Topic: Why reputation is essential on the free market (Read 746 times)

Dear GazetaBitcoin as you know I have submitted my translation for review and after some corrections you approved it and give me permission to post it in my local community thread. Now I have posted you should take a look on it. Here is the link.
https://bitcointalksearch.org/topic/m.63449512

It is very obvious that if you don't have a good reputation then you'll most likely  ot getting any attention kr customers as you have said. That's why here in the forum if a newbie which obviously doesn't have a good reputation as you can see with the rank then he/she won't be able to ask for a loan. You can check it on the board and you'll see that many newbies who are e asking for a loan aren't getting accepted by loaners.

   When you have a firm reputation in the market, it gives you the best foundation for building strong and vibrant customer base, succeeding and very good sales revenues,attracting better people. They are noticed as giving more values that many times allows them to charge a premium.
 
   Having a good reputation, media outlets are wanting to spotlight a reputable company in positive way, giving free publicity that increases brand awareness.

   One the most important is a positive reputation because without it one will have to struggle to attract new customers and retain existing ones . A good business reputation is necessary for potential customers because it presents trustworthiness and honesty, customers will want to pay.

   A positive business reputation increases costumer involvement and give rise to bigger market value and share for companies enabling business hire and retain more talented, loyal employees in a way that is large reducing hiring and turnover cost.

Of course what you said on OP is totally wrong, a trust network works only if the people on it have no monetary incentive to manipulate the system. And so, since %90 of members on DT are monetarily incentivised, there is %99 chance of gaming the system for their own benefit.

But if we want to share something useful for newbies, here it is:

Do not under any circumstances trust any trust ratings blindly, and always use escrow when you want to trade, that way, trust rating/reputation would mean zero, which should mean zero, because you don't know who you are dealing with, unless you know them by name/real identity.

Hello! You can make the translation. Make sure though that (1) you don't use an automatic translator; (2) you follow precisely the text formatting; (3) you use the header I mentioned here; and (4) you send me a preview before publishing it and you wait for my approval for publishing.

Dear GazetaBitcoin I want to reserve this topic to translate it in my local language (Urdu). If it is not reserved by anyone else from my Pakistan Community so confirm it and reserve for me. When you will confirm I will start working on it.

The duo are priceless thus for any positive reasonable person, they are worth holding and maintaining for as long as possible. This is very positive, thanks for this interesting reminder!

True, cause when we are working online, a good reputation is needed because how would they trust you if they don't even know if your true, or if their money would not go to waste if they do some transactions with you. A good reputation is almost equivalent to how can people trust you even though you are just connected online. Same thing with life actually, you need experiences or a bachelors degree for a company to trust you with a position. And in online freelancing jobs, you need to have feedbacks from other employers and a sample of your works, and how you do your work, how you communicate with your employer and etc. And that will be your reputation, you build it for months and years, same thing with accounts here.

It's true too that there are trustworthy people that will tarnished their good reputations, which is so unpredictable, sadly that's how humans live. Sometimes we humans create our own destruction, messing with all the hard work we did in the past. A good reputation can be tarnished but still, it is the one needed if you wanted to have a career in any industry you wanted to dominate.

Oh boy! I wonder how this person is doing right now? What is the status of his cryptocurrency memorabilia shop which he uses as an alibi to deceive other people's money  . Even until now, I don't know if that business he's building is true or just a hoax to build up something deceitful even at the expense of losing his account.

The things is -- I became more complacent to deal with this person which leaves me disregarding his true intent.

This holds true for all market places and not only the bitcointalk services section. If anyone wants to work on fiverr, the reputation and reviews are extremely important to get the orders. That's the reason a new person often find difficult to get their first orders because they don't have any work history and review. After you get some orders and good reviews, then the next important thing is SEO.

I dont know whose on top of your head but I am talking about the guy on this thread.

https://bitcointalksearch.org/topic/loan-default-theyoungmillionaire-u-1180530-5233790

Pretty sure many admire him including him with his built reputation but of course you may never know when someone strike you especially if its involve money. Trust no one. Always better to be safe and used all means of cautious.

