btsx are unspendable in my proposal until transaction is canceled or completed
My understanding is your proposal was to divide nodes into two groups:
- Delegate nodes determine whether delivery was completed by examining the BTC blockchain
- Non-delegate nodes determine whether delivery was completed by checking if delegate nodes published a signed statement saying delivery was completed
Now if the delegates lie and say delivery was completed, when in fact it was not -- then the BTSX become spendable because all non-delegate nodes only validate the delegates' statement about what happened to the BTC, not what actually happened to the BTC.
In effect, you're making the delegates the final gatekeepers to those BTSX. Currently, even if delegates collude and lie, they still cannot give your funds to anybody else unless you have signed a transaction authorizing it [1]. Your proposal opens the door to that being possible, and I am not comfortable with it.
[1] In the case of transactions in the currently implemented markets, the delegates cannot give your funds to a matching order without also giving you the consideration you demanded in your offer. I.e. if you place an order to buy BitUSD with your BTSX, the only way the network can give your BTSX to someone else is if you get BitUSD in return, in the proportion you asked for.