Quote from: Kluge on May 23, 2014, 09:32:30 AM

Quote from: Ejarwan on May 23, 2014, 09:28:28 AM

so it's more like a middle man.
that's cool.
can any1 be an Escrow? (I dont want to be/) just asking how hard it is to be 1?

Anyone can hold collateral. It doesn't require any special equipment. It's ridiculously good pay for the time, usually, but in cases where there's a dispute and a weak contract, it can easily take up waaaay more time than it's worth, especially when there's a language barrier.

Actually - I forgot to mention something pretty important - multi-sig escrow, where you don't even have to worry about the escrow agent running off with the money (unless either the buyer or seller are colluding with the escrow agent to scam one of the other guys). Forbes has an article on multi-sig and some of the implications here: http://www.forbes.com/sites/johnvillasenor/2014/03/28/could-multisig-help-bring-consumer-protection-to-bitcoin-transactions/

A real escrow agent is licensed and insured because they are holding your funds. Some people on here claiming to escrow lend out your funds while they are holding them so be careful with unlicensed escrow services. people also buy and sell forum accounts so you can't always depend on the rating system.

Also note that dispute resolution is NOT part of escrow, it is a separate thing. It is a conflict of interest for an escrow agent to also resolve a dispute but many of the unlicensed escrow services on here do both. A licensed escrow service such as escrow.com has a third party resolve any disputes that arise. In some cases these unlicensed escrow agents have simply closed up shop and took all the funds. Also, if something is supposed to be mailed to you the escrow agent has no idea what is in the box unless it goes to them first.

The multi-sig thing is also not technically escrow, it is a mediated transaction. This is because the mediator never has access to the funds. I think this will be the way of the future because you don't have to turn over the funds to a third party like escrow.