBazaar will never approach the usage of eBay, much less escape the escrow service type agreements, because bitcoin’s multisignature function is no substitute for a court system.

(Chad Elwartowski) #47

No, presently OpenBazaar will not approach the usage of eBay. But it is a free market solution that people who actually prefer the free market can use. It is working now so there is currently a working solution without a court system.

It is ok if other people use eBay, we are not here to push freedom on anyone. I have found that the reality is that most people really do not like freedom, some even despise it. That is ok. Nobody will come knocking on your door with a warrant to lock you up for not being free enough.

But it is ok that there is the option out there. You do not have to participate if you are one of the 95% of people that don’t want freedom. You can pay an extra 15% on your Amazon purchases for the convenience of using fiat currency instead of bitcoins. That’s ok. That is your choice (even though some would prefer to not have such choices).