[Vendor PROTIP] How to tell an honest site from a scamsite

Its easy,

1: Do they require vendor bonds? Has anyone ever gotten refunded from the vendor bond after being scammed and how many customers would a measly $200-$500 cover even if a site ever did actually give it back? What does this meaningless cashgrab say about the market operators?

2: Do they have a FE policy? We have escrow, if the site prohibited buyers from FE'ing in the first $10K+ of vendor sales then we wouldnt have hit and run scammers. Im not the first to suggest this, people have been bitching about this since SR1 and not one site has enabled this policy. They have put in pussy versions of it, like the first 50 sales or whatever but thats easy to game and then again its just a policy, not a technical limitation, buyers usually have to report the vendor and even then it often never gets dealt with.

3: Do they have a accumulating vendor bond? Whats that right, its the only form of a bond that actually works, because eventually vendors need to get FE privilidges to do larger orders and thats how exit scams happen. In this case a scant % of sales is held against them until they close our their account, eventually this builds up to the point where it will be less profitable to exit scam than to just fulfill remaining orders and reclaim the bond. To date not one site has implemented this trivial feature.

Theres a 4th too, multisig, but we're still a few years out before that becomes usuable.


Comments


[5 Points] DuckDuckTNT:

You third point is fucking brilliant. What a great idea for preventing the FE exit scam.

This needs to be implemented everywhere!

Your final point is horrible though. Multisig was already implemented perfectly on blackbox I believe but the admin himself turned out to be flaky. I do believe you might have down played this one as your market does not offer it?


[1 Points] 666fun:

Protects customers that's great

Requires the vendors to put even more trust in the market places. Be note that is vendors that have taken the big hits when markets close. Customers might lose a few hundred they wanted to order with, vendors lose thousands because they shipped orders and had funds stuck in escrow.


[1 Points] Sanitarium-Market:

Your ideas are not bad ones, but you need to research before you absolutely make statements that NO market has done something.

  1. At the moment we are trying to get vendors in as we have just opened up. Vendor bond or not will not make a difference in our case since we manually mange every single transaction. The Vendor can not scam any more than the buyer can.

  2. I call BS on this one. We have explicitly stated that there will be NO FE for any vendor. If the buyer wants to circumvent the system and allow an FE then that means that they went direct with the vendor and accepted the risk. We can not help them there.

  3. This sounds like a good idea. Our interest is more on how this would work and what the benefits are to both the vendor and the buyer. The vendor is not the bad guy and needs just as much protection as the buyer.

  4. Multisig, yeah multi is painful right now as it is currently a manual transaction that still requires alot of communication, but is still possible.