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Author Topic: BitBay |Decentralized Marketplace|Smart Contracts|IoT Tech|Markets Open  (Read 339391 times)
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digicidal
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December 02, 2014, 10:49:16 AM
 #2441

Well .. im too sceptical about the future .. im selling part of my coins just in case

I can certainly understand being skeptical about the future - however, if you are selling your coins at a loss, because a 2-week old coin might not turn into something... then I would advise not buying as much initially next time.

If you got all of them at less than 200 sats on a dip or are merely trolling... then disregard and proceed as planned (if you're actually holding coins at all that is).
"If you don't want people to know you're a scumbag then don't be a scumbag." -- margaritahuyan
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December 02, 2014, 11:10:30 AM
Last edit: December 02, 2014, 11:40:13 AM by digicidal
 #2442

In the end i think the system will destroy itself in its current state because the only options for Vendors will be to price items expensive or to bypass the escrow, and yet it is not very confortable for them.

As another user said there is also the problem of scalability, for little items it is fine to make an escrow of a few dollars, but not all the buyers will have 2 times the money of what they are buying when we speaks of thousands $, for a company it will be also a hell for accounting, i don't see small companies having enough money to adopt the system either...

My point is that it will be hard to put the system mainstream in these conditions for sure.

Not that I'm suggesting that BitBay will become SR3 or anything like that... but another possibility might be that a seller is selling something that he'd be perfectly fine making substantial escrow deposits simply because they want the transaction to be completely anonymous and will likely transact business with a buyer who is of a suspicious nature.  The reason the seller is fine with the escrow deposits is because they item they're selling actually costs almost nothing... despite having funds held during the escrow period - the funds themselves are all that is risked.

The other aspect that seems to be missed with many of these scenarios is that of time - which can be managed via contract as well.  If you (in unusualfacts30's example) are selling $10K worth of headphones - unless you are selling the whole lot at once - you may require more or you may require much less for the deposits.  For example say that $10K represents 2000 headphones... so your material risk per contract is $5 and you are charging $20 for them.  If you sold all of them in 2 weeks it might require as much as $40K in deposts!!!  Shocked  However, on the other hand, if you average 10 sales per week... then you will only have $400 tied up at any given time... with returned deposits available for new sales regularly.

On the other hand you stand to make $30K in profits... for which you will not have to worry about charge-backs, deadbeat buyers, etc.  Sure you might have a couple losers in the group... and say that costs you $50 in material losses and $200 in deposit losses (assuming a 5% fraud rate).  You will still have paid less in those losses than you would have in merchant fees and other fraud.  Now you have $39.95K to buy more headphones... and you got $39.8K of your deposits back... (assuming worst-case scenario) so on the next round you are only risking profits from the last container of headphones (well $50 extra if you have another 10 deadbeats... but we'll call that a 'rounding error').

Not saying this is important to all the 'honest vendors' in the world - but there's also no centralized organization reporting to your government what your actual sales numbers look like at all.  So depending on what your tax laws and/or personal ethics dictate... it could be tax-free as well as fee-free and virtually risk-free on top of that.

Edit: fixed math fart

Addendum: In actuality I see far less problem with scalability of sales from a B2B standpoint than from a direct-sales standpoint.  It could be that the model will indeed prove too cumbersome for someone wanting to sell their car for quick cash... but it could be argued that those transactions are better handled elsewhere regardless.  Direct sales would require a large capital outlay on both sides... but this is commensurate with higher risk factors.  On the other hand if I am the manufacturer of those headphones and I'm selling a container of them for $10K... then I'm only interested in buyers for whom $20K is a reasonable deposit amount in order to guarantee the transaction completes.

There's a reason that Best Buy can charge $25 for a cable they buy in lots of 100K units and pay less than $.50 ea for... because no one shopping at Best Buy is interested in buying 100K cables, and because Best Buy has to offset the inventory/shrinkage/etc... on those units.  On the other hand, the company that made those 100K cables... spent less than $.25 on them - but they're fine only making 100% profit and not the 5,000% BB makes because they have almost no risk, limited inventory demands, and a single transaction to deal with.

