Hi @ShredZ ,
Godsgift here from Miningwatchdog.com. First of all, I would like to thank you so much for your input and for sharing your concerns with us and everyone else. We absolutely love resolving concerns about our services. I would also like to introduce myself and the company.
I am Godsgift, Co-founder and Chief Operations Manager at MiningTechnGroup OU. Miningwatchdog,com and all its assets are subsidiary entities of MiningTechnGroup OU.
Miningwatchdog,com has been providing crypto mining knowledge to crypto miners in the industry since July 2019, so for about five years now. In the early years, Miningwatchdog generally reviewed and talked about reseller platforms. What we have found out over the years is that there is no shortage of scammers and rip-offs in the reseller space. Miningwatchdog generally profited from affiliate partnerships with resellers. However, we stopped entirely because it was hurting our users more than it profited them, so we had to take up our usersā/customersā interests above ours.
Many complained that the websites we recommended were rip-offs and that they had paid for a miner but had not received any product yet. Even reputable resellers vanished overnight. You might be familiar with Linzhi Asic miner; they were manufacturers from China. We did good business with them up until they vanished, and there were a series of complaints and grievances from our users who had placed orders with them.
So we quickly learned that we had to take control because we cared for our users. We had to provide them a safe space to buy or even sell cryptocurrency miners. Our users demanded it, so I would like to let you know that while we appreciate you calling the Miningwatchdog Marketplace a ācool idea,ā it is in fact no longer an idea. It used to be one, years ago.
Now it is a carefully calculated systematic solution to realistic problems that arose years back and are still plaguing the cryptocurrency mining industry. It has taken us years to perfect the system to this level because we have had security in mind the whole time.
Speaking of security, you asked a crucial and intriguing question above: what legal authority do we hold over sellers except for banning or holding funds?
Thank you so much for bringing that concern to light. So to answer, our first approach to the resolution of a problem is not always legality or authority. I might be spilling some intellectual and proprietary secrets here, but I guess an interested and potential partner is more important to me than avoiding talks with the legal team, haha!
To make sure everyone is in line and doesnāt do anything that might potentially harm the other entity, be it a buyer or a seller, we take the approach of a smart contract. We are currently implementing it manually but would fully automate it through the use of our smart token.
Once an order is placed on your Miningwatchdog Marketplace store as a seller, you and the buyer automatically enter into a buy/sell contract. This simply means that the next ensuing events within that buy/sell contract can either go one of two ways:
- Everyoneās happy and the trade is completed successfully.
- One of the parties involved isnāt happy with a thing or two about the contract, and therefore, we need to retrace our steps back to the beginning of the contract. The buyer needs to ship the product back to the seller in the condition it was when the seller shipped it to the buyer, and if it is all good, the seller would then cancel the trade, and the buyer gets their money back exactly as it was also.
Now it is obviously a lot more complex than that, but this is all I am allowed to disclose, I am afraid, and it should also afford you the general idea.
Now we can talk about legality and authority. I would also try to resolve your concern about KYC and trusting our business as an escrow.
We are a regulated Estonian entity, and it is very crucial that we have a KYC and AML policy in place to regulate, control, and fight against money laundering acts and terrorist funding.
This means that as a seller, it is important that we know our partners and their respective businesses. It is an important step or process towards protecting the marketplace and its users. Otherwise, our dispute resolution system would just be overwhelmed with disputes, so it is better to always try to prevent an issue from the source rather than having to deal with it later on.
It is important to note that we recognize there are several types of sellers, and our approach to them differs.
For individual/private sellers, our KYC on them only seeks to verify their ownership of the product they would be selling on the Miningwatchdog Marketplace because we wouldnāt want a situation where a seller sells a stolen product or a product they are not authorized to resell on our marketplace. Therefore, we just have to make sure the seller is authorized to sell, is all.
For business or corporate sellers, we would have to verify the contact person of the entity or representative of the entity. Also, verify that the business exists and owns their product or is at least authorized to sell it.
Now you see why we have to do a lightweight verification on our individual sellers?
Regarding the commission, no, thatās not a lot at all. How much do you think businesses spend on marketing?
Miningwatchdog Marketplace does the marketing for you. For our Gold member sellers, we have a sales team ready to market their products for them. As a Gold member seller, all you need to do is sit back and relax and watch the sales roll in.
Furthermore, our platform offers various levels of membership to accommodate different needs and budgets. The basic membership allows you to list and sell your products with a minimal commission fee, ensuring that even smaller sellers can benefit from our marketplace. For those who require more comprehensive support and marketing, our premium membership levels provide enhanced features and dedicated assistance.
In terms of trust, we have also implemented a transparent review and rating system. This allows buyers to leave feedback on their transactions, which helps build trust and accountability within the community.
I do hope I have resolved all your concerns but feel free to share more concerns with us at any time. We are looking forward to welcoming you to Miningwatchdog Marketplace.
Cheers,
Godsgift
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