Previous posts
Fake POC ( Proof of coins ) using Blockchain wallet
https://steemit.com/crypto/@luciotrader/6mvgvi-being-an-otc-agent-fake-poc-proof-of-coins-using-blockchain-wallet.
Why real sellers don't send a Satoshi
https://steemit.com/crypto/@luciotrader/being-an-otc-agent-why-real-sellers-don-t-send-a-satoshi.
Who are the middlemen?
There are a few different types of middlemen, but in the end, they all want a piece of the pie.
Sometimes their desire to be a part of the deal and the fear of being left out causes the deal to fail :(.
Middlemen can be anyone. Active members of crypto groups, minor OTC traders, bankers, people with a good network, people who heard from their friends about buyers or sellers looking for a large amount of coins, clueless people and anybody else.
How do middlemen foul the deal?
Sometimes it's not really the buyer's or seller's fault that a deal failed, but the middlemen themselves.
Being afraid of being left out
Usually, the chain between the buyer and seller is pretty long and involves multiple parties, it's not as simple as posting an ad on Craiglist and some buyer/seller contacting you directly.
What does the chain usually look like?
Buyer -> Buyer's mandate group -> Buyer's agent group -> Agent group 1 -> Agent group ..... -> Seller's agent group -> Seller's mandate -> Seller.
Having a lot of agent groups can cause a slow communication and in some cases lead to miscommunication and the cancellation of a deal.
We have witnessed several cases where the agents involved didn't really understand what the upper level meant and completely distorted the terms of the deal. Of course, their intention itself wasn't malicious, rather their will to stay relevant and the fear of being left out of a deal. Spoiler ... if the chain is too long the deal will fail.
Never ending zoom call
Zoom call is the best way to create an anonymous connection between the buyer and the seller, or at least between the buyer's mandate and the seller's mandate trying to negotiate the final details for a deal.
A few problems appear when there are too many middlemen:
The buyer or seller can't be reached - Agent 1 and Agent 2 schedule a call with agents 3 and 4 whom schedule the call with the buyer's and seller's agents, who schedule a call with the buyer/seller mandate. This chain of custody usually causes one of the parties to wait for a long time and then give up because the deal seems like a waste of time.
Buyer and seller on a call - Our buyer and seller communicate directly but there are so many other people involved with the deal that the original buyer and seller may back off from the deal since they don't like the exposure, as well as the fact that with so many people taking a piece of the pie, affairs can become complicated with so many on the zoom call. Why should the buyer or seller care what agent 1 and agent 2 have to say? And if the agents have nothing to say, why they are even on the call?
Interruptions - each party on the call may be trying to offer solutions, but basically instigates disagreement and discord.
So what's the solution?
The solution is pretty simple and should involve trust: agents should sign an NCNDA and pass contact information up to the next level, with the ultimate goal of having mandates speak to one another directly, which will significantly improve the chances of closing a deal.
If an agent is still afraid of being cut out of the deal, he should face reality:
If you can't connect to a higher link of the chain, there will be no deal.
If a shitty middleman will try to cut you out of a deal, they will succeed, but will take the risk of running their reputation into the ground.
Commision spread
Sometimes a deal is not initiated because the agents are more focused on a commission spread than the deal itself. We have seen this absurd situation so many times; instead of trying to proceed with a deal and getting the buyer and seller to agree on terms, nothing happens since each party thinks she deserves more than the other.
Never ending loop
Agents have relationships with other agents, but sometimes group A is in direct contact with the buyer mandate. Agent 3 may present a deal to group A, then agent 3 may introduce agent 2, who introduces agent 1, who introduces the buyer mandate, which is already a direct contact of group A.
Now group A wouldn't like to proceed since they already know the mandate, while all the other agents in the middle think that group A is just trying to cut them out of the deal. Each side ends up blaming the other and the agents usually drop the deal entirely to avoid complications.
The simple solution is to verify from the beginning who the mandate is, and to be very assertive and notify the other side if you already know the mandate or a higher link of their chain.
How do middlemen lose face?
There are several cases in which the middlemen may lose face.
Buyers/Sellers have a lot of people working for them and will try to get the best deal for themselves. In the end, the buyer or seller will choose what is best for him regardless of the agents' hard work (yeah, that's business).
Buyers/Sellers are scammers - in this case, they are phishing for info or trying creative ways to steal bitcoins by presenting fake documents, using fake cover stories, presenting straw companies, etc...
Buyers/Sellers just checking the market to see if they can get a deal even though they are not actually interested in immediate purchases or sales.
Buyers/Sellers think they will have the funds for the deal, but in the end, do not.
Buyers/Sellers try to make a quick flip and buy/sell to a third party while a deal is being carried out, this kind of deal is doomed to fail.
Buyers/Sellers give up because the Bitcoin price has changed.
Buyers/Sellers get the deal they want, but then get greedy and try to cut out agents along the way.
What can the middlemen do
Be very cautious; if something looks suspicious, it's probably fake.
Don't beat around the bush; get straight to the point.
Be clear and honest about every step on the way to the holy grail(a successful transaction)
Inform the other parties if something changes.
Conclusion
Be very cautious; if something looks suspicious, it's probably fake.
Don't beat around the bush; get straight to the point.
Be clear and honest about every step on the way to the holy grail(a successful transaction)
Inform the other parties if something changes.
There is no such a thing as easy money.
