Possible scamming attempt with multi-sig.

There are two methods using multi-sigs:

1) Using your public key associated with your Bitcoin address. While the vendor and the admin of the DNM will need to supply their own public key as well (fimilar with this method).

2) 2/x number of multi-sigs (like 2/3). All three parties participate using their public key; the difference is: 2 parties only need to sign the public key (if I am saying this correctly since I am not familiar with this method) in order to release the fund.

Possible scamming attempt:

I am new to this multi-sig thing.

Discuss.


Comments


[1 Points] djinn_nnijd:

The first one requires a lot of coordination, at that point much easier scams would be available. Once it done a few times it would be very obvious.

I don't understand the second one, maybe you can go into more details


[1 Points] yalldontknowjack:

There are ways for a market to scam with multi sig. But jesus fucking christ it's not as easy to do as with central escrow.
1. 2 parties collaborate against the third. To move BTC from the wallet, you need two PRIVATE keys to sign the transaction.(never share your private key, seed)
2. Creator of the multi-sig wallet, uses public keys other than the ones provided. (this can be easily verified)


[1 Points] aboutthednm:

sweep/swipe

The word you're looking for is wipe. Erase would also work. Or delete.


[1 Points] soulbus:

Any market who colluded with a vendor like that for multi-sig would be outed so fucking fast and there is hard blockchain proof it happened, including times, addresses, everything. All there and indisputable. In short, nobody would ever do that if they were able to set up a market at all in the first place because its suicide the moment it becomes known.


[1 Points] multiplax:

The original post isn't too coherent. If the three parties (buyer, seller, market) are actually using 2/3 multisig, then each party's private key is known only to that party. If that's true, then no one of them (but any two of them) can steal the escrowed funds.

"Fake marketing multisig" where any one person knows two private keys is worthless. If you don't have to sign a transaction with a key stored on your local computer and software that you trust, then your multisig is fake.