Quote from: owlcatz on December 28, 2021, 01:54:05 PM

Quote from: igehhh on December 28, 2021, 11:58:54 AM

Quote from: LoyceV on December 28, 2021, 08:56:47 AM

I think it's typically 1% ($500 in the above case), which I think is a lot of money for very little work. It would totally be worth it if real security was offered including a refund for messing up, but clearly that's not the case.

Sorry if this appears to be a silly question, but knowledge is power, and I've been meaning to ask this question for a long time but have always forgotten.

Who pays the 1% fee for an escrow service between the buyer and the seller? Or is the money withdrawn automatically from the escrowed amount before it is sent to the seller by the escrow provider?

The Satoshi multi-sig idea of simple escrow service is not longer in use, it is still the best practice since it protects both the buyer and the seller from the escrow provider - at the very least, it prevents the escrow from fleeing with the money.

In collectibles, the buyer always pays the escrow fee.

If I sell someone something, and they want escrow, it's just going to cost them more money and more time. Not to say I don't accept escrow

Okay, so whoever thought of hiring an escrow pays for it—this clarifies the whole concept. I've never used an escrow because I'm the type of person who places a lot of trust in others. I've had some financial dealings with random internet users without doing much research, and it's always worked out well in the end. I'm not sure if assuming everyone is honest because I'm honest is a good practice.

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I don't know of anyone using multi-sig for escrow on the forum for anything, other than forum funds held by thermos & "treasurers".. Roll Eyes

This where people got scammed entrusting funds to escrow without multi-Sig I believe most escrow users don't know about this.