It's simple really.
Just make it so that the vendor bond is = to the amount of money the vendor can have in FE orders that haven't been marked as delivered.
yea
Proposal for preventing FE scams
It's simple really.
Just make it so that the vendor bond is = to the amount of money the vendor can have in FE orders that haven't been marked as delivered.
yea
[6 Points] Serendeepity666:
[3 Points] Theeconomist1:
That would essentially double what a market could make in an exit scam. While we are watching the vendor, who's watching the markets? I have a bit more faith in solid vendors than I do markets TBH.
Decent sized vendors will have easily 5 figures floating in escrow. Its untenable to do it this way unfortuantely. UNLESS your model isn't so much to facilitate FE'ing as it is to discourage vendors from asking for FE. If that's your purpose, vendors will find ways aroudn it. Multi-sig escrow seems like the tool that would help alleviate these problems. Legit vendors want FE for 3 reasons - immediate access to capital, protection against BTC depreciation while being held, and not trusting the market. Multi-sig solves 1 problem. BTC depreciation can be solved I would think via hedging techniques (but I have no clue what is available in this regards). Immediate access to capital? Well, escrow is the definition of the opposite of this. LOL. But any business needs to have enough float to get through transactions. Tying up money is COB. It just is. Ideally, vendors aren't living from transaction to transaction.
[1 Points] TheCheeseConspiracy:
The solution is to not FE if you don't want to be a victim. If fewer people fe'd there would be less of these scams. I don't really feel bad for people who get caught up in them. For the most part they've taken a calculated risk: they realize fe'ing is risky, but they want that really good deal on a lb or gram or whatever. They took a chance and lost.
I think the vendors that have both escrow and discounted FE listing are the future. Legitimate vendors gain from having some FE customers. It reduces their float, putting them at less risk in a market exit scam. If a vendor has all his money tied up in escrow he can't buy more product to get new customers. If people want
[1 Points] theevoinsider:
how about buyers just take responsibility for their own actions, dont blame the system when you get scammed, blame yourself for going with a vendor who requires FE
So you want some of these but FE only vendors to drop tens of thousands of dollars as surety? I don't think so. If you want to solve it, just make escrow mandatory.