1776 Market: Automated Multi-Signature Escrow

New Multisig Market offering some simpler way to use the multisig system, this is an overview written by the site creator about how to use the multisig / features and security:

http://www.deepdotweb.com/2014/04/19/1776-market-automated-multi-signature-escrow/

I Asked the admin to follow this thread and answer any questions, so i hope he does.


Comments


[2 Points] galaxyandspace:

So when I put my money in this "escrow", it is no longer mine? The market and the vendor only control the transaction from that point forth? Nope. This sounds like a scam.


[2 Points] SqueezyBob:

Dear God.

The site does not work without JavaScript? Every single link on the marketplace uses JavaScript and cannot be processed with it disabled.

This is another admin thinking that so long as he has a form of multi-sig that his market can be awful to use and look horrible and it doesn't matter.

Also.

What's to stop the market suddenly locking all the vendors out and then taking new orders from buyers and stealing all the BTC? They're holding 2/3 signatures so they can steal the money.

A serious multi-sig to darknetmarket flaw that won't go away but that everyone will continue to ignore.


[1 Points] 1776tom:

Want to leave a note to prospective vendors and users before signing off.

I was told to anticipate the criticism of JS etc. I knew the Darknet culture and if I had been building a traditional site, I would have bit the bullet and made it all granola-compliant because I would get hounded out of town.

Tor Marketplace didn't have JavaScript. Where's your money? Sheep Marketplace didn't either. Where's your money?

The site is secure. But the security of the funds in escrow is not dependent on the security of the site or the integrity of anyone administering it. It is dependent on the reliability of Bitcoin itself. By transferring all funds out of the system after a single confirmation and into an escrow wallet jointly controlled by the vendor and the site, so long as the vendor keeps his key safe, and with all mailing addresses in the system automatically encrypted, there's just nothing to hack. That is by design. The system is designed to eliminate the need for faith in the security of the site or in the integrity of the operator, and it does that. The rest is immaterial.

I'll leave it there. Vendors and buyers can analyze that value proposition for themselves and make their own decision. This is nothing but an appeal to objective reason.


[1 Points] gwern:

Site could use some more documentation. For example, what categories are forbidden? Sellers have no idea.