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Author Topic: John (John K.)'s escrow service (previously known as johnthedong)  (Read 52482 times)
John (John K.)
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February 07, 2013, 03:41:35 AM
 #1

(awesome logo designed by moltenmich, thanks again man!  Grin )

I do require a fee (of 1.5% depending on the complexity - long terms ones for 2.0%+) for more substantial trades now to deal with the extended risk. An escrow that requires no fees for bigger deals is either someone who's really good(as he is effectively looking at negative ROI with the risk) or someone who will run if any problems arises. (getting hacked etc)


An Introduction (quoted from a recent PM I sent someone)

Quote
Hey,

Well, there's not much introduction on my escrow service here, but I've been a regular escrower since last year if I'm not wrong. I've begun offering my services to the public here: https://bitcointalk.org/index.php?topic=141672.0 , and a few of my notable escrow transactions are for around 2.1k BTC at one go (when the price was at $100~ USD/BTC), and a few other 1k+ BTC transaction. I don't really ask for a 'vouch' or public confirmation as I'm doing around 4-5 escrows per day now (237 transactions till now, and around 240 in the next hour), but just ask around for the more notable users around here - I'm sure I've escrowed for most of them by now.  Wink
I'm also the treasurer and community council member for Bitcointalk.org, and I currently hold 1k BTC for the forum long term - only me and Casascius holds such an amount. (https://bitcointalk.org/index.php?topic=141503.msg1642658#msg1642658) .

As per fees, that'll depend on what kind of escrow you're needing here, and the amount transacted. A rough estimate would be 2% for ASIC preorders, group buys; 1.5% for most transactions; and 1% for long term users (who regularly use my service and totalling over a few k's+ BTC transacted).

Thanks for enquiring,
John

-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA1

Hey everyone,

I figured that as I've been getting requests here and there for escrow services, it would be better that if I made a thread about this to consolidate the matter. I'm providing this service FOC and as a service for the community, but tips are graciously accepted for my time.

I will issue a contract signed by my GPG key below, with the Bitcoin address embedded within the message. Please do not accept a Bitcoin address that is not GPG signed. Anyone who has dealt with my escrow services before knows what to expect in my contract, of course.

On the event that any problems arises, I will release the escrow to whichever party that presents me with the most convincing proof after an open discussion with others and/or theymos. I've invoked this point twice only in my escrow 'lifetime' , and both resulted in a satisfactory settlement by all parties.

As always, PM me if you need me - I'm generally responsive if you see me online.

Best,
John  
Dated today: Feb 7 2013
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Edit: A list of current loans is listed here for my personal reference.

ATC777 BTC3.50 due before Wednesday, 3 April 2013 (UTC +8 time) 1:54PM ( https://bitcointalk.org/index.php?topic=154814.msg1645847#msg1645847)

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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February 07, 2013, 06:17:34 AM
 #2

Hi John. Will definitely recommend you for my customers. Happy CNY..

John (John K.)
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February 07, 2013, 06:20:29 AM
 #3

Hi John. Will definitely recommend you for my customers. Happy CNY..
Thanks, and happy CNY to you too!

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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February 07, 2013, 10:20:17 AM
 #4

Great service... hope I have a need for it someday... maybe someone wants to sell their new Avalon? hehehe.

Dogie trust abuse, spam, bullying, conspiracy posts & insults to forum members. Ask the mods or admins to move Dogie's spam or off topic stalking posts to the link above.
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February 15, 2013, 12:11:54 AM
 #5

Just an update - I've done 4 transactions in this week, bringing the grand total to 18 transactions. It's sure is a busy week!  Smiley

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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February 15, 2013, 02:24:19 AM
 #6

thanks for the awesome service!

have used twice and do not think it could have gone smoother (even saved me from a scam!)

