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Eli Dourado
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Eli Dourado
Head of global policy and communications at Boom.

One of the criticisms leveled at Bitcoin by those people determined to hate it is that Bitcoin transactions are irreversible. If I buy goods from an anonymous counterparty online, what’s to stop them from taking my bitcoins and simply not sending me the goods? When I buy goods online using Visa or American Express, if the goods never arrive, or if they aren’t what was advertised, I can complain to the credit card company. The company will do a cursory investigation, and if they find that I was indeed likely ripped off, they will refund me my money. Credit card transactions are reversible, Bitcoin transactions are not. For this service (among others), credit card companies charge merchants a few percentage points on the transaction.

The problem with this account is that it’s not true: Baked into the Bitcoin protocol, there is support for what are known as “m-of-n” or “multisignature” transactions, transactions that require some number out of some higher number parties to sign off.

The simplest variant is a 2-of-3 transaction. Let’s say that I want to buy goods online from an anonymous counterparty. I transfer money to an address jointly controlled by me, the counterparty, and a third-party arbitrator (maybe even Amex). If I get the goods, they are acceptable, and I am honest, I sign the money away to the seller. The seller also signs, and since 2 out of 3 of us have signed, he receives his money. If there is a problem with the goods or if I am dishonest, I sign the bitcoins back to myself and appeal to the arbitrator. The arbitrator, like a credit card company, will do an investigation, make a ruling, and either agree to transfer the funds back to me or to the merchant; again, 2 of 3 parties must agree to transfer the funds.

This is an escrow service; at no point can the arbitrator abscond with the funds. The arbitrator is paid a market rate in advance for his services, which are offered according to terms agreed upon by all three parties. This is than the equivalent service using credit cards, because credit cards rely on huge network effects and consequently there are only a handful of suppliers of such transaction arbitration. Using Bitcoin, can be an abitrator, including the traditional credit card companies (although they might have to lower their fees). Competition in both terms and fees is likely to result in better discovery of efficient rules for dispute resolution.

While multisignature transactions are not well understood, they are right there in the Bitcoin protocol, as much a valid Bitcoin transaction as any other. So Bitcoin transactions are irreversible; others are reversible, exactly as reversible as credit card transactions are.

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is a new site (announced yesterday on Hacker News ) that facilitates setting up multisignature transactions. Bitcoin client support for multisignature transactions is limited, so the site helps create addresses that conform to the m-of-n specifications. At no point does the site have access to the funds in the multisignature address.

In addition, Bitrated provides a marketplace where people can advertise their arbitration services. Users are able to set up transactions using arbitrators both from the site or from anywhere else. The entire project is open source , so if you want to set up a competing directory, go for it.

What excites me most about the decentralized arbitration afforded by multisignature transactions is that it could be the beginnings of a Common Law for the Internet. The plain, ordinary Common Law developed as the result of competing courts that issued opinions basically as advertisements of how fair and impartial they were. We could see something similar with Bitcoin arbitration. If arbitrators sign their transactions with links to and a cryptographic hash of a PDF that explains why they ruled as they did, we could see real competition in the articulation of rules. Over time, some of these articulations could come to be widely accepted and form a body of Bitcoin precedent. I look forward to reading the subsequent Restatements .

Multisignature transactions are just one of the many innovations buried deep in the Bitcoin protocol that have yet to be widely utilized. As the community matures and makes full use of the protocol, it will become more clear that Bitcoin is not just a currency but a platform for financial innovation .

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Admission Prices

Leicester

£3.50 £7.50 £9.50 FREE

After School prices

Reduced after school rate if you arrive after3.00pm on a school day in term time.

Adults: £3.50 Children 1-3 years: £4.80 Children 4-12 years: £5.80 Children under 1 year: FREE

(Term time definitions based on the Local Authority area’s term time calendar only)

Registration

This registration enables us to maintain high levels of security at our reception allowing you to relax whilst visiting our centres. Please note all information is kept in line with data protection and is not shared with any other party unless you agree.

Opening Times

9.30am – 5.30pm 9.30am – 6.00pm

Christmas Eve 9.30am – 2pm Christmas Day and Boxing Day, New Year’s Eve 9.30am – 2pm, New Year’s Day.

360 Play is the one stop family entertainment venue for creative, active,stimulating fun whatever the weather. For people living in Leicester and the surrounding towns including Market Harborough, Hinkley, Nuneaton, Loughborough and Nottingham. Designed by families for families seeking fulfilling and fun things to do with their children, 360 is the place to go.

Located on the Meridian Leisure Park with great road access from the main ring road and Junction 21 of the M1, 360 is the biggest and the best children’s entertainment centre in the region because it enables active, imaginary and creative play in a fantastic, safe environment. 360 provides the setting where your child’s imagination can write the script. Relax and enjoy playtime with your children.

Our centres are packed with activities that have been designed toencourage children to be physically active, whilst developing their ownsocial and cognitive abilities.

Contact Us

Telephone: 01162 894731 Email: leicester@360play.co.uk > Directions

Gallery

Over 8,000 sq ft of play; giant wave slides, aerial gliders, interactive ball zone, assault race track, aerial swings, cargo nets and tunnels, roundabout and much, much more.

Separate toddler play area for the little ones with slides, biff bags, trim trail and building blocks all soft padded for early builders.

Ride all day long at no extra charge. Race dad on the dodgems or take mum for a spin on the carousel. There are over 10 different characters to ride.

Our original and UK renowned role play zone 360 Street, set in over 10,000 sq ft, hosts full size shops and play settings where role play becomes almost real.

Come and make a mess with us; paint, chalk, stick and glue. Our helpers are on hand to clean up as you go and offer that little creative help if needed.

Take your play outside with giant sand pits, climbing activities, water boats, play houses and much more. When the sun comes out relax and take lunch outside too.

Our 360 café prides itself in providing fresh food, from a snack to a full meal. Order at the counter then sit back and we will deliver your freshly prepared food to your table.

Click here for more details

360º Virtual Tours

Latest News Events

360 Play is now in its tenth year and to commemorate this we are having a company day to celebrate with all of our staff. All centres will be closed on Tuesday 19th June 2018 We look forward to welcoming our guests back to the centres when we re-open as normal on Wednesday 20th June. […]

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Executive coach, change consultant, author

I ntroducing… the first integral mashup on managing promises.

I’ve pulled short audio clips from five past interviews and added my own commentary—all onthe topic of how we get things done in life through conversation.

This is my favorite topic in leadership development, particularly when meshed with other valuable frames, like the idea that we are all in over our heads in complexity, so why not grow a little bit?

Joining us on this journey are Bob Dunham, Lisa Marshall, Chris Chittenden, Elizabeth Doty, and Susanne Cook-Greuter.

All together in one place for the first time…sort of!

This episode is an experiment. It was both fun and challenging to unpack different guests’ ideas and then place them in a slightly larger context. This stretched my brain!

I’d love your help. Please shoot me a 1-2 line email and let me know what you think.

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