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December 02, 2014, 11:32:19 AM
 #2443

I can tell you what will happen simply, Vendors will end by overcharging price of items to take in account the escrow they have to keep immobilized or they will bypass the escrow by asking the buyer to FE (Finalize Early) his transaction before the item is shipped, meaning the system will become quite useless because it is too expensive to bear for a lot of Buyers and Vendors

On a business model, for a Vendor that ship items that are received in about 2 weeks let's say, bear the escrow and the guarantee fund is enormous for 2 weeks...it is not really business friendly...only a Vendor starting with a large amount of cash for escrow will be able to do business constantly...And let's not speak about the issue to grow your business, the situation is even worse regarding the requirements for growing the business.

In the end i think the system will destroy itself in its current state because the only options for Vendors will be to price items expensive or to bypass the escrow, and yet it is not very confortable for them.

As another user said there is also the problem of scalability, for little items it is fine to make an escrow of a few dollars, but not all the buyers will have 2 times the money of what they are buying when we speaks of thousands $, for a company it will be also a hell for accounting, i don't see small companies having enough money to adopt the system either...

My point is that it will be hard to put the system mainstream in these conditions for sure.

As i suppose the moderation or arbitration of transaction is not an option seeing the FAQ, there are perhaps others way to explore, community votes or supervision in case of dispute on a transaction, possibility of modification or configuration of the escrow to free only a part of it as it is done in business when you pay an advance on an order and pay the rest after, to be able to negotiate between parties if needed.

So for me the current system is friendly to absolutely no one, Buyers will have to have 2 times the money needed to buy, filtering minimum 90 % of Buyers probably, Vendors will need an enormous amount of money to just keep the business running or to hope to be able to grow it a little...


There is no marketplace who can target all types of sellers/buyers out there...
Yes, there will be buyers/sellers who can't afford it. Where is the problem? There are people on this earth who can't afford clean water. Does it make clean water useless?
Your point is plain stupid.

You are thinking from a scammer perspective. Legit traders will love to have a decentralized escrow system on top of a ranked system. There are tons of traders who make their living from this "business", buying/selling stuff on the internet.

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December 02, 2014, 11:47:39 AM
Last edit: December 02, 2014, 12:03:36 PM by digicidal
 #2444

There is no marketplace who can target all types of sellers/buyers out there...
Yes, there will be buyers/sellers who can't afford it. Where is the problem? There are people on this earth who can't afford clean water. Does it make clean water useless?
Your point is plain stupid.

You are thinking from a scammer perspective. Legit traders will love to have a decentralized escrow system on top of a ranked system. There are tons of traders who make their living from this "business", buying/selling stuff on the internet.

Let's just say his point is "not well thought out"... it's not stupid, as he appears to be working through issues he sees in it... which is part of the process regardless. Smiley

As for the second point... I know I am (excited that is).  I agree that direct sales may not always be profitable to handle via DD escrow contracts... but that's fine.  If I can deal with international vendors and manufacturers for goods which are difficult/impossible to purchase in quantity without going through large, prohibitive distributor agreements, even if I then wind up having to sell them online through other/traditional means... at least I didn't have to prove $1M+ in annual sales before being allowed to play in their pool.  (And that amount is pretty common among the larger distributor networks).

Who knows if that will actually become a reality... but with this it seems to be a remote possibility... which is better than what we have today IMO.

Also, I assume (don't know if correctly or stupidly) that deposits for escrow purposes can be made with illiquid/locked BAY - purchases, obviously would require liquid BAY.  So even if there is pegging and significantly reduced liquidity... deposits can be handled outside using existing holdings.  Coupled with the fact that fraud causing destruction of deposits would further reduce coin-supply leads me to believe that it would further be offset by an increase in value/liquidity in the open market.  I might be wrong about that however... as with most newer concepts it's unproven conjecture.

