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Author Topic: Prevention is better than a cure. Please escrow.  (Read 22854 times)
squall1066
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December 30, 2012, 12:09:51 PM
 #1

In these times of Mass scammers out there, I urge people to use an escrow. There are many good members out there willing to help to secure the bitcoin community, There are also more people willing to do anything to scam you out of your coins, Please just do your research on someone before you part with your hard earned coins.

An escrow list

Note to mod, I know this is in the wrong section as I am not selling anything, I feel we all need to be wiser, People in the selling forums are less likely to look elsewhere for information on what this is and how it is acheved,
Even if a few people read this and use escrow, Or a few scammers don't get their coins, I will consider this a good job.
Please consider not moveing out the way, This needs to be addressed.

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Due to alot of account hacks, I publicly announce I will never ask for a loan, If I do, assume this account is stolen!
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John (John K.)
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December 30, 2012, 01:21:41 PM
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Stickied. I've seen enough scams happening without the use of escrow. Also, escrows increase the amount of trust a seller/buyer conveys, and thus increase the possibility of sales for newer members.

Away (and somewhat back long enough to release funds still held) after an emergency.
Hopefully I'll find more time to be around in the coming months.
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December 30, 2012, 07:53:47 PM
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I've used escrow with a few transactions with shady people, and it totally saved the transactions. Other people have done transactions with these same people, without escrow, and suffered losses. Escrow is ALWAYS a good idea, no matter who you are trading with.

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December 31, 2012, 02:49:03 AM
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Once we get trustworthy people to handle transactions then chances are we'll hear less about scams, escrow services are probably going to replace banks for the most part at least when it comes to physical goods.

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December 31, 2012, 02:54:01 AM
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Nitpick: Prevention is better than a cure.

John (John K.)
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December 31, 2012, 06:30:34 AM
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Nitpick: Prevention is better than a cure.
Good catch.  Tongue
Edited OP to help reflect this.

Away (and somewhat back long enough to release funds still held) after an emergency.
Hopefully I'll find more time to be around in the coming months.
squall1066
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December 31, 2012, 11:55:12 AM
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Nitpick: Prevention is better than a cure.
Good catch.  Tongue
Edited OP to help reflect this.

Yer, I type fast, Typo's are easy for me, Especially when emotion and feeling is involved.

Excuses...Excuses...TUT.

P.S. Ta john for sticky.

SENIGMA join Squalls Enigma shares micro mining operation     Escrow available, message me!
Another scrypt coin? https://bitcointalk.org/index.php?topic=555633.0
Due to alot of account hacks, I publicly announce I will never ask for a loan, If I do, assume this account is stolen!
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January 01, 2013, 09:41:39 PM
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For the time being I feel semi-safe with this practice. But I still fear the reaper.... Nothing is safe  really. It's not a matter of if It's when these sites will have something exploited.

I know most of these escrow services are serious about the work being done. but so wher a ton of the exchanges, online wallets and buyback services that have lost some serious hide after being exploited.

I commend the efforts and advocates of escrow services for coin. It's a huge step in the right direction of makeing everyone at the very least comfortable enough to trade with the currency.

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January 03, 2013, 12:00:49 AM
 #9

in Portuguese we say: "prevenir é melhor do que remediar"

But what is an "escrow"?

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Big or small she can take it all >:)


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January 03, 2013, 12:57:53 AM
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in Portuguese we say: "prevenir é melhor do que remediar"

But what is an "escrow"?

 es·crow /ˈeskrō/
Noun: A bond, deed, or other
document kept in the
custody of a third party,
taking effect only when a
specified condition has
been fulfilled


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January 03, 2013, 01:39:16 AM
 #11

Darktongue but how it should work? Give me an example, please.

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January 03, 2013, 03:52:36 AM
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Darktongue but how it should work? Give me an example, please.

1) Buyer meets seller but afraid to do the deal for the lack of reputation on both sides. (the age old conundrum - who will send first?)
2) They meet an escrow person, someone who's not likely to run with the amount transacted.
3) Buyer sends coins to escrow, escrow confirms acceptance.
4) Seller sends item to buyer, giving tracking numbers to buyer and escrow person.
5a) Buyer confirms acceptance, escrow sends coins to seller.
5b) Buyer states item lost/damaged, escrow mediates the transaction based on evidence of both sides and decides who to send coins to.

