Ok here some feedback:
30 minutes to deposit escrow are definitely not enough! (i missed the deal because i was at dinner. Maybe an sms alert would be cool)
It could be a problem also if deal is matched during night hours (like 2 am), but in this case refund process is automatic and very smooth for the party that has already paid, so there won't be the extra task for both the site and the party to open and manage a dispute ticket.
SMS alert is definitely something that we will keep in consideration
Well, what if the buyer enters the passcode and the transaction is marked as completed and no cash is delivered?
The buyer will only receive the passcode after the delivery of the cash to the seller, otherwise the seller shouldn't give the code.
To be 100% secure of the honesty of the seller, the buyer can instantly enter the passcode on his mobile device after receiving it, so the operation is done with both parties present and there is no risk of a false passcode.
The buyer needs to deposit an escrow amount: what if the seller says the buyer didnt deliver the cash? Even if the seller complains, there is no proof of delivered cash.
If the buyer don't deliver the cash, seller just won't give passcode to the buyer. In this case a proof of delivered cash is not needed, the deal will just fail after 24 hours and both parties will be refunded.
Also: buyer needs to deposit escrow amount. Basically if you want to buy 1 btc you need to own 1 btc already.
This maybe could be a discouraging point for bitcoin beginners, but is something necessary to have fair trades, with both parties that will take seriously the task of concluding a deal.
Basically the buyer will need to deposit the 10% of the amount that he want to buy, this will be the guarantee that buyer won't pull out of the deal after matching it. (
So, to correct your example, if you want to buy 1 btc, you will need to have 0.1 btc in your wallet)
Help Desk update: we are experiencing some issues with the SMS gateway for the mobile verification in some countries, while mobile verification in other countries is working fine. We are discussing with the gateway provider to solve this issue asap. Thank you for your patience and we will update about this issue.