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My 2 cents: The element of trust is primary for any financial transaction. There's a reason why eBay Amazon et al employ thousands for conflict resolution b/w b
by iamsalman 13y ago
My 2 cents: The element of trust is primary for any financial transaction. There's a reason why eBay Amazon et al employ thousands for conflict resolution b/w buyers and sellers. I wouldn't mind going on SilkRoad for acquiring something which I otherwise cannot but for items which are available elsewhere, I don't mind giving up tiny bit of control while transacting on a commercial platform like eBay.
- wildgift 13y agoI think the relationship is desirable, which is why some people will pay a higher price to have a relationship with a vendor, with the understanding that if s transaction goes wrong, the vendor won't balk at fixing the problem. There might also be an expectation that one party or other will extend credit for a few days. In contrast, there are touch-and-go relationships all the time, like at convenience stores. You can't have the exchange without being present for the entire transaction, because neither party trusts the other.
- runeks 13y agoEscrow services would have to be an integral part of the architecture. The buyer pays the vendor via an, initially, unsigned multisig 2-of-3 transaction, and the goods are sent when the buyer, the vendor and the escrow service each hold a copy. When the buyer receives the items, he signs the transaction and sends it to the vendor, who signs it and it's valid. If a dispute occurs, the escrow service will have to decide the case, and side with whichever party it finds most credible. A reputation system for escrow services will be as important as one for vendors, as far as I can see, and they need to be compensated for their service, of course.
- amac 13y agoI agree with this. I'm thinking about building a decentralized marketplace but without anonymity for this very reason.