Using real identity when soliciting users for new bitcoin web service

[mollison]

I'm planning to start a new bitcoin venture, ideally in a couple of weeks. Not an investment fund, GLBSE stock, or anything as major as that. More of a web service. The venture will be web-based, and people will need to "trust" me with their bitcoins (probably very small quantities, to start with) to make use of the service. So, I'm trying to figure out how to build up trust.

I'm aware of Bitcoin-OTC, and will probably start using that, but I don't have enough time to really build up a great history before I'm planning to launch this venture.

In the real world, I'm a pretty reputable person. I'm a grad student, I do research for a living. I've published papers. It's easy to find out where I live. I could, for example, publish a PGP message on my website to provide extremely strong evidence that I am who I am.

My question is: is it wise/safe to "connect" my real identity to my venture, as a way of establishing trust? I'm highly leaning towards doing so. Is there some reason that this should be considered unsafe or unwise, assuming that I actually *do* deal with people honestly (which I will)?

Thanks! Any advice would be greatly appreciated, whether directly answering my questions or just providing peripheral advice.

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[Yankee (BitInstant)]

I'm planning to start a new bitcoin venture, ideally in a couple of weeks. Not an investment fund, GLBSE stock, or anything as major as that. More of a web service. The venture will be web-based, and people will need to "trust" me with their bitcoins (probably very small quantities, to start with) to make use of the service. So, I'm trying to figure out how to build up trust.

Welcome to the community!

It's good your reaching out, this community has seen its fair share of scandals and frauds.

My question is: is it wise/safe to "connect" my real identity to my venture, as a way of establishing trust? I'm highly leaning towards doing so. Is there some reason that this should be considered unsafe or unwise, assuming that I actually *do* deal with people honestly (which I will)?

I cannot stress how much transparency is important here.

You must tell us who you really are, in order to gain real trust here.

The businesses that do not are constantly under scrutiny and investigation

[Matthew N. Wright]

The businesses that do not are constantly under scrutiny and investigation

..and abuse, and libel, and the occasional public doxxing.

The more transparent you are out of the gate, the safer you are in the race. That does not however guarantee you'll ever cross the finish line as this community has a way of dragging down that which it doesn't fully understand or agree with.

[Stephen Gornick]

The venture will be web-based, and people will need to "trust" me with their bitcoins (probably very small quantities, to start with) to make use of the service. So, I'm trying to figure out how to build up trust.

It also depends on how long you need to hold the coins for.  A gambling site that holds funds until some future event occurs, for instance, is much riskier than one that pays out in the same day.

But ya, reveal your real identity, add a +1 if someone from this community has met you in person, etc., and you'll probably have o problem with the trust.

The other thing though, is that trust means not only does the person have integrity but that they are doing the right things.  If you are holding other people's bitcoins, are your systems secure, are you storing coins not needed immediately in offline air-gapped cold storage? etc.

[jim618]

I think it is a good idea to connect your real identity to your project as it is an honest signal.

[mollison]

Thanks everyone for the very warm welcome and the good advice. Based on this feedback I am definitely planning to go the route of "full disclosure" of who I am.

The other thing though, is that trust means not only does the person have integrity but that they are doing the right things.  If you are holding other people's bitcoins, are your systems secure, are you storing coins not needed immediately in offline air-gapped cold storage? etc.

That's also a very good point.

[hazek]

Consider being as open and as transparent as you can. Disclose your finances to the public and provide a way for your clients to keep tabs on it. If people see that your words match your money I bet they'll feel more at ease and will trust you as long as you keep this up.