An Idea which Sythe Members can Buy/Sell vise versa with confidence without MM.

So I thought of this idea out of nowhere where Sellers can have buyers confidence or vice cersa on who goes first on a trade/transaction. There might been a sythe member before me who may had this idea thought of and was denied. If I happen to that person, feel free to just lock the thread and edit the entire post if this is a reposted idea.

This will eliminates the use of a Middle Man and makes the trade/transaction quicker. This only applies to certain type of trades such as gold from RS for cash(non-refundable method other than Paypal), Rs gold for Non-Virtual goods, cyptocurrency for rs gold and more. I figured that services can apply encase one party doesn't pay or wastes their time. This idea would only be applied to members that are not trusted enough because not many vouches, recently joined or have a Trade with Caution.

Every member who wants to participate in this would have to put in a cash/rs2gp/btc/ltc deposit such as what you would have to do when you're applying for a Secured credit card. You would receive a "LOGO" indicating that the funds have been successfully been made to the user who you transfer funds. If you put in a $100 deposit, you would get a Logo corresponding to how much you deposit but the logo would be no different. This would limit the amount of how much you can spend or Sell on Sythe. This would eliminate the use of MM because one party will decide who will go first because neither one of them is trusted. Having this Logo would mean that you can confidentially go first as the amount you're dealing with would be "covered" encase he takes off with what you're trading/selling with the value of the logo he has.

Examples :
Tom has a $100 deposit and Amy doesn't.


Tom has a $100 deposit. He wants to buy some RS gold with Bitcoin but he is only spending $40 today with "Amy". Amy on the other hand didn't put a deposit so she would have to go first. Tom is feeling stupid so he decides to "scam" her and takes off with her bitcoin. Amy makes a report against Tom and if her case is good, she will be reimbursed with $40 from Tom and he will be permanently banned. The remainder of Tom's money goes to Sythe's donation as per agreement.

Tom has a $100 deposit and Amy has a $1000 deposit

Tom has a $100 deposit and Amy has a $1000 deposit on Sythe. Amy wants to sell Tom $100 worth of RS gold for his $100 worth of bitcoins. Who goes first in a trade? It doesn't really matter because if Amy scams Tom, she loses all her money that he deposited and Tom would be reimbursed with Amy's $100. Where as if Tom scams, Tom loses his deposit and Amy is reimbursed with Tom's deposit.


This idea can be an "add on" to Sythe's marketplace. Users may not want to participate with this idea but those who are brand new members, TWC, or doesn't have enough vouches but is not a new member can participate. It can be applied to two new members at which one of them has a deposit. The new member without the deposit would be required to go first in a trade. If new members scams, he not only loses his deposit which will be reimbursed back to the new user but he will be banned.

Problems with the idea?

Several problems can lead to a disaster if this Idea were to ever happen.

• A member who holds majority of the funds that a user deposits can run off
• Paypal can be a huge issue with Charge-backs. Users can scam and charge back the money they deposit.
• Buyer with Deposit makes a long term scam with several users.
• Who is to hold all funds online?

Problems that can be solved

• Refuse payment of Paypal and accept only non-refundable payment methods such as the use of cyptocurrency although this would be very hard to purchase, have users send money to one of their trusted P.O boxes., take RS GP at a fixed price where it shall be converted back into cash. Pay backs will be made back into cash if Rs2 gp is accepted, or do a bank transfer with a 3-5 day wait time for it to clear.
  
• Super trusted Members of Sythe will hold on to the funds.
  
• Don't accept Paypal to members who have a deposit logo on their account. In fact, don't accept Paypal at all since all funds can be reversed vise versa. This idea should only apply to only users who aren't using Paypal as a payment. The use of anyone that takes Paypal will not result in a compensation for their loss since it could have happen to several members not just you.
  
  

 

Sythe is working on a system involving BTC/LTC/FTC atm.
That's sortof like this idea on having the funds centralized.

Other than that, I think I get what you are trying to accomplish here, but I don't like it.
Depositing money on Sythe accounts without proper security on the account itself wouldn't be safe at all.

Cheers!

 

Wouldn't it be easier and less complicated to use a trusted middle man? This idea just demonstrates who would go first in a trade which has too many variables.

 

Maybe I can include that they would have to provide their ID to identify themselves when they make deposits and making withdraws. A photo of your face with your ID would most definitely work. Although it defeats the entire purpose of being anonymous online.

Well yeah it would be easier and less complicated to use a trusted middle man. But sometimes finding a MM can be a bit frustrating and at can be busy at times.

 

Nobody is going to do that.
that would only drive traffic away rather than to sythe.

 

I don't like the fact that you deposit into your Sythe account.

A forum account isn't like a PayPal or bank account. Hacking into it isn't brain surgery and I'm sure it happens here.

 

Keep in mind 2-factor login is a available.

 

there wont ever be market restrictions on new users (or making them have to do more to trade) nor would we want to put all the MM's out of business... if users want people to have more faith SVU is available as well as MM's and OMM's which work perfectly fine

 

Its simpler just to use a middleman,Besides thats sort of what the donor rank is for,No? I mean if a donor scams you you wont be refunded but if say they donated 500$,Why would they scam it? A svu is always a plus

 

Assuming someone gets $1k worth of "insurance"

Mass scamming spree - who gets paid? Equal parts would be unfair to those who were scammed more. If it isn't equal, the person with the insurance can arrange a fake scam for a high value and get his money back. Now the scammer has the money he scammed and a portion of what he paid for his bait. Donation ranks => lost money every time (granted, the money goes to Sythe.org... the website isn't a charity).

Also, pretty sure this has been suggested before; I know the idea is nothing new.

 

I was hoping for this to be available.. send text message verification code and enter on sythe?

check box so that i don't have to be reminded to get sent a text message again?


I think this idea I thought of would only work for Sellers only. Since we have a lot of sellers on sythe, they would only be limited to how much money they can sell based on the amount they deposit on the account.

This "deposit" would make you limited to buying exactly at the amount you sell/buy.

 

Doesn't TBT offer a service like this?

 

Exactly what I was thinking.