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I think rather than a deposit, a holding middle man would work (slightly) better, but also has it's flaws... lots of them...
This approach would see the user paying an intermediary who holds onto the money until it comes to paying the supplier. The first problem would be who would be that intermediary, if they were a commercial entity would this even be financially viable? If it was "Geekhack" as an entity how could they collect the money? The potential extra transfer through PayPal would introduce fees and lots of group buys would possibly trigger blocks and freezes from PP.
The second issue is introduced as the supplier needs playing as either the intermediary would need to pay the supplier directly (which could become a logistical problem and see the intermediary becoming a co organiser) or it is an opportunity for the organiser to take the money and run before paying the supplier.
I am really selling this approach aren't I?
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There is always the possibility that the organiser runs away with the goods which is impossible to protect against.
I think the bottom line is just reiterating what others have said - Group buys are a risk. They are a risk to the organiser who may get in over their head, they may end up forking out cash because MOQs weren't met and they didn't correctly account for this. They are a risk to the buyer as this thread is a good example of. I think most of the time the risk pays off for the majority involved as you get goods that would never otherwise reach the market and you get them for a reasonable price most times.