But 10 years ago it was inconceivable that you could ever buy or sell real estate online without a realtor/broker account.  20 years ago it was inconceivable that you could book plane tickets and hotel reservations without a travel agent.  Maybe in 20 years from now it will be inconceivable that our current commerce model ever existed too. Smiley
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December 02, 2014, 12:06:51 PM
 #2445

There is no marketplace who can target all types of sellers/buyers out there...
Yes, there will be buyers/sellers who can't afford it. Where is the problem? There are people on this earth who can't afford clean water. Does it make clean water useless?
Your point is plain stupid.

You are thinking from a scammer perspective. Legit traders will love to have a decentralized escrow system on top of a ranked system. There are tons of traders who make their living from this "business", buying/selling stuff on the internet.

Let's just say his point is "not well thought out"... it's not stupid, as he appears to be working through issues he sees in it... which is part of the process regardless. Smiley

As for the second point... I know I am (excited that is).  I agree that direct sales may not always be profitable to handle via DD escrow contracts... but that's fine.  If I can deal with international vendors and manufacturers for goods which are difficult/impossible to purchase in quantity without going through large, prohibitive distributor agreements, even if I then wind up having to sell them online through other/traditional means... at least I didn't have to prove $1M+ in annual sales before being allowed to play in their pool.  (And that amount is pretty common among the larger distributor networks).

Who knows if that will actually become a reality... but with this it seems to be a remote possibility... which is better than what we have today IMO.


Well, you don't go and ask for an escrow transaction when buying from a 1000+ feedback seller on ebay or alibaba anyway. Those kind of sellers are pretty much covered.
The point is that this kind of service is not targeting those kinds of sellers/buyers. Saying that it's gonna kill itself, it's wrong.

There is a very large market out there in need for such a service. If marketed properly, this can touch ~1 mil users in 2 years if working as advertised.

I don't want some paypal/credit card chargeback problems when selling my digital goods online for example. Digital gaming resell market is huge. And that's only one.

- freelancing services
- books
- clothing
- collectibles
- tickets
- digital goods (music, software licenses, games, audiobooks, games currencies, etc)
- second hand car parts (cheaper ones)
- electronics (cheaper ones)
- computer parts
- domains

and a lot more which I'm too lazy to think of.

The market is huge. My point of view


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December 02, 2014, 12:29:24 PM
 #2446

Be realistic, let's take the example of Alibaba, it is a system that allow Vendors to minimize their investment in sales structure, maximize their visibility and cut through intermediaries in exchange of Alibaba fees.

I doubt a lot of Vendors of Alibaba would switch to a system that require provision of everything sold at the level of sales, meaning a Vendor has to escrow also his benefices and his shipping costs and he is not guaranteed fully to get money in the end.

In case of a problem with the buyer, which is not able to free the escrow for some reasons, technical, personal or any reason possible the Vendor lost everything...Transactions are also about security and reliability of payment, I am not sure we can call an escrow something that implies a risk of loosing the money if something happen to the buyer.

Anyway, you have to think of BitBay as competing with other sales channels, try to have a business owner point of view, escrow and immobilizing funds, bear the risk of lost funds while the product is shipped.

I don't see it very attractive compared to the other sales channel for Vendors.

And for buyers either...You have to own 2 times the value of what you buy ?

Come on, people are supposed to buy BitBay coins to use the system, think about that, you think it will be fine for average people to invest 2 times the value they want to buy BitBays from fiat ?

You try to explain that BitBay is a system only made for people that have already a lot of money to guarantee the reliability and that prefer to use BitBay because they like cryptocurrencies...
Okay then but so we can't hope BitBay will go mainstream and will be widely used, and that price of coin will grow and be pegged to Dollar, because i think all these aspects are depending of the large adoption and wide use of BitBay, for me it is like shooting yourself in the foot...
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December 02, 2014, 12:36:53 PM
 #2447

for me it is like shooting yourself in the foot...


