[ANN] LocalBitcoins.com - a location-based bitcoin to cash marketplace - page 40.

kangasbros

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Additionally it should be noted that the our "escrow" or SMS transaction service is really designed for on-the-spot cash transactions. With the SMS service, exchangin bitcoins is as easy as exchanging the cash - if not even easier.

However, for any other type of trade the service is pretty unsuitable. It doesn't offer much benefit when you want to do something like paypal trades or anything, because we don't offer dispute/resolution service. So it is not really an escrow service. Sorry for the hassle

kangasbros

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Quote from: 2weiX on August 14, 2012, 05:50:51 AM

question about escrow:

buyer contacts me
i fund the escrow
buyer never pays up

then what?
how do i get back my btc?

We have marketed the escrow in a wrong way - both participants can cancel the "escrow" any time, and bitcoins will be returned to sellers in full - no fees.

So your worries are mistaken - there is no chance that the money will be given to us if the trade fails for any reason. And we will collect the fee only in the case that the trade succeeds. So our incentive is to generate successful trades, because we will only make money that way.

We will soon brand the "escrow" differently since it is not really an escrow. It is just a tool to make the transaction easier/hassle-free for both participants.

Meanwhile, we made a nice statistics page: https://localbitcoins.com/statistics - already cash exchangers in 62 countries!

bitcats

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Quote from: 2weiX on August 14, 2012, 06:26:59 AM

well fuck me then.

Danke für das Angebot, aber Berlin ist mir zu weit Wink

2weiX

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Quote from: bitcats on August 14, 2012, 06:26:25 AM

Thats why I NEVER use escrow Cool

well fuck me then.

bitcats

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Thats why I NEVER use escrow Cool

2weiX

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Quote from: bitcats on August 14, 2012, 06:21:23 AM

Good question! I guess if the buyer has vanished (either died, in jail or just became insane) you may consider your money as a nice donation to the escrow service.

that would FUCKING suck.

bitcats

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Good question! I guess if the buyer has vanished (either died, in jail or just became insane) you may consider your money as a nice donation to the escrow service.

2weiX

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this space intentionally left blank

question about escrow:

buyer contacts me
i fund the escrow
buyer never pays up

then what?
how do i get back my btc?

kangasbros

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Activity: 812

Merit: 1006

Now you can advertise your cash exchange (and bitcoins) locally easily by printing a flyer, which is generated from your ad automatically.

To print the flyer go to your ad edit page -> marketing help -> Local bulletin boards

For example, flyer from my ad: https://localbitcoins.com/print_flyer/594 (sorry for the finnish...)

We are working on the desing current one is just a quick & dirty... You can also modify it yourself in inkscape, the output is svg format.

kangasbros

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Now you can help promote bitcoin local exchanges on your own web site! We implemented a simple iframe you can easily include to your web site.

Code:

frameborder="0" height="350px" <br />width="220px" scrolling="no" style="/*optional style here, borders font color etc*/" >

So it shows nearest exchangers close to the user, in a same way as those annoying "girls wanting sex near you" ads (while the girls are fake, but localbitcoins.com exchangers are not...) Cheesy

paraipan

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Quote from: kangasbros on August 09, 2012, 07:38:24 AM

Quote from: paraipan on August 09, 2012, 07:30:27 AM

Another one on the "escrow" feature. So it's not really an escrow, but an easier way to make RL transactions without the need of a bitcoin wallet with internet connection, and you can withdraw the funds from that deposit at will. I suggest you guys rename it because is a little misleading, here is why...

Quote

As with traditional escrow, Internet escrow works by placing money in the control of an independent and licensed third party in order to protect both buyer and seller in a transaction. When both parties verify the transaction has been completed per terms set, the money is released. If at any point there is a dispute between the parties in the transaction, the process moves along to dispute resolution

Source: http://en.wikipedia.org/wiki/Escrow

Yeah, you are right. This is not escrow by the traditional definition. We should invent some other name, or maybe there exists some...

How does "BitSMS" sound to you? Or SMSBit ...

