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timerland

hero member

Activity: 1526

Merit: 596

Quote from: WritingG123 on July 26, 2017, 04:52:57 PM

Thinking of making one, would it work?

No. To have any sort of escrow you need to have trust.

If you create a site solely for escrows to offer their service and match up buyers with each other then you can probably imagine the chaos that scammers will create. How will you make sure that these escrowers are legit but not duds? Plus how will you make sure that they pay you a cut after each transaction?

Unless YOU want to be the escrow. In that case, why would anyone trust you? What's so good about your service that makes nobody want to trust a more seasoned operation like LBC or paxful?

Not a good idea at all, you'll get criticized all round, nobody will trust you, and you'll spend a ton of money you won't be able to make back on devs, graphics, customer support, server costs etc.

olushakes

sr. member

Activity: 476

Merit: 254

Like others that have expressed optimism just like other sites out there that uses someone behind the screen as an escrow service but be sure you will be going head to head with the already established service providers and even the life escrows on the forum and I tell you, it might not be easy to push it through at the beginning but with time it might be adopted.

Hui8

sr. member

Activity: 602

Merit: 259

It will work but you will need to work out on trust factors. That would be last thing anybody will need to be sure of before giving out thousands of dollars to you for holding. Also, you will have to handle your people(escrows) carefully and you must be sure about them that they won't let you down.

bluefirecorp

legendary

Activity: 882

Merit: 1000

It should work theoretically but there are some factors which needs to be thought of and debated, like, will the website hold the funds ?
If so, the credibility of the promoters of the website is essential. Another factor would be the service fee which the website will be charging.

wantjokull

sr. member

Activity: 700

Merit: 275

Quote from: Barcode_ on July 28, 2017, 10:21:28 AM

This idea of creating an escrow site would work, but there is one main problem, the difficult part of creating such sites would be, how do you intend to build up trust and credibility for the site if someone decided to run away with the money, and how would the admin solve this types of scam issues that may arise in the long run.

Indeed. The service is completely online and you don't know what's cooking behind the curtain, who's shadow it is and how it's gonna behave. The escrow itself is done to add the security for your funds and manage them or release them accordingly for the purpose. If something goes wrong then the blame will be on your site only. Just imagine with only one or two such cases your service my get mark of cheater or scam. That won't take time to happen as people are full of bad intentions out there. So just think twice and try to create a more finest system that will never get a scam mark. :-) its good idea by the way.

Barcode_

staff

Activity: 3136

Merit: 570

Join the world-leading crypto sportsbook NOW!

This idea of creating an escrow site would work, but there is one main problem, the difficult part of creating such sites would be, how do you intend to build up trust and credibility for the site if someone decided to run away with the money, and how would the admin solve this types of scam issues that may arise in the long run.

aoihs00

sr. member

Activity: 700

Merit: 300

It seems difficult task as everyone here is depicting the picture about "what may happen". But be positive as it is very good project. You can think of few security majors which will help people to recognise your site as most trusted escrow services. You can do tie ups with bitcointalk escrows if they are wishing to do so. But it's completely possible idea and I would like to push you about this.

darthmaul

sr. member

Activity: 714

Merit: 252

Quote from: bL4nkcode on July 26, 2017, 09:43:43 PM

Quote from: WritingG123 on July 26, 2017, 04:52:57 PM

Thinking of making one, would it work?

Maybe? But there are a small chance that people will not use your service especially the people here, since this forum have already some trusted escrows even in their respective locals boards. And most here avaoid using third party escrow.
Except if you hire some escrow here to your platlform, but I dont think if they will accept the offer

You got valid point here. The trust is very important when you are going to hand over big amounts of money to a person whom you don't meet really or see on the other side. In such case you should not be in ambiguity to give away your money and be a victim of scam.

Mostly, for big signature campaigns this is a very useful service as they don't have time to escrow everything all by themselves. They will never trust a third party (here you are being one) because they will look out for minimum risk. If I would have been signature manager then I would first think of quickest and safest way to manage everything. If I go through you then I will have to watch out for your services, contact you for updates whenever required. This will increase my timings as well as it would be long way around to manage. If you think you can cover up some of these problems then you are good to go.

~Bitcoin~

legendary

Activity: 994

Merit: 1000

Quote from: WritingG123 on July 26, 2017, 04:52:57 PM

Thinking of making one, would it work?

That depends on How you will make it and there are lots of hurdles for p2p escrow site to work in completely trusted environment. Smart contracts are out there and you might be able to code one which might act as escrow or something similar. But if there will be any manual input from people than many people won't prefer your service because people are greedy by nature and noone can be trusted in this world.

Xavofat

hero member

Activity: 938

Merit: 559

Did you see that ludicrous display last night?

I suppose you mean that you have people join the site and do trade deals there, and people can offer escrow there? Problems with this:

1. People would suspect the site owner of creating fake escrows to scam people.
2. The reputation system is unlikely to work if the only thing that the user is doing is providing escrow.
3. If multisig escrow becomes more popular in the future, it'll render the site useless.

sweetdesirez

sr. member

Activity: 308

Merit: 250

It may work but the biggest question is, how does the users determine the credibility and the authenticity of the users? If the website can provide a valid verification of authenticity and reference, perhaps users will trust.

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

Quote from: WritingG123 on July 26, 2017, 04:52:57 PM

Thinking of making one, would it work?

Maybe? But there are a small chance that people will not use your service especially the people here, since this forum have already some trusted escrows even in their respective locals boards. And most here avaoid using third party escrow.
Except if you hire some escrow here to your platlform, but I dont think if they will accept the offer

WritingG123

member

Activity: 60

Merit: 113

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