Outlaw Market added multi-sig payments

Hi all

We made some changes to our escrow/payment system. The biggest change is that Outlaw now features multi-sig payments. There are now the following options on how to pay/be paid for an order:

We tried to make the multi-sig as simple as possible, and as secure as possible. Vendors requesting a multi-sig payment need to 'activate' addresses they would like to use for the transactions by providing at least one public key of an address that they have private key of (KEY1). Multi-sig addresss will then be created by the Outlaw mixer and will generate a KEY2. This way, the multi-sig address is out of Outlaws control. KEY2 and all necessary data will be shown to the customer so (s)he can copy it for their own personal records and/or for later use. It will also be stored on a server outside of the Outlaw shop-server for emergency actions.

When the buyer marks the order as received, Outlaw will pass the KEY2 to the vendor. It could also be manually done by the customer, in case Outlaw should be ofline or if Outlaw decided to not make any payouts anymore (which won't happen :) ). The vendor will then be in possession of all necessary information to get the funds. The vendor can then withdraw the multi-sig address to another address, or keep it on that address as he pleases.

Thus, the buyer and Outlaw will form 1 party. The market can never steal this money nor is there any incentive for the vendor (and market) to exit scam. The main advantage for using the multi-sig is to protect vendors from any unplanned closure of the market and thus losing their coins in escrow. For buyers, there is not much change due to the multi-sig feature except that (s)he should store the KEY1 data safely.

As usual, we are open for (friendly) criticism, suggestions, remarks, ...

Kind regards
Outlaw

Edit
To clarify, all payments of the customer will still be paid to our mixer. They will then stay in our escrow until the vendor accepts the order. Once the vendor accepts it, the multisig transaction will be constructed.


Comments


[6 Points] CocaineNose:

much respect to outlaw. one of only a couple markets that were around since SR1 days (under a different name). still up and still improving


[3 Points] The_fire_bird:

Your 2/2 implementation wouldn't allow you to forcibly return funds to the buyer if the vendor turned out to be an exit scammer, although it would prevent them actually taking the buyer's funds with with them.

Moot point though since exit scammers can still go with FE type listings

But the requiring of the vendor to provide their own bitcoin public key is definitely a step in the right direction, it does stop the market from running away with the bitcoins. Unlike Black Bank's (fake) implementation which probably left a lot of people wary of using multisig ever again.

As /u/CocaineNose said, it's very admirable that you're still here after all this time without once resorting to that exit scam shite.


[2 Points] None:

Multisig in every variation ive seen it used on a DNM seems to be useless. How do you contact the buyer for the other key when the market exit scams?


[2 Points] hksupport:

Can the buyer and vendor verify the 2-of-2 address's redeem script before payment?

Does the 2-of-2 address payout directly to an address of the vendor's choosing, or back into his account? (And if the latter, how do you feel it provides extra security, since you would be in control of the funds sent to and received from the address.)

Is there an option for the buyer to directly pay that 2-of-2 address himself rather than using his account funds?

How do you handle buyer refunds with the 2-of-2 address, since it requires the vendor's signature?


[1 Points] young_k:

was this to match EIC adding multisig? or independent despite the seemingly coincidental timing?


[1 Points] grandpajoe_dnm:

might have to come back over and reactivate my account soon


[1 Points] cipherfestival:

I've always liked the Outlaw feature where, as a buyer, I send coins to escrow after I've made my order, and if they arrive the order goes through. This means I don't have to send coins to a market wallet, wait for the blockchain, and then place an order. There's no dead on-market wallet time for me.

Will there be any change to this approach under 2/2 multisig? Or will I place the order, send coins, order executes, and -- new step -- coins move on to the vendor's multisig address?


[1 Points] KimJongUntouchable:

The payment for the vendor goes directly from Outlaw-escrow to the multisig-address

Zzzzz


[1 Points] HulkVsMeth:

Shout out to y'all!!!


[1 Points] 995443332234:

Great, now just get rid of your monthly fee nonsense and you'll get some vendors.


[0 Points] Trappy_Pandora:

You guys are still around? Good on you! Make it another year and I'll bring budcentral to your market.