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Deleted member 1319755
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Why isn't my pocket full of cash
Information is money
- Thread starter Rahat48050
- Start date
Rahat48050
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- Nov 26, 2020
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So, it seems am not so informative to youWhy isn't my pocket full of cash
Yes they help a lot when dealing transaction with non-credible person
Making sure they own, and deliver what they claimed to have
- Dec 26, 2013
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I have this goose that lays a golden egg.
Will you buy it for $10,000 if we put your payment in escrow and when you receive the goose, I get the money?
Yes absolutely. After it proven lays the golden egg as claimed
Otherwise cancel the transaction, take back my money and i'll give back your goose
Rahat48050
BANNED
- Nov 26, 2020
- 78
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Yeah Now it seems super cool
.
- Dec 26, 2013
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That is not what happens with escrow.
You dont get to use it before my money is released only confirm receipt.
Otherwise my goose might lay 100 eggs, you keep them and then send my goose or a different one back and get your money back. Or maybe my goose does not lay any golden eggs at all
That was my point, unscrupulous people can abuse the escrow system.
Credibility is more than just using escrow.
Escrow is a broad terms, referring to any middleman that secures the transactionThat is not what happens with escrow.
You dont get to use it before my money is released only confirm receipt.
Otherwise my goose might lay 100 eggs, you keep them and then send my goose or a different one back and get your money back. Or maybe my goose does not lay any golden eggs at all
That was my point, unscrupulous people can abuse the escrow system.
You want to be a lot more careful about checking credibility before buying else you will get ripped off.
Credibility is more than just using escrow.
Could be individual / institution that is trusted by both party doing the transaction
As for the exact flow itself might vary
If we're going to do car transaction for instance, we could have a well-known car expert (individual) as an escrow
He will then review thoroughly if the car is exactly as claimed, before releasing the funds to seller
There's also general escrow that only secure the transaction, such as online marketplace company (institution)
where buyer require to inspect by themselves if it has been exactly as claimed
I wasn't saying escrow system is perfect (since none does),That is not what happens with escrow.
You dont get to use it before my money is released only confirm receipt.
Otherwise my goose might lay 100 eggs, you keep them and then send my goose or a different one back and get your money back. Or maybe my goose does not lay any golden eggs at all
That was my point, unscrupulous people can abuse the escrow system.
Credibility is more than just using escrow.
But its sufficient in most cases to proceed transaction even when the person have zero credibility
As in your case, will be considered robbery and can be brought to criminal court
- Dec 26, 2013
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Probably the single biggest use of escrow is when people buy a house.
You dont get to move your stuff in and live in it to see if your happy, before money is transferred to the seller.
Anyone who is going to defraud you has an out. The money is long gone before you can find them and instigate legal proceedings to try and get your money back.
Online, chances are it has been moved to a different country or bounced through several.
So, even if you won it would be a nightmare enforcing the judgement.
Good luck getting back for example a usa transaction, where the money got bounced through switzerland/panama/hong kong on its way to france or india or china.
That is why having your sole measure of credibility as escrow is a mistake.
Using your approach you only actually do your real credibility check after you paid the money. I am saying you are better doing it before.
Forget all i said