Last week, I talked about my very simple Nonsense Factor that I use as one tool to separate real, genuine traders with questions from jokers, scammers, and time-wasters.
Sadly, on Paxful, there are lots of time wasters. There's not much they or anyone else can do about it as long they don't break any rules or the TOS. And because of this, we cannot rely on one tool only. We need as many quality tools as possible so we can spend time with those who have a good chance of completing a trade with us.
Thanks to Paxful's peer review system (LocalBitcoins has one too but they have other issues), we can get some information on a potential trader before we ever interact with them. The Nonsense Factor comes from that. That's a negative based factor. Find and weed out the nonsense. But there's positive information to find on these profiles as well.
Low nonsense is a positive, naturally. But there's another obvious piece that lots of traders overlook.
Introducing the Trusted Factor
As we discussed in last week's post on the Nonsense Factor, it takes some effort or a poor experience to get blocked by someone. Or maybe someone was just a pain in the ass to deal with. I know I am sometimes and I make no apologies for trying to maintain 100% vigilance against bad actors.
On the other hand, while we are encouraged to give positive feedback (and many do) when a trade works out successfully, that's usually as far as it goes.
But to trust, takes some more effort and recognition. While I buy on Paxful sometimes, I mostly sell. And that means if I put someone on my trusted list, that they are a consistent and serious buyer. And serious buyers get better deals from me because I (and every other seller on Paxful) can make special 'trusted list only' offers. Only those on the trusted list get to see it.
And while I could talk about what I do to try to be 'trusted' by others, that's not the purpose of this post. Plus lots of it is common sense anyway.
So like my Nonsense Factor was a simple ratio, my Trusted Factor (TF) is too. It's very easy.
My Trusted Factor = # of people who have trusted you/# of people who have blocked you. My advice would be to seek a minimum of 150%. That would mean 3 people trust you for every 2 that block you (3/2=1.5 or 150%).
And the beauty of this often ignored information is that it's there for every profile. Look at this joker who I focused on for my Nonsense Factor example:
This guy, who ranked high in Nonsense, also not surprisingly ranks very low in trust. Check it out. Trusted by 6 and blocked by 34. That's a Trust Ratio of 17.6%. REALLY low.
Let's look at some positive examples. This is a guy on my trusted list. Look at these numbers. Hey Bit25 if you're out there. Come see me for a trade.
This guy's numbers are awesome. Not only is his Nonsense Factor incredibly low with only 7/205 trade partners or 3.5% but his Trust Factor is super high with 49 trusted/7 blocked or a Trust Factor of 700%.
BOTH his Nonsense Factor AND Trust Factor are even better than mine. Here's how mine looks:
My Nonsense Factor is 14/139 or just a hair over 10%, which is pretty low. My Trust Factor shows 40 trusted/14 blocked for a TF of 285%, which I think is pretty awesome.
Can you see how this could be useful to you? Lots of people like trading with people like me or Bit25 if our trust numbers are high. Few like trading with our joker example. Do you think this will help you determine who is genuine about doing a trade and who isn't? I do.
Again, will this tool filter out all the time-wasters? No, of course not. But each tool we use helps us a little bit more in making the most of our time trading with the best chances for successful trades.