Topic: Is there a market for large escrow transactions? 10k or 100k BTC? (Read 2744 times)

When the potential for a transaction is bigger than 100 BTC, I have been asked to be one of many in a multi-signature address. And this thread was started in 2013, when the fiat value equivalent was much lower ($100 USD per BTC or thereabouts.)

Some people have held the forum's money or a portion of it up to 1000 BTC. I haven't seen much bigger than that so far.

One person was entrusted with about 60k BTC at one time, but he was the operator of a dice site.

You live in some kind of parallel universe where these big transactions don't happen.  Some people have to send them, and when they do, someone will have to escrow them.  Or would you rather they tried converting all those coins to fiat before making the transaction?   

Who knows, this could be the biggest scam of a lifetime, but there are no actual "warningsigns".

I don't have any mental issues, perhaps you do? They (escrow contracts) were all done. Baka ikaw ang nahihiya? (Maybe you are ashamed?) I don't advertise myself any more than these threads do. You really do stereotype our infamous crab mentality. Ako ang nahihiya sayo. (I'm ashamed of you.)

People don't entrust me with fiat. People trust me with bitcoin or other cryptocurrencies.

100% scam. You have the audacity. Nakakahiya ka!

You boldly, brazenly and shamelessly advertise yourself as someone people should entrust with $250,000,000. You have mental issues. See a psychiatrist.

Largest was 700. More recent ones were 400 and below, for some ICOs last year and this year.

Just curious, did you escrow any big transactions?

I'm bored, so I'm bumping this thread.

I almost got a contract for 75,000 BTC, but that was before the rate went above $130 USD per BTC, and I think it was more a publicity stunt for his company. (No offense to Mark, he's the one who was selling his vtc.com for 75k bitcoins.)

At this point in time, large bitcoin transactions are probably unlikely to happen, much less an escrow for them. No more 10k pizzas. The current average exchange rate has been above 800 USD for more than a couple of months now, I don't think it's about to crash.

No one opposed to me starting small anyway? What's a good starting rate? Is 1% good enough, or would 0.5% be better considering I don't have as much rep as other escrow services?

I might have a potential client, offering 35k BTC for his offline business. But this one will take several months before anything materializes. So I'm throwing it out there in case there is a buyer reading this. Also at least two other entities have expressed an interest, but of course if it happens in fiat, then I'm outta the picture.

I do realize the potential for foreigners to attempt to bribe my own security. Reminds me of the movie SWAT with the rich drug lord offering a hundred million dollars and giving the team headaches.

I also know, the security I will hire, don't accept bitcoins. They might accept cash. But I'm already paying them a portion of my fee (converted to fiat first) to do their job.

@MPOE-PR, I'll take both. The big ones, and the small ones. As for the Tortilla, I believe he is in a different league, way above me (or us?) But I'd gladly take him as a client. For all I know, he sends someone else to buy his own stuff with his own bitcoins and just wants to have some fun in the Philippines. I'll take 1% either way.

You need to realize that a guy holding 10k+ BTC has WAY MORE than it takes to have the security answer to him, rather than to you.

There's this thing called rhyming slang, which works something like this: rather than write titties you write Bristols, because everyone knows Bristol cities rhymes with titties.

So therefore, rather than write rpietilla....

I think i m getting the sarcasm here but care to explain the Uppity Tortilla's stuff?

Anyway the "What, so soon?" made me to lol 

What, so soon? This thread was promising to rival Uppity Tortilla's stuff. Stay on it!

Thank you for the comment.

I might as well start by offering escrow for smaller amounts as well, all online. Those interested can contact me. No extra services added. Really small amounts will be free (just tip me.) Anything above 10 BTC will require an appropriate fee, perhaps the same as the others of 1.5% to 2%.

I don't trade in the bitcoins necessary for this service, but would just like to say very well written. I would also like to point out the market for 100k BTC transactions is probably not to large since that's 1% of all btc.

I'm not going to be cashing out 500,000 pesos. The transaction will be in bitcoin. What I personally pay to fix the whole deal will be a lot less than that amount.

Also, I must make it clear that I'm not going to be involved in any transaction that deals with drugs (legal or illegal) or arms (legal or illegal). There are enough of that all over the place, usually by the small time corner pushers or something. The legitimate gun stores have their clients too.

Anyone can hire their own security. I think it's just:
1. Cheaper where I am.
2. I'm the escrow dude, the third party, the security answers to me, not to any party.

You'll have a problem when either or both parties have their own security.

Your other points are noted. That's why I started this discussion, I need to find out if this can work or not. In theory, it can. But in reality, maybe no one is going to do it. Or the banks or governments of the world will pay attention and attempt to regulate bitcoin.

It also depends on what they think is bitcoin, or if they understand it. I'm just pushing buttons on my computer.

As for me, I have a traditional or regular business, I do all the necessary paperwork, I pay my taxes, I obey all the laws, everything legal. This escrow thing is just something I thought of that I could provide, if there is a market for it.

Mind you, if there are no physical goods involved, or if there are only documents to be signed, this can be conducted completely online as well. We just do encrypted video conference or something. I just think no one is going to do that with the bitcoins involved.

As a separate service, I might offer lessons on stick fighting and unarmed combat, for example. You really have to come here then.

I'm trying to work out why anyone other than drug cartels or arms dealers (who almost certainly have their own "fixers" already) would even consider going through such dramatic arrangements and involving many additional people in the deal.  The more people know about it, the greater the overall risk.  You'd have to be a complete idiot to conduct drug related business in the Philippines.

People willing to go offshore to conduct these transactions likely don't want them to be traced.  Their biggest problem is going to be repatriating the funds in a way which doesn't attract attention.  Perhaps that's the problem you should look at trying to solve because people can hire their own security anywhere in the world.

Right now the Philippines is a hair's breadth away from being blacklisted by the international financial community.  It's simply not true that no-one gives a shit about foreign currency transactions.


http://uk.reuters.com/article/2013/02/07/uk-philippines-moneylaundering-idUKBRE91605420130207

I personally don't have a problem. To me, bitcoin is just another technology vehicle. That it now has a very high perceived value is mostly irrelevant. I mean, it was "nothing" when someone bought a pizza a couple years ago for the amount in bitcoins that I'm talking about now.

The transaction will essentially be the same. The difference is the security involved. I will probably purchase brand new netbooks for this purpose. (in my opinion not necessary.)

In the end, I personally believe that personal and physical security is the more important thing. If you've seen the xkcd comics, I think it tells us an important story.

http://xkcd.com/538/


My service provides that while you are in my territory, no one is going to use a $5 wrench on you.

These "silly" forums are going to be seen by everyone who has anything to do or want to do with bitcoins. If my market is out there, someone will contact me.

That, or someone else is already doing this and we all don't know anything about it. Dark web and such.

This will start as a "modest" personal venture. When I get enough clients, I can start thinking of setting up a formal company. In the mean time, I know several security agencies. They are the ones that provide armed guards to some of the bigger malls. My high school classmate owns one. Another high school classmate owns a 4 star hotel, so I can use that as the venue.

I will of course pay them in fiat. They just know me as the computer geek with a gun that got sent to military school.

What's in it for me? Aside from the 1%, I want to be the guy that did the escrow of the world's biggest bitcoin transaction.

Who am I? (To paraphrase Tony Stark.)
I am Dabs of bitcointalk.org.

Either legit or scam. 50/50. Well written anyway, will see feedback. I don't know how IRL meeting will benefit but there might be some need for such arrangements. The possibilities are endless and this forums is largest place where all kinds of bitcoiners lurk.