Trade Insurance

Just a thought that has come to me a few times in the past but I haven't really bothered suggesting it.

Basically it would be a system for people who are trying to do legit business here on sythe. Seller sends a certain amount of money as "insurance" along with a small percentile fee (which supports the site).

Seller receives a badge or any type of posted verification by an admin/mod for being insured for a certain amount. In the case that the seller scams the insurance is paid out to the person scammed, and whatever is left over stays with sythe.

For example I send $25 or so to get insured for $20 (Very rough numbers)Customers can now feel completely safe in trusting me with amounts $20 and below and in the event they are scammed they are refunded from that fund (only up to $20) if I scam $10 the extra 10 stays and supports the site.

Buyers can request their insurance back (with another small fee and a slow processing time) when they are all done with business here on sythe.

This would clear up a lot of trust issues here on sythe for people who sell lots.

 

I think this has been suggested before, and for some reason staff decided it was a bad idea.

I personally think it's a decent idea, although it sounds like a decent amount of manpower (couldn't think of a better word) would be required for this.

 

Eh not more then donations. It wouldn't even have to be implemented into the site but I'm sure a seller could ask a mod/admin to insure them if they really wanted. Also thats why I said there should be a percentile fee for the time and effort it takes to sort through it.

 

What happens if I am insured for $20, but I scam 5 people for $15?

 

Interesting idea, but what's stopping them from saying, "I'm insured for $50, so obviously I'm not going to scam you $40," and then going on to scam 5 different people $40 each?

It's a different idea than the usual "have a requirement for the marketplace," but I really don't think it would work in reality.

EDIT: Poster above me beat me to it, haha.

 

If you manage to scam 5 people before one manages to post on your thread warning others-props to you.

edit: could also simply be solved by a post from the other trader "currently trading with..." and then "scammed posting report" etc.

 

It happens, trust me. It has happened to me (someone went on a scamming spree and they got me before anyone had posted). And you still didn't answer my question

 

Then the answer to your question would be 4 people are out of luck. As if that doesn't already happen on sythe. Plus if someone was insured people would be more likely to post "I'm trading with..."

The insured trader could also simply create a thread that is much like a vouch thread in which he states who currently has the insurance. Customers could request this and if the insured trader is really striving to be legit would comply.

 

I like the idea, but it just doesn't seem like it would work. You can't just be out of luck if you are buying from someone who is insured.... That defeats the purpose

 

This not going to happen.