Silk Road forums
Discussion => Newbie discussion => Topic started by: kevkim99 on July 30, 2013, 11:37 pm
-
So it's my understanding that it is a bad idea to FE, since you are forfeiting your coins before receiving the package. But I'm wondering about the flip side to that; how do the sellers avoid getting ripped off? How does the escrow account work? What prevents buyers from ordering products and then never transferring their coins?
-
So it's my understanding that it is a bad idea to FE, since you are forfeiting your coins before receiving the package. But I'm wondering about the flip side to that; how do the sellers avoid getting ripped off? How does the escrow account work? What prevents buyers from ordering products and then never transferring their coins?
Let me just say that I am extremely pleased to see someone coherent in the newbies section.
Anyways, the system is called "escrow" which means that silk road acts as the middleman, silk road holds on to the coins until the buyer hits "finalize" after getting their package of goodies. If the buyer leaves the coins in escrow without paying any attention to that finalize button there is something called "auto-finalize" during which after 28 days the seller is automatically credited the BTC. This autofinalize is reflected in your buyer stats and is visible to any future vendors you purchase from. You better believe that if your autofinalize percent is above 1% the vendor will be questioning it.
If the vendor does not ever send the package and also does not cancel the order it can be escalated to hte resolution center which is where silk road admins will review the evidence from both sides(the vendor's evidence being a tracking #) and they will decide the fate of the coins.
Buyers do not just get to hold onto coins.
I'd recommend reading the entire silk road wikia including both the buyer's and seller's guide in order to get a good general knowledge of how things work around here:
http://dkn255hz262ypmii.onion/wiki/index.php?title=Main_Page