Money safety systerm

Right this one going to be weird one >.>

Let's start lets say user A is untrusted but he wants to be able to trade high amounts, let's make system were they can put insurance behind their account,
Let's say I give 50 dollars to styhe with this system if i scam a user, they will revive the money, and the owner of it can take money back, with out fee take in out. >.>

This idea can only be done threw btc or 07 but 07 brings a risk of banned accounts. and their 10% fee to make it useful for styhe to do it >.>

It should be like the donor rank but called insurance rank >> can only be accessed with certain amount donated or something, but if you click it explains how it works >.>

To prevent user from using rank scammed 5 people, the insurance should be percentage of amount they insured them self with, and 14 day period after were the person is checked to make sure they haven't scammed before getting their money back.

>.> ill leave making this idea better to use of you.

 

[S]

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.

 

Didn't realise, though I hit genius idea >.> can remove or lock thread.

 

[Superfluous]

if you can think through some of the kinks i wouldnt mind hearing this out, even though it'll be unpopular. i guess the main counterargument is that a lot of trust is placed in someone(s), somewhere along the line, and that seems unpopular

 

I was thinking it could be done threw bitcoin mainly,
This eliminates the chance of the money being banned on account,
Maybe if you click the item it bring you to the person vouches this means if you see a scam you can say no thank you, you could only be insured by 10-50% of the total you paid to be insured, a lot people look at donation and think if they scammed they won't because they have donated x amount, But let's flip coin and give them insurance behind it, I'm sure you could take 07 and sell it quickly etc, the more i think about it more problems is with it.

You could set max amount you could do insurance. You can't really take paypal, if it insurance money.

Also have it say if user is scammed by multi able people x percentage will be paid each user and the money will be split.

If you have anymore pormblems ill try think away around it >.>

 

if you can think through some of the kinks i wouldnt mind hearing this out, even though it'll be unpopular. i guess the main counterargument is that a lot of trust is placed in someone(s), somewhere along the line, and that seems unpopular

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.

 

[BrodyNelson]

Accumulate trust like everyone else.

 

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.

 

Been suggested before. Not going to happen.

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.

There wouldn't be a valid/legitimate way to regulate this, this would be a major update that I just don't see as a possibility right now - let's work on revamping "SVU" before we move towards a whole new system

This not going to happen.

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

 

[Superfluous]

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.

yeah, this was pretty much what i was thinking of. but the only problem with this, and the other aforementioned suggestions, is that you're trusting some entity, be it one user or several, to hold that insurance money. i think this idea has merit if we can think of a way to overcome that hurdle - does anyone have thoughts on how to do this?

 

[bepuu]

yeah, this was pretty much what i was thinking of. but the only problem with this, and the other aforementioned suggestions, is that you're trusting some entity, be it one user or several, to hold that insurance money. i think this idea has merit if we can think of a way to overcome that hurdle - does anyone have thoughts on how to do this?

multi-sig crypto wallet?

 

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.

 

[Superfluous]

or, if it's possible:
-a user inserts 1 btc into the system ($375) at current prices
-owner of wallet sells the btc and holds the $375 in cash
-when user wants his insurance back OR scams, wallet owner buys $x of bitcoin with part/all of the $375 being held and pays user/user's victim

would work with direct bank transfers too, but that's gonna look like money laundering

 

[uJesternWind]

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

 

yeah, this was pretty much what i was thinking of. but the only problem with this, and the other aforementioned suggestions, is that you're trusting some entity, be it one user or several, to hold that insurance money. i think this idea has merit if we can think of a way to overcome that hurdle - does anyone have thoughts on how to do this?

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".

 

[Superfluous]

the more i think about it, the more i think this is doable with some work

i like this method of processing payments (only downside being that buying/selling btc and thus sending payments isn't always instant)

or, if it's possible:
-a user inserts 1 btc into the system ($375) at current prices
-owner of wallet sells the btc and holds the $375 in cash
-when user wants his insurance back OR scams, wallet owner buys $x of bitcoin with part/all of the $375 being held and pays user/user's victim

would work with direct bank transfers too, but that's gonna look like money laundering

and i'd be willing to help organize/operate the system if we can hammer something out. the questions remain as to whether people will use such a system and whether they trust the people holding the insurance money.

 

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".

 

[uJesternWind]

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;

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

what are your thoughts on this idea?

 

[Superfluous]

my suggestion gets rid of that problem, @western