WTF? Escrow Services Need A Serious Reboot!

Lauda

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Quote from: Dabs on November 04, 2017, 06:32:40 PM

I may be mistaken, I remember it was half of one-tenth of a percent. So maybe add another zero. Still, I'd be fine with that.

You need to stop drinking so much when Bitcoin hits new highs. Tongue

Quote from: monbux on November 04, 2017, 09:47:53 PM

You need to understand that most of us are quite busy, we have other jobs.

You being probably one of the busiest escrows given your response time.

Quote from: monbux on November 04, 2017, 09:47:53 PM

Sorry that you feel that way. No one was and is stopping you from using an escrow that charged fees that you were happy with. No one is forcing you to use someone's services.

Definitely. There are various cases of annoying users though which sometimes makes me feel like escrow is a type of 'classic support' job.

Quote from: monbux on November 04, 2017, 09:47:53 PM

However, there is some right to what you are asking for. Since the increase in the bitcoin price, I will see to reduce my minimum fee.

Charging things in USD is counter intuitive to the idea behind Bitcoin, which is why I'm hesitant to changing it to quickly.

monbux

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Quote

Was BTC not meant to stop that? Is everyone here to gouge every single last fucking dollar they can?

I need to find a legit escrow service here who is not so fucking money hungry they make more than either party involved. Is there such a thing? Do I need to start doing escrow? Hell I been here longer than A LOT of folks and my reputation is impeccable.

Sorry that you feel that way. No one was and is stopping you from using an escrow that charged fees that you were happy with. No one is forcing you to use someone's services.

You need to understand that most of us are quite busy, we have other jobs. I feel the fee I asked for was more than fair. For all the shit we have to deal with, and all the scams we have prevented. I've been involved in many cases where a client's account gets hacked DURING the transaction, and the hacking either asking for a refund to an address or asking for the release of bitcoins, claiming that the goods/services were received. All of which have resulted in the money being sent to the rightful party. I think for that, it's reasonable that we charge a fee.

However, there is some right to what you are asking for. Since the increase in the bitcoin price, I will see to reduce my minimum fee.

Reynaldo

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https://bitcointalksearch.org/topic/escrow-by-reynaldo-2162495

aTriz

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Tontogether | Save Smart & Win Big

What about bL4nkcode . Pretty sure he's free.

Dabs

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The Concierge of Crypto

I may be mistaken, I remember it was half of one-tenth of a percent. So maybe add another zero. Still, I'd be fine with that.

Lauda

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Quote from: Dabs on November 04, 2017, 01:33:41 PM

I saw one website list 3.25% Standard, 6.5% Concierge, for transactions up to $5000.

Our fees are therefore not unreasonable.

Quote from: Dabs on November 04, 2017, 01:33:41 PM

I knew a banker that only got 0.5% as escrow fee. But the transaction was about a billion USD. Friend of my father, who then used part of that money to buy an investor visa to another country.

I'd be fine with a 0.5% fee on a $1 Billion transaction too. Cheesy

Quote from: Bfljosh on November 04, 2017, 01:41:01 PM

I can do escrow for half the price.

I am here since 2013.

History of trading: Not found. History of escrow: Not found. Choosing you would be very wise. Roll Eyes

Bfljosh

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Skol!

I can do escrow for half the price.

I am here since 2013.

Dabs

legendary

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The Concierge of Crypto

I saw one website list 3.25% Standard, 6.5% Concierge, for transactions up to $5000.

For $100,000.00, $890 Standard Fee, $1,780 Concierge Fee.

Another one has real estate, $500,000 sale the escrow fee is $2300 total (split between buyer and seller.) Not including title insurance fees, notary fees, sub-escrow fees (what's that?), loan ...etc.

I knew a banker that only got 0.5% as escrow fee. But the transaction was about a billion USD. Friend of my father, who then used part of that money to buy an investor visa to another country.

Lauda

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Terminated.

Quote from: Dabs on November 03, 2017, 10:36:11 PM

I've been considering increasing my fees actually ... I was on another forum and the staff there charge 2% regularly.

Any idea what "real life escrow" fees look like? I know that you can get licenced in the US, but no idea what the usually charge.

Quote from: Dabs on November 03, 2017, 10:36:11 PM

On other contracts, I average between 1% to 3%, particularly the ones that involve more than one signature, or more than one address. Like, hundreds of them. Such a hassle really, not so much if that particular project is successful, but if it fails (such as ICOs that don't get enough) .... the refunds to hundreds of people ... oh the "joys" ...

