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People are talking about drugs or questioning that it is not exactly for free. But my big question, from the point of view of someone who has owned a small onli

by vit05 9y ago

People are talking about drugs or questioning that it is not exactly for free. But my big question, from the point of view of someone who has owned a small online store, is security for the buyer. In a completely p2p transaction, the biggest difficulty lies in the assurances that the two parties are completely satisfied with the deal. The first purchase is the most important move in any market, paying a premium so that everything goes well is not so bad.

SamPatt 9y ago
There is a built-in escrow, which uses Bitcoin 2-of-3 multisignature. This means that if both buyer and seller are happy, they are the only two of three parties needed to release funds, but if either of the parties is unhappy they can bring in the escrow party. Escrow is provided on a marketplace as well, anyone can act as an escrow agent.
- vit05 9y ago
  Sounds cool, I just read the explanation, it's on the Features tab. But in the gif it is showing that you will have to pay for it, and it will be a % of the total business. Similar to what already occurs in other markets. But, as it will depend on a person, not a company, what is the legal responsibility of that third person in the deal? Will these people have a profile or decision history so you can decide who to trust? And are they responsible for the quality of the product or just to ensure that people will receive their product?
  - cpacia 9y ago
    > But in the gif it is showing that you will have to pay for it Only if the escrow resolves a dispute. The escrow agent doesn't actually learn of the transaction if all goes well. As to the rest of the questions, the arbitration is a bit ad hoc at the moment. The vendor selects the escrow agent he's willing to use and offers that as part of a "bundle" with product. If the buyer doesn't know the escrow agent or doesn't trust him then he should not buy. Obviously, having reputable escrow agents will be critical and there currently isn't any good in-app way of evaluating the reputation of the escrow. Currently people tend to bring their reputations in from other platforms and use other platforms to recommend trusted escrows.
shusson 9y ago
don't forget the seller who may also need protection. Traditionally companies like PayPal would offer some level of protection to both the buyer and the seller. However I imagine transaction insurance would just become another business on the network.

by vit05 9y ago

SamPatt 9y ago

There is a built-in escrow, which uses Bitcoin 2-of-3 multisignature. This means that if both buyer and seller are happy, they are the only two of three parties needed to release funds, but if either of the parties is unhappy they can bring in the escrow party. Escrow is provided on a marketplace as well, anyone can act as an escrow agent.

vit05 9y ago
Sounds cool, I just read the explanation, it's on the Features tab. But in the gif it is showing that you will have to pay for it, and it will be a % of the total business. Similar to what already occurs in other markets. But, as it will depend on a person, not a company, what is the legal responsibility of that third person in the deal? Will these people have a profile or decision history so you can decide who to trust? And are they responsible for the quality of the product or just to ensure that people will receive their product?
- cpacia 9y ago
  > But in the gif it is showing that you will have to pay for it Only if the escrow resolves a dispute. The escrow agent doesn't actually learn of the transaction if all goes well. As to the rest of the questions, the arbitration is a bit ad hoc at the moment. The vendor selects the escrow agent he's willing to use and offers that as part of a "bundle" with product. If the buyer doesn't know the escrow agent or doesn't trust him then he should not buy. Obviously, having reputable escrow agents will be critical and there currently isn't any good in-app way of evaluating the reputation of the escrow. Currently people tend to bring their reputations in from other platforms and use other platforms to recommend trusted escrows.

shusson 9y ago

don't forget the seller who may also need protection. Traditionally companies like PayPal would offer some level of protection to both the buyer and the seller. However I imagine transaction insurance would just become another business on the network.