Free Bitcoin Escrow Service Launched on I2P Network

[maxkoda]

I have launched a new Bitcoin Escrow Service eepsite. This is a free service for buyers and sellers to facilitate reliable, anonymous Bitcoin transactions.

http://bitcoin-escrow.i2p

For a buyer, sending money to a seller via an anonymous Bitcoin address and hoping to get what was paid for really ends up being an act of faith. If the seller does not ship the product, the buyer doesn't necessarily know who to communicate with, there is no third party payment processor able to provide refunds, and there really is no recourse for the buyer to be made whole again. That's why we have created the Bitcoin Escrow Service. This service provides a neutral third party that provides an escrow service for online transactions, and does so allowing both buyers and sellers to remain anonymous.

The first release of the service was launched on 04 June 2011. Documentation is currently being published and will be incrementally made available on the site.

The primary goal of this service is to facilitate reliable, anonymous Bitcoin transactions between buyers and sellers and to promote secure and anonymous eCommerce within the I2P network. To that aim, my focus has been primarily focused on functionality. I purposely avoided using client-side code (such as javascript) and the user interface is pretty bland. I'm all for improving the user interface aesthetics as long as it does not deter from reliable anonymity. If you have suggestions for improving useability that does not sacrifice privacy and anonymity, please feel free to provide me your feedback (maxkoda@mail.i2p).

This is just the beginning and I look forward to improving the service moving forward.

If you are not running I2P you can get to the Bitcoin Escrow Service through the following proxy site:

https://www.awxcnx.de/tor-i2p-proxy2-en.htm
(You will need to uncheck the -> Remove all cookies (except certain proxy cookies)
If you intend to login to the escrow service and maintain a user session.


Cheers!

Max Koda

[Mike Moceri]

Could you offer escrow for Mt. Gox, by any chance? A lot of people (myself included) have not been paid by them recently due to server glitches, etc. I'd like to find a way to escrow when dealing with them so that I can be assured my assets are secure.

[maxkoda]

The service is free to all. You would need to get Mt. Gox to use the service. The service is designed to provide an escrow directly between two entities (the buyer and seller - you and Mt. Gox).

maxkoda

[maxkoda]

I just added a new merchant tool for merchants who wish to transact e-commerce anonymously with Bitcoin on the i2p network.

The new tool provides the well know "buy now" buttons for product purchases. The buttons (that merchants can place on their own web pages) provides a level of automation for the buyer to create an escrow transaction in the Bitcoin Escrow service.

This new tool makes it easier for buyers and sellers to transact using the Bitcoin Escrow Service.

The new tool as well as the Bitcoin Escrow service is free to both buyers and sellers. (I ask that if individuals find the service useful, that they consider donating Bitcoins to help maintain the service.)

My goal is to make it easier for Bitcoin to be adopted and used in anonymous e-commerce on the i2p network.

Any suggestions for improvement should be sent to: escrow@mail.i2p

Live working examples of the "Purchase with Bitcoin Escrow" buttons can be found on the PrivateTrader web site ( http://privatetrader.i2p/products.html ).

For those not currently running i2p, access can be had using the i2p web proxy located at: https://www.awxcnx.de/tor-i2p-proxy2-en.htm

Cheers!

maxkoda

[svillee]

Your service looks interesting.  Two questions, though:

(1) Couldn't a seller lie and say he shipped the product, and mark the transaction as shipped, even though it isn't?  It's true the buyer would not release the funds, but on the other hand, the seller hasn't lost anything.  Maybe the seller is just a crazy guy who likes to cause trouble.  Or maybe the seller just wants to get lots of money donated to the I2P project.

(2) Couldn't either a buyer or a seller defeat the reputation system by setting up lots of artificial transactions with his buddy, who uses various different email addresses and keys, giving positive feedback?

I'm working on a project to offer escrow services, but it would also provide arbitration in the event of a dispute.

Anyway, best of luck!

[virtualfaqs]

Your service looks interesting.  Two questions, though:

(1) Couldn't a seller lie and say he shipped the product, and mark the transaction as shipped, even though it isn't?  It's true the buyer would not release the funds, but on the other hand, the seller hasn't lost anything.  Maybe the seller is just a crazy guy who likes to cause trouble.  Or maybe the seller just wants to get lots of money donated to the I2P project.

(2) Couldn't either a buyer or a seller defeat the reputation system by setting up lots of artificial transactions with his buddy, who uses various different email addresses and keys, giving positive feedback?

I'm working on a project to offer escrow services, but it would also provide arbitration in the event of a dispute.

Anyway, best of luck!

Yes we need intelligent, reputable people to do arbitration. Otherwise these just become tools for scammers who know how to manipulate your system better than the other trader.

[myrkul]

Yes we need intelligent, reputable people to do arbitration. Otherwise these just become tools for scammers who know how to manipulate your system better than the other trader.

Couldn't agree more.