East India Company's multisig provides the EXACT same protection to customers as central escrow

There has been a lot of attempts to discredit their multisig system to convince people not to use it.

To sum it up: Escrow itself is the protection for customers, but in central escrow vendors have to risk their money being help by an anonymous third party.

Multisig is not for customer protection, its to protect vendor money while it is escrow. So both parties can be protected.

Timelocks let vendors know they will get their money if they ship and item, so they are more likely to ship items in emergencies and keep a good relationship with their customers. The vendor only gets the timelock transaction after they ship I believe.

Timelocks for customers only exist in the case where a customer places an order but the vendor never logs in to ship it. It makes it so funds never get lost forever.

Providing multisig makes more vendors willing to do escrow making everything safer for everyone.


Comments


[6 Points] InconvenientIdeals:

I think that more threads about the same escrow option on the same market would be redundant from this point forward. It's actually better than central in that the market cannot make off with the stash at will. So its not the exact same, it's better, but no it isn't perfect and there are all sorts of corner cases that might in theory result in someone losing an order or profits from an order, but how that means the status quo should be upheld is beyond me and frankly is a fucking insane point to try and argue.


[2 Points] octomarvel:

Dude!!! I've asked before if you are an EIC employee because EVERY SINGLE THREAD you've commented in has been about them. I can understand if someone wants to highlight their experience with a market in a positive review but being so defensive over anything EIC related only serves to leave a bad taste in prospective users minds. You're actually doing a disservice to what looks to be a new market with a decent escrow system.

I've asked a lot of questions regarding the timelock multisig n how it works as a means to better understand it, being that it is a new system. I in no way shape or form see how that is discrediting a market.

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[1 Points] looompaooommpaa2:

Providing multisig makes more vendors willing to do escrow making everything safer for everyone.

Vendors were always willing to do multisig, its buyers that arent willing to do it, like you said it provides the exact same protection to buyers so theres no reason for them to do the extra work.

Any market that provides centralized escrow is fixing to scam, they know 2of3 wont catch on but it gives you all warm fuzzies then whatever more money to steal from you when buyers force vendors to use centralized.


[1 Points] alexanderdelarge01:

There is no way you arent someone working for EIC, youre all over every thread related to them and going out of your way to promote them.


[1 Points] returnoftentacle:

  1. Who stole the most money over past years? The vendors? Customers? Or admins&law enforcement?
  2. of u take that incentive away, it changes the biz model for them.

  3. Imagine many vendors get into a jam when they have massive funds stolen and unfortunately they cant do anything but screw the customer.

  4. But if they know eyll get paid, a good vendor would surely continue shipping and doong business,

Its got benefits way beyond escrow protection. How does central escrow help customers when admins steal it or lose it to law enforcement putting vendor in a spot they may have no choice but to do the wrong thing.

Whats the point of vendors not offering escrow on the public markets?