OpenBazaar - decentralized eBay - page 10.

Finchy

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Quote from: Elwar on July 20, 2015, 10:23:10 AM

Quote from: Submotion on July 20, 2015, 09:34:19 AM

The escrow system on OB is definitely going to be the weak link. I think with any transaction involving bitcoin someone is going to have to trust someone else somewhere but that's where the opportunity is for something bad to happen. Escrow is also going to be really difficult for them to judge certain things as well (buyer says he received the item but it was a box of bricks and not a macbook etc - what do they do then?).

Same as ebay customer service does. Scanned receipts, pictures of the item, delivery tracking, etc.

Except this is where honest people can get scammed. If I sell an laptop but send a laptop box with nothing but sand in it to the exact weight of the laptop then how can anyone prove otherwise? All I can prove is I sent something that weighs the same as the laptop and the buyer signed for it. Either party can claim wrongdoing and scam whether a laptop or box of sand was sent. This is why it's not watertight and you would hope it doesn't happen but as we know from this forum scammers are rife and will do anything they can to make their money.

knight22

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Quote from: TheButterZone on July 20, 2015, 01:28:59 PM

Quote from: http://docs.openbazaar.org/03.-OpenBazaar-Protocol/

3.2.1 Bitcoin Payments and Escrow

All trade over OpenBazaar exclusively uses Bitcoin. OpenBazaar will support four payment options with Bitcoin:

Direct payment
Alice transfers bitcoin to Bob in a simple payment
Double-deposit 'MAD' escrow
Alice and Bob create a 2-of-2 multisignature escrow address
Alice and Bob need to agree to release funds from that address
Notary escrow
Alice, Bob, and Charlie (a third party 'notary') create a 2-of-3 multisignature escrow address
Two members of this party are required to release funds from the address
Notary pooled escrow
Alice, Bob, and others (multiple third party notaries) create a n-of-m multisignature escrow address
Multiple parties from the pool of notaries are required to release funds from the address

Interesting. I just hope too many options won't confuse Joe normal from using OpenBazaar.

TheButterZone

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RIP Mommy

Quote from: http://docs.openbazaar.org/03.-OpenBazaar-Protocol/

3.2.1 Bitcoin Payments and Escrow

All trade over OpenBazaar exclusively uses Bitcoin. OpenBazaar will support four payment options with Bitcoin:

Direct payment
Alice transfers bitcoin to Bob in a simple payment
Double-deposit 'MAD' escrow
Alice and Bob create a 2-of-2 multisignature escrow address
Alice and Bob need to agree to release funds from that address
Notary escrow
Alice, Bob, and Charlie (a third party 'notary') create a 2-of-3 multisignature escrow address
Two members of this party are required to release funds from the address
Notary pooled escrow
Alice, Bob, and others (multiple third party notaries) create a n-of-m multisignature escrow address
Multiple parties from the pool of notaries are required to release funds from the address

eerygarden

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Quote from: fox19891989 on July 20, 2015, 01:02:51 PM

Openbazar is exactly what bitcoin needs. what WE need.
A truly open market. fast. secure. decentralized. free. anonymous.
This is the crypto-revolution.
This is it!

If Openbazaar will be widely used, I am pretty sure that bitcoin will be 3000 USD per coin, let's see how does bitcoin change the world. Grin

This is it? Don't say that. Michael Jackson tried to say that and look what ended up happening to him.

fox19891989

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Openbazar is exactly what bitcoin needs. what WE need.
A truly open market. fast. secure. decentralized. free. anonymous.
This is the crypto-revolution.
This is it!

If Openbazaar will be widely used, I am pretty sure that bitcoin will be 3000 USD per coin, let's see how does bitcoin change the world. Grin

WhatTheGox

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Great interview with openbazaar's Brian Hoffman, lead developer

youtu.be/ijE6ktEsm4o?a

Seems like a top bloke, i think the end product will be solid.

Elwar

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Viva Ut Vivas

Quote from: Submotion on July 20, 2015, 09:34:19 AM

The escrow system on OB is definitely going to be the weak link. I think with any transaction involving bitcoin someone is going to have to trust someone else somewhere but that's where the opportunity is for something bad to happen. Escrow is also going to be really difficult for them to judge certain things as well (buyer says he received the item but it was a box of bricks and not a macbook etc - what do they do then?).

Same as ebay customer service does. Scanned receipts, pictures of the item, delivery tracking, etc.

Then finally there's the rating system. As a former ebay merchant, if I used to eat some bad transactions because I valued the 100% rating more than the money I lost.

Submotion

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The escrow system on OB is definitely going to be the weak link. I think with any transaction involving bitcoin someone is going to have to trust someone else somewhere but that's where the opportunity is for something bad to happen. Escrow is also going to be really difficult for them to judge certain things as well (buyer says he received the item but it was a box of bricks and not a macbook etc - what do they do then?).

