Topic: How to get into the escrow offering business? (Read 1031 times)

True, without the trust from the forum people will never intend to give their trust too. And escrow business is like a community service in bitcoin world, there doing for free services, and in return is they will trust of the community.

It was different way back when ... I've gone against almost every advice that has been mentioned here, but that didn't stop me. In any case, trust is a lifestyle. It's not something you build. It's something you are, and no one can take that away from you. It comes from within and then slowly others will see.

I think of escrow as something like that lady in the movie "The Inside Man" named Madeleine White portrayed by Jodie Foster. But then in the movie she was a power broker, not an escrow service.

Only the tiniest minority should ever be offering escrow services on this board and your name should carry some serious weight around here with you having done many trades over years and you being one of the most active and well-know members on the board. People should fall into escrowing naturally over time and anyone who sets off from the get-go actually wanting to do this raises immediate red flags. If you're a familiar face on the board and Marketplace then over time people will ask you to do escrows for them and unless this has happened you probably shouldn't be offering such services in the first place. This happened to me well before I should have even been trusted with others money because I was one of the most active people here and I had something to lose because I was earning so much from my signature campaign so why would I run off with somebodies $100 when I was earning five times as much? Now I'm a Staff Member I have even more to lose so it's less likely I would run off with $1000. What do you have to lose? You could be the most honest and trustworthy person in the world but we don't know that and that's why you earn and build rep and trust over time.

Why would you even want to get into escrowing anyway? People who want to be escrows are usually doing it for entirely the wrong reasons and are more often than not scammers who just want a quick and easy way to get ahold of other peoples money until they build up enough reputation that someone finally trusts them with an amount they like the look of and they run off. The other minority just seem to think it's another source of easy income but if you think you can earn money from this then find something else because you'll be wasting your time. You'll make much more from a signature campaign and it's much less hassle. Most trusted escrows here either do it for free or charge very little but either way it's rarely worth your time though it's often worth it for scammers who dream of getting that one big long con eventually.


A Hero (or any other) rank is meaningless for escrow. Anyone can buy a Hero account for $50-100 dollars, so that's why your name should mean something to someone and you should have a long history of previous trades.


Exactly.

You are aware of the fact that most people only have DT in their trust network right? Others will see the ratings of someone you do trust(who is not on DT) as "Untrusted feedback" .

Most members on here will say green trust in the most important issue when it comes to be a escrow well yes it is but every members as to start some where so start your own trust network on here with members that trust you now then in time you might gain green trust on here once you done a few small jobs with members that trust you. The other option is to is if a trusted escrow will be your guarantor and how some funds for you so that member will now that thgry can't be scamed not sure if any escrow would do this but it a idea

If you have to ask this, you don't know this forum well enough. You have neither received nor given any trust, while you're on this forum for well over a year.

You saying you're trustworthy doesn't mean it's true. Any scammer would say exactly the same! I'm not saying you're a scammer, I'm saying we can't know that.

I've handled small escrows (without charge), in a chatbox on another site.
I have always been curious to escrow on Bitcointalk too, but I know my trust ratings aren't near close enough to even consider it. And if you would start to escrow, you shouldn't do it for the money.

For me, escrow is not meant for every one because no one will even want to try a neutral trust member and without a positive trust, one cannot escrow I guess its only for some specific people.

Higher rank/trust is important as it means that you've invested time and money(trades) into bitcointalk/your account and are less likely to trash the reputation you gathered for a quick buck by scamming an escrow.

Yeah, you don't need to be a particular rank. You just have to be trusted enough by people to hold their bitcoins or any other valuables to help everybody be secure in trading. Everything should work out well for everybody if there is an escrow. Though, it's not uncommon to see escrows run away with the coins if it is a very large deal. Some actually build up their reputation and offer escrow with the final intention of stealing the escrowed funds.

It is not important to wait for the hero rank for starting the job because I know a number of members have started that job from Sr.Member and just green trust is not important but he have valid green trust which will confirm his trust.

