Getting started with escrow service.

philanthropist67

jr. member

Activity: 52

Merit: 32

Quote from: UserU on October 31, 2021, 06:37:39 AM

Based on my observations on the Lending subforum, it's mainly requests from trolls that are not serious or just plain scammers.

https://bitcointalksearch.org/topic/123-5368349

They would post some sob story, then upon being called out by the seniors, start to show their true colors. Happens with the sock puppets or alt accounts.

If you're a lender, the safest and easiest collaterals would be highly liquid crypto (e.g. ETH/ BTC/ LTC). They don't take too long to transfer and miles better in terms of fees + anonymity.

Secondary would be physical items, but appraising them is difficult because of the shipment time and also the need to find the right buyer.

Accounts, very rare because they could almost always be recovered by the owner under the pretense of "getting hijacked/ hacked"

According to my research so far, I think best way to get profit is to get interest in usdt. Since it doesn't depreciate in value. Moreover loan must be given in usd, so you get your money back. If loan is in btc chances are you may lose money in return of loan.

UserU

hero member

Activity: 2128

Merit: 532

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Quote from: philanthropist67 on October 31, 2021, 06:24:39 AM

I have read that lending threads they are mostly not active as gambling threads are active. Secondly there are more borrowers then lenders and one need to be very careful with collateral.
What type of collateral one should accept if you are starting lending on bitcointalk.org?

Based on my observations on the Lending subforum, it's mainly requests from trolls that are not serious or just plain scammers.

https://bitcointalksearch.org/topic/123-5368349

They would post some sob story, then upon being called out by the seniors, start to show their true colors. Happens with the sock puppets or alt accounts.

If you're a lender, the safest and easiest collaterals would be highly liquid crypto (e.g. ETH/ BTC/ LTC). They don't take too long to transfer and miles better in terms of fees + anonymity.

Secondary would be physical items, but appraising them is difficult because of the shipment time and also the need to find the right buyer.

Accounts, very rare because they could almost always be recovered by the owner under the pretense of "getting hijacked/ hacked"

Alisha-k

member

Activity: 840

Merit: 23

A member's rank on the forum determines his period of existence here and one of these reasons was why the trust flags were created,so to me,I'd say rank is a factor.
These services are pretty much aware that any irrelevant OP could just abscond with the money and can't be tracked down,instead of going into business with people and getting these feedback in return, they'll prefer to set thier T/C very high ; maybe from a hero member rank, having Personal informations about an OP which most OP's wouldn't wanna lets go so easily.
I think your Eligibility depends majorly on your rank and forum influence then a valid card with correct details about the op

philanthropist67

jr. member

Activity: 52

Merit: 32

Quote from: bL4nkcode on October 31, 2021, 06:08:33 AM

You forgot to say what kind of lender and collateral OP should accept. Note not all lender/user here can be trusted even just $20 lending amount is possible to lost the same to collaterals. I suggest you (OP) to check and read the lenders threads to for reference if you're going to have a lending business.

Quote from: UserU on October 31, 2021, 12:33:46 AM

Borrower requests loan from lender. Lender specify the interest rates and terms, with collateral requirement upfront. Borrower agrees, and sends over the collateral (default between 110 - 120% loan value). Lender receives collateral, sends over loan to borrower.

Everything goes smoothly, borrower returns funds borrowed. Lender then returns the collateral.

I have read that lending threads they are mostly not active as gambling threads are active. Secondly there are more borrowers then lenders and one need to be very careful with collateral.
What type of collateral one should accept if you are starting lending on bitcointalk.org?

UserU

hero member

Activity: 2128

Merit: 532

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Quote from: bL4nkcode on October 31, 2021, 06:08:33 AM

You forgot to say what kind of lender and collateral OP should accept. Note not all lender/user here can be trusted even just $20 lending amount is possible to lost the same to collaterals. I suggest you (OP) to check and read the lenders threads to for reference if you're going to have a lending business.

