Suggestion: BTC Payment System..Solving Scamming?

Hello Sythe. I was looking into it and I think I have a good idea that can really solve scamming in the community, if not help assure that scammers will be banned, and hopefully prevent them from attempting to scam. If Sythe.org were to add a BTC payment API, which there are plenty of white labels to choose from, and integrate it with the user account, most transactions over Sythe can move totally to Crypto if the user wanted assurance, and if the vendor is willing to take it. How would this work?

To start:
-A new user signs up at sythe.org
-The user is given the initial option to add BTC to their user BTC wallet.
-If the user does not own BTC and wants to buy some, they can simply move to the cryptocurrency thread and find a dealer
-Once the user finds a Vendor willing and able to sell them BTC, they can give them a Sythe wallet code and send a Payment. If the BTC vendor sends a payment, and the users claims the BTC didn't arrive, Sythe can prove that it did and take action from there.


Real World Example:
-If a Vendor was selling a Runescape account, the user could easily send the artist BTC via Sythe user account (remember, this can be done using a API, so the transactions are traceable and makes a "in house" trading platform if you will).
-This would also have to have a forum interface with a short description of the service. That means that Sythe admins can see every transaction made from one user wallet to the other and tell what they were for.
-If vendor wants to scam quit so be it, but their should be a 1 hour BTC Holding period, where the BTC is transferred to a sythe.org master key wallet. This wallet should payout the vendor the same amount of BTC sent after 1 Hour.
-If the buyer doesn't receive the good, or in this case, the account within that one hour, they have the right to report the transaction as a potential scam and then an admin/mod can hold the transaction/or just cancel it until the report is solved. Once it is solved, the BTC is released after one hour. If the scam is a scam, the BTC is returned to the buyers BTC wallet.
-This makes it so that a vendor selling an item cant just take their BTC and run.




Most transaction would go smooth and it would be much easier for user to track via a "recent transaction tab" to see how his own sythe business is going, or to remember a transaction he did for another users via the description
....and for those that are attempted scams caught in action during the 1 Hour, then that's where mods and Admins come in.


What about gold sellers? They need to act fast, not wait one hour?!

-Well you can just give your client the gold. If the client labels you for scamming, it'll be up to you to prove the transaction the same way you did before, Sythe verification via PM. If you didn't actually scam the other user, well then you should be able to prove it fairly easily I presume.

What about account sells?
- Accounts can always be recovered. An hour later, a week later, or in my own personal Sythe experience with a scammer, 3 months later back in 2014. However, proof that a transaction is easily provable, meaning if someone feels like their account got recovered by the sythe user who sold them the account, they can open up a scam report and go from their. It adds at least a little assurance that if someone scams you, at least you can get them sythe banned easier!

Why put so much effort into this?

I think that this may be the most important question. I see a great opportunity for Sythe to be a leader in digital trading. Sure, there are plenty of sites who take BTC payments, but there aren't many, if not ANY good sites that I can think of that allow users, rather it be a graphic or web designer, to a gamer looking for Runescape gold or a new account, other than lets say, player auctions (which isn't as good as sythe in anyway and way to difficult to set up and use IMO).

...However, player auctions player auctions doesn't have this kind of appeal, this kind of community, or this kind of market. This market lets you be you, create your own store, through awesome features and interface, like personalizing your account and meeting new people, having a chat on the forums or in the discord! I think that's what users today want in a community and to have some assurance that another user isn't going to steal from you, really helps a community grow.

Sythe could be the next big crypto/gaming/web related Peer to Peer buying and selling site, with the addition of a BTC API.



This would also be nice because it would bring tons of new opportunities for VMM to MM transaction between BTC sellers on Sythe, and users of Sythe wishing to refill their Sythe integrated BTC wallet. Allowing MM to work on MM BTC sells and some other transactions for


I would love you here your thoughts about this suggestion below! Thanks!

 

If you are suggesting for Sythe to hold the money that wouldn't work from a legal perspective I believe, there are many licenses and legal issues(at least in the USA) for money transmitters/online wallets.

I'm fine with the idea although its very development heavy but I'd be shocked if there isn't major liability and legal issues with this but I'm unsure what country sythe is being ran out of & what its laws are so you might get lucky.

 

Well the thing is, its BTC, which isn't really "money" right? Do you think those laws would still apply?

 

Richard has stated that Sythe.org will not hold deposits for legal reasons. (among other things)

Even if you argue that BTC is not cash, it can still be defined as a "currency" and as such the website will not hold onto for safety reasons.


Thanks for the suggestion.