CET normally charges between 1 and 4% depending on a lot of factors as well, like the ones that you've mentioned. More money = more risk, more addresses = more work, and so on.

Dabs

legendary

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The Concierge of Crypto

I've been considering increasing my fees actually ... I was on another forum and the staff there charge 2% regularly. On other contracts, I average between 1% to 3%, particularly the ones that involve more than one signature, or more than one address. Like, hundreds of them. Such a hassle really, not so much if that particular project is successful, but if it fails (such as ICOs that don't get enough) .... the refunds to hundreds of people ... oh the "joys" ...

Lauda

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Terminated.

Quote from: philipma1957 on November 03, 2017, 08:06:46 AM

Most of us that do escrow don't like the work. I have dozens of requests that fall through and it takes time.

I do *enjoy* (probably incorrect wording) helping out others via escrow given that we are talking about simple deals. I do tend to reject some complicated or too risky ones.

Quote from: philipma1957 on November 03, 2017, 08:06:46 AM

I just did 4 escrows for a total of about 10,000 I made around 150

I have 40 plus pms read and answered to do those 4 escrows and they were all smooth.

Escrows are hard work and a lot can go wrong. Just saying.

This is what I'm talking about. Let's put problematic deals aside: If you mess up one decently sized escrow and somehow lose funds, how many escrow deals are required to cover that loss? A lot.

Quote from: Dabs on November 03, 2017, 10:26:34 AM

I was contacted too, but it seems someone else is going to do it so I didn't reply anymore. I get a lot less offers for escrow, but maybe it's because my minimum fee is higher than everyone else (at 0.03 BTC currently), but standard 1% otherwise. Which translates to an effective minimum of a 3 BTC transaction.

As long as there are escrows with lower minimums, that is fine for the market.

Dabs

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The Concierge of Crypto

I was contacted too, but it seems someone else is going to do it so I didn't reply anymore. I get a lot less offers for escrow, but maybe it's because my minimum fee is higher than everyone else (at 0.03 BTC currently), but standard 1% otherwise. Which translates to an effective minimum of a 3 BTC transaction.

Scrappy Do is partially correct though, 3 BTC = approx $20k USD now.

philipma1957

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'The right to privacy matters'

Okay I do escrow's I don't look to undercut other escrow services.

I charge 1.5% plus 0.001 for tx fees

so a 1350 item is about 0.18 btc

so

0.1800 goods plus shipping
0.0027 my 1.5% fee
0.0010 tx fees

0.1837 total

I only posted here since I was contacted via pm

my policy Is
I need a payment address from the seller
I need a refund address from the buyer

when I get both I create a new escrow address on my core wallet.

As for fees and what is fair. Heres goes
at 1.5% if I do 60 correct and 1 wrong I could lose money.

60 x .015 = .9

so 66 x 0.015 = .99

so If I do 66 1 btc deals with one wrong I break even.

Most of us that do escrow don't like the work. I have dozens of requests that fall through and it takes time.

I just did 4 escrows for a total of about 10,000 I made around 150

I have 40 plus pms read and answered to do those 4 escrows.
and they were all smooth.

Escrows are hard work and a lot can go wrong. Just saying.

Steelclaw

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Quote from: Lauda on November 03, 2017, 03:25:30 AM

Quote from: Steelclaw on November 03, 2017, 03:05:41 AM

I thought it was up to the buyer to find and pay the escrow service, but perhaps I am mistaken?

You are mistaken. If you solely let the buyer find an escrow, then you're more prone to getting scammed as well. In a deal, both the escrow and the fees need to be mutually decided. With this, I mean that there are cases where the seller pays the fee, and cases in which both parties share the cost of the fee.

Quote from: Steelclaw on November 03, 2017, 03:05:41 AM

If I need to be the one to make contact, who would be the fastest and least expensive to deal with? We almost have a deal, but the escrow price and wait time is killing it, and I'm uncomfortable sending expensive hardware to anyone without at least some protection.

I've posted a link that contains the most updated list of escrows.

Quote from: Steelclaw on November 03, 2017, 03:05:41 AM

Can anyone help me out here, please? If I need to pay the escrow, I don't quite understand the entries in the fees column.

