[CommunityDiscussion] UnMarket: Concept for a Decentralized Bazaar

I propose a new concept. *We don't need a new market,*
We need education and awareness of how to use multi-signature transactions on the bitcoin network. It's easy.

Here is my recipe for UnMarket:

The forum and subreddit host the information of:

How it works:

  1. Buyer picks an item for sale that they want
  2. Buyer chooses an arbitrator from the forum
  3. Buyer creates a new 2 of 3 multi-signature wallet in Electrum and enters vendors and arbitrators xpub keys, saves the wallet file (easy as copy paste)
  4. Buyer sends a message to the vendor with their recently created xpub key, chosen arbitrator, and desired shopping selections
  5. Vendor confirms
  6. Buyer sends payment
  7. Package arrives or dispute is started
  8. Two of the three parties sign the transaction with Electrum (easy as sending coins)
  9. The deal is done

Why are we not doing this yet? If you agree please upvote and comment. If this idea is to succeed it is dependent upon the community... I pledge my energy and effort to making this a reality if you join me.


Comments


[2 Points] nephalembuddy:

Im currently building a forum just for marketplace. Admins and staff will carefully look at all vendors to make sure no scams. I am trying to get NSW to join in as it would be a great start for us and bringing a safer community.


[1 Points] m3cca:

What if one of them unexpectedly dies? What if the arbitrator goes rogue and demands $$ before signing the tx? Interesting though, something needs to change with the current setup though im sure we can all agree.


[1 Points] unmarkets:

https://www.reddit.com/r/DarkNetMarkets/comments/2zg0uf/btcbb_forum_software_made_for_crypto_enthusiast/


[1 Points] barbierir:

Yes, Crypto in general needs a a) multisig-based arbitration service and b) arbitrators rating agencies.


[1 Points] None:

this is a really good idea lets see it happen


[1 Points] unmarkets:

We are actively working to get a forum up soon.


[1 Points] youtakesally:

Forums would suck to find listings and filter searches, etc. But I'd rather pay this price than being scammed.

Nevertheless, would there be a way for the vendor and the arbitrator to confirm the buyer user their xpub keys?

If I recall correctly, one of the potential flaws of multisig is giving out a fake address that it is not made with the keys from the other parties.


[1 Points] youtakesally:

BTW: I'd make mandatory to provide a Bitmessage address in case the forum went down, since multisig protection is worthless without communication from the parties.


[1 Points] kimchimatic:

Do you really think, after all these amazon like drug shopping experiences, that people will go back into the dark ages of forum based trades?

Problems with your concept:

And that said, I don't belive this concept will survive long. I guess a small group of people will use it, like people using the TMG forum to trade. But the broad range of people will stay with an easy to use system and thats a market.


[1 Points] DutchConnection:

Looks like this idea...

http://www.wired.com/2014/04/darkmarket/


[1 Points] sobulbous:

Arbiters need to be the ones that make commission not any centralized entity. If this process is transparent than any conspiracy between 2 parties will not last very long.

The problem is getting vendors and buyers to learn this stuff. Choosing arbiters will be pretty tough, but over time it will become easier and the community can vet new candidates.

Good luck.