Escrow - Mycelium (no third party)

[escapethepod]

Has anyone looked into the Joint Escrow feature from mycelium?  https://gear.mycelium.com/joint_escrow

Looks as though two parties could handle escrow by themselves.

[bapparabi]

Has anyone looked into the Joint Escrow feature from mycelium?  https://gear.mycelium.com/joint_escrow

Looks as though two parties could handle escrow by themselves.

here there are many escrow provide and have quite good reputation so why shod we use other escrow service

[escapethepod]

Recently had someone not want to trust "some random forum member." Which probably means it was a scam anyway.

However, to not have to involve a third party at all could have its benefits. I know this forum has reputable escrow people...just hoping people will weigh in on the pros and cons of each way.

[gentlemand]

Never heard of this before. Sounds interesting but I'm not sure how it works between two parties, both of whom has skin in the game. How does it get settled when it's one word against the other? Do the coins sit there for all eternity until one person throws in the towel? Maybe I'm not thinking it through correctly.

[escapethepod]

Never heard of this before. Sounds interesting but I'm not sure how it works between two parties, both of whom has skin in the game. How does it get settled when it's one word against the other? Do the coins sit there for all eternity until one person throws in the towel? Maybe I'm not thinking it through correctly.

That's the biggest drawback I can think of. As far as I can tell, yes it sits there until the two parties can come to an agreement.

On a positive note, it looks like the agreement can be changed (once again if both parties agree) so that the money going to each would be different than the initial agreement.

I think as long as both people have enough skin in the game based on their risk...then it would get resolved.

[Patatas]

Has anyone looked into the Joint Escrow feature from mycelium?  https://gear.mycelium.com/joint_escrow

Looks as though two parties could handle escrow by themselves.

What about the return policies in case if any of the traders back out or try to default ? Recently,similar case happened and according to the company's (automated escrow's) policy,the coins won't be refunded till the next year.Sounds stupid right ? That's wrong with all the automated escrows.

here there are many escrow provide and have quite good reputation so why shod we use other escrow service

Because you simply can't trust humans ? Master=p was a reputable escrow too ? I'm not saying don't trust the reputed members but when computers can replace them and be more efficient ,you can always ditch the traditional ways.

[lightyard12]

Doesn't this defeats the purpose of escrow? Since escrow is simply a third-party tryingto make the trade go through safely.

[escapethepod]

What about the return policies in case if any of the traders back out or try to default ? Recently,similar case happened and according to the company's (automated escrow's) policy,the coins won't be refunded till the next year.Sounds stupid right ? That's wrong with all the automated escrows.

I don't think there should be return policies. If I could just wait to get my money back, why wouldn't I?

However, I could see the benefit of 2/3 signing keys. The automated escrow could hold the 3rd key and if things don't get resolved between two parties you could (as a last ditch effort) pay them to intermediate and use the third key to resolve the dispute. In that case it would bring third party trust back into the picture.

Doesn't this defeats the purpose of escrow? Since escrow is simply a third-party tryingto make the trade go through safely.

No, it potentially replaces it with lower fees.

Say I want to buy a cell phone from somebody for .7 btc. I would open a joint escrow requiring me to deposit, let's say, .9 btc and for the second party to deposit .2 btc. When the phone arrives as promised, we both sign off and .9 btc is released to the seller and .2 is released back to me. This makes both parties accountable.

OK, so the phone doesn't arrive as intended. Depending on the condition we must agree who gets what. I'm guessing either party could update the contract...but until both parties agree, no funds are released.

It could be interesting. I'm not sure if it would work better or worse than the third party escrows we have now.