Bitcoin Forum

Hi Guys,

Over the last few weeks I have been asked to escrow for quite a few large transactions between members in the crypto community, all of which went well with no problems. Since I do get a few requests regularly I thought I'd start a professional service for most coins, including quite a few alt currencies. Below are complete details, sorry for the length, but when you're after a service like this it is very important to be as concise as possible.

Starting from today I will have updated clients for the currencies below on a stand alone machine. The system will be powered off when not being used to carry out transactions, it will be also run with top notch security software & firewalls. All wallets will have triple backups, all stored offline on cold storage. This machine will solely be run on TOR meaning hackers cannot target my machine.

There will of course be a fee, as listed below, this will depend on the type of currency and the number of coins transacted.

There will be two services:

'Coin&Confirm' which leaves one user's coins in escrow with me until an external payment or item is received with confirmation being given to me from the opposing user. When sending or receiving items or payments in fiat it is very important to take screenshots and/or scans of anything that may be of use in a dispute. When posting please use a tracked service, proof of postage may not be enough!

'Coin2Coin' will be a service where two cryptocurrencies from two users are both held in escrow by me, once coins from both sides are received then they will be sent to the opposing users.

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*CURRENCIES SUPPORTED & FEE'S*

http://i43.tinypic.com/2r5gcx1.jpg

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*PROCESS*

You can either PM me on here, or email me at koolioescrow@gmail.com. Please note that I am not a robot and do sleep, most days I am open to reply from 1300 - 0500 GMT. If I take holidays etc I will give prior warning.

From this point you need to inform me the following:

1. Whether you need 'Coin&Confirm' or 'Coin2Coin'. Also what item is being posted if Coin&Confirm'
2. The currencies involved.
3. The quantities involved.
4. Contact email for yourself and the other party.

Once received, Ill email or message you back with receiving address for the coins, and if 'Coin2Coin' then you will get a second address that is needed to be given to the other party. I will email the other user both addresses anyway, so they can see payment status on the block chain, also so they have a complete record. Once coins are received from one or both parties, you will get another message stating all received.

When handling cryptocurrencies I operate I minimum transact time of 10 confirms on BTC & LTC, all alt currencies require 20 confirms due to potential forking at the moment. They can be lowered on request.

Payments from my system are handled manually for security, at no point is anything automated.

Fees will be deducted from all amounts on my side automatically. Fees are charged per user at rates set above.

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*DISPUTES*

Disputes can be opened by either party simply by emailing me on koolioescrow@gmail.com or PM on here.

For 'Coin&Confirm' To counter a claim of no payment the opposing user must send proof of payment by email to me. This must be a screenshot of the payment leaving your account. With item deliveries, proof of postage may not be enough to counter a claim, for this reason I suggest all users use tracked postage as if I can openly access delivery data I will find instantly in that users favour. In any cases where evidence from both sides is submitted and we are at a stalemate I will use all means necessary to do a complete background check on both parties. If a user has any lack of history or proof of past scams then again I will find in opposing users' favour.

Where 'Coin2Coin' is confirmed if I fail to receive coins from opposing users then a full refund will be sent to initial party. If a user makes a mistake on sending addresses we will count those coins lost due to error and again a  refund will be given to opposing user unless a repayment to correct address is made.

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*WHY TRUST ME?*

Of course I expect this question to be raised... Please click links in my signature for details of my other profiles.

Heres the other reasoning:

1. I have been a long term supporter of cryptocurrencies for over 3 years. I have an impeccable relationship with long term members and not once ever tried anything considered 'dodgy' or 'malicious'.
2. I have what can be considered a large holding of cryptocurrencies totalling 6 figures+ for Litecoin & 3 figures+ for Bitcoin. It is therefore not in any interest of mine to even consider 'robbing' or 'defrauding' anyone of their coins.
3. I am a moderator on BTC-E.com where many see me day to day keeping the chat community in check. I have a profile number of less than 8000 which is considered quite old.
4. If you click the links in my signature below you will be taken to my various profiles. My BitBargain account is fully verified meaning the owner has seen a verified bank account and soon to include full ID check. I have an impeccable sales history of there with no negatives at all.
5. My OTC profile is in check with a good score, no negatives at all.
6. I'm sure that in any scenario of bad practice there are a number of users who hold dox on me. Due to my openness in previous years I allowed members to do checks on me.
7. One of my external businesses is WiresNTyres.com... this website is registered to me, I am also editor and can be contacted via contact details on there for proof. As this is a long term project of mine I would not jeopardise it over a few crypto coins.