As much as possible get into the hero level and get as many green trust as many as you can a little one can so and try to avoid any red tag however small,it takes time but if you are serious to get into this profitable business you can do it,we need more people in this business.

You got a number of suggestions and threats but I will say just follow what blazed suggested to you and along with that try to spend some time on exchange section and try to help people on that section and try to stay away from the deals of newbies (they often scam) that will be your start of trading history and that will mark your trust rating.

You have to get another target for start: you have to do a good number of small (?) transactions, you have to build up (green) trust.
It's very hard to get there, green trust is very hard to earn. One other thing that comes into my mind is to start managing campaigns.
In time the trust will build up if you have the time for it.

After you became a reputed member of the community you can try out the lending business. Right now you are very far from that.

and Start from your local board. in local board people may understand you better and get ready to trust on you.
lots of trusted escrows are already offering escrow. and few of them are doing for free. a user have no point to use your escrow when here is more trusted escrows available. thats why trust is very important for this business.

you may also want to create a service that facilitates the escrow services already being used here.  perhaps a website with an escrow script.  contact those here that perform escrow for others and offer them the use of your site.  you may have to deposit a good amount in a multi-sig wallet for that to get accepted.  a multi-sig wallet may also be an option for developing trust on here.

back your service full a full 1 BTC in a wallet that you and another person have to access together.  have the other person be one of the most trusted forum members here and that way you and that member can both post that you have "secured" yourself up to a bitcoin.  use a smart contract and the trusted forum member can even access the wallet without you after a period of time.  that way if you screw up and bail, at least the trusted member can help pay people back six months down the line or whatever

If there is any more business that is more difficult to venture in based on 100% trust then its escrow as it is very difficult to even get someone to trust you out of the blue because they dont know you, and thats the difficult part where we have people who are trusted offering the same service. My own advice, is to start with non-escrow service such as buying and selling, gradually you move to escrow because starting with that immediately might not just go the way you wanted it...

start off on here and using only the forum as a tool, use PM's and forum threads.  once you have that going, add a personal thread on here that is yours to conduct business on and move some of the escrow talk to there.  meanwhile, set up a free domain and website and play with some escrow scripts on there. once you have a good site setup, move it to a paid domain and still start here on the forum, but direct the users to use your site. 

copy any and all info from your site about the tx's and users and post it back here, to keep others up to date and informed.  put a simple forum/blog on a sub-directory of your escrow site and use for nothing other than posting the users and give them some kind of reputation on your site.  allow no one else to post or alter your reputation report pages.

the end result.  users find you here and then use your site for your service.  anyone that is starting to chat with someone about business can look on your site for reputation details and they can use your service or just the information.  your traffic slowly goes up on your site and you expand it to other forums, local exchanges and what not.

in the beginning, garner your rep as more important than money.  if a client argues with you over a $10 issue, give them the ten bucks, it is worth $10 to be considered a trusted business partner, rather than have that be the last $10 your service ever sees.

Just start out doing smaller escrows and do not be in a rush to handle bigger stuff. Once you have done a lot people will come to you and it just grows from there. Escrowing is pretty easy most of them time, but sometimes it really sucks!

This is discouraging. Who are "DT Members", what's "DT"?


This is the challenge, how does one build trust if they're not able to do escrow for the first time?!




I don't really want to do any deliberate trades, but I'm sure I could find something that I don't want and then offer it for trade to see who does - this could be my way of building up trust. I got an idea - any of you need escrow services? Haha. I have much more to lose in reputation here than I would to gain by screwing anyone over.

Great advice here, thank you. I'll keep my head up and see what I can develop over a longer period of time.

Was just pointing out that documented trades is the basis of trust in the forum and not really encouraging people continually do it for the purpose of trying to be an escrow.

True they charge that amount, but usually there some that don't and only asks for tips like monbux and sebatianju. Which I think are more popular.