Throwing accounts for these people might be not hard to do when they knew how easy for them to do it again. Scary actually cause those guys might already building up reputation and can hit again.

This is correct, but what I meant with this topic is to help people understand why it is important for them to build a good reputation on the free market. Without building a good reputation for yourself you won't be able to settle too many transactions and many users would tend to avoid your services and prefer the services offered by others, although they may be more expensive, if those services are offered by members with good reputation. Choosing an escrow is limiting the risks at some level, but not entirely. Besides, even that escrow should have a good reputation and thus we come back to the topic's idea: if you would like to become an escrow you have to build a good reputation first, otherwise traders won't be interested in your services.

What I'm trying to say is more a general idea: no matter if you are interested in buying, selling or escrowing, at first you have to work for having a good reputation. The reputation systems mentioned by Tim May decades ago are now present on the free market and this is how the free market works. If I'd like to buy a Bitmain coupon of 100$ and I find it -- let's say -- at mikeywith, which is selling for 50$ and I also find such coupon at a newbie which registered yesterday, selling the coupon at 30$, I'd choose to make the deal with mikeywith. Why? Because he is a well established member of the forum, he has made hundreds of transactions with Bitmain coupons, he has good feedbacks from other users, he has earned thousands of merits and he is trustworthy. But it took him years to reach this point. Reputation can't be built over the night and patience is needed.

This is correct some people might change when it comes to money, i have seen people disaappear after taking cash from a person
we must take an extra precaution when making transaction, im not saying don't trust someone, but making extra effort to look
on his/her last transactions record will do to make sure we are safe from scam, specially during this pandemic, that people really need
money.

Even when someone has built a good reputation you shouldn't become complacent. If there are options to protect yourself then take them, even if they're a little more hassle and expense.

There've been quite a few 'trusted' accounts that were either building a long con or lost their mind and screwed people. And it's surprising how tiny the amounts often are that people are willing to throw away their account over.

I can't recall the name of that guy but I confirmed that this things happen, there is really no guaranty that high rank members here with a good reputation will not scam you, better safe than sorry just use escrow not that you do not trust or respect his reputation and ranking but it's a way to protect you, we do not know who are dealing here.

Transaction without escrow is 50% chance of being scammed. I dont know but its true that the root of all evil is money. There are some guys in the forum whom earned their reputation for so long and even some started theirs but ended up scamming some good guy here. Trust is really unpredictable, no matter what you viewed someone even close to 99% there are still 1% chance that a guy could con you. Im not investing stories but its proven and there are two cases here involve on forum that kind of scenario where lenders trusted a guy whom very highly reputable and still get away with huge money.

Of course using escrows is good, if you're dealing with the right/trusted user and not an impostor. That being said, mind you that scammers now impersonate reputable users on either Telegram or other social handles to act as escrows and any fund sent to the scammer can't be recovered, see: https://bitcointalksearch.org/topic/--5281221, that topic is an example of how this scam works, before choosing an escrow, verify (don't just send, thinking it's safe) through the community and a signed message from the escrow.

A very informative topic though earning a positive reputation in this community is a bit difficult to start but as you build on it step by step, you will be earning your good reputation in no time.

For the moment, if you are new in here or transacting with a new member, having an escrow is a must to avoid any scams. Thats always 99℅ safe.

There are less risks when using escrows, that's right. Dont't forget though that escrows also take taxes for their services.

However, as I wrote in my previous post, the topic wasn't written as a guide for trading securely. Its meaning is to open the eyes for why is important to build a good reputation on the free market and also offering a few tips in this direction. Read also my prior post.

To my own understanding and in relation to  your post, I think the expense of getting scammed without an Escrow is really really way too high on the forum, without the use of a reputable escrow, Its seems to be an easily way to scam forum members. And since escrow serves based on their reputation and Protection. Its advice able to get one on your project and I support using escrow on any project as well...