Silk Road forums

Support => Feature requests => Topic started by: olitemp on December 23, 2011, 02:08 am

Title: Bitcoin vendor special features
Post by: olitemp on December 23, 2011, 02:08 am
Hi,

I would like to request the following features to avoid bitcoin scams. I know it's something like coin escrow but it should be SR which automates the clearing process.

A) Bitcoin vendors to have a larger deposit with SR;
B) Bitcoin deposits by vendors with SR before sellers can post their listing; No bitcoins on SR account no listings;
C) $/Euro withdrawals from moneypak u kash etc be verified by SR through a dummy account without actual withdrawal before orders go through to vendors;(Only good moneypaks be sent to Bitcoin vendors.) Just a few seconds with appropriate code.
D) Then moneypaks are encashed to Bitcoin vendors listed card automatically by SR. Just a few seconds with appropriate code. (step d and e  be separated only by a few seconds.)
E) SR releases Bitcoins to buyer provisionally. (The exchange rate may have moved too far out ... ) The bitcoin vendor has a maximum leeway of changing the exchange rates within 24 hours of the transaction to upto 15 of the then current SR bitcoin value to meet his prior commitments.
F) No more transactions if there are no bitcoins with SR escrow.
G) If there is a transaction risk at step D moneypak having money one instant and gone the next instant and no money. Then the buyer is blacklisted based on the error message SR receives.

I hope we have this soon to save SR from Bitcoin scammers. In other transactions buyers and sellers lose 50 50. Here buyers lose it all and it's liquid cash not goods with profit margins.
Title: Re: Bitcoin vendor special features
Post by: blueangel on December 23, 2011, 02:15 am
Not a bad idea to have add a reserve to further avoid scams.  I'd like to think most vendors wouldn't mind this.
Title: Re: Bitcoin vendor special features
Post by: codon on December 23, 2011, 05:31 am
Yea, it sounds pretty safe and secure, but do you think that's feasible for the SR Tech people to hold this way for each and every SR Seller account? We're talking a lotta variables and probabilities considering if this does go through.

How about a simple starter like....Sellers required to have a certain amount of Bitcoins as a "Secured Amount" so to speak with SR, in order to be eligible to sell...and if they turn out to be scam by reviews etc..then SR keeps that money and uses it for the site development. Not the best idea I know...but a little less complex I think. What do you say?
Title: Re: Bitcoin vendor special features
Post by: olitemp on December 25, 2011, 04:28 am
The advantage in this case is that the site is only acting as an escrow like it does in the other transactions. It's almost like the bitcoin exchanges elsewhere. It's pretty easy to implement and works for both vendors and buyers.
The complexity is reduced by the fact that all of us have a bitcoin accounts on SR. So a part of the system is already in place. Just the automatic checks need to be done. It's all web scripting. Once we have this system in place others can offer these services too.

Imagine a vendor who sells something else on here. They need to move out of bitcoins at some point. They can choose to have a prepaid card with MoneyPak visa or whatever. (They can get an anonymous card which data is erased from SR and listing closed every few days to keep the card info from being held on SR too long). Just add their card(s) to this SR exchange. Sell their coins at market value and have their card(s) loaded. Remove money out of ATMs in the real world thrash their cards and be on their way.

Think about it. The BTC vendor will be more secure and trustworthy. The more I think of this the clearer my ideas become. It's a concrete thing which I believe will make or break SR. They need to get into regulation of this part at the very least. The rest of the trade is beyond control of SR for anonymity reasons. But a card which gets erased as soon as a vendor wants/in a few mandatory days(insert time) is the way to go.
Title: Re: Bitcoin vendor special features
Post by: 100% American on January 02, 2012, 08:07 pm
You have some great ideas but in all honesty no one is supposed to be selling bitcoins on SR anyways.
Title: Re: Bitcoin vendor special features
Post by: mseller on January 02, 2012, 08:24 pm
You have external cash exchangers who can fund mtgox and tradehill and code redeem - bitinstant is one of them, cheap and fast.
Those MP only bring more scam to SR and users really does not need to use them and risk so much money. Even if they have good itention greendot freeze their accounts and then they go out of bussiness.
Check www.bitinstant.com