The important part is A signed over to B $1000. B and C may be the same person. B wanting to do business as C.
If A, B and C are all the same person and there wasn't an identity attached to any account, outsiders wouldn't value the record much, especially if they were transactions of significant value.
C could redeem the value with Western Union (or similar agent). They might say you have to agree to sign the closure of the account to no longer modify the balance of the account. They'd basically be like a collections agency, buying debt.
You'd be able to have similar plausible deniability as Bitcoin. Coinbase sees the transaction flows and the ledger is public. You could do business as a pseudo identity ( Do business as C, if you're B )
Thing is, why would Western Union want to buy the debt unless they knew who A is and if they have any hope of collecting from them? This would probably only work if A was a known entity, and generally trusted to have the money they signed over. But if they are, why do we need Western Union at all? Just have C go to A to ask for the money. And if A is an publicly-known entity that exchanges signed amounts for the underlying currency, they're essentially an Exchange.
No proof-of-work, just a way for people to get digital money (representing USD, gold, or anything else) issued by A (Exchanges). And rather than regular signatories they use blind ones, so that A doesn't even know that B spent its coins on C.
> If A, B and C are all the same person and there wasn't an identity attached to any account, outsiders wouldn't value the record much, especially if they were transactions of significant value.
Right. The only way B "really" has a balance of $1000 is if A is some established, trustworthy entity - e.g. an actual bank. And trustworthy entities that offer service to anonymous people don't stay trustworthy for long.
If A, B and C are all the same person and there wasn't an identity attached to any account, outsiders wouldn't value the record much, especially if they were transactions of significant value.
C could redeem the value with Western Union (or similar agent). They might say you have to agree to sign the closure of the account to no longer modify the balance of the account. They'd basically be like a collections agency, buying debt.
You'd be able to have similar plausible deniability as Bitcoin. Coinbase sees the transaction flows and the ledger is public. You could do business as a pseudo identity ( Do business as C, if you're B )