Oh yup, I kinda forgot to add the acceptable collaterals since I was typing on mobile. Thanks for pointing it out.

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

Quote from: UserU on October 31, 2021, 12:33:46 AM

Quote from: philanthropist67 on October 30, 2021, 10:10:09 PM

I saw lending service also. Its like giving someone 100$ for one month n getting 110$ in return. How secure is that service for me (I mean its SCAM FREE)? Lastly, how to get started with this.

Borrower requests loan from lender. Lender specify the interest rates and terms, with collateral requirement upfront. Borrower agrees, and sends over the collateral (default between 110 - 120% loan value). Lender receives collateral, sends over loan to borrower.

Everything goes smoothly, borrower returns funds borrowed. Lender then returns the collateral.

You forgot to say what kind of lender and collateral OP should accept. Note not all lender/user here can be trusted even just $20 lending amount is possible to lost the same to collaterals. I suggest you (OP) to check and read the lenders threads to for reference if you're going to have a lending business. I'll tell you it's not that easy as sending and receiving for profits, it takes a lot of risks. While there are still lenders here but many just stopped already because of negative balance from getting defaulted.

UserU

hero member

Activity: 2128

Merit: 532

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Quote from: philanthropist67 on October 30, 2021, 10:10:09 PM

I saw lending service also. Its like giving someone 100$ for one month n getting 110$ in return. How secure is that service for me (I mean its SCAM FREE)? Lastly, how to get started with this.

Borrower requests loan from lender. Lender specify the interest rates and terms, with collateral requirement upfront. Borrower agrees, and sends over the collateral (default between 110 - 120% loan value). Lender receives collateral, sends over loan to borrower.

Everything goes smoothly, borrower returns funds borrowed. Lender then returns the collateral.

pooya87

legendary

Activity: 3472

Merit: 10611

Quote from: philanthropist67 on October 30, 2021, 03:47:03 AM

What I learn so far regarding escrow is that first I have to get trust of members here by doing some trade and getting +trust. Building reputation that's displayed with profile is important.

Keep in mind that Escrow is not just getting paid some money so that you can hold on to it and receive some fee! @bL4nkcode mentioned a very important criterion: knowledge.
How familiar are you with bitcoin protocol? For example can you create multi-signature scripts of any kind (That includes P2SH, P2WSH, P2SH-P2WSH an in 15 days that Taproot activates P2TR)?

philanthropist67

jr. member

Activity: 52

Merit: 32

Quote from: Jawhead999 on October 30, 2021, 10:04:35 AM

Better to offer another services (e.g. design, lending, etc) and be professional, don't need to think how to gain trust because it's subjective similar as merit.

I saw lending service also. Its like giving someone 100$ for one month n getting 110$ in return. How secure is that service for me (I mean its SCAM FREE)? Lastly, how to get started with this.

Quote from: HCP on October 30, 2021, 04:40:23 PM

There is technically nothing stopping you from attempting to provide escrow services... just don't expect anyone with any common sense to trust an account that's 18 months old and has made 48 posts.

How about starting with small trades and building reputation first?

HCP

legendary

Activity: 2086

Merit: 4361

Given that you can "buy" accounts... basing trust just on rank is not a good idea. There have been numerous examples in the past of "high rank" accounts being involved in scams. There have also been examples of "high trust" accounts being involved in scams as well.

There is technically nothing stopping you from attempting to provide escrow services... just don't expect anyone with any common sense to trust an account that's 18 months old and has made 48 posts.

Honestly, if you have some spare coin, you'd probably be better off getting into staking or DeFi "earn" etc.

qwertyup23

hero member

Activity: 2268

Merit: 789

Quote from: philanthropist67 on October 30, 2021, 12:48:31 AM

I have some crypto that is just sitting in my wallet. I came across escrow service like this one https://bitcointalksearch.org/topic/dreams-marketplace-escrow-service-2-million-buy-and-sell-with-crypto-5154777 . My question is can a member of my rank also provide such service or its for only high ranks? How much minimum crypto I have to start this service? Lastly, how can I start this if I m eligible for this service. Thanks

While forum rank may be considered as a prima facie evidence of trustworthiness, such presumption may be overcome depending on several factors. Usually, users who offer escrow services are the ones who are proven to be competent, trustworthy, veteran, and knowledgeable in the forum. Though there can be no absolute guarantee that a veteran user has such qualities, it also depends on the level of trust that most people have offered to him.

