Bitcoin Forum
December 08, 2016, 12:06:41 PM *
News: Latest stable version of Bitcoin Core: 0.13.1  [Torrent].
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: Escrow?  (Read 878 times)
Steve
Hero Member
*****
Offline Offline

Activity: 868



View Profile WWW
February 12, 2011, 10:48:30 PM
 #1

I read the thread about scammers...and I was think about the escrow services...the one I saw seems to refund BTC to the sender if some amount of time passed.  I wonder if that's the best policy.  Wouldn't it be better to not release the funds until both parties sign off on a desired transaction to close out the escrow?  If they don't sign off together, then the funds would just stay locked up indefinitely (forcing them to come to some settlement if they ever want to see the BTC again).  After some lengthy period of time (say 1 year), the funds could simply revert to the operator of the escrow service (to avoid having BTC in a limbo state permanently).

(gasteve on IRC) Does your website accept cash? https://bitpay.com
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481198801
Hero Member
*
Offline Offline

Posts: 1481198801

View Profile Personal Message (Offline)

Ignore
1481198801
Reply with quote  #2

1481198801
Report to moderator
1481198801
Hero Member
*
Offline Offline

Posts: 1481198801

View Profile Personal Message (Offline)

Ignore
1481198801
Reply with quote  #2

1481198801
Report to moderator
MDKing
Member
**
Offline Offline

Activity: 80


View Profile
February 12, 2011, 10:53:08 PM
 #2

I read the thread about scammers...and I was think about the escrow services...the one I saw seems to refund BTC to the sender if some amount of time passed.  I wonder if that's the best policy.  Wouldn't it be better to not release the funds until both parties sign off on a desired transaction to close out the escrow?  If they don't sign off together, then the funds would just stay locked up indefinitely (forcing them to come to some settlement if they ever want to see the BTC again).  After some lengthy period of time (say 1 year), the funds could simply revert to the operator of the escrow service (to avoid having BTC in a limbo state permanently).

I believe there is an escrow service called ClearCoin (https://clearcoin.appspot.com/) that operates very closely to your description. If my memory serves me they do not attempt to resolve any disputes. i.e. If the buyer receives the item in good condition but never releases the funds the seller is out of luck and after a defined period of time the BTCs return to the buyer.
theymos
Administrator
Legendary
*
Offline Offline

Activity: 2506


View Profile
February 13, 2011, 12:19:29 AM
 #3

The protocol itself supports the kind of escrow you describe (though it is not implemented):
http://bitcointalk.org/index.php?topic=750.0


1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
Fractality
Jr. Member
*
Offline Offline

Activity: 44



View Profile WWW
February 13, 2011, 01:07:58 AM
 #4

My idea would be to donate the money to some charity in case buyer and seller disagree. Otherwise escrows seem to be only shifting power from one party to the other, not equalizing it.

With the donation the buyer could still screw over the seller, but would have less incentive to do so. The seller could screw over the buyer, but at least a charity would benefit...

1K4noMkNgrPztyqtHCYd2CevsZ72FeYUKF
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!