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Author Topic: Escrow Alternative: DZ Arbitration Agency at Bitrated  (Read 3061 times)
DyslexicZombei
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January 03, 2014, 06:51:05 AM
 #1



https://www.bitrated.com/u/DyslexicZombei

There are two problems related to Bitcoin commerce for larger transactions:

1) Using traditional methods there are *no chargeback or dispute* systems in place for normal Bitcoin transactions.
2) While escrow is recommended: Traditional BTC "Escrow" services are not true licensed and bonded Escrow services with
business insurance.

An interesting thing about Bitcoin Escrow (and an open secret not usually talked about like the Emperor's New Clothes)...is that there appears to be *no true* licensed and bonded Escrow services for Bitcoin and other cryptocurrency transactions. Since John K. has been incognito - the same person who vetted me - I've decided to approach this market vacuum in the same way that I approached the Group Buys forum: with openness and by sharing the work.

Solution: One method of dealing with the high costs of setting up Escrow Service licensing and bonding...is just to not use it at all, but instead utilize built-in features of the BTC protocol to let you insert a neutral, trusted 3rd party who can serve the similar purposes to escrow...but without the high barriers to entry required by true Escrow licensing and bonding.

It's one of the underutilized beauties of the BTC protocol itself that will likely need to take off if Bitcoin is going to ever be taken seriously by mainstream, neutral users. Using this method, one can make use of an arbitrator to release funds back to a buyer, if fraud has occurred.

Advantages of this method include:

- The ability to reverse a transaction (which you'd want for an expensive transaction) upon valid proof being presented
- The Arbitrator is not required to release funds in the course of a normal transaction
- The Arbitrator *never* has control of the funds, and cannot steal them from the two other transaction participants.
- The private keys involved are never seen on the server side as far as implementation of this API

You can read more about it here: https://www.bitrated.com/

==


Since August, I've provided the world's first Group Buy Escrow Coordination Services for the Group Buys Forum, where I've
helped facilitate seven figures worth of BTC deals, including about 100TH/s of PAID ASIC miners (for comparison's sake
the Elgius Pool is about 110TH/s total) and have coordinated the escrowed buyouts of miners such as this:

http://i286.photobucket.com/albums/ll87/SurfSkateKauai/HashFastDZGroupBuyBuyoutofHashFastOrder616at-cost.png
http://i286.photobucket.com/albums/ll87/SurfSkateKauai/a8295a7b-3c53-4bb6-98ab-f74a3276e00e.jpg

Without any major complaints about fund handling: We've handled well over 1000 BTC in the course of being a community focal point for gathering funds for Bitcoin ASIC miners. Here are some examples of wallets that my co-leader thomas_s and I have used in the course of gathering and sending these funds to manufacturers.

262 BTC - https://blockchain.info/address/1C5R7t1XdVPxUBFUnBWJnRPx7ZMZBgnv7L
600+BTC - https://blockchain.info/address/14YUzGrVPBdCAf6VpJuLVDVciVyzfZJiSu

We can send a signed message from any of these wallets, if necessary. With a model of openness, transparency, representative democracy, and listening to our co-op members, we've built what appears to be the world's largest and most diverse bitcoin miners cooperative.

In addition: Here's our endorsements and trust ratings:


https://bitcointalk.org/index.php?topic=280412.msg2997877#msg2997877
https://bitcointalk.org/index.php?action=trust;u=140437
https://bitcointalk.org/index.php?action=trust;u=138415
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DyslexicZombei
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January 03, 2014, 06:51:24 AM
 #2

https://www.bitrated.com/u/DyslexicZombei


Other reasons to choose us to arbitrate any transactions you may be involved with for deals over 0.5 BTC.

We handle BTC funds all the time but with this BTC Escrow Alternative that is a front end for built in Blockchain functionality, the Arbitrator never handles any funds and, in fact, is only necessary if a dispute arises.

Terms of deal

- Fee is 1.5% of estimated size of transaction
- Minimum transaction size is 0.5 BTC
- Participants *must* include two (2) email addresses for communications redundancy
- Non-contact and non-activity for the terms of the deal, with regards to questions regarding transaction details will weigh in final decisions and by default the active participant wins
- Length and amount of deal must be agreed upon prior to deal (ex. 1 BTC upon delivery of item, release of payment within 48 hours of delivery (inspection period, 1 week post-delivery dispute period)
- Arbitration period (if needed): 3-7 days (length of arbitration must be agreed to by both parties)
- 2 email addresses must be submitted by both parties.

Details:

- Arbitrator is not needed to release funds in normal transactions
- Aritrator never has access to the Bitcoins involved themselves and cannot assist you in retreiving BTC if a user loses private key information.
- Arbitrator is not responsible for guaranteeing the performance of items involved in said Arbitrated Bitcoin transactions.
- Arbitrator *can* reverse your payment to a buyer, as long as sufficient proof is given that fraud has occured (2 of 3 signatures in the transaction must occur for this); in this way, the BTC sent for an item *can* be sent back to the buyer upon proof of fraud.

==

In order to serve you better, and so that these services are *not* reliant on only one person, I've built a small pool of trusted BTC Arbitration Agents who will be able to assist you in arbitration. That means if I am unable to assist you because I'm heading on vacation or I'm too busy, I can network you with a trusted and vetted forum member with a high trust rating and a track record of taking good care of customers. Their IDs and social media profile(s) are on record with me, as a hostage to their good behavior.


Vetted and Trusted DZ AAs (Arbitration Agents)

thomas_s
-Redacted-

Pending

thyatis

==

Other wallets Thomas & I own:

https://blockchain.info/address/1KtbkYZskc5tJ6FC3FuHCqRGMqgwVhxNb6

https://blockchain.info/address/148XTAJwjLCyUifimiPfPagzYuCoWikDAA

https://blockchain.info/address/15jfiAbMzUSkUM8UCZuDmu1n3gX3mYsaFW

https://blockchain.info/address/1Jvhu8ZfS4q6ZC2RN39Ztf6tAF1o8oCPBx
DyslexicZombei
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January 07, 2014, 09:29:33 PM
 #3

For those that contacted me, thank you for your interest and I wish you well in the completion of your BTC transaction.

I'd also like to announce that user thyatis, a veteran DZ MC member, has passed my free vetting process which I offer as part of my Group Buy Escrow Coordination (GBEC) services.

Congrats thyatis!

https://www.bitrated.com/u/Thyatis

He is the 2nd agent to finish the registration process, and is now a vetted DZ Arbitration Agent in this agency.

===

2 more agent registrations are pending; these agents have already passed the vetting process.
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