And I indeed asked why there was a hurry to sell and the answer was that he needed to liquidate the funds and did not want to wait for 3 more days before the tokens are unstaked, plus wait until exchanges open up for trade. It made sense to me. As I have been in situations before where I needed shorterm liquidity. There could be a variety or reasons why he has this need.
The deal was for 30% below market rate (4 BTC for 3490 EOS), which you could argue is too good to be true. But you could also argue that it is an appropriate rate for facilitating a rather large chunk of liqudity to someone who is in need for that liqudity. Especially for a volatile asset that at the moment of the transfer is illiquid / cannot be traded. I have seen far wider spreads in the crypto market.
And there's a myrid of questions that result from that argumet. Why did the original holder of the account get scammed in the first place? Did he maybe trust somebody who was not to be trusted? Did he trust something that was "too good to be true"? Where is the line between too good to be true and a fair deal? Who is now to take the loss? The first person who got scammed or the second person who got scammed? Who is to decide? Who decides what a scam is?
I can only repeat that I did my due diligence in order to make sure that the transfer itself was completely trustless, that I didn't expose my private keys and that I followed the rules and regulations known to me at the time of the transfer. I had an escrow in place and I learned all the relevant technicalities of a completely new blockchain in order to be able to verify the transaction myself.
Why is buying an account trustlessly any different than buying tokens trustlessly? The result is exactly the same: The funds can now be spent by a new set of private keys. And if account transfer is always shady, then why is it baked into the very fabric of the EOS blockchain? I don't know any other blockchain where an account transfer can be done trustlessly. I don't know any other blockchain that even has accounts that can be linked to public-private key pairs and transferred between them with one command line prompt.
This is all new territory. We are all learning. I just don't see what I did wrong that now warrants for me to get punished by loosing all my funds.
How would you feel if you made a transaction in good faith and then wake up in the morning and all your funds are frozen by a third party that was not involved in the transaction?
this is from Bitrated.com
"Consumer Protection
Bitrated builds a layer of trust on top of blockchain technology to bring consumer protection and fraud prevention mechanisms to Bitcoin and other cryptocurrencies.
Our goal is to provide cryptocurrencies with tools that enable the market to self-regulate using user reputation, smart contracts and a voluntary (but binding) arbitration process."
Note that you're complaining about eos arb process but you bought your stolen account on another platform that also has an arb process...
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what is the account name of the seller?
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???????????
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The account in question is this one:
https://explorer.eoseco.com/accounts/gezdonzygage
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if you buy a stolen car, should you be allowed to keep it? You bought stolen goods trying to get a bargain. You lost
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A transfer of stolen tokens (as far as I understand) could have been reversed if a valid arbitration order demanded it. In this case, a transfer of account is a little more tricky to deal with. Have you contacted https://eoscorearbitration.io/ ?
30% below market does sound too good to be true, but I've fallen for that trap before. It happened to me in May of 2013, the only time I did a trade with out an escrow because I didn't care about Ripple. I got scammed because it was too good to be true. I learned an important lesson that day.
I do feel bad for you, I really do. I also think we all have to be careful as a community not to create markets for stolen property. If we don't know it's stolen property, should the original property holder be held accountable for that? Is it all on them for not securing their property correctly? Maybe. I guess that's up to the arbitrators to decide.
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Yes I did write ECAF last night. Thank you for pointing me again to a forum that is working on a constructive solution.
I did use an escrow and it performed its purpose in allowing me to trustlessly verify that the account transfer was indeed published on the blockchain before sending my BTC. But how can an escrow protect me if it's simply impossible for me to know if the funds are stolen or not?
The issue with "not creating markets for stolen goods" is how do you know a good is stolen? And who decides what "stolen" is? Is giving your private keys to somebody mean that the other person stole your goods or did you give it to them?
If we create a precedent were somebody acting in good faith, who can not possibly know that the tokens he is purchasing are stolen, gets punished. Then how can we possibly ever know that the tokens that we purchase in any future transaction don't turn out to be stolen and taken away from us after the fact? Doesn't that completely and irreversibly undermine the very reason why we have blockchains in the first place?
Didn't we create blockchains so that we don't have to rely on third parties to validate every single transaction, but can trust what is published on the distributed ledger?
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Sorry, I missed responding to your comment here.
It is not impossible. Do you do KYC on the seller? Considering you were getting a 30% discount and buying an account in an unusual way (and if you had seen the latest EOS news about many hacked accounts out there), then maybe you can take some responsibility for this?
By doing due diligence. As they say "Buyer beware."
If you're referring to the original account that got hacked, my understanding is a fraudulent website was involved that lied about key creation. Yes, the original person should not have trusted a shady website, but I also think the real bad actor was the thief who was rewarded through a sale with you.
Knowing who you do business with matters. That's how we can create a society we all want to live in. If the point of blockchain is just immutability without any connection to improving human well being than what's the point? You can trust the cryptographic realities of a transfer, but not the human beings who are initiating the transfers to begin with. That takes human intuition and involvement and is the whole reason EOS governance makes sense.
I really am curious to see what happens in this case and if ECAF can do anything further to help you. I assume you filed a claim as well?
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Sorry Bro. But EOS is a fucking scam. Just jump the ship as fast as you can. Now, we are building the censor-proof decentralized web of future by engineering the most crucial infrastructure and engines at https://orch.network You might want to have a look at our article at https://steemit.com/ico/@orch/mzufd-intergalactic-money-the-deep-impact-of-a-self-evolving-infinitely-scalable-general-purpose-realtime-unforkable-public-blockchain
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