Come again? Why are you even here? You made your point. You are short sighted...you think very short term, etc...

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December 02, 2014, 12:42:47 PM
 #2448

Well .. im too sceptical about the future .. im selling part of my coins just in case

I would suggest waiting till marketplace launches since we have no idea how it would REALLY work. We're just guessing till something official gets released.  Cool

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December 02, 2014, 12:45:19 PM
 #2449

Be realistic, let's take the example of Alibaba, it is a system that allow Vendors to minimize their investment in sales structure, maximize their visibility and cut through intermediaries in exchange of Alibaba fees.

I doubt a lot of Vendors of Alibaba would switch to a system that require provision of everything sold at the level of sales, meaning a Vendor has to escrow also his benefices and his shipping costs and he is not guaranteed fully to get money in the end.

In case of a problem with the buyer, which is not able to free the escrow for some reasons, technical, personal or any reason possible the Vendor lost everything...Transactions are also about security and reliability of payment, I am not sure we can call an escrow something that implies a risk of loosing the money if something happen to the buyer.

Anyway, you have to think of BitBay as competing with other sales channels, try to have a business owner point of view, escrow and immobilizing funds, bear the risk of lost funds while the product is shipped.

I don't see it very attractive compared to the other sales channel for Vendors.

And for buyers either...You have to own 2 times the value of what you buy ?

Come on, people are supposed to buy BitBay coins to use the system, think about that, you think it will be fine for average people to invest 2 times the value they want to buy BitBays from fiat ?

You try to explain that BitBay is a system only made for people that have already a lot of money to guarantee the reliability and that prefer to use BitBay because they like cryptocurrencies...
Okay then but so we can't hope BitBay will go mainstream and will be widely used, and that price of coin will grow and be pegged to Dollar, because i think all these aspects are depending of the large adoption and wide use of BitBay, for me it is like shooting yourself in the foot...

I totally agree with you but I'm pretty sure that BitBay team has thought this through. I mean it's crystal clear how this can cause issue. Either their target is different sellers to what I'm thinking or the real process won't be same as what we're thinking. It won't be both.

Best we can do is wait till we hear something official from BitBay regarding how it would work.

They did mention that it would also be used for other things such as freelancing. Double deposit won't be required for that so I almost guarantee that it's not how we think it is.

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December 02, 2014, 12:47:54 PM
 #2450

I'm fed up with all those what-if theses.
Ok one last thesis:
What if the world would stop spinning before BitBay is operational?
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December 02, 2014, 12:54:58 PM
 #2451

@qawzsx : Why I'm here ? Probably because i own some BitBays, followed the project because i found the concept interesting, now I'm kind of genuinely concerned about the business model of the Decentralized MarketPlace and how the Escrow System works because it will be the backbone of the system.

Personnaly i think the adoption and wide use of the coin is essential to its developement.

And we haven't even talked about volatility of BitBay and this problem combined with the escrow time regarding Vendor and Buyer...
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December 02, 2014, 01:06:51 PM
 #2452

@qawzsx : Why I'm here ? Probably because i own some BitBays, followed the project because i found the concept interesting, now I'm kind of genuinely concerned about the business model of the Decentralized MarketPlace and how the Escrow System works because it will be the backbone of the system.

Personnaly i think the adoption and wide use of the coin is essential to its developement.

And we haven't even talked about volatility of BitBay and this problem combined with the escrow time regarding Vendor and Buyer...


You gotta stop thinking short term.
The project just started and you already talk volatility? That's just wrong.

Escrow time? Well, that depends on how good the seller and buyer does the job. Imagine having such a detailed ranking system (feedback system).

This is just a start. The system can be adapted in time. It can work with other coins too for example and only take the fees in BitBay, it can provide an advanced ranking system for sellers and buyers which in time can make a deal without using the escrow system, etc.

The market and usability for this kind of service is huge. Take all the "mini" deals out there.

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December 02, 2014, 01:07:12 PM
 #2453

@qawzsx : Why I'm here ? Probably because i own some BitBays, followed the project because i found the concept interesting, now I'm kind of genuinely concerned about the business model of the Decentralized MarketPlace and how the Escrow System works because it will be the backbone of the system.

Personnaly i think the adoption and wide use of the coin is essential to its developement.

And we haven't even talked about volatility of BitBay and this problem combined with the escrow time regarding Vendor and Buyer...

Seller & Buyer will be able to set their own escrow amount. Double deposit was just an example ( I think) lol. I hope it's not mandatory because that can come bite your ass when marketplace launches. I'm really not sure how it would benefit small time sellers/buyers.

Freelancer: Would the guy who is looking for job really deposit money before applying for job? No, I don't think so.

Buyer: Would they deposit $2000 for something that costs $1000 just so they can avoid $5 fees from Paypal? Nope

Seller: Would seller deposit more money than what is needed in order to avoid fees? Nope

Lawyer: Would he deposit money before client hires him? Nope

On other hand this market can be very useful for things such as real estate deals & bank deals It can be beneficial for things such as an IBM working on a project for a client and client don't like the idea. They both deposit money in escrow and IBM starts working on that project. After a month they reassess to see if new project brought profit to client company. Once client sees the benefit money will be taken out from the escrow and it'll be released to IBM.

Big companies, Big buyers, Big sellers. They would love this "double deposit" and I don't think it's really meant for day to day user who is living in poverty time. I think double deposit is given as a precaution if you're making big deals with someone in marketplace for lets say ($250k worth of clothes). You won't have to use it if you're just looking to buy pair of headphones for $10.

It can be very risky to trust someone with $250k so in that sense double deposit can really help build that safe environment for both buyer & seller.

Just my few cents.

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December 02, 2014, 01:16:20 PM
 #2454

@qawzsx : Why I'm here ? Probably because i own some BitBays, followed the project because i found the concept interesting, now I'm kind of genuinely concerned about the business model of the Decentralized MarketPlace and how the Escrow System works because it will be the backbone of the system.

Personnaly i think the adoption and wide use of the coin is essential to its developement.

And we haven't even talked about volatility of BitBay and this problem combined with the escrow time regarding Vendor and Buyer...

Seller & Buyer will be able to set their own escrow amount. Double deposit was just an example ( I think) lol. I hope it's not mandatory because that can come bite your ass when marketplace launches. I'm really not sure how it would benefit small time sellers/buyers.

Freelancer: Would the guy who is looking for job really deposit money before applying for job? No, I don't think so.

Buyer: Would they deposit $2000 for something that costs $1000 just so they can avoid $5 fees from Paypal? Nope

Seller: Would seller deposit more money than what is needed in order to avoid fees? Nope

Lawyer: Would he deposit money before client hires him? Nope

On other hand this market can be very useful for things such as real estate deals & bank deals It can be beneficial for things such as an IBM working on a project for a client and client don't like the idea. They both deposit money in escrow and IBM starts working on that project. After a month they reassess to see if new project brought profit to client company. Once client sees the benefit money will be taken out from the escrow and it'll be released to IBM.

Big companies, Big buyers, Big sellers. They would love this "double deposit" and I don't think it's really meant for day to day user who is living in poverty time.

Just my few cents.


On the contrary, you are wrong...

For example as an employer on a freelancing marketplace, I don't give a shit about your skills as a freelancer with no good feedback. I'm looking for somebody who is TRUSTING his skill and is dedicated to finish the work in time and deliver as advertised.

For example as a seller, I won't sell you shit if you don't have a proper feedback and you are willing to pay trough paypal. I won't take that chargeback chance.

For example as a buyer, I will pay an escrow fee just be sure that your cell phone is working as advertised. That won't be a problem.


You are WRONG. You are looking from a "scammer" perspective. "Is he willing to do that? Ofc not if he's not a honest person"
I get it, there are sellers and buyer who can't afford escrow service. So what? Does that make the service "good for nothing"? That's plain STUPID!!!!


Stop looking from that perspective, and be creative. On top of that, stop thinking short time. "Look, the volatility...." Gosh...


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December 02, 2014, 01:23:17 PM
 #2455

Be realistic, let's take the example of Alibaba, it is a system that allow Vendors to minimize their investment in sales structure, maximize their visibility and cut through intermediaries in exchange of Alibaba fees.

I doubt a lot of Vendors of Alibaba would switch to a system that require provision of everything sold at the level of sales, meaning a Vendor has to escrow also his benefices and his shipping costs and he is not guaranteed fully to get money in the end.

In case of a problem with the buyer, which is not able to free the escrow for some reasons, technical, personal or any reason possible the Vendor lost everything...Transactions are also about security and reliability of payment, I am not sure we can call an escrow something that implies a risk of loosing the money if something happen to the buyer.

Anyway, you have to think of BitBay as competing with other sales channels, try to have a business owner point of view, escrow and immobilizing funds, bear the risk of lost funds while the product is shipped.

I don't see it very attractive compared to the other sales channel for Vendors.

And for buyers either...You have to own 2 times the value of what you buy ?

Come on, people are supposed to buy BitBay coins to use the system, think about that, you think it will be fine for average people to invest 2 times the value they want to buy BitBays from fiat ?

You try to explain that BitBay is a system only made for people that have already a lot of money to guarantee the reliability and that prefer to use BitBay because they like cryptocurrencies...
Okay then but so we can't hope BitBay will go mainstream and will be widely used, and that price of coin will grow and be pegged to Dollar, because i think all these aspects are depending of the large adoption and wide use of BitBay, for me it is like shooting yourself in the foot...

Typical.

Here is a rational, perfectly valid and logical set of arguments from Gabralkhan. What happens then? The army of newbie nicks and organizers of this scam shamble nervously trying to shut down the perfectly valid arguments by saying
- the great Bitbay team (you know Nicos from Russia who loves dogs and Holly from Taiwan who has family as this is the professional bio of the team) will sort this out, we users don't need to think about it
- don't make noise if you don't like what you see

This scam is getting more and more ridiculous and desperate, while the organizers of the scam are dumping the coin below ICO price, as they will surely receive the remaining 66% of the ICO from Bter, and therefore every BAY sell at any price is a pure profit for them.
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December 02, 2014, 01:24:54 PM
 #2456

I don't understand what's wrong with a multisig approach with 3 keys.
The buyer pays, gets a key and uses it when his stuff arrives as expected.
The seller also gets a key to be used with the key of the buyer and don't have to spend a dime.
A third key is in case something goes wrong with the deal.

Am I missing something here?
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December 02, 2014, 01:25:53 PM
 #2457

We invite you to exchange bitbay.net BTC, LTC. The stock market is more than a year. The high volume of BTC / PLN, Since December we start to develop the BTC / USD


www.bitbay.net

what is that?
That's a polish exchange named BitBay lol
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December 02, 2014, 01:33:34 PM
 #2458

@qawzsx : Why I'm here ? Probably because i own some BitBays, followed the project because i found the concept interesting, now I'm kind of genuinely concerned about the business model of the Decentralized MarketPlace and how the Escrow System works because it will be the backbone of the system.

Personnaly i think the adoption and wide use of the coin is essential to its developement.

And we haven't even talked about volatility of BitBay and this problem combined with the escrow time regarding Vendor and Buyer...

Seller & Buyer will be able to set their own escrow amount. Double deposit was just an example ( I think) lol. I hope it's not mandatory because that can come bite your ass when marketplace launches. I'm really not sure how it would benefit small time sellers/buyers.

Freelancer: Would the guy who is looking for job really deposit money before applying for job? No, I don't think so.

