Money safety systerm

Been suggested before. Not going to happen.

 

No support. This makes people viable to pay back people, and somebody can get screwed by holding so much "insurance" money.

 

What if it was a system similar to donations? We would have bond holders who would collect these "donations" and then a rank (or mini) would be awarded based on the exact $$ amount indicating their insurance amount. The money would then be sent from the bond holder to a pool held by either a trusted official, or Sythe Staff. Unlike donations, these funds would stay stagnant until someone who has one of these ranks scams, where the user who was scammed would receive the amount donated by the scammer.

Down the line when someone who buys into this insurance system feels they no longer need this rank to appear trustworthy, they could transfer the amount to Sythe and in turn receive a donation rank and lose the "insurance rank".

Obviously we have small problems that come from this which would include one user scamming 4-5 people. I'd imagine the logical thing to do in this case is to split up the money and distribute it evenly between all users who were scammed.

If the user was to ever pardon, I believe they should pay in full all those who they have scammed back similar to what occurs now. What I mean by this is, if I had a $100 insurance rank and scammed you of $150, if I was to EVER be let back onto Sythe, I would have to re-pay you $150, regardless of the $100 you already received.

 

Accumulate trust like everyone else.

 

Yeah, this is exactly what the donator rank is for lol.

If you want to be trusted, just donate and work your way up the ladder with vouches.

 

This ^

http://www.sythe.org/denied-suggestions/1154500-trade-insurance.html
http://www.sythe.org/denied-suggestions/1901881-sythe-insured-rank.html

The same thing have been suggested many times before.

I don't think they'll change their mind, but Ill leave this open (in case).

 

multi-sig crypto wallet?

 

Btc fluctuates in value. If one day the btc market crashes and it's being held in a wallet controlled by Matthew, you'd end up with a situations like 5k$ of insurance but only 3k$ in the wallet. Same story for all cryptocurrencies.

Could this be done through another channel by bond holders? That way Matthew wouldn't have to deal with chargebacks but the funds would still only be available to him. I'm sure if staff were able to collate all the required refund payments each month Matthew would be able to keep up.

That's the only way around the issue that I can think of.

 

Idk if this is a bad idea but you could enter this system under the knowledge that your money will be held in bitcoin and that if it were to crash (or rise), a deposit of 1 btc will get you 1 btc back no matter what

 

I'd imagine it would work similarly to donations, the way we have bond holders.

Person buying rank sends BTC or RSGP to > Bond Holder who sells these for PP who sends it to > Matthew / Sythe / Trusted staff

Ideally, it would be nice to keep the $$ in BTC or RSGP, but unfortunately the nature of these currencies the price fluctuates, and 1 BTC or 1m rsgp may be worth much more or much less two months down the line.

I'm basically proposing a system nearly identical to donations, but purely as an "insurance rank".

 

I think it would indicate a stronger sense of trust than donations would. At the moment, I feel like many new users donate with the illusion that it makes them appear more trusted. This literally would GUARENTEE a user that the person with the rank would not be able to scam them under the amount of their "insurance rank".

 

As well as the SVU rank being basically a joke, this would definitely help in that regard.

In terms of the problem of holding the money in volatile currencies;

what are your thoughts on this idea?