[DENIED] Create BTC/Crypto default standards

Suggesting standards be made for BTC and cryptocurrency. With the ever changing prices and btc wallet providers, rates, sending speed etc are all over the place. Creating standards will make things more transparent.

The terms can be changed if agreed upon, but i feel like standards should be made.

Also What is considered reasonable time for btc to be sent? Question for mods in particular, but anyone in general.

 

No support, is a free market so some user want to take risk and gamble if price will rise by time is received, some user do not. Easy to communicate with user to be traded if want to confirm on set amount for deal.

Not fair to user if make them pay more for fee if not want to, again is free market. Take away ability to be free market so no.

User can not control time that BTC is sent, that is issue with BTC not something can control.

 

Im talking about when the BTC is actually SENT not when it it considered as confirmed.

If you sell me gold can I send you the BTC in 10 hours?(You only see the transaction 10 hours after you sell me gold, then you have another 12 hours until it confirms) Is that scenario fine with you? What time is considered reasonable?

Im not talking about making it mandatory, im talking about making default standards that apply if nothing is specified.

 

Again, this does not need be suggestion, user should already know how to work out between other user.

For example: I sold Global Mod gold and gave gold first, Global Mod had coinbase delay 5 day, he communicate to me, I say was okay. If not okay, then user should return gold.

Can't control BTC time when arrive, BTC should be sent after gold received, if not simple, ask user. If user fail to send payment in reasonable time then report. Reasonable time usually is after gold received, should always send after receive goods just common sense. If you not like if user not sent payment after receive contact user, if ignore report, could be potential scam.

 

Some people very busy do many many trade, some people have worked who handle payment and worker who take gold, sometime user must use Proxy or VPN to log to payment account. Sometime issue occur. Can not be perfect, not possible so do not see this to pass.

Should be on user who is to send payment to customer for gold they are buy to communicate to customer, if fail to do so, bad trading on business/user part. If take too long or user not reply in one hour time, can always make report for bad trading practice

 

You can look at thread titles/threads themselves for this. Certain people already use [INSTANT PAYMENTS] in their title. This basically means that the payment is sent immediately after the gold is received. If someone takes 10 hours to send an Instant Payment, then the payment is not instant, and that would be false advertisement (where the standards are already implemented).

If you don't want to wait 10 hours to receive a BTC payment, you have the option to not trade with that person. You can always ask someone how long it would take them to send your payment prior to you handing them any gold/trading with them.

 

A lot of these issues can be easily avoided by discussing the sending fee + wallet you will be using before the trade. The best way is to just agree on a static amount in BTC.

 

I understand what Pak and Pendulum are saying, but there definitely should be a "default" if no other terms are stated because sometimes people can forget to specify if they want the USD value at the time it is sent, or if they want the BTC amount regardless of value changes, who covers fees, when it's sent, etc.

Don't force it but just have some default, like:

• Sent immediately or at the same value of USD for the sale if sent later, buyer covers fee and sends enough fees for 3 confirmation within 6 hours.

 

I think the default should be:

If a deal is quoted in USD, then you take the USD/BTC price at the time of send. That is because up until the BTC is sent, the debt is in USD. Therefore, the BTC price is irrelevant. I think this is how most people do it already.

If you want to lock in a BTC price, you need to explicitly set a price in BTC which is agreed to by both parties.

 

That sounds good, but there's also the issue of when it's actually paid and how long it takes to arrive. If I buy something for $1000 and send you BTC at a strategic time to minimize my loss or maximize my profit on my BTC investment it could be problematic. For example, if Bitcoin is skyrocketting I could artificially delay paying you, and if it's crashing hard and I send it to you immediately but with a low fee attached resulting in slow confirmation you could lose some money.

There's also the potential problem of how someone values BTC (or other cryptos) do they go based off some random korean exchange, Coinbase, the average on coinmarketcap? A weighted or unweighted average?

What about refunds? Can the seller wait until it's beneficial to them, do they have to cover fees, do they have to refund in the same payment method? BTC amount received or do they take the potential loss/gains? Same method of calculating USD conversion?

 

I was owed 400$ when btc was like 10.1k, now its at 11.3k when he sent it. Ive lost out on 40$ from the btc rise, and im told "Don't think a TWC is warranted though"

 

Gonna support this, can't even count how many times i was sent btc with some bs market rate/fee which is lower than everywhere, and some big websites like to abuse this. Standards like these would save a lot of mods time handling disputes for this and users would know what to expect.

Would suggest blockchain.com/preev.com as a standard for rates
Btc should be valuated at the time sent
As for transaction fee i would suggest <2 block fee (can be calculated here #1 Bitcoin Fee Calculator & Estimator (Current Optimal Fees)), but i don't think we could enforce it for average user as a lot of people are clueless how bitcoin fees work and not even sure if all wallets support custom fee

 

I feel like payment should be either valued at time sent or when sent, whichever amount is greater to the reciever of BTC. If a user is going to hold out there should be some sort of punishment/consequence. If this were the case then they the reciever would not end up getting fucked and the sender getting away scott free.

 

And what if it crashed... Then you would not be complaining. BTC is volatile, not controlled, this user did seem to abuse and get lucky, but solution already made by mod Gladiator. No fix amount set agreed to by you or them

 

If i had the btc and it crashed it would be on me. Since you didnt read what i said above i'll repeat it for you.

 

KatEvolved said:
"
I feel like payment should be either valued at time sent or when sent, whichever amount is greater to the reciever of BTC".

Only way to control an uncontrollable variable is to agree to fixed amount, I said many time above already with other users on your thread why this cannot and will not happen... free market. Agree to fixed amount of BTC and send in reasonable time as said before.. again.. above... So I will not repeat myself again. not that hard.. common sense. If user abuse, report it.. I already said this too.

Do you know how BTC works....?
I think you think you can control how long exactly transaction take to confirm. If you want to arrive quicker, your job to communicate with other user and require higher fee. If user doesn't reply, take too long, report.

 

We encourage users to agree to a static amount of btc ahead of time but for various reasons this doesn't happen. As long as the btc is sent within 30 minutes and from a major exchange whose price can be double-checked and verified that's all that needs to happen