Silk Road forums

Discussion => Newbie discussion => Topic started by: BTC4Cash on August 03, 2013, 10:14 am

Title: Escrow System
Post by: BTC4Cash on August 03, 2013, 10:14 am
Hi Guys,

I've been a purchaser on SR for quite a while now, mainly buying and cashing out bitcoins.

We are planning now to become a vendor on SR and offer bitcoins for sale via western union. I'll expand on that side of it a little later.

Like most here, at the beginning of our life on SR we got ripped off trying to exchange bitcoins for cash, we got done for almost $3,000 so I understand the importance of the escrow system and would like to operate with the escrow system so there is little or no risk for both sides.

My question for now is: How to make the escrow system work with bitcoins being paid for via western union?

My thoughts are to place the bitcoins in escrow prior to the purchaser doing the WU transfer, e.g. 1 or 2 hours prior to and then releasing the bitcoins from escrow upon confirmation of the WU transfer.

For example, a purchaser want to buy $700 worth of bitcoins today. Then we would see the mtgox value of the bitcoins at that time, do the maths, agree on number of bitcoins, place this number of bitcoins in escrow for the purchaser, they will see the bitcoins of the exact value are in escrow waiting for them. We then allow say 2-3 hours for the western union transfer information, validate this then upon a successful validation release the bitcoins from escrow.

Does the escrow system allow you to do this?

Thanks in advance for your help.

Cheers,

BTC4Cash
Title: Re: Escrow System
Post by: FunFactory on August 03, 2013, 10:59 am
Hi there!

Why you don't offer 1, 2, 3... bitcoins in listings plus the SR commission and you fee?
If the customer change the settings to the currency of his choice, he will see the actual amount he need to wire per WU.

Or did I misunderstand something?
Title: Re: Escrow System
Post by: Turkey for Breakfast on August 03, 2013, 11:02 am
The way you are describing it each of your customers would need a vendor account and would need to make a listing for you to show them the BTC in escrow. The way the site is set up, BTC flow from the buyers to the vendors, not the other way around. You need to rethink your plan. You will not be able to use the escrow system in reverse.
Title: Re: Escrow System
Post by: BTC4Cash on August 03, 2013, 11:11 am
Thanks for the replies.

FunFactory: I think you did, sorry to say. The issue I'm trying to solve is how to use the escrow system to protect both parties while using an outside payment method i.e. western union.

Turkey for Breakfast (interesting name lol), Thanks for your reply, I was afraid this might be the case.

If anyone has suggestions I'm all ears.

Thanks again.

Cheers,

BTC4Cash