One proposed solution to online auction fraud

I don't see it working but I applaud the effort to come up with a
solution:

FOR IMMEDIATE RELEASE

Doing e-Commerce Safely - Ancient Trade Tactic Stops
Internet Scammers

BRAMPTON, Ont., Sept. 8, 2003 -- CNN reports that "the FTC
received 51,000 online auction fraud-related complaints in
2002, making it the second-largest consumer complaint behind
identity theft."

Peter de Jager, best known for his worldwide awareness
efforts in Y2K, believes there is a simple solution to this
global problem. To overcome the issue of lack of trust on
the internet he created a simple e-Commerce technique and
named it "Kings Bail".

His partner, Colm Brannigan, an International expert on
online dispute resolution states, "We updated an ancient
concept and made it applicable to the challenges of
e-Commerce in the global electronic village. Kings Bail
ignores the issues of identity, trust, geographical distance
and international jurisdiction. A Kings Bail agreement
between total strangers makes compliance happen even where
the legal system cannot."

de Jager explains further: "In ancient times, Kings secured
future compliance to trade and peace treaties through the
simple mechanism of exchanging hostages, usually close
relatives. Neither side would break a treaty as they would
lose something they valued even more... their sons or
daughters. What we've done is replace the flesh and blood
hostages with financial hostages."

The central idea to Kings Bail is that each party places in
trust an amount significantly larger than the value of the
trade itself. For example, if you wanted to buy an item
worth $50 from a stranger, you would both place as much as
$500 into a neutral system. Once this mutual deposit is
confirmed, then it is safe to trade. One party sends the
item; the other party sends the payment.

If both parties are satisfied, they notify the neutral
system and they receive back their 'hostage'... if either
party is dissatisfied, then either party can instruct the
system to donate both their financial hostages to a charity
chosen at random.

Since the cost of 'cheating' is far more than the cost of
completing the trade, both parties are highly motivated to
complete the deal and receive back their financial
'hostage'.

de Jager summarizes the concept by concluding: "Trust isn't
necessary for commerce if you know for certain that the
other person is more interested in receiving back their
financial hostage than stealing either the payment or the
item!"

For more details on Kings Bail visit the proof of concept
site at www.kingsbail.com.

--

Coin Collecting: Consumer Guide: http://rg.ancients.info/guide
Glomming: Coin Connoisseurship: http://rg.ancients.info/glom
Bogos: Counterfeit Coins: http://rg.ancients.info/bogos

Reid Goldsborough wrote:
I don't see it working but I applaud the effort to come up with a
solution:

FOR IMMEDIATE RELEASE

Doing e-Commerce Safely - Ancient Trade Tactic Stops
Internet Scammers

BRAMPTON, Ont., Sept. 8, 2003 -- CNN reports that "the FTC
received 51,000 online auction fraud-related complaints in
2002, making it the second-largest consumer complaint behind
identity theft."

Peter de Jager, best known for his worldwide awareness
efforts in Y2K, believes there is a simple solution to this
global problem. To overcome the issue of lack of trust on
the internet he created a simple e-Commerce technique and
named it "Kings Bail".

His partner, Colm Brannigan, an International expert on
online dispute resolution states, "We updated an ancient
concept and made it applicable to the challenges of
e-Commerce in the global electronic village. Kings Bail
ignores the issues of identity, trust, geographical distance
and international jurisdiction. A Kings Bail agreement
between total strangers makes compliance happen even where
the legal system cannot."

de Jager explains further: "In ancient times, Kings secured
future compliance to trade and peace treaties through the
simple mechanism of exchanging hostages, usually close
relatives. Neither side would break a treaty as they would
lose something they valued even more... their sons or
daughters. What we've done is replace the flesh and blood
hostages with financial hostages."

The central idea to Kings Bail is that each party places in
trust an amount significantly larger than the value of the
trade itself. For example, if you wanted to buy an item
worth $50 from a stranger, you would both place as much as
$500 into a neutral system. Once this mutual deposit is
confirmed, then it is safe to trade. One party sends the
item; the other party sends the payment.

If both parties are satisfied, they notify the neutral
system and they receive back their 'hostage'... if either
party is dissatisfied, then either party can instruct the
system to donate both their financial hostages to a charity
chosen at random.

