Trust System

[tysat]

https://bitcointalk.org/index.php?topic=211858.0

I would suggest reading up on the trust system.  The above link goes to the announcement topic from the Meta section.

I'm going to leave this thread unlocked for newbies to ask questions and help each other understand.  Useless replies and off-topic remarks will be deleted.


Edit - This is a useless reply:

+1 for trust

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[bitcoinwatchdog]

I believe a trust system for BitCoin is an excellent idea.  It's always important that a trustworthy individual or company is running the system though, I am correct?

A lot of the trust about BitCoin services seems to come from this forum.  It seems that this forum is THE trust factor.

[cardcomm]

It's a good idea, and something I'll be keeping an eye on. Trust is so important on a forum like this. As long as one can have "trust" in the trust system it'll be a big help...

[Foofighter]

+1, very nice idea - also that you can provide proof threads!

regards

[xmlHTTP]

Thanks a lot for you job here, guys

[Lethn]

I think it's a good idea in general but I can easily foresee blackmailers etc. trying to use it to downvote sellers and ruin their reputation.

Edit: It seems to me you mods are creating more and more work for yourself without needing too, you should just focus on keeping the spammers out more than anything.

[itxtutor]

Good System. The proof threads are a good idea to prevent random downvoting :-)

[tysat]

I think it's a good idea in general but I can easily foresee blackmailers etc. trying to use it to downvote sellers and ruin their reputation.

Edit: It seems to me you mods are creating more and more work for yourself without needing too, you should just focus on keeping the spammers out more than anything.

If someone is a blackmailer, then they shouldn't be trusted, hence their bad feedback shouldn't matter.  The system relies on people only adding people they trust to their network, otherwise it's pointless.  For example, my list is only a handful of people right now.

[BitcoinBoss]

I think the trust system is a brilliant idea. I'm a relative Newbie and made my first transaction via a Bitcointalk member today and the trust system increased my confidence to trade. It was also nice to receive positive feedback for my part of the transaction.

[tysat]

I think the trust system is a brilliant idea. I'm a relative Newbie and made my first transaction via a Bitcointalk member today and the trust system increased my confidence to trade. It was also nice to receive positive feedback for my part of the transaction.

Looks like one of you used the feedback system incorrectly.  The risked BTC should really only be used by the person who risked something.  The person who sent first would be the one who risked BTC, the second sender didn't risk anything because they had already received something, and they were just finishing the transaction.

[BitcoinBoss]

I think the trust system is a brilliant idea. I'm a relative Newbie and made my first transaction via a Bitcointalk member today and the trust system increased my confidence to trade. It was also nice to receive positive feedback for my part of the transaction.

Looks like one of you used the feedback system incorrectly.  The risked BTC should really only be used by the person who risked something.  The person who sent first would be the one who risked BTC, the second sender didn't risk anything because they had already received something, and they were just finishing the transaction.

I sent first, £10 GBP. I then received what I'd asked for which was 5 Litecoin. I used BTC-E for the conversion of 5 LTC to BTC which came out at a risk of 0.12 BTC, so I entered this figure in the risked BTC box. Is any of that procedure incorrect?

[tysat]

I think the trust system is a brilliant idea. I'm a relative Newbie and made my first transaction via a Bitcointalk member today and the trust system increased my confidence to trade. It was also nice to receive positive feedback for my part of the transaction.

Looks like one of you used the feedback system incorrectly.  The risked BTC should really only be used by the person who risked something.  The person who sent first would be the one who risked BTC, the second sender didn't risk anything because they had already received something, and they were just finishing the transaction.

I sent first, £10 GBP. I then received what I'd asked for which was 5 Litecoin. I used BTC-E for the conversion of 5 LTC to BTC which came out at a risk of 0.12 BTC, so I entered this figure in the risked BTC box. Is any of that procedure incorrect?

I believed you did it correctly, because you risked money.  So your feedback with him would include what you risked.  He's the one that took no risk with you and was incorrect.  He already had cash in hand before he sent anything.

[Lethn]

I see it working now, that's quite a good idea, seeing how it goes will definitely be best, I'm just generally suspicious of that kind of thing but usually when people get genuinely outraged by something it's justified when it comes to the internet.

[socallocal90]

https://bitcointalk.org/index.php?topic=211858.0

I would suggest reading up on the trust system.  The above link goes to the announcement topic from the Meta section.

I'm going to leave this thread unlocked for newbies to ask questions and help each other understand.  Useless replies and off-topic remarks will be deleted.


Edit - This is a useless reply:

+1 for trust

Credit to theymos I guess...this new addition is a good idea. I always thought it'd be cool if this site somehow integrated bitcoin-OTC but I think this is better. Bitcoin OTC-while encompassing all bitcoin transactions (not just ones on this site) is far too confusing for the average user (probably why not many people are on there). This system seems very user-friendly.

[Escrow]

I am so glad you guys implemented this.  The WOT system is SO HARD to use if you are not an engineer.  The problem that system creates is that very few actually use it.  Integrating trust into this system is exactly what we need.  

I hope you'll all trust me as I build my reputation as an escrow agent. 

If you'd like to test me, pm me and send me btc.  I'll send it back.  Any amount you choose.  I'll send it right back minus any transmission fee (~0.005) the network may require.

Need an escrow agent because you don't know who to trust?  I'm your agent.

Try me, you will not be disappointed.

[Escrow]

Upon further reflection I am not going to act as an escrow agent in these forums based upon the following important revelations:

1) You must be licensed to be an escrow agent in the USA
2) Becoming licensed requires a great deal of time and money 
    Getting licensed in all 50 states will cost at least $50k per year

I am still considering this but at this time this is a much more expensive undertaking that I had originally thought.   https://bitcointalk.org/index.php?topic=216729

[Martin404nitraM]

What is with BTC trust after Homeland Security seizure? 

[phoxpup]

I can see a trust system working but I don't see how it could be decentralized unless the actual reputation statements are integrated into the BTC transaction blocks.  bitcointalk.org, for instance, could be an effective repository for feedback on transactions and the owners of the wallets involved but it is a single point of failure.  What if an asteroid or worse a govt goes in and destroys their servers.  Still, for reputations to work out, anonymity has to go out the window, which defeats a major benefit of bitcoin.  There may be a way to have our cake and eat it too and whoever figures that out deserves a serious "way to go!!"

[veracity]

Anything to help keep out the scammers is a good idea.
I am not exactly clear how the third vs. fourth numbers change.
It would be interesting to incorporate WOT, ebay  or other site feedback into the system.  That way people would not have to start from scratch.

[Sandstorm]

how do you get "trust"?