Finchy

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Quote from: knight22 on July 20, 2015, 08:53:39 AM

Quote from: M83 on July 20, 2015, 08:34:32 AM

Quote from: knight22 on July 20, 2015, 08:28:38 AM

Quote from: ObscureBean on July 20, 2015, 06:51:44 AM

The idea of OpenBazaar sounds great but I have some doubts as to whether it will work smoothly enough to attract lots of people. I don't have all the facts but from what I understand, it's not actually possible to trade directly with another person, you need to have an arbiter which is understandable. So what does the arbiter get in return for his service and time (other than good rep)? I couldn't find anything on the website. They say scammers will get bad reputation and rating but if this is an anonymous platform how difficult will it be to create new accounts? Ratings will only mean something if it impossible for someone to create as many accounts as they want. Also, what would stop 2 friends from teaming up to game the system? Say if someone were to build impeccable rep of a long period of time and wait for a massive transaction from his partner to scam and run?
I've been scammed on eBay before but all it took was a few clicks and I got a refund. I have no problems trusting eBay as arbiter but trusting an anonymous third party doesn't sound very reassuring.
Again, I don't know this project very well, I suppose they might have security measures in place that I haven't read about.

Third party escrows won't necessarily be anonymous on OpenBazaar. As per example OB1 which received the funding to finish the platform and create the first business on top of it will offer escrow services and they won't be anonymous. People will be free to choose their own escrow agent. Ebay doesn't give you the choice.

Choosing an escrow could lead to people setting up scams. It would be better to be assigned one so no manipulation imo

You won't be scammed if you choose a reputable escrow. Having choices is always better than no choice IMO.

It will take quite some time for escrows to build up reputation on there, but people could build up rep doing trades whether fake or legit then once they manage to set up a big deal they choose the escrow of their choice and scam. Imagine if it would be like this on ebay. If people get to choose their own escrow they could just choose a friend or one they know. Would take time to build up trust as an escrow in the first place but the long con game is the most rewarding for scammers.

Amph

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Quote from: knight22 on July 20, 2015, 08:53:39 AM

You won't be scammed if you choose a reputable escrow. Having choices is always better than no choice IMO.

there will be a way to checks this aside from the known trust which isn't a 100% secure way? because...what if one non-reputable escrow play the "trusted guy early in the game" to scam later a big amount?

knight22

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Quote from: M83 on July 20, 2015, 08:34:32 AM

Quote from: knight22 on July 20, 2015, 08:28:38 AM

Quote from: ObscureBean on July 20, 2015, 06:51:44 AM

The idea of OpenBazaar sounds great but I have some doubts as to whether it will work smoothly enough to attract lots of people. I don't have all the facts but from what I understand, it's not actually possible to trade directly with another person, you need to have an arbiter which is understandable. So what does the arbiter get in return for his service and time (other than good rep)? I couldn't find anything on the website. They say scammers will get bad reputation and rating but if this is an anonymous platform how difficult will it be to create new accounts? Ratings will only mean something if it impossible for someone to create as many accounts as they want. Also, what would stop 2 friends from teaming up to game the system? Say if someone were to build impeccable rep of a long period of time and wait for a massive transaction from his partner to scam and run?
I've been scammed on eBay before but all it took was a few clicks and I got a refund. I have no problems trusting eBay as arbiter but trusting an anonymous third party doesn't sound very reassuring.
Again, I don't know this project very well, I suppose they might have security measures in place that I haven't read about.

Third party escrows won't necessarily be anonymous on OpenBazaar. As per example OB1 which received the funding to finish the platform and create the first business on top of it will offer escrow services and they won't be anonymous. People will be free to choose their own escrow agent. Ebay doesn't give you the choice.

Choosing an escrow could lead to people setting up scams. It would be better to be assigned one so no manipulation imo

You won't be scammed if you choose a reputable escrow. Having choices is always better than no choice IMO.

M83

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Quote from: knight22 on July 20, 2015, 08:28:38 AM

Quote from: ObscureBean on July 20, 2015, 06:51:44 AM

The idea of OpenBazaar sounds great but I have some doubts as to whether it will work smoothly enough to attract lots of people. I don't have all the facts but from what I understand, it's not actually possible to trade directly with another person, you need to have an arbiter which is understandable. So what does the arbiter get in return for his service and time (other than good rep)? I couldn't find anything on the website. They say scammers will get bad reputation and rating but if this is an anonymous platform how difficult will it be to create new accounts? Ratings will only mean something if it impossible for someone to create as many accounts as they want. Also, what would stop 2 friends from teaming up to game the system? Say if someone were to build impeccable rep of a long period of time and wait for a massive transaction from his partner to scam and run?
I've been scammed on eBay before but all it took was a few clicks and I got a refund. I have no problems trusting eBay as arbiter but trusting an anonymous third party doesn't sound very reassuring.
Again, I don't know this project very well, I suppose they might have security measures in place that I haven't read about.