For an example, Hhampuz has been offering his escrow services and campaign management ever since time immemorial. He has handled tons of BTCs in trust as a payment for the campaigns he has been handling. From his experience alone, he has proven to be trustworthy that people would consider him first with regard to escrow services.

rhomelmabini

hero member

Activity: 2030

Merit: 578

No God or Kings, only BITCOIN.

Quote from: Jawhead999 on October 30, 2021, 10:04:35 AM

Quote from: rhomelmabini on October 30, 2021, 04:32:39 AM

Sometimes it takes time and people on the circle of your trust to get that green trust though. You can check this general board of Marketplace, it's where you can gain this trust if you're into p2p trades and escrow but it isn't limited in here because you can gain trust on other boards as well, for example, your local board if you want to start your service/s there.

Well I understand your point, but those circle were leave positive trust isn't correct if it's because the user is nice to you and not from risking a money. Also you're like teaching him how to farm positive trust and make him looks trust-able, while it doesn't good.

Circle isn't the right word I guess but more like those who he/get traded with in the past and besides users can check feedback on those trust too for legitimacy, my bad saying it as circle. It's not that I'm teaching him like that when in fact I don't have the capability of those on myself in my trust profile to justify your opinion and I don't have history to prove that as well. I'm just saying that this is where it will leads to in the future if somehow OP is that trustable with his/her service and not just being nice.

Jawhead999

legendary

Activity: 1820

Merit: 1207

Quote from: rhomelmabini on October 30, 2021, 04:32:39 AM

Sometimes it takes time and people on the circle of your trust to get that green trust though. You can check this general board of Marketplace, it's where you can gain this trust if you're into p2p trades and escrow but it isn't limited in here because you can gain trust on other boards as well, for example, your local board if you want to start your service/s there.

Well I understand your point, but those circle were leave positive trust isn't correct if it's because the user is nice to you and not from risking a money. Also you're like teaching him how to farm positive trust and make him looks trust-able, while it doesn't good.

@OP you don't have any reputation yet, anyone wouldn't use your escrow service. Better to offer another services (e.g. design, lending, etc) and be professional, don't need to think how to gain trust because it's subjective similar as merit.

UserU

hero member

Activity: 2128

Merit: 532

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Quote from: SquirrelJulietGarden on October 30, 2021, 08:48:47 AM

If you are not on the forum too long, your reputation is small or unknown. Consequently people don't easily to trust you. If you were them, would you trust a new member, a stranger who will hold your money? I believe you won't trust the member.

Even not all seniors are trustable especially if one's dealing with a more reputable person.

Not too long ago, I took a collateral-backed loan from a Legendary member. But due to some unforeseen circumstances, I needed some extra liquidity (my assets were locked in the custodial wallet but I had no issues paying extra once they were unlocked) but he refused despite owning mine.

SquirrelJulietGarden

hero member

Activity: 1442

Merit: 775

Quote from: philanthropist67 on October 30, 2021, 12:48:31 AM

I have some crypto that is just sitting in my wallet. I came across escrow service like this one https://bitcointalksearch.org/topic/dreams-marketplace-escrow-service-2-million-buy-and-sell-with-crypto-5154777 . My question is can a member of my rank also provide such service or its for only high ranks? How much minimum crypto I have to start this service? Lastly, how can I start this if I m eligible for this service. Thanks

The forum is opened and you can start your business but your reputation will be helpful for your business.

If you are not on the forum too long, your reputation is small or unknown. Consequently people don't easily to trust you. If you were them, would you trust a new member, a stranger who will hold your money? I believe you won't trust the member.

