On Sunday, June 1, 2003, at 06:21 PM, Sidd wrote:
Why even make the payment then? The recipient has no access to the funds
until the time expires, and the payer can repudiate at any time... Why not
use the e-gold system as it is, and send the goods to the buyer, and ask him
to pay once he receives the goods... it's the same thing!
Right.
Now you are not talking about repudiable payments, you are talking about a
trusted intermediary or escrow system... there are many legal ramifications
in acting as a trusted intermediary.
Yes, that sounds right. I agree that the only thing that could make repudigold different from a "pay me later" system is if it used a trusted intermediary, an escrow agent, to govern the release of funds.
The escrow agent would release the funds to the merchant when it obtained a confirmation of goods accepted signed by the customer, or release the funds to the customer when it obtained a confirmation of goods rejected or lost during shipment.
So yes, it's an escrow system, but the payment process could be made transparent exactly as Danny suggests.
Of course, once e-gold became more widely accepted and delivery drivers had the right wireless devices, merchants could ship goods C.O.D. (cash on delivery), or might we say G.O.D. (gold on delivery).
"No problem, man, just ship it G.O.D!"
-- Patrick
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