Exactly. What's the point of using an escrow with those terms?
No real use to be honest if someone really has intention to scam others.
This is what I would have expected:
- Buyer and seller provide payment and shipping details to escrow.
- If all agree on all terms, seller sends product to escrow.
- Escrow verifies product.
- Escrow releases product and payment only if everything is okay.
I always wondered about the way ebay deals. Someone can use the same idea and can fool ebay resolution.
On eBay it's usually the seller who loses. If it's a small percentage, it's just the cost of doing business. I wouldn't dare sell (or buy) expensive items on eBay).
On the other hand imagine everyone is sending an item to ebay warehouse and ebay has manpower to manually check all shipments. This will be a total mess. Obviously the senders are trusting ebay's logistics of course.
For cheap items I get it, but we're talking about $50k here with $500 for the escrow.
On eBay, 99.5% positive feedback is quite good. It's virtually impossible to reach 100%, so let's assume 0.5% complains and gets their money back. If you sell $20 items, you lose $0.10 per item on average.Bitcoin signed message is way too easier. I don't think majority here even have a PGP key and they know how to use it.
I tried, and even though it worked, it didn't make me feel I truely understood what I was doing. Bitcoin signed messages are much easier.