Lol I went over to bitbay before even seeing this post and asked about the escrow, they treated me like a fucking idiot. But I raised real concern. Well since its a community of dicks I am going to be a dick to them now. Mr David zimbeck 1st red flag Self Actor / Singer / Entertainer January 2000 – January 2011 (11 years 1 month) Back in the day... best know for my role in "Pirates of the Caribbean 2" as a core pirate on site in Bahamas. I was also in a bunch of national commercials. UPDATE: Lies he was not infact on pirates 2 http://www.imdb.com/title/tt0383574/fullcredits?ref_=tt_ql_1 look at list in alpha order. 2nd Red Flag CEO Outsourcing January 2000 – Present (15 years) I manage custom projects and teams of outsourcing from all around the world. I also have distributor relationships in various material and electronic companies from China and India. Self He is outsourcing all the stuff for bitbay I am sure... can you say backdoors? School of Hard Knocks Street Smarts Apr 1984 - Dec 2011 More coming as I find it. |
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I like the traditional escrow system , and I think also it works properly  . However maybe in the future the system will be implemented I agree, anyone who is investing in bitbay as a marketplace is a fool. It has nothing that you can not do with out it. You can use multisig for smart contracts Syscoin is has a wroking proof of concept for decentralized markets. and the bitbay community is full of tardo's that have had 1 to many glasses of bitbay koolaid lol |
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Its cool I just bought a bunch of syscoin, I think they will beat you to market and have a better product.
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150 satoshis ... what the hell
' Its going down more I promise I got a little bit more left. GTFO you attention whore, you're a cheap poor ass. Stop acting like this Your part of the reason I sold with you piss poor attitude is not a community or a coin I want to be a part of. Think what you want dude, people like you do a disservice to the community your a part of and I think everyone will agree with that. When a person interested in a coin sees you talking to people like that they just turn away which is what I am doing and investing in another coin. I invest I do not trade, I invest in innovation and a strong community that supports it. There is a couple of good members here from what I can see but the members that are doing a disservice to this coin are way higher in numbers. |
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150 satoshis ... what the hell
' Its going down more I promise I got a little bit more left. |
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Sold off, was not happy with what I was told and the way I was treated sorry. |
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Where can I buy this kool aid from??? That shit is GAWSOME hahahaha
You must send GAW bitcoins to get said drink lol |
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200% and the seller also have to put up the full price, and then loosing all if there's an argument  ?!? That's insane. The most basic interest of the escrow is driving as much deals to failure as they can  . To be honest, I've seen people here getting scammer tags (negative trust nowadays) for much less than this business model. They have a huge pitcher of koolaid they are drinking in bitbay, and its got them plum stupid on the matter. But the called me ignorant for bringing up the problem "cause I just don't get it" lol |
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Just to elaborate on my 'No' vote: I had a look at the BitBay escrow system, and my first thought was that this is simply not going to fly. I do not believe that anyone will be willing to put so much on the line in an escrow system, especially if you lose the escrow amount if a deal falls through.
The idea behind it is a good one, to establish an eco-system of trusted buyers and sellers, but getting people to make the first steps needed to build up a trustworthy rep under this system is going to be very difficult, I reckon.
I talked to syscoin about it they were going to use the same system. Know what they said, good point we will fix it and add another option. Check out syscoin escrow options much better. |
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It's anyway a virus or malware to steal Bitcoin Wallets and accounts... Um no... wtf are you talking about? |
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What's the argument for the system?
Its super duper safe... no middle man.. no fee's. |
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trustless. I am trying to prove to bitbay, the average user will not and can not afford to use such a system. They are high on some sort of kool aid and refuse to listen. Not only that if you are a merchant and have 100 items for sale at .25 btc a piece you have to escrow 25 BTC. Does that sound usable to you? There answer so far is... we will have only trusted sellers so there will be no need for escrow  |
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Not much of a bank if you only had 0.10BTC in funds.
You have nothing to loan out now.
Lol I realize that... Im poor ATM. Yea 1 bad loan and you toast lol |
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I got a quick quesiton about something
Q: Please explain how the escrow system will protect buyers & sellers in BitBay transactions.
A: The system is the revolutionary double deposit escrow. Both Buyer and Seller place deposits into a shared account. There is no need for an escrow agent. The deposits serve as the incentive to perform. Therefore theft and deception is impossible in these escrows. If those actions occur, the parties will not agree, the escrow will expire and they both lose. BitBay takes the profit out of theft.
Lets say I am the buyers, and I really hate a seller. He sends me my product and I just dispute it causing him to lose coins, i keep doing this to bankrupt him. How will you prevent this?
I could care less if I lose coins I got the product in hand.
Because you have to deposit TWICE the amount required to buy the product. So, unless you are just some psychopathic rich weirdo who doesn't mind spending double the amount for something just to torment the seller, this isn't going to happen very often because most people actually value their money. Maybe if you would have not been giving me mis information? did you read it all?  I am done by the way good luck with your project but I see better choices at this point. |
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I have to say this is one of the most friendly communities I have found on the altcoin forum to date. Glad to invest in you guys, you have amazing innovation and listen to user feedback. I went and tried to talk to bitbay, I was only insulted and for understanding how there system worked.  I will be buying investing more into syscoin as I see it being the clear leader and innovator in the blockchain biased market places. |
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One last time for those who still don't seem to "get it":
Some of you here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.
One more time:
The parties involved in the transaction agree upon the escrow amount. Period.
I know this, I regret saying that it does now but the question was how does the system work when working with potential fraudsters or new sellers/buyers. The double escrow situation would be used only in these extreme cases, and rarely would you have to put up twice the amount for escrow with reputable buyers/sellers. I would think anyone with half a brain could figure that part out themselves, but then again if they are asking such basic questions to begin with I guess I should not have assumed that. You turn people off of the coin when you make them feel like a ass for asking questions about things they do not understand. I am just going to go invest the 3 BTC in another project that will help its user base without making them feel like a ass or be attacked. Thanks to those of you who did help, but it seems the vast majority are just assholess. I will make sure to tell others about the treatment as well. |
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at the start of the video you can see through the racks on the left side and it looks as if that room is very small and there are no more racks on that side.
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One last time for those who still don't seem to "get it":
Some of you here are operating under the totally INCORRECT assumption that "Double Escrow" means double the cost of the item. This is TOTALLY INCORRECT unless the parties want it to be that way. The two parties involved in the escrow agreement have to set, and agree upon, an escrow amount. They are NOT forced to use double the amount of the contract, they can choose the amount.
One more time:
The parties involved in the transaction agree upon the escrow amount. Period.
Then the problem of the buyer screwing the seller arises again, if the buyer puts what ever amount into escrow and then just disputes it the vendor loses all the coins. If the vendor requires such a high % of escrow then no one will use the Vendor. Or am I missing something? |
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