The fees are simple in that thread, either it is a percent of the transaction or a percent with a minimum. For example, for Crypto Escrow Team (CET) which I'm a part of the fees are usually 1-2% with a 1cB (that weird 'c' sign in the table) means centiBitcoin (0.01 BTC). For example, Lutpin escrow fee is now at minimum 5 mBTC = 0.005 BTC.

Thank you for this information, Lauda. With this in mind I've updated my offer, and I don't mind paying a 1% fee like I see one some of those entries, assuming it's actually under $14. I appreciate that this community is so helpful.

Lauda

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Terminated.

Quote from: Steelclaw on November 03, 2017, 03:05:41 AM

I thought it was up to the buyer to find and pay the escrow service, but perhaps I am mistaken?

You are mistaken. If you solely let the buyer find an escrow, then you're more prone to getting scammed as well. In a deal, both the escrow and the fees need to be mutually decided. With this, I mean that there are cases where the seller pays the fee, and cases in which both parties share the cost of the fee.

Quote from: Steelclaw on November 03, 2017, 03:05:41 AM

If I need to be the one to make contact, who would be the fastest and least expensive to deal with? We almost have a deal, but the escrow price and wait time is killing it, and I'm uncomfortable sending expensive hardware to anyone without at least some protection.

I've posted a link that contains the most updated list of escrows.

Quote from: Steelclaw on November 03, 2017, 03:05:41 AM

Can anyone help me out here, please? If I need to pay the escrow, I don't quite understand the entries in the fees column.

The fees are simple in that thread, either it is a percent of the transaction or a percent with a minimum. For example, for Crypto Escrow Team (CET) which I'm a part of the fees are usually 1-2% with a 1cB (that weird 'c' sign in the table) means centiBitcoin (0.01 BTC). For example, Lutpin escrow fee is now at minimum 5 mBTC = 0.005 BTC.

Steelclaw

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Quote from: Lauda on November 03, 2017, 02:08:43 AM

Quote from: Scrappy Do on November 03, 2017, 02:05:37 AM

Quote from: OgNasty on November 03, 2017, 01:47:45 AM

I recently lowered my minimum to 0.007 BTC. If the Bitcoin rate stays elevated for a prolonged period I may lower it more.

I wish we had contacted you first as this is reasonable. Especially on a mere $1375 item. But the post said you are .01 minimum and I figured your such a big balla you don't have time for measly shit.

Wrong. The reason because you think that is: 1) You are taking in false information from an old thread that Marco refuses to take down. 2) You haven't checked his own ANN: https://bitcointalksearch.org/topic/legendary-bitcoin-escrow-service-more-than-19k-btc-transferred-alts-too-303281.

Updated list of Escrows (October 2017): https://bitcointalksearch.org/topic/list-bitcointalks-escrow-providers-ranking-blacklist-avoid-scam-276897.

I am the new user in question who is selling the Antminer D3. I thought it was up to the buyer to find and pay the escrow service, but perhaps I am mistaken? If I need to be the one to make contact, who would be the fastest and least expensive to deal with? We almost have a deal, but the escrow price and wait time is killing it, and I'm uncomfortable sending expensive hardware to anyone without at least some protection.

Can anyone help me out here, please? If I need to pay the escrow, I don't quite understand the entries in the fees column.

Scrappy, are you willing to go with our original deal of $1375 if we can find a fast and inexpensive escrow?

Lauda

legendary

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Terminated.

Quote from: Scrappy Do on November 03, 2017, 02:13:14 AM

Everyone screams USE ESCROW USE ESCROW!!!

When dealing with random members or members with no verifiable history of trading, most definitely.

Quote from: Scrappy Do on November 03, 2017, 02:13:14 AM

Point is, to charge almost $75 when both parties are doing all they can as fast as they can to get it done and stays tied up for 3 days waiting on Escrow service to respond is total BULLSHIT.

An escrow that takes 3 days to respond? Who did you PM? For example, my response time is on average 1-2 hours but can be a maximum of 12-24 in very extreme situations.

Quote from: Scrappy Do on November 03, 2017, 02:18:02 AM

So you can tell us what the current list of good Escrow's are but no one on this forum can made a damn sticky to help newer members? Hmmmmmm....

You're complaining about that to the wrong person. For stickies, which is a forum issue, you need to make a thread in Meta.

Scrappy Do

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Quote from: Lauda on November 03, 2017, 02:08:43 AM

Quote from: Scrappy Do on November 03, 2017, 02:05:37 AM

Quote from: OgNasty on November 03, 2017, 01:47:45 AM

I recently lowered my minimum to 0.007 BTC. If the Bitcoin rate stays elevated for a prolonged period I may lower it more.