Since the cost of 'cheating' is far more than the cost of
completing the trade, both parties are highly motivated to
complete the deal and receive back their financial
'hostage'.

de Jager summarizes the concept by concluding: "Trust isn't
necessary for commerce if you know for certain that the
other person is more interested in receiving back their
financial hostage than stealing either the payment or the
item!"

For more details on Kings Bail visit the proof of concept
site at www.kingsbail.com.

--

Coin Collecting: Consumer Guide: http://rg.ancients.info/guide
Glomming: Coin Connoisseurship: http://rg.ancients.info/glom
Bogos: Counterfeit Coins: http://rg.ancients.info/bogos

I want to run the Kings Bail transfer and holding company. Lets see 3% of the transaction (each side) for processing and
Interest on the money while the parties are sending stuff back and forth should make me a lot of money if this thing takes
off. All done electronically of course so no money for stamps and envelopes and stuff like that to eat into the profits.

--
George D
Phoenix, AZ

AAA, AARP, ANA, NRA, RCC ?+1, PIA, PIAAZ, GATF 85006-3032-18-4

The reward for a good deed is to have done it.

Please use this address to mail me. Or remove the arizona in the link.
Remember there is no Arizona.


ALL emails incoming and outgoing are run thru Norton and AVG anti virus.

In article ,
says...


Reid Goldsborough wrote:
I don't see it working but I applaud the effort to come up with a
solution:

FOR IMMEDIATE RELEASE

Doing e-Commerce Safely - Ancient Trade Tactic Stops
Internet Scammers

BRAMPTON, Ont., Sept. 8, 2003 -- CNN reports that "the FTC
received 51,000 online auction fraud-related complaints in
2002, making it the second-largest consumer complaint behind
identity theft."

Peter de Jager, best known for his worldwide awareness
efforts in Y2K, believes there is a simple solution to this
global problem. To overcome the issue of lack of trust on
the internet he created a simple e-Commerce technique and
named it "Kings Bail".

His partner, Colm Brannigan, an International expert on
online dispute resolution states, "We updated an ancient
concept and made it applicable to the challenges of
e-Commerce in the global electronic village. Kings Bail
ignores the issues of identity, trust, geographical distance
and international jurisdiction. A Kings Bail agreement
between total strangers makes compliance happen even where
the legal system cannot."

de Jager explains further: "In ancient times, Kings secured
future compliance to trade and peace treaties through the
simple mechanism of exchanging hostages, usually close
relatives. Neither side would break a treaty as they would
lose something they valued even more... their sons or
daughters. What we've done is replace the flesh and blood
hostages with financial hostages."

The central idea to Kings Bail is that each party places in
trust an amount significantly larger than the value of the
trade itself. For example, if you wanted to buy an item
worth $50 from a stranger, you would both place as much as
$500 into a neutral system. Once this mutual deposit is
confirmed, then it is safe to trade. One party sends the
item; the other party sends the payment.

If both parties are satisfied, they notify the neutral
system and they receive back their 'hostage'... if either
party is dissatisfied, then either party can instruct the
system to donate both their financial hostages to a charity
chosen at random.

Since the cost of 'cheating' is far more than the cost of
completing the trade, both parties are highly motivated to
complete the deal and receive back their financial
'hostage'.

de Jager summarizes the concept by concluding: "Trust isn't
necessary for commerce if you know for certain that the
other person is more interested in receiving back their
financial hostage than stealing either the payment or the
item!"

For more details on Kings Bail visit the proof of concept
site at www.kingsbail.com.

--

Coin Collecting: Consumer Guide: http://rg.ancients.info/guide
Glomming: Coin Connoisseurship: http://rg.ancients.info/glom
Bogos: Counterfeit Coins: http://rg.ancients.info/bogos

I want to run the Kings Bail transfer and holding company. Lets see 3% of the transaction (each side) for processing and
Interest on the money while the parties are sending stuff back and forth should make me a lot of money if this thing takes
off. All done electronically of course so no money for stamps and envelopes and stuff like that to eat into the profits.


What a scam. What poltroon is going to fall for this? Down with the king!
--
Copper is as copper does.