On Wednesday, May 28, 2003, at 05:34 PM, Danny Van den Berghe wrote:
That's not the way I would implement it. ...
In your "timed-release payment escrow" system, what if the customer fraudulently claims he did not receive the goods? It seems that the merchant would necessarily absorb this loss, since there is no other entity (e.g. the credit card company) to absorb it.
Of course, the merchant could always ship the merchandise with confirmation of receipt requested, and that might help as long as the merchant could use that receipt to preempt any possible chargeback.
I probably don't appreciate the need for repudiable payments as much as others, because I tend to deal with established trustworthy merchants such as Capulin coffee (http://capulin.com). In particular, I've never bought anything from an online auction. I tried to get those cigars from ManInHavana at http://goldbarter.com, but James Ray outbid me. I wouldn't have worried about sending my non-repudiable gold to ManInHavana anyway.
With newcomers like http://proxystore.com I would feel comfortable making a purchase primarily because the name "Khurram Khan" is associated with it (and it's a well-designed web site -- long on function, pleasing to the eye, but short on eye candy).
That reminds me -- I need to get off my ass and BUY something at http://proxystore.com. I do need a couple of things, and hey, I don't even need to get off my ass!
Khurram says they take e-gold now, with Goldmoney, e-bullion, and Pecunix to come. I hope they add http://1mdc.com to their payment options, too!
-- Patrick
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