Hey MPOE-PR, Erik and I have spoken a couple of times recently (we have random friends of friends of friends in common) but do not know each other on a personal level yet. As Coinsetter works on becoming an important company in the bitcoinosphere, I'm sure we will continue to get to know each other better.
Cedivad, that's obviously a huge (and justified) concern with any bitcoin company. In the long run, the only way we can actually build trust is slowly, over time. That goes for pretty much any business in any industry. The first thing we're doing is making it very public about who we are so that we can be held to a high level of accountability. If you look at Yo's (my business partner:
http://www.linkedin.com/in/jchysk) and my track records, you'll see a history top notch positions at respected companies, as opposed to a history of producing "get rich quick" schemes. Additionally, while Yo and I are funding the company personally at this time, we are working on raising seed capital for Coinsetter from respected tech investors. We are creating a company in the right way.
There are other ways we are working to earn trust and create a great platform. We are looking into taking out insurance against hacks to help protect our customers' account balances (this is only a secondary protection, our primary focus is on constantly securing our system against hacks). We are also based in the US and bound by US law.
I appreciate your escrow idea, but it's not a path I believe we'll follow at this time. First, I have to place just as much trust in them as I place in myself, and it's not a dependency I'd be willing to have our company rely on. Second, it doesn't really seem feasible from a technical level. Funds deposited into an account are used to make trades. We expect trading accounts on Coinsetter to be quite active, so the having money sitting in escrow would slow down trades with no added benefit. Third, it would increase trading fees. Fourth, this seems like a theme that's prevalent when talking about bitcoin companies, but we wouldn't expect Forex.com to hold money in escrow because we don't trust them. We look at our company as being professional on that level. Finally, similar to the first point, bitcoin escrow companies are companies that have earned users' trust over time, but they are no more trustworthy than we are. I would rather build up my own reputation in the community and gain users slowly as I prove myself than to rely on an escrow company just because everyone told me they're okay.
Hopefully my reasoning behind this makes sense. With that said, I want to do everything we can to demonstrate that we are a company you can trust. I'm open to all ideas on how we can make you feel comfortable using our platform, and we'll work hard to show the community that we are a legitimate company doing things the right way.
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