I wish we had contacted you first as this is reasonable. Especially on a mere $1375 item. But the post said you are .01 minimum and I figured your such a big balla you don't have time for measly shit.

Wrong. The reason because you think that is: 1) You are taking in false information from an old thread that Marco refuses to take down. 2) You haven't checked his own ANN: https://bitcointalksearch.org/topic/legendary-bitcoin-escrow-service-more-than-19k-btc-transferred-alts-too-303281.

Updated list of Escrows (October 2017): https://bitcointalksearch.org/topic/list-bitcointalks-escrow-providers-ranking-blacklist-avoid-scam-276897.

So you can tell us what the current list of good Escrow's are but no one on this forum can made a damn sticky to help newer members? Hmmmmmm....

Scrappy Do

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Quote from: Lauda on November 03, 2017, 01:29:22 AM

Quote from: Scrappy Do on November 02, 2017, 11:53:10 PM

Sure I get it, it is work and you deal with a lot of bullshit. But this .01 BTC fee may have back in the day been not much, but at today's prices, IT IS ALOT. Especially if it is is a transaction less than $1500 USD.

No, it is not a lot.

Quote from: Scrappy Do on November 02, 2017, 11:53:10 PM

To be honest, that is almost as bad as Western Union rates.

Apples and oranges.

Quote from: Scrappy Do on November 02, 2017, 11:53:10 PM

Was BTC not meant to stop that?

Stop private individuals from pricing their services how they deem appropriate? I don't even.

Quote from: Scrappy Do on November 02, 2017, 11:53:10 PM

I need to find a legit escrow service here who is not so fucking money hungry they make more than either party involved.

Money hungry? You're an idiot.

Quote from: Scrappy Do on November 02, 2017, 11:53:10 PM

Hell I been here longer than A LOT of folks and my reputation is impeccable.

Doubt.

Quote from: yahoo62278 on November 03, 2017, 12:13:47 AM

https://bitcointalksearch.org/topic/bitcointalk-escrows-trade-safely-855778

Why are you linking a very outdated, thus misleading thread?

Quote from: Lone Shark on November 03, 2017, 01:00:04 AM

If you'd like I can help you out, I charge about 2mbtc or 1% whichever is higher, though I don't usually do it only if people pm me asking about it. Anyway, good luck OP.

The issue is risk. Each time you escrow, you are taking the risk and annoyance that might come with the deal itself. I'll probably lower to 0.005 once BTC is worth $10k. However, going much lower than $50 per deal does not seem reasonable.

I get ya Lauda. I also get you been here for a while. But please try and remember, not everyone here has.

Everyone screams USE ESCROW USE ESCROW!!! I get it, all good. Problem is I was/am trying to make a purchase from a brand new member and he is doing all he can to understand escrow, and all the hoops you have to jump.

A mere $1375 purchase of a D3 miner to me is jack shit as I have 8 coming next week. Point is, to charge almost $75 when both parties are doing all they can as fast as they can to get it done and stays tied up for 3 days waiting on Escrow service to respond is total BULLSHIT.

To add to that, If a newer member here is actually trying to do the right thing as suggested by the forums and gets no help what is he to think? Thank god I am a trustworthy person and been here trying to guide him. I thought we were in Crypto together... NOT to make as much as possible.

Scrap'

Lauda

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Terminated.

Quote from: Scrappy Do on November 03, 2017, 02:05:37 AM

Quote from: OgNasty on November 03, 2017, 01:47:45 AM

I recently lowered my minimum to 0.007 BTC. If the Bitcoin rate stays elevated for a prolonged period I may lower it more.

I wish we had contacted you first as this is reasonable. Especially on a mere $1375 item. But the post said you are .01 minimum and I figured your such a big balla you don't have time for measly shit.

Wrong. The reason because you think that is: 1) You are taking in false information from an old thread that Marco refuses to take down. 2) You haven't checked his own ANN: https://bitcointalksearch.org/topic/legendary-bitcoin-escrow-service-more-than-19k-btc-transferred-alts-too-303281.

Updated list of Escrows (October 2017): https://bitcointalksearch.org/topic/list-bitcointalks-escrow-providers-ranking-blacklist-avoid-scam-276897.

Topic: WTF? Escrow Services Need A Serious Reboot! (Read 811 times)