***SO FAR I HAVE ESCROWED OVER 250'000 LITECOINS AND ALMOST 800 BITCOINS TO USERS WHO HAVE TRUSTED ME. THESE HAVE BEEN LARGE TRANSACTIONS***

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*HOW WILL I IMPROVE THIS SERVICE*

After an initial 4 weeks service I will open a dedicated website with a full ticket system allowing users to automate their requests. Wallets will not be stored on the site, only pre created addresses. Once transactions are complete I will delete all data. Payments out of escrow will still be carried out manually to keep security high, and I will improve on hardware by purchasing dedicated physical firewalls, and continue running the payment machine on TOR.

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*REFERRALS*

If a user refers business to me, or parties agree a member was the sole reason of my service use I will award that person 10% of the fee for that transaction. When I start my website this will rise to 20% for the life of transactions with those customers. I can only offer more when I implement an IP tracked referral system otherwise people would just claim referrals to bring total fee down.

Depending on fee's made I will be doing a giveaway in due course to drum up interest. Details aren't finalised but most likely entry will be given to all referral users and service users per transaction or coin sent to me.

+1 rep  ;)

Koolio is an upstanding young chap. He has my full trust and support. If there's any question of his trustworthiness/legitimacy, I hope this post lends some peace of mind, however insignificant my voice might be.

This nigga legit. Best rep ever.

Im giving away 2 LTC to each person who refers new business to me. There are a few rules.... see below post:

https://bitcointalk.org/index.php?topic=220399.0

between him and John who is better?

I wouldnt suggest either are better than the other. I count us as both trustworthy with similar fee's. You can ask the chat box users for a reference of me on BTC-E, I doubt I would disappoint you  ;)

Might I add that not many escrow services accept all coins. Im more than happy to accept new alts... clients and blockchains can be downloaded in a matter of hours.

XRP ? ( may have use for escrow to sell some XRP for BTC in near future )

Not a problem, Ill begin downloading the client today so its ready for when you need it.

This weekend Im doing a second update on coins so I should be accepting a good number more... Ill also be upgrading my system this weekend to include better security.

You don't meet many people with ethics on here.. but now and then you do.

Koolio is a mod on a "troll box" which tell you just how he steps apart from majority of others.
Koolio always responds to my pm's or questions. 

+1 for the Koolio

I think your business is safe with him in the middle.  Every now and then one needs someone to trust.

Coin speed to you all!

my moto is never trust anyone  with your life savings that you cant meet and slap with a wet fish, that being said for smaller less life altering amounts having an escrow service limits the chances of needing to slap people around.

i would trust koolio as an escrow service. but just remember if its your life savings think hard before doing any deals, try not to do pay upfront deals with someone you know nothing about. learn something about them atleast.

koolio has my trust and respect for smaller amounts. but even a family member i wouldnt trust with life savings. so just be careful that you don't request delivery proof of a package. which is given.. and then the item received is a nicely wrapped brick/phonebook.

request proof of ownership of the product EG a personalised photo with your name handwritten on a piece of paper with the item also in view. reducing the chances of being sold a google image and empty promises

TBH Frank1 I agree whole heartedly. If you dont or cant risk coins then take certain precautions.... for instance split a large transaction into smaller ones if its your first use of my service to gain trust. As Franky1 said when buying items make sure the owner first sends a 'proof of life' with that guys username written somewhere. Always make sure that you can do everything possible when doing a trade from the forums. Escrow defo helps, but remember theres always more steps that can be taken

Thanks for that... I feel humbled lol

I have added this weekend the following cryptocurrencies:

XRP - Ripple
BQC - Bbqcoin
MNC - Mincoin
YAC - Yacoin
FRK - Franko
RYC - Royalcoin
PXC - Phenico
GLD - Gldcoin

Bytecoin? (I don't have any, was just curious.)

Can be added, now you mention it I shall add it to my third coin update which will happen sometime this week

My website WWW.KOOLIOESCROW.COM is now live! In the next 24 hours Ill be updating feedback given to me by customers as well as adding a referral registration page! If you want anything added just let me know!

I will hopefully be integrating into the feathercoin marketplace in the coming days....  Remember to use KoolioEscrow! I accept most alt coins as part of the service

Very close to implimenting on the feathercoin marketplace. Ill hopefully be offering side services including orderbooks for new alt currencies...

ALSO I WILL BE LOWERING RATES FOR ALTS FROM 3% TO JUST 2%!

www.KoolioEscrow.com