Bitcoin Forum

So, with all the new coins coming out and the hype each one gets with people looking to buy and sell coins minutes after the release, there is a lot of room for people to get scammed.

What I am proposing is building a site on which some trusted members of the site could register themselves as escrows for whichever coins they choose too. They would have a public profile showing the addresses they use for escrow so they can be checked at anytime to make sure they are not scamming.

The site would also show who is currently online so that you can trade faster by finding an escrow who is currently online and working. We could also have a section for reviews of the escrow commenting on how fast they are, etc.

As an escrow you could set all your own options, fixed fee, %fee, or a combination of the both, minimum or maximum # of coins to handle, etc. Basically, it would be up to the escrow to set their own rates. This would also help people find better options.

Would anyone be interested in a site like this? I wouldn't really try to make any money off of something like this, maybe put some ads, if that, I'm just tired of seeing people get scammed. If someone else builds it before me, or makes a better version, or something like this already exists, so be it, I just want something in place to help people.

As I write this, honestly we could probably just have a sticky thread for people offering escrow and their terms if people would rather do that.

I could be an escrow but my rates would be quite high - as my time is valuable  ;)

how high?  :P

Maybe something like 5% for orders under 5 BTC equivalent total - 2.5% for orders over this volume - 1% for orders over 10 BTC equivalent.

Subject to change :) Ha ha !

Seriously though I could do it for these rates.

So far 4 5 votes for making something like this, 2 for not, interesting  ::)


You can be my first Escrow provider if this ends up being something people want built ;D

People voting no, I would be interested in hearing you opinion on why we don't need this.

I was already thinking about a site like that, but a completely different system  ;)

My idea: Something like an exchange

1) Both sides will create a profile
2) They will choose the person they want to trade with
3) They will choose the currency (each side another)
4) They will input their wallet address
5) They will send the amount of coins requested by the other side to a address proposed by the site
6) In meanwhile, the other side is doing the same thing
7) When both transaction person=>site are accepted by the site, a big green button will appear : "Are you sure do exchange XLTC for YBTC with PERSON_Z?"
8) If both sides accept this, the money will be send automatically to provided addresses (transaction "site=>person")
9) There will always be a big red button "stop the trade" and both sites will be refunded

Unfortunately I don't have time to make it work right now, so feel free to use my idea  ;)
 

Because they're scammers?  :D

don't forget to add a trollbox  ;D

I like the idea, it's basically just an automated escrow. The only problem I see is that with the rate that new coins get made and then posted to exchanges, it would be kind of hard to keep when you would have to code and test for each new coin made. The way I envision it, I troll around on these forums a lot, but not constantly. The second a new coin goes live, someone acting as an escrow could edit their profile to add that coin as one they do escrow for, therefore in essence, "decentralizing" the escrow process away from me. I would just be providing the platform for people to use to communicate more efficiently and safely then trying to wade through all the posts on here.  

Of course  ::)

Deal  ;)

Also, I could keep a running list of know scammers, I know there is already something like that here, but never hurts to have it more than one place.

Any other features people would want?

P.S.
In case anyone was wondering how I would verify that a user on my site is indeed the same user as this site. I was thinking I could just have them sign up with the same username on my site and then I would send them a random phrase or number to post on a thread here verifying their identity. Anyone see any flaws in that? I'm totally open to suggestions. If I'm going to take the time to build this, I want to do it right and include as much as you guys want that I have the capabilities to include.

No matter what happens with this thread or if the site gets built or not, please read this : https://bitcointalk.org/index.php?topic=199130.0 before trading at all on here.

I think this is an excellent idea; the exchange could make a little money by charging 0.25% to each party.

To the OP: if you have the required skills this is the way to go, eliminating the need for human escrow

Well isn't this basically how all exchanges work? You send your coins to the exchange's address, then you list a price you want to sell at, someone wants to buy, they have sent their coins to the exchange's address and the exchange then sends the coins to the appropriate parties while maintaining a small fee.

Now, what the automated escrow idea could do though, would make it easier to do private deals without advertising the price you're selling at.

Still, as I commented earlier, human escrows can get set up way faster than coding in new coins each time they are released. But still, a pretty good idea I think.

Build an automatic exchange like vircurex or bter, no need for escrows after that.

Why not, I'm bored, I'll start working on something over this weekend, psybits has officially claimed the spot as first escrow provider, so look out for a pm to beta test it some time in the next week hopefully.

Also, if anyone has any cool names, let me know.

Thanks for giving me a good answer. I don't really want to build a full out automated exchange. I don't expect this site will be for everyone, but if it helps 1 less person get scammed, I think I'll have done a good job.