Away (and somewhat back long enough to release funds still held) after an emergency.
Hopefully I'll find more time to be around in the coming months.
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January 03, 2013, 11:12:06 PM
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Thanks!!  Wink

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January 16, 2013, 09:55:26 PM
 #14

Learn about cryptographic escrow!  Actual "How It Works" text from my escrow utility available at https://casascius.com/btcaddress-alpha.zip


How Three-Party Cryptographic Escrow Works

Escrow allows two people to transact in Bitcoin while leaving their funds visible to everybody and accessible to nobody until somebody releases them.  It allows the payer or the payee to release funds to one another, and also lets a third person decide for them if the two can't agree.  The third person never has access to take the funds, and is only needed to release the funds if the original two can't agree who gets them.  Whoever gets a copy of all three "invitations" gets access to the funds.

Let's pretend that Alice wants to pay Bob, and they agree to use Eddie as their escrow agent.

First, Eddie creates a pair of Escrow Invitation codes.  This is a matched pair of codes representing a single invitation.  These codes can be used by someone else in a future transaction to give Eddie the authority to act as the escrow agent.  He gives one code to Alice and the other to Bob, and keeps a copy for himself.

Second, Bob creates a Payment Invitation and gives it only to Alice, but keeps a copy for himself.  When Alice and Bob use the escrow tool to combine their individual Escrow Invitation codes with the Payment Invitation, they'll get the same Bitcoin address.  Alice and Bob must agree they have generated the same address.

Third, Alice sends Bitcoins to that address.  Now, nobody can get them until someone releases them.

Alice can release the Bitcoins to Bob by giving a copy of her Escrow Invitation code to Bob (so that he now has both halves, as well as his Payment Invitation).  He'll use the "Collect Your Funds" tab to enter all three, and will receive the private key needed to claim the funds.  The private key can be imported into a Bitcoin client or web wallet.

Bob can give a refund to Alice by giving her a copy of his Escrow Invitation code.

Eddie can also force the payment to be awarded to Alice or Bob by giving them both Escrow Invitation codes.  Eddie can't claim the payment himself because he would also need the Payment Invitation, which he doesn't have.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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January 17, 2013, 12:36:52 AM
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^ Awesome work Casascius, had to check this one right away, now it should be way easier to do escrow-ed trades.

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January 27, 2013, 05:46:24 PM
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That crypto exchange is mathematically cool. Say Alice sold Bob plasma tv. She got proof of postage. Bob claims he got cardboard sheets in the box instead of TV. What is Eddie going to do?  Goods and services' indisputable proof of completed transaction is not there Cheesy I say use common sense. If its normally looking internet shop, with paypal, etc they are unlikely to scam you out of say 50 usd worth of btc Cheesy If its gumtree of Craigslist ad you might want to ask seller to confirm his id via Facebook Smiley And if seller wishes to remain anon well then otc web of trust or SR feedback Smiley

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February 23, 2013, 01:00:27 AM
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Wouldn't simply using bitmit for transactions be an acceptable form of escrow? Are they trustworthy?

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March 21, 2013, 03:48:58 PM
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Use common sense when dealing on the internet... PERIOD

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March 31, 2013, 10:01:49 AM
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Learn about cryptographic escrow!  Actual "How It Works" text from my escrow utility available at https://casascius.com/btcaddress-alpha.zip


How Three-Party Cryptographic Escrow Works

Escrow allows two people to transact in Bitcoin while leaving their funds visible to everybody and accessible to nobody until somebody releases them.  It allows the payer or the payee to release funds to one another, and also lets a third person decide for them if the two can't agree.  The third person never has access to take the funds, and is only needed to release the funds if the original two can't agree who gets them.  Whoever gets a copy of all three "invitations" gets access to the funds....



Casascius, the 3 party cryptographic escrow sounds like a neat solution. Who offers this service?
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April 02, 2013, 07:51:02 PM
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Wouldn't simply using bitmit for transactions be an acceptable form of escrow? Are they trustworthy?

Yes, they are a form of escrow, but you have to flat pay a fee. Other escrows have lesser fees since they are not a true marketplace.

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