RapTarX

hero member

Activity: 1358

Merit: 851

Quote from: philanthropist67 on October 30, 2021, 03:47:03 AM

Thank you so much for your encouragement. What I learn so far regarding escrow is that first I have to get trust of members here by doing some trade and getting +trust. Building reputation that's displayed with profile is important.
So if you can answer my another question i.e. how to do p2p trading with people of high ranks and wh forum is right place for that.

You have to be a proven trusted guy here. People won't simply trust someone who has no trading history here; they are unlikely to hand over the money to someone who came out of nowhere. That makes sense, doesn’t it?
The way you are asking question & looking for building reputation is kinda subjective. You are trying to build reputation because you want to escrow fund & for that, you will have some trades. That's not the way. Real reputation gets built automatically. You don’t have to look for it.

rhomelmabini

hero member

Activity: 2030

Merit: 578

No God or Kings, only BITCOIN.

Quote from: philanthropist67 on October 30, 2021, 03:47:03 AM

Quote from: rhomelmabini on October 30, 2021, 03:22:37 AM

Everything starts as newbie and good thing is you're asking for opinions.

Thank you so much for your encouragement. What I learn so far regarding escrow is that first I have to get trust of members here by doing some trade and getting +trust. Building reputation that's displayed with profile is important.
So if you can answer my another question i.e. how to do p2p trading with people of high ranks and wh forum is right place for that.

No worries, this is a forum and we discuss ideas and opinions. Yes, trust/reputation on trades with other users is the basis if you want to start an escrow service or p2p trade. Sometimes it takes time and people on the circle of your trust to get that green trust though. You can check this general board of Marketplace, it's where you can gain this trust if you're into p2p trades and escrow but it isn't limited in here because you can gain trust on other boards as well, for example, your local board if you want to start your service/s there.

philanthropist67

jr. member

Activity: 52

Merit: 32

Quote from: rhomelmabini on October 30, 2021, 03:22:37 AM

Everything starts as newbie and good thing is you're asking for opinions.

Thank you so much for your encouragement. What I learn so far regarding escrow is that first I have to get trust of members here by doing some trade and getting +trust. Building reputation that's displayed with profile is important.
So if you can answer my another question i.e. how to do p2p trading with people of high ranks and wh forum is right place for that.

rhomelmabini

hero member

Activity: 2030

Merit: 578

No God or Kings, only BITCOIN.

Quote from: YOSHIE on October 30, 2021, 01:37:48 AM

The quote below will answer all your questions about Escrow.
the answer, obviously your, can't, maybe after you reach the rank as described above, maybe.

Rank is a factor, yes it's the truth but on my point of view it's on the trading activity of the user because if you take a look at my trust history I traded with a Member rank before (though not escrow related but it's something as handling the money too and the trust) there and he also got trading activity with other high rank members.

Quote from: philanthropist67 on October 30, 2021, 12:48:31 AM

My question is can a member of my rank also provide such service or its for only high ranks? How much minimum crypto I have to start this service? Lastly, how can I start this if I m eligible for this service. Thanks

Yes you can start even if your rank isn't yet that high. I don't know if there's something called as minimum but I think a hundred or so is fine to hold, just for reputations sake, you can start at low. For a starter I think here in the forum it's all about past trades and if there's some higher rank vouching your service, that will be the great start. Everything starts as newbie and good thing is you're asking for opinions.

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

Quote from: philanthropist67 on October 30, 2021, 12:48:31 AM

How much minimum crypto I have to start this service? Lastly, how can I start this if I m eligible for this service. Thanks

Trust of the community, experienced/knowledge of trading/deals/transaction to other users (p2p deals) are one of the keys to be eligible on escrow services. There's no required rank for it but many recommend for higher ranks as they spend lot of time in this forum.

Holding fund is not the only work of escrow, handling disputes is also one of the criticals you need to work on.

So to start on this service, you need to build your own reputation.

Topic: Getting started with escrow service. (Read 251 times)