John (John K.)
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February 16, 2013, 04:50:23 PM
 #7

thanks for the awesome service!

have used twice and do not think it could have gone smoother (even saved me from a scam!)
Thanks for the fast transactions and the tips!  Cheesy

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

John (John K.)
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February 26, 2013, 03:38:16 AM
 #8

Update: It's been a busy week for escrowing. A total of almost 3500~BTC were escrowed in this week alone, and 2200BTC came from a single transaction.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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February 26, 2013, 03:42:42 AM
 #9

Update: It's been a busy week for escrowing. A total of almost 3500~BTC were escrowed in this week alone, and 2200BTC came from a single transaction.

I would recommend, highly.

When the subject of buying BTC with Paypal comes up, I often remember this: 

Insanity: doing the same thing over and over again and expecting different results.

Albert Einstein
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February 26, 2013, 03:47:19 AM
 #10

I've used John (Johnthedong)'s escrow service, it was a very smooth and quick transaction. I will definitely be using him again, and would recommend this service.

Never do a transaction with someone you don't know without a reliable escrow!!
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February 28, 2013, 07:53:34 PM
 #11

Cross post

+1 for John and Graet

John and Graet escrowed my ASICMINER auction with a total of 2380BTC, which denominated in fiat at today's rate might be the largest volume escrowed so far in Bitcoin world.

Everything went smooth and fast. Great service. Can absolutely recommend both. Thanks.

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March 01, 2013, 04:16:20 PM
 #12

^Thanks for the positive reviews, I'm also thankful for the hassle-free transactions too.

Thanks everyone that used my escrow service this month, and the tips! A record amount of BTC were escrowed, totalling to an excess of 3500~ BTC, which is worth ~$122,500 in present day value.  Grin


My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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March 02, 2013, 07:36:20 PM
 #13

John I would be more than willing to pay you for escrow service. Would you be willing to do escrow for paypal transactions? I know this doesn't prevent charge back risk but it would at least insure that both parties send. I dont know how to use GPG.... everyone gives me a hard time about that but I just dont care about encryption. I have no need for it.  Would you take information by privanote?


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John (John K.)
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March 02, 2013, 07:44:49 PM
 #14

John I would be more than willing to pay you for escrow service. Would you be willing to do escrow for paypal transactions? I know this doesn't prevent charge back risk but it would at least insure that both parties send. I dont know how to use GPG.... everyone gives me a hard time about that but I just dont care about encryption. I have no need for it.  Would you take information by privanote?



I do not require that everyone use GPG; rather, it is mostly used to verify that the addresses I issue come from me and not another impostor. I can hold escrow for such transactions (and I've done a couple of those too), but please remember that I only hold BTC in each transaction. The system would work like this:

1) I receive the amount agreed to at an escrow address.

2) Buyer sends the PayPal transaction.

3a) Seller confirms, escrow released.

3b) Buyer denies receiving of the funds; I instruct either side to change to a temporary password and grant me temporary access to the account to verify the transactions involved. Alternately, screenshots may be provided in the first place as a weaker evidence. Funds released to whichever side that convinces me the most based on hard evidence.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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March 02, 2013, 07:56:29 PM
 #15

please remember that I only hold BTC in each transaction.

This puts the escrow agent in a harder position - did the seller send a box of rocks or is the buyer lying? Did the item get stolen off a porch when it was delivered? Since money-only escrow is to ensure the potential-scam seller doesn't get undisputable Bitcoins until the purchased item is received, it still leaves open the possibility of claims from an unscrupulous buyer that they didn't get the purchased items, either to get a refund or to just deny payment, or for the seller to ship a box-o-crap and claim the buyer is lying about getting crap.

Here's something I typed up previously describing full escrow, where the escrow agent only forwards on the transaction after seeing both the payment and the item are legit:

Consider these escrow conditions, these would be mine:

1. Bitcoins come first; you won't be sending a package until I confirm payment is secure. The payment address wallet/keys will be backed up the wazoo, with a paper copy of the address keys and transaction info for my next of kin to discover.

2. escrow agent -> buyer shipping cost comes out of the Bitcoins, I'll calculate for you pessimistically @ today's MtGox if I know the box weight, dimensions, and destination ZIP.