Third party escrows won't necessarily be anonymous on OpenBazaar. As per example OB1 which received the funding to finish the platform and create the first business on top of it will offer escrow services and they won't be anonymous. People will be free to choose their own escrow agent. Ebay doesn't give you the choice.

Choosing an escrow could lead to people setting up scams. It would be better to be assigned one so no manipulation imo

knight22

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Activity: 1372

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--------------->¿?

Quote from: ObscureBean on July 20, 2015, 06:51:44 AM

The idea of OpenBazaar sounds great but I have some doubts as to whether it will work smoothly enough to attract lots of people. I don't have all the facts but from what I understand, it's not actually possible to trade directly with another person, you need to have an arbiter which is understandable. So what does the arbiter get in return for his service and time (other than good rep)? I couldn't find anything on the website. They say scammers will get bad reputation and rating but if this is an anonymous platform how difficult will it be to create new accounts? Ratings will only mean something if it impossible for someone to create as many accounts as they want. Also, what would stop 2 friends from teaming up to game the system? Say if someone were to build impeccable rep of a long period of time and wait for a massive transaction from his partner to scam and run?
I've been scammed on eBay before but all it took was a few clicks and I got a refund. I have no problems trusting eBay as arbiter but trusting an anonymous third party doesn't sound very reassuring.
Again, I don't know this project very well, I suppose they might have security measures in place that I haven't read about.

Third party escrows won't necessarily be anonymous on OpenBazaar. As per example OB1 which received the funding to finish the platform and create the first business on top of it will offer escrow services and they won't be anonymous. People will be free to choose their own escrow agent. Ebay doesn't give you the choice.

Amph

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Quote from: 1K on July 20, 2015, 07:03:49 AM

Quote from: Acidyo on July 17, 2015, 05:50:12 PM

I have no problem paying a small fee to use this service!

Why would you pay when it's going to be free? No fees is what makes this great as anywhere that charges a fee will just likely rip you off like ebay and paypal does.

it depend on the amount, if everything they will ask will be around the same fee that you pay for a transaction, say the usual 10k satoshi, i don't see any problem in paying that fee if it can help arbiters or escrowers or an automatized bot for securing both buyers and sellers

1K

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Quote from: Acidyo on July 17, 2015, 05:50:12 PM

I have no problem paying a small fee to use this service!

Why would you pay when it's going to be free? No fees is what makes this great as anywhere that charges a fee will just likely rip you off like ebay and paypal does.

ObscureBean

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The idea of OpenBazaar sounds great but I have some doubts as to whether it will work smoothly enough to attract lots of people. I don't have all the facts but from what I understand, it's not actually possible to trade directly with another person, you need to have an arbiter which is understandable. So what does the arbiter get in return for his service and time (other than good rep)? I couldn't find anything on the website. They say scammers will get bad reputation and rating but if this is an anonymous platform how difficult will it be to create new accounts? Ratings will only mean something if it impossible for someone to create as many accounts as they want. Also, what would stop 2 friends from teaming up to game the system? Say if someone were to build impeccable rep of a long period of time and wait for a massive transaction from his partner to scam and run?
I've been scammed on eBay before but all it took was a few clicks and I got a refund. I have no problems trusting eBay as arbiter but trusting an anonymous third party doesn't sound very reassuring.
Again, I don't know this project very well, I suppose they might have security measures in place that I haven't read about.

paulthetafy

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Quote from: newflesh on June 16, 2015, 10:09:49 AM

Quote from: Elwar on June 16, 2015, 02:38:38 AM

Quote from: dKingston on June 15, 2015, 06:02:53 PM

I am HUGELY in favor of OpenBazaar .. but I'm not entirely sure how it will attract mainstream users to compete with eBay and Amazon. Mainstream users still use paypal and CC. OpenBazaar will no doubt give darknet markets pause for concern, but I don't see mainstream users flocking to it, unfortunately. I hope I am WRONG

Bitmit was a bitcoin based ebay and it had a lot of users. There is definitely a need. Others pop up here and there but without everyone rallying around one service it does not have the seller and customer base needed to take off.

Yeah I liked using Bitmit back in the day, never did find out why they decided to shut down.

Cryptothrift isn't a bad alternative, I've used them a lot recently but you're right they haven't got nowhere near as many buyers/sellers and as far as I can see.

I'd love to know how many users bitmit had... CryptoThrift has over 40,000 at the moment and is growing all the time.

bitcoinmar

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Quote from: knowhow on July 19, 2015, 04:12:53 PM

well the shedule already looks promising hope this project starts soon even paying a fee to use im pretty sure it will be much less then any other place .

They doing great job after some time if they impose some fees then still many peoples happy to use this because they will feel better security and good service from them

knowhow

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well the shedule already looks promising hope this project starts soon even paying a fee to use im pretty sure it will be much less then any other place .

Acidyo

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Will Bitcoin Rise Again to $60,000?

I have no problem paying a small fee to use this service!

Topic: OpenBazaar - decentralized eBay - page 10. (Read 41770 times)