WHY ARE WE STILL COMPLAINING ABOUT EXIT SCAMS, FE'ING AND DI TRUST BETWEEN ALL PARTIES WHEN WE HAVE THE SOLUTION?!

We've all see the rise and fall of many market places and vendors alike. Some turn rouge some are straight out to scam and the market places see the mother load and do a runner.

I see the relevant DNM subreddits constantly full with "Scam" "Fe" "exit scam" "selective scammer" etc.

I DON'T GET IT! There was big hype after Evo went down about multi sig addresses. I sounded like it was going to be the next best thing since sliced bread. Ok, it was a little difficult to set up for some users but it was a system that worked.

We now have markets such as Hansa (feel free to list more) that offer multi-sig wallets. Vendors nor Marketplace can run away with your money. Does this not make sound business sense for vendors, whom keeping losing there money through exit scams??!! Does this not make sound sense for buyers who can rest knowing that 2 keys are needed to that wallet before any mofo can touch it?

We need some well established vendors to make the transition to a multisig marketplace or to enforce multisig on marketplaces that accept them.

Thoughts?


Comments


[31 Points] None:

I thought you were going to tell us to drop more acid.


[8 Points] ideal_pills:

Hansa has been having issues recently but most markets offer multisig now, but no one uses it. Most of the time their messaging and support system do not work and you rarely get responses from support.


[7 Points] FeelSoLow_:

I have always wondered the exact same thing.

People end up saying that multi-sig would be too hard to adopt, discouraging customers and lowering sales for vendors. The extra security truly is worth the hassle though.


[4 Points] Weshwego:

Can someone ELIF what a multi sig wallet is?


[3 Points] _-________________-_:

Tons of people barely even know what they're doing with regular wallets. How many posts about "UNCONFIRMED AFTER 4 HOURS, WHY" or "DEPOSIT NOT APPEARING" have you seen over the past few years?

I can't even imagine the number of problems multi-sig wallets would cause these people.

Evolution had multi-sig. Relatively no one used it, because it was a nightmare.


[2 Points] magiclampcompany:

Markets don't like multisig because it means they can not make as much money off commission


[2 Points] attilathehunn:

When BlackBank exit scammed, money in multisig addresