Silk Road forums

Discussion => Security => Topic started by: Dobbs on December 17, 2011, 05:20 pm

Title: Selling bitcoins in escrow should be an option
Post by: Dobbs on December 17, 2011, 05:20 pm

So here's my idea.

A seller posts bitcoins for sale.  The buyer puts it in their cart and clicks place order and at that moment the bitcoins from the seller go into escrow pulled from an account that's created when his listing is created.  There will be a place for a moneypak number instead of an address and a place for the buyer to put wallet address.

When the bit-coin seller confirms, thru the ordering software that doesn't exist yet, that they have firm receipt of sum promised, he clicks release bitcoins on his end and silk road sends bitcoins to buyer.   

Seller fee should be included in the purchase price.  Purchase price can be hedged.  There could be a lower SR fee for this process even.  What do you guys think?

Title: Re: Selling bitcoins in escrow should be an option
Post by: Variety Jones on December 17, 2011, 06:36 pm

If it was only that simple.

What happens when the purchaser sends a moneypak with no funds left on it, and claims the seller emptied it?

What happens when the seller takes the funds from the moneypak, and then claims there was none when he got it?

What happens when a buyer sends a moneypak with funds in it, but sometime after he sent it, either the seller or buyer removed the funds from it - and both sides claim it was the other side.

Escrow won't work when there is no way to see which party is lying in those 3 situations.

Title: Re: Selling bitcoins in escrow should be an option
Post by: Blaatz0r on December 17, 2011, 07:13 pm

I think trades where money is involved a admin should check the code and give the green light to both parties.

Title: Re: Selling bitcoins in escrow should be an option
Post by: Variety Jones on December 17, 2011, 08:13 pm

Not trying to be a negative Nancy here - I've put a shitload of thought into this matter, and even having admin check the number first, then what?

First off, it's going to take time to do that, and someone will have to be available and in a position of trust to act as middleman. (Like admin isn't spread thin enough already!)

And  you've effectively now added a third person who could take the funds and blame it on one of the other two.

You'd need the wisdom of Solomon to settle that - and nobody would be happy having that btc-baby cut in half.

Maybe institute a 'no-dishonesty rule' for both btc vendors and purchasers?