Buyer: Would they deposit $2000 for something that costs $1000 just so they can avoid $5 fees from Paypal? Nope

Seller: Would seller deposit more money than what is needed in order to avoid fees? Nope

Lawyer: Would he deposit money before client hires him? Nope

On other hand this market can be very useful for things such as real estate deals & bank deals It can be beneficial for things such as an IBM working on a project for a client and client don't like the idea. They both deposit money in escrow and IBM starts working on that project. After a month they reassess to see if new project brought profit to client company. Once client sees the benefit money will be taken out from the escrow and it'll be released to IBM.

Big companies, Big buyers, Big sellers. They would love this "double deposit" and I don't think it's really meant for day to day user who is living in poverty time.

Just my few cents.


On the contrary, you are wrong...

For example as an employer on a freelancing marketplace, I don't give a shit about your skills as a freelancer with no good feedback. I'm looking for somebody who is TRUSTING his skill and is dedicated to finish the work in time and deliver as advertised.

For example as a seller, I won't sell you shit if you don't have a proper feedback and you are willing to pay trough paypal. I won't take that chargeback chance.

For example as a buyer, I will pay an escrow fee just be sure that your cell phone is working as advertised. That won't be a problem.


You are WRONG. You are looking from a "scammer" perspective. "Is he willing to do that? Ofc not if he's not a honest person"
I get it, there are sellers and buyer who can't afford escrow service. So what? Does that make the service "good for nothing"? That's plain STUPID!!!!


Stop looking from that perspective, and be creative. On top of that, stop thinking short time. "Look, the volatility...." Gosh...




Fine, as someone looking for job I would just use Odesk where I don't have to risk "money" in order to apply for a job.

See..what you don't understand is that if I have the money. Why would I look for job? or if I have $600 why would I buy something that costs $300? It makes more sense to just visit Ebay or other store and buy one that costs $500 instead of throwing double money in escrow.

The main reason people buy something on Ebay is because they don't have money to buy same thing at higher price in store. That means if they want to buy $300 cellphone they DON'T have $600.

I never said it's useless. I said I don't think it's mandatory and it's probably used as precaution when you're making big deal with a buyer who is in different country than you are.


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December 02, 2014, 01:34:50 PM
 #2459

Seller & Buyer will be able to set their own escrow amount. Double deposit was just an example ( I think) lol. I hope it's not mandatory because that can come bite your ass when marketplace launches. I'm really not sure how it would benefit small time sellers/buyers.

You are quite correct... it's possible to have no deposit, or 10X deposit for that matter - or once timelocks are implemented to have payments occur on a pre-defined schedule.  So for example, if you are an unknown seller with an unknown reputation - it's quite possible that you would have to do a full double-deposit escrow contract to attract buyers given your lack of reputation... in time you wouldn't need that.  

With smart contracts it should be possible to also have a 'normal' escrow account as well (provided said party was trusted by both individuals) with a multisig account defined.  If either party fails to accept, but the pre-determined arbiter does accept both sides... then the contract is fulfilled and the deposits returned.  As far as payment for services, etc. it would be easy to simply set up something where until cancelled by either party a specific amount is paid out per week... up to the maximum.  If escrow is not involved and payment is one-way, then the remaining funds would be returned (at least as I understand the Halo whitepapers... I admit that I haven't actually attempted to code such a contract myself).

As with everything, it's just meaningless conjecture on all sides until we have the tools in our hands and can start trying out different options and providing feedback to David and the rest of the team as far as options/improvements that are necessary for our various prospective uses.  It's quite easy to imagine that the purposes for which I am excited about using this marketplace are different from someone else's... it's also possible that once we've gotten more familiar with the interface and options - we'll have even more ideas for application which are currently unimaginable. Wink
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December 02, 2014, 01:35:20 PM
 #2460

We invite you to exchange bitbay.net BTC, LTC. The stock market is more than a year. The high volume of BTC / PLN, Since December we start to develop the BTC / USD


www.bitbay.net

what is that?
That's a polish exchange named BitBay lol

The stock market is more than a year. On the Polish market, we have the largest volume. Since December BTC / USD

www.Bitbay.net
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