Silk Road forums
Discussion => Silk Road discussion => Topic started by: crazyburnout on August 02, 2012, 10:16 pm
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hey guys okay this is my 3rd post of today but after this i know i got everything. i see vendors saying they work in escrow. what does this mean? sorry if im ignorant but i have no idea what escrow is. a detailed description would be greatly appreciated
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Hello and welcome;
In short, what happens when you buy something on Silk Road (by placing the item in your cart, then paying for it using Bitcoins after having entered your pin number - don't send out any money if you don't recognise that) - the funds go to Silk Road themselves I believe. Here, they take a ~4% fee on the transaction(s) you made and paid for.
Once a seller has marked the item as "In transit", you (the buyer) will have two options - to finalize or resolve.
Finalizing is the act of releasing the funds to the seller. It's basically saying 'I've received the product safely so there's the money' sort of thing. Or more so, SR is saying that, I don't know!
But that's basically what escrow - the act of the funds going to somewhere third party, but only being released to the seller once you've received the item. They will still be removed from your account whether you've finalized or not.
Be wary of new sellers. If they've less than 35 transactions, they've NO-RIGHT WHATSOEVER to ask people to finalize early (this basically means releasing the funds early before the overall deal is complete - ie - product received). Make sure you report these offenders to Silk Road and they'll usually give them a message as one-chance-reminder about the Seller Contract, referencing the Seller's Guide, which must also be adhered to.
Hope this helps.
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Escrow means that people aren't going to try and mug you off.
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escrow = ur safer = dont go outside of it = dont Finalize early = buy small quantities till ur stats are good enough to order larger amounts
without being asked to FE
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Lol....you say that but I just made a new buyer account and bought valium in the 3-figure number as a first purchase.... ::)
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Well you're set then!
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Will be restful sleeps for a while I believe.
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Lol....you say that but I just made a new buyer account and bought valium in the 3-figure number as a first purchase.... ::)
Didn't that whole statement make the reason for making a new buyer account pointless? I guess it's only one vendor that can piece this together though.
Wait let me guess, something about another moot point... ::)
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thats cool Lim but seriously most new buyers come across as tooooo doucherific or creepy to pull that off!!!
so in fact your new account and massive purchase really doesn't count!! :P
i must say - well played though :)
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okay cool thanks for the help guys. greatly appreciated