3. The singles (or any other item) must be shipped to me with signature service so you can prove to yourself I got them (this based on my experience of eBaying hundreds of items, this is to prevent shipping services leaving stealable packages at the door instead of hand-delivering to a person, or marking them "delivered" when nothing was delivered, it was delivered to the wrong address, or it was stolen by the delivery driver). The items must be double-boxed, over-packaged, and well padded, so it arrives safely and so I don't have to re-box it to meet insurance requirements.

4. If the package is lost or damaged getting to me, you must have insured the parcel yourself and claim the loss yourself. I will refund the Bitcoins if I do not receive the package or if the package contents are not as described or damaged (after waiting around a month to ensure the package was not misplaced or delayed in shipping).

5. I will re-ship FedEx insured with adult signature confirmation to a physical address only. No post-office box services either (I will Google, seller should check address also).

6. Carrier signature-proof-of-delivery will be proof I completed escrow service. When it is delivered with signature, the transaction will be final and I will send Bitcoins. There will be no claims the package wasn't received if it was delivered and signed for.

7. If the package is lost getting from me to the buyer, I will pay out the Bitcoins to the seller after a similar waiting period to be sure it's lost for good and that the shipper acknowledges the loss and insurance will cover it. I will compensate TO THE BUYER only what I am able to get from insurance (all shipping companies have insurance adjusters that are dicks and routinely deny claims you have to then appeal, will only pay "replacement cost" regardless how much insurance you buy, etc).

8. If the package is damaged getting from me to the buyer, I will compensate TO THE BUYER what insurance pays out (see above) as a replacement or repair settlement. Buyer must cooperate with insurance adjuster's package inspections and/or pick-up of damaged packaging and any or all shipped merchandise, etc.

I think I've thought out every escrow scenario here. Anyone considering doing escrow services should examine the above too, so a buyer and seller know the score when it all goes wrong. 6, 7, and 8 seem like the best terms for fairness and to protect seller and escrow agent against unscrupulous buyer claims.

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March 02, 2013, 08:00:15 PM
 #16

Alternately, screenshots may be provided in the first place as a weaker evidence.

Maybe it might work, but not on the bitcointalk.org forum where a lot of people are aware how easy it is forge the screenshot (knowledge of HTML is all that's required).
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March 02, 2013, 08:08:01 PM
 #17

That would work out just fine john. What would be a good tip? Would you rather a percentage or a flat fee?

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John (John K.)
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March 02, 2013, 08:08:26 PM
 #18

Deepceleron, thanks for the detailed write-up above. A few points though - the shipping costs and time/hassle needed would be quite prohibitive for most scenarios. I encourage my users to video the unboxing and insure everything completely in all cases as a lower cost alternative.


Alternately, screenshots may be provided in the first place as a weaker evidence.

Maybe it might work, but not on the bitcointalk.org forum where a lot of people are aware how easy it is forge the screenshot (knowledge of HTML is all that's required).

It might, yes, but there's reasons why it's a weaker evidence. If the other party disagrees with the screenshot, a temporary access to the account would be the last way to give the verdict.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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March 02, 2013, 08:10:44 PM
 #19

I do not require that everyone use GPG; rather, it is mostly used to verify that the addresses I issue come from me and not another impostor. I can hold escrow for such transactions (and I've done a couple of those too), but please remember that I only hold BTC in each transaction. The system would work like this:

1) I receive the amount agreed to at an escrow address.

2) Buyer sends the PayPal transaction.

3a) Seller confirms, escrow released.

3b) Buyer denies receiving of the funds; I instruct either side to change to a temporary password and grant me temporary access to the account to verify the transactions involved. Alternately, screenshots may be provided in the first place as a weaker evidence. Funds released to whichever side that convinces me the most based on hard evidence.

you forgot step 4: buyer charges back PayPal after receiving their purchase and gets their money back. PayPal is bad, mKay...

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March 02, 2013, 08:12:12 PM
 #20

Hello,

I'd like you to escrow this transaction:

https://bitcointalk.org/index.php?topic=148436.20

15 BTC for $510 USD

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