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Author Topic: [Proposal] Automated coin escrow service  (Read 868 times)
redream
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May 15, 2013, 04:29:01 AM
 #1

Hey everyone,

I'm currently considering making an automated cryptocurrency escrow site, but I'm not sure if there's a big demand for it.

All coins (with enough demand) would be added, and the whole process automated. A small fee, something like 0.5% would be charged on the transactions.

You would choose something like "I want to send 0.5LTC to XXX in exchange for 1FTC to YYY", then you'd send your funds to an address generated by the website.

Let me know if you would use this, and if there are any features you would add. If there's enough support, I'll probably make this in the coming weeks  Smiley

UPDATE: I have decided to go ahead with the site, here's a mockup:

(name is not final)

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megablue
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May 15, 2013, 06:16:04 AM
 #2

Definitely a good idea. Plenty of market for it... since there are a lot of new coins being released lately.

Some suggestions:
- option to choose which party to bare the fee (or divided equally by default)
- option to tip operator (you)
- update as soon as possible when a new coin is released (or you can ask for 'bounty' to motivate yourself)

Grin

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May 15, 2013, 06:18:29 AM
 #3

It needs to be p2p. Don't make it a website, make it an app like bitcoin-qt.

redream
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May 15, 2013, 06:21:14 AM
 #4

It needs to be p2p. Don't make it a website, make it an app like bitcoin-qt.

I don't have the knowledge to make a P2P escrow app. I don't even see how that would be possible. An escrow service needs one trusted third party, so what I'm planning to make would be centralized.

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May 15, 2013, 06:25:37 AM
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i remember someone was developing a trading bot week ago. guess no new development

redream
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May 15, 2013, 06:26:23 AM
 #6

Definitely a good idea. Plenty of market for it... since there are a lot of new coins being released lately.

Some suggestions:
- option to choose which party to bare the fee (or divided equally by default)
- option to tip operator (you)
- update as soon as possible when a new coin is released (or you can ask for 'bounty' to motivate yourself)

Grin


These are all great ideas, however I wouldn't ask for a bounty. The fees would be enough to motivate me Smiley

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May 15, 2013, 06:49:21 AM
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yesh, and only send the money when both parties have confirmed transfers ^^ id totally support that

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redream
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May 15, 2013, 08:39:29 AM
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yesh, and only send the money when both parties have confirmed transfers ^^ id totally support that

Yep, that's how it'll work. Funds would also be returned after a set time if only one party sends funds.

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May 15, 2013, 09:46:30 AM
 #9

No need to adapt the escrow to each coin (except to start: bitcoin and litecoin), to make the parties identify each terms of the deal or to make both send the money to the escrow system. It's possible to use a system similar to bitmit: only the one paying with bitcoins/litecoins has to send to the escrow system. The other party only receives the bitcoins/litecoins after the sending bitcoins party confirms he received the thing paid. See better explanation here: https://bitcointalk.org/index.php?topic=199658.0
After, it would be possible to adapt the system to other forms of payment. But, to check the reception of the marker, probably it would be enough a payment in bitcoins and litecoins, since most transactions involve them. 

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May 15, 2013, 12:19:37 PM
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No need to adapt the escrow to each coin (except to start: bitcoin and litecoin), to make the parties identify each terms of the deal or to make both send the money to the escrow system. It's possible to use a system similar to bitmit: only the one paying with bitcoins/litecoins has to send to the escrow system. The other party only receives the bitcoins/litecoins after the sending bitcoins party confirms he received the thing paid. See better explanation here: https://bitcointalk.org/index.php?topic=199658.0
After, it would be possible to adapt the system to other forms of payment. But, to check the reception of the marker, probably it would be enough a payment in bitcoins and litecoins, since most transactions involve them.  

there are holes in the bitmit system, it is still arguable when there is one dishonest party.
The idea is somehow kinda hard to understand as well...
Frankly speaking, i would prefer the op method, over these...

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redream
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May 16, 2013, 02:47:11 AM
 #11

No need to adapt the escrow to each coin (except to start: bitcoin and litecoin), to make the parties identify each terms of the deal or to make both send the money to the escrow system. It's possible to use a system similar to bitmit: only the one paying with bitcoins/litecoins has to send to the escrow system. The other party only receives the bitcoins/litecoins after the sending bitcoins party confirms he received the thing paid. See better explanation here: https://bitcointalk.org/index.php?topic=199658.0
After, it would be possible to adapt the system to other forms of payment. But, to check the reception of the marker, probably it would be enough a payment in bitcoins and litecoins, since most transactions involve them.  

there are holes in the bitmit system, it is still arguable when there is one dishonest party.
The idea is somehow kinda hard to understand as well...
Frankly speaking, i would prefer the op method, over these...

Yep, since this would be a strictly coin to coin escrow service, the way that I described in the OP would work best.

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May 16, 2013, 02:51:45 AM
 #12

wouldnt this be an exchange?

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redream
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May 16, 2013, 03:04:52 AM
 #13

wouldnt this be an exchange?

Nope, it simply secures the process of trading multiple types of coins. More of a personal service for altcoin trading.

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redream
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May 18, 2013, 09:06:12 PM
 #14

I've updated the OP with a mockup I've done for the site. Feedback appreciated as always.

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Matthew N. Wright
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May 18, 2013, 09:24:31 PM
 #15

Just one word.

Cryptscro.

Nadia
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May 18, 2013, 10:04:09 PM
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i remember someone was developing a trading bot week ago. guess no new development
It's now running since today Wink
I don't make a lot of advertising, so nobody knows it. Tongue
https://bitcointalk.org/index.php?topic=200880

Also for OP, I think it's a bad idea to make a website. All scammers will DDoS your server. That's the main reason why I chose to make a bot integrated in bitcointalk forum : scammers can't DDoS anything. Wink

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AUTOMATIC escrow bot : https://bitcointalk.org/index.php?topic=200880
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May 18, 2013, 10:12:27 PM
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That looks very good.
Matthew N. Wright
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May 18, 2013, 10:37:22 PM
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Also for OP, I think it's a bad idea to make a website. All scammers will DDoS your server. That's the main reason why I chose to make a bot integrated in bitcointalk forum : scammers can't DDoS anything. Wink

You make both, fall back on the later during DDoS.

redream
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May 18, 2013, 10:40:22 PM
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i remember someone was developing a trading bot week ago. guess no new development
It's now running since today Wink
I don't make a lot of advertising, so nobody knows it. Tongue
https://bitcointalk.org/index.php?topic=200880

Also for OP, I think it's a bad idea to make a website. All scammers will DDoS your server. That's the main reason why I chose to make a bot integrated in bitcointalk forum : scammers can't DDoS anything. Wink

Why would scammers DDoS the site? They wouldn't be getting anything out of it. Also, bitcointalk is just as likely to go down as any site I make would be. They're just as vulnerable to a DDoS as anyone else.

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May 18, 2013, 10:49:29 PM
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Well, by making such service, you destroy scammers "business" ... so they will be a bit angry and try to DDoS your server to prevent users going to your website and force them to trade again in "old way" ... with scammers. You see ?

At least this was my supposition. That's why I didn't make a website. Smiley

Yes bitcointalk can be DDoS too. But if they do this, they can't scam anymore themself, a bit stupid. Cheesy

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AUTOMATIC escrow bot : https://bitcointalk.org/index.php?topic=200880
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