Bitcoin-SMS, SBTM (Short Bitcoin Text Message), LB-SMS (Local Bitcoins SMS), will brainstorm more if needed

kangasbros

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Quote from: paraipan on August 09, 2012, 07:30:27 AM

Another one on the "escrow" feature. So it's not really an escrow, but an easier way to make RL transactions without the need of a bitcoin wallet with internet connection, and you can withdraw the funds from that deposit at will. I suggest you guys rename it because is a little misleading, here is why...

Quote

As with traditional escrow, Internet escrow works by placing money in the control of an independent and licensed third party in order to protect both buyer and seller in a transaction. When both parties verify the transaction has been completed per terms set, the money is released. If at any point there is a dispute between the parties in the transaction, the process moves along to dispute resolution

Source: http://en.wikipedia.org/wiki/Escrow

Yeah, you are right. This is not escrow by the traditional definition. We should invent some other name, or maybe there exists some...

paraipan

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Quote from: kangasbros on August 09, 2012, 07:30:01 AM

Quote from: paraipan on August 09, 2012, 06:13:56 AM

- what use is of escrow feature? and related, are there any fees for using it? I see " wants to buy 9.999 BTC with **** EUR" and "To fund the escrow, send exactly 10.09899 BTC to bitcoin address", there is a 10% difference, why?

Thanks

10.09899 / 9.99900 = 1.01, so if you quoted the numbers right the fee is exactly 1%
9.99900 * 1.01 = 10.09899
10.09899 - 9.99900 = 0.09999, 10% would be more close to 1 btc

I guess the difference looks bigger because it goes from under 10 to above 10

Damn, you're right, dunno what I was thinking

It's 1%, yes

paraipan

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Quote from: kangasbros on August 09, 2012, 07:14:10 AM

Quote from: paraipan on August 09, 2012, 06:54:28 AM

Quote from: kangasbros on August 09, 2012, 06:36:20 AM

- just make a new deal if the old one is not working any more. the price is locked for each offer separately

I don't get this one. Imagine a buyer that wants to hedge on the price with my bitcoins, I fund the escrow right away and then he can say we will meet in a week. I successfully locked my bitcoins in that particular sell order and at fixed price. I got this right?

You can just say that the maximum time for fixing price is 24h, and cancel the escrow if that time has passed. We will probably add some feature that does this automatically at some point.

IMHO local transactions work only on very short time scale - max 24 hours. The bitcoin price is too volatile for week-long price fixes, until the fee is really high.

We both got that right, but in RL is not that easy. Some days can pass until both parties meet and make the transaction, because bitcoin is not very well known yet so buyers or sellers take their due diligence before making the step.

Another one on the "escrow" feature. So it's not really an escrow, but an easier way to make RL transactions without the need of a bitcoin wallet with internet connection, and you can withdraw the funds from that deposit at will. I suggest you guys rename it because is a little misleading, here is why...

Quote from: kangasbros on August 09, 2012, 07:14:10 AM

Quote from: paraipan on August 09, 2012, 06:54:28 AM

Quote from: kangasbros on August 09, 2012, 06:36:20 AM

- the fee is 1%, the advertiser always pays it. By offering the escrow service, we try to make the process much quicker and easier: no need for internet connection, and release and confirm the money transfer with the escrow.

http://localbitcoins.blogspot.de/2012/08/sms-escrow-buy-and-sell-bitcoins-with.html

Thanks for explaining it, nice feature btw. I see a 10% on one order and a 1% on other though.

Can you please send the order ID with the 10% fee to [email protected], and we will look at it right away (or here by message). It should not happen.

Email sent, thanks

kangasbros

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Quote from: paraipan on August 09, 2012, 06:13:56 AM

- what use is of escrow feature? and related, are there any fees for using it? I see " wants to buy 9.999 BTC with **** EUR" and "To fund the escrow, send exactly 10.09899 BTC to bitcoin address", there is a 10% difference, why?

Thanks

10.09899 / 9.99900 = 1.01, so if you quoted the numbers right the fee is exactly 1%
9.99900 * 1.01 = 10.09899
10.09899 - 9.99900 = 0.09999, 10% would be more close to 1 btc

I guess the difference looks bigger because it goes from under 10 to above 10

kangasbros

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Activity: 812

Merit: 1006

Quote from: paraipan on August 09, 2012, 06:54:28 AM

Quote from: kangasbros on August 09, 2012, 06:36:20 AM

- just make a new deal if the old one is not working any more. the price is locked for each offer separately

I don't get this one. Imagine a buyer that wants to hedge on the price with my bitcoins, I fund the escrow right away and then he can say we will meet in a week. I successfully locked my bitcoins in that particular sell order and at fixed price. I got this right?

You can just say that the maximum time for fixing price is 24h, and cancel the escrow if that time has passed. We will probably add some feature that does this automatically at some point.

IMHO local transactions work only on very short time scale - max 24 hours. The bitcoin price is too volatile for week-long price fixes, until the fee is really high.

Quote from: paraipan on August 09, 2012, 06:54:28 AM

Quote from: kangasbros on August 09, 2012, 06:36:20 AM

- the fee is 1%, the advertiser always pays it. By offering the escrow service, we try to make the process much quicker and easier: no need for internet connection, and release and confirm the money transfer with the escrow.

http://localbitcoins.blogspot.de/2012/08/sms-escrow-buy-and-sell-bitcoins-with.html

Thanks for explaining it, nice feature btw. I see a 10% on one order and a 1% on other though.

Can you please send the order ID with the 10% fee to [email protected], and we will look at it right away (or here by message). It should not happen.

paraipan

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Quote from: kangasbros on August 09, 2012, 06:36:20 AM

- currently not, we will add this soon.

Great, waiting forward to it.

Quote from: kangasbros on August 09, 2012, 06:36:20 AM

- just make a new deal if the old one is not working any more. the price is locked for each offer separately

I don't get this one. Imagine a buyer that wants to hedge on the price with my bitcoins, I fund the escrow right away and then he can say we will meet in a week. I successfully locked my bitcoins in that particular sell order and at fixed price. I got this right?

Quote from: kangasbros on August 09, 2012, 06:36:20 AM

- the fee is 1%, the advertiser always pays it. By offering the escrow service, we try to make the process much quicker and easier: no need for internet connection, and release and confirm the money transfer with the escrow.

http://localbitcoins.blogspot.de/2012/08/sms-escrow-buy-and-sell-bitcoins-with.html

Thanks for explaining it, nice feature btw. I see a 10% on one order and a 1% on other though.

kangasbros

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Quote from: paraipan on August 09, 2012, 06:13:56 AM

Hi guys, love the site and started using it for trading. I have some feedback and questions here:

- is there a way to ignore or delete buy orders that you receive?

- is there a way to lock the price only for 24h not indefinitely? Imagine a transaction that takes a week to settle until we meet, the price has already changed significantly and you have no way of reflecting that on site.

- what use is of escrow feature? and related, are there any fees for using it? I see " wants to buy 9.999 BTC with **** EUR" and "To fund the escrow, send exactly 10.09899 BTC to bitcoin address", there is a 10% difference, why?

Thanks

- currently not, we will add this soon.

- just make a new deal if the old one is not working any more. the price is locked for each offer separately

- the fee is 1%, the advertiser always pays it. By offering the escrow service, we try to make the process much quicker and easier: no need for internet connection, and release and confirm the money transfer with the escrow.

http://localbitcoins.blogspot.de/2012/08/sms-escrow-buy-and-sell-bitcoins-with.html

paraipan

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Hi guys, love the site and started using it for trading. I have some feedback and questions here:

- is there a way to ignore or delete buy orders that you receive?

- is there a way to lock the price only for 24h not indefinitely? Imagine a transaction that takes a week to settle until we meet, the price has already changed significantly and you have no way of reflecting that on site.

- what use is of escrow feature? and related, are there any fees for using it? I see " wants to buy 9.999 BTC with **** EUR" and "To fund the escrow, send exactly 10.09899 BTC to bitcoin address", there is a 10% difference, why?

Thanks

kangasbros

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Activity: 812

Merit: 1006

Couple of minor additions:

- timezones. Automatically detected via your IP address by default, however if you are logged in it is a setting in your profile.

- min/max -functions for equations: http://localbitcoins.blogspot.de/2012/08/specify-your-price-with-minmax-functions.html

Topic: [ANN] LocalBitcoins.com - a location-based bitcoin to cash marketplace - page 40. (Read 126104 times)