Quote from: Chikitita2004 on October 05, 2017, 03:33:12 PM

Quote from: viljy on October 05, 2017, 03:25:18 PM

Quote from: lw75 on October 05, 2017, 08:29:53 AM

Hi all,

After superficially exploring (read-only) crypto in recent months UTRUST seems to finally be a product with tangible real-world value to it. With my interest at peak I spent time reading parts of the whitepaper and it raises questions. For starters:

If both parties do not come to terms in 7 days, the buyer has the option to escalate the claim to a mediator. In this instance, a UTRUST operator joins the chat resolution and serve as mediator and arbitrator with final say on the dispute outcome. Proceeding with an escalation will incur a fee of 2% over the amount in hold if a buyer refund is issued by the UTRUST mediator.

What I understand is that the buyer is penalized even if innocent. Is it my level of English or intelligence?

It is customary to take payment for arbitration. If the parties can not agree on their own, let them bear the costs of third party participation. Also it will prevent a huge avalanche of such proceedings, which otherwise will overwhelm UTRUST with extra work. However, this system is not ideal, as I wrote earlier here, there is no absolute protection from scammers. Therefore it is unrealistic to expect from UTRUST full protection against fraud. But what they can foresee, they will do.

I dont see it a loss on the side of the buyer. It is true there is no 100% protection guaranteed but better than not offering any protection at all. In online shopping there is always risk in the part of the buyer even by just using plain credit cards but good there are payment platforms that promise some kind of protection even if not 100%. But if 2% arbitration charge is a loss for the buyer, losing 2% of his money is better than losing it all.

I see it like an insurance for your car..In this case you only pay the insurance if your car is stolen..Its a very smart model and this way they can keep the fees for all the transactions really low..
paypal askes 3,5% plus other fees most likely because they ask this insurance fee to everyone that pays..you just pay the insurance, period! regardless if your car is stolen or not..