Quote from: gamonster on June 09, 2017, 05:10:57 PM

Quote from: Munti on June 09, 2017, 04:46:30 PM

Quote from: gamonster on June 09, 2017, 01:08:32 PM

Hello guys,

I was looking some crypto to invest, then found bitbay and get excited this currency fundaments and also the recently market growth. After this, I've decided to buy some and hold.

However, I've got some doubts about how BAY can handle about common marketplacess existent problems and the specifics decentralized marketplace challenges. Lets use ebay as parameter.

On ebay we have a lot of dishonest people (buyers/sellers). Its very common the ebay staff intervention to solve many kind of problems with transactions and many times those problems aren't solved.

The honest people of the ebay community (buyers/sellers) have a certain security about transaction and sales, even the problem was caused by thirds (like post offices, etc). This security is what bring a mass of buyers and big sellers to ebay plataform.

If to decentralized need to attract big sellers and a large mass of buyers to be successful, how bitbay can do this if the envolved have to trust on each other honesty? How bitbay system can force a fair solution about the transactions problem? Who will judge who is right? If I buy some product from a chinese seller and I don't receive, on my side "never received the product" on his side "I sent", who will prevail?

I know bitbay has a qualification system but this is enough to bring feeling of safety to sellers/buyers?

I still excited about bitbay, my intention here is just ask questions that I made to myself.

BitBay uses double deposit escrow (DDE) in addition to a reputation system.
Default for DDE is that both buyer and seller put up a deposit that is 100% the value og the transaction. If everything goes smoth, they will release (simultaniously) the deposit. If one of them tries to cheat, the deposit will not be released, and the scammer has gained nothing.

Thanks for your explanation.

I've actually read about this but really don't know if it will works in major situations, because sellers and buyers have too freeze some amount of capital to warranty the transaction.

Just imagining as a seller point of view: if I want to grow my salles, I need liquidity of my capital fast as possible, if I do some business that last some time to be completed and until it's completely done my money will be frozen, why use this plataform?

Also, if both parts don't release their deposit, what will happen to the warranty bays?

Ebay takes a large % of the deal, their arbiters do not resolve disputes. If you are buyer, seller sends you an empty box or if you are seller and are returned an empty box you lose. Ebay will just guess. Arbiters drive up cost and know nothing of the truth. Liars will always win in the deal. Worst case they pay for the item best case they steal it.

Double deposit - both parties put a deposit and if they lie/cheat their funds blow up BOTH LOSE. This type of contract favors HONEST people. A liar can't possibly win because he will lose more trying to steal than he profits! The incentive to lie is removed liars get demolished.

Also, deposits can be customized. So you can lower them if you are a power seller moving 1000 dollars of merchandise a day and are honest, people will probably only make you put up 20%... and if you move that much that should be nothing for your to put up.

And of course there are NO FEES so you just make an enormous amount more here than you would in any other system. The funds are only frozen for the duration of a deal which may be a few days. A small bit of patience to destroy deception from society (one of the worlds biggest issues).