Yes, that is a very good point for online trades, more so then cash traders where we encourage outside communication. After you've traded with someone online enough times, you don't want to pay the platform fee and tend to push the communication/trading to a messaging app. I do it. I know most big time traders do it. But why?
The good about trading directly once you've done a couple of trades with someone:
1. No platform fee, only the transaction fee
2. You can decide the anonymity of your communications (auto-delete messages, encryption, etc...)
The bad:
1. Someone has to risk getting scammed after sending first. With a 1% platform fee, you have to do about 100 trades until you can "afford" to be scammed once
2. Won't hurt the scammers' reputation on the platform if you trade directly. Because you can't leave feedback
3. Inefficient trade. It is quite annoying to trade on wechat, whatsapp... because you have to agree on a btc price provider, lock the rate, calculate the amount that needs to be sent +/- the rate, send the btc address, send the btc, check when it arrives and if the amount is right, etc...
I would be lying if I said I don't do it BUT that is part of the reason we started the platform. We are focusing on the good and fixing the bad. For the risk of getting scammed when trading directly, we are offering a multi-sig escrow wallet with an option to dispute. All disputes will be reviewed by an admin who actually traded/used the payment method before and not some random customer support agent. For the lack of reputation in direct trades, we have a feedback system. For the inefficient trading system involved in using texting apps, the platform offers an intuitive system to trade. And to fix these issues, the platform is still doing a good job of keeping trader's information as private and secure as possible, away from third parties' hands. Also, we haven't decided on an exact platform fee to charge but most payment methods will be less than 1% (and between us, it will be prob be 0.5% for most payment methods).
After all is said and done, if traders still want to communicate outside of the platform and drop their Signal/Ricochet/Telegram numbers, I don't think we'll ever block them. But we will warn all traders that this might hurt the dispute process and hurt them more than it will help them. So no more one22 7six3 eiggght 9too8
Thanks for the responses guys. Keep em coming
The good about trading directly once you've done a couple of trades with someone:
1. No platform fee, only the transaction fee
2. You can decide the anonymity of your communications (auto-delete messages, encryption, etc...)
The bad:
1. Someone has to risk getting scammed after sending first. With a 1% platform fee, you have to do about 100 trades until you can "afford" to be scammed once
2. Won't hurt the scammers' reputation on the platform if you trade directly. Because you can't leave feedback
3. Inefficient trade. It is quite annoying to trade on wechat, whatsapp... because you have to agree on a btc price provider, lock the rate, calculate the amount that needs to be sent +/- the rate, send the btc address, send the btc, check when it arrives and if the amount is right, etc...
I would be lying if I said I don't do it BUT that is part of the reason we started the platform. We are focusing on the good and fixing the bad. For the risk of getting scammed when trading directly, we are offering a multi-sig escrow wallet with an option to dispute. All disputes will be reviewed by an admin who actually traded/used the payment method before and not some random customer support agent. For the lack of reputation in direct trades, we have a feedback system. For the inefficient trading system involved in using texting apps, the platform offers an intuitive system to trade. And to fix these issues, the platform is still doing a good job of keeping trader's information as private and secure as possible, away from third parties' hands. Also, we haven't decided on an exact platform fee to charge but most payment methods will be less than 1% (and between us, it will be prob be 0.5% for most payment methods).
After all is said and done, if traders still want to communicate outside of the platform and drop their Signal/Ricochet/Telegram numbers, I don't think we'll ever block them. But we will warn all traders that this might hurt the dispute process and hurt them more than it will help them. So no more one22 7six3 eiggght 9too8
Thanks for the responses guys. Keep em coming
You're absolutely right, for sure, and I wouldn't recommend it to anyone trying for the first time either! But as I said above, it could be a cultural thing -- I trade in several locations, being resident, originating and working in different places, and this actually only happens where I originate from.
1. and 2.
The risk of losing reputation and years of clientele and business -- this means an old phone number/account on a local group somewhere, and then everyone spreading that news -- far outweights the benefits of a single scam. There is no feedback/reputation area, that's gained from familiarity in small circles on these underground p2p groups. Again I talk not just about crypto traders but people whose business it is to exchange currencies, most were exchanging PP, PM, scores of other digital currencies, even e-gold back in 2003. Bitcoin just became their latest do.
3. Actually it's fairly efficient if you actually deal with veterans and/or familiar people. You agree quickly on a bulk price. Send the BTC tx, guy sends you instantly (you also receive instantly) without confirmation needed. I've sold BTC and got my cash literally in seconds. No sending and waiting for confirmations on platform, waiting 60 mins for trade to get accepted, then waiting for days for cash to land in my account =)
AGAIN, I don't recommend it to anyone, but sharing how I do it in certain places, and how many, many others do.
So no more one22 7six3 eiggght 9too8
Made me laugh...
or "username" on the panasmail (translates to hotmail).