Our answer to the situation

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We rarely make an appearance on reddit and only do so to address issues we find as relatively important but here we are.

We would like to draw your attention to East India Company for a moment.

With all the markets in turmoil and no one knows if AlphaBay is competent, thieves (almost every market has been so far), behind the DDOS, completely innocent, the cast of sesame street, etc we began to look around at some of the smaller sites.

We decided to call EIC our new home for mainly 2 reasons.

1 They have TRUE 2/3 multisig

2 They have auto-withdrawel

Please go learn multisig and exit scams are a thing of the past. If you choose not to learn multisig EIC is still a better option because of autowithdrawel. They claim to broadcast a vendors acquired BTC every 24hours and we have asked them about the possibility of shortening it to every 6 or 12 hours. (although we have not finished setting up shop and have not seen it in action yet.)

Imagine you're a large FE vendor who likes to sleep occasionally and doesn't use multisig. Every order that is placed will be withdrawn to a wallet of your choosing while you sleep or while you're out shipping orders. Same goes for escrow vendors to a lesser extent for orders that are finalized while you are away.

Between true 2/3 and autowithdrawel there will be very little BTC on market for anyone to steal.

We approached Abraxas about implementing auto withdrawel to combat an exit scam so that the amount of coin on site was very limited at any given time. They ignored the request and you see where we all are now.

Moving forward there are very few options, you will have:

1 Most vendors move to FE only on a site, this still does not mitigate an exit scam only reduces time coin is on site and essentially vendors are paying a market 2-4% for buyers to be able to look at reviews and is a scammers wet dream

2 Just direct deal with your favorite vendors

4 Continue using another traditional escrow market until they decide to take your BTC

3 LEARN MULTISIG

This is merely our outlook on the situation, you are more than free to have your own but this market cycle cannot continue. It is not sustainable for either customer or vendor.

So the point is we believe that the solutions implemented by East India Company are the answer. If another market chooses to add true 2 of 3 multisig and/or autowithdrawel then we will happily use them as well as we could care less which market we vend on as long as we are able to do so safely.

We have not been paid nor asked to endorse a market and we realize this likely sounds like a play for market share. Replace the market we chose to name with any other market and it's still the answer.

Ask AlphaBay or Nucleus to implement both features and if they do then rest assured the DNM scene is now stable.

Buyers follow your vendors, pressure them to adopt multisig. Vendors adopt multisig so that it must be learned to do business.

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Comments


[4 Points] Throughawayup:

This is the best most realistic solution at the moment. Never done business with you but I'm glad you made this post.


[2 Points] None:

Eic has a terrible search interface have a look at nucleus how to do a country search and id consider it.


[1 Points] 6btirX7DzS6mXZw:

Houba is a top notch vendor! i have been patiently waiting for more of those albino PE!


[1 Points] -KookyMonster-:

Nom Nom Nom


[1 Points] dnmoviethrowaway:

I bet you'd have more views and upvotes if your title described the basic content of your post.


[1 Points] loopkloiujfy:

Go for it, buyers clearly want multisig and want to jump through all the hoops for it, its just that no market has ever done multisig before, that must be it.