Hi Everyone. It’s a Shame that after all this time, their has being no implemented solution to coin-lockers problem that has plagued vendors like myself here on Paxful. You know what’s a greater shame? Is the unhealthy competition going on amidst some vendors, where they go beyond the perimeter of giving better trade pricing for more trade traffic, to creating entirely new accounts while spoofing their I.P address to lock down their trade rival’s coins to the extent possible. In hopes that the rival runs low on Bitcoins and their trade becomes invisible thereafter. They do this because they know for fact that dispute takes long to resolve as it’s per queue basis. leaving the vendor out of trade business for as long as possible. That cannot and must not continue.
To pretend like it isn’t a problem that needs urgent resolution, one would need to pretend really hard! It’s a problem for new vendors who scrap together what they have to put down 0.1 btc bond, and maintain 0.5 btc minimum trade balance and haven’t made much profit from their trades to be able to afford coin lockers activities or get more btc at the moment to continue trading while awaiting dispute to release escrow back into their wallet. Disputes now takes a week or more to be resolved. It used to take lesser time, within same day or two before. However, I do not fault the moderators for this as am sure they have their hands full. This is detrimental to new vendors and vendors who engage in such activities should be penalized befittingly.
My suggestion, which happens to be a sure way to combat this menace, while doing away from asking for an in-trade cancel button for sellers of btc. So please read on. I suggest that sellers of btc or vendors alike, should be able to set an option in their profile, to be prompted in their notification of incoming trades, they will then choose whether to accept the trade or decline, accepting the trade means consenting to the equivalent btc, to be sent to escrow and then the trade window opens up and trade commences as usual. This gives vendors the ability to view the profile of the prospective buyer before trade commences, and from experience can tell if it’s a coin-locker . They should be able to set an amount in their profile that triggers this function. for example, I may want to set it for any trade a buyer opens with me that locks 100 usd btc or more in escrow. One will be able consent to accepting such a trade or declining it.
The option should have a minimum setting amount of like 50 usd. So vendors can’t have this function on for all their trades regardless if amount being sent to escrow is small e.g 10 usd or 30 usd. Thereby providing avenue to declining a trader they had scammed in a previous fraudulent trade of opening new trade with them and calling moderators attention via dispute to both the trade and former.
This suggestions is a win-win situation for everyone involved. No one will be bullied this way and Paxful will be a safer trade market for both buyer an seller. It will also reduce the amount of coin locking complains and disputes.
I understand that any suggestion tendered by me can be used by moderators without me claiming any form of compensation anytime. I consent to this fully. Other vendors are free to add to my suggestion. PAXFUL, PLEASE IMPLEMENT THIS IDEA!
P.s pls take a look at this trade https://paxful.com/trade/zVonYLaPde4 that prompted me to do this. it’s still awaiting moderator to resolve even though the vendor’s new account opened trade with me and click paid and went off without a word or payment made. no new user knows how to do that. it takes someone who’s being here a long time to know to open trade with as large an amount as possile and click paid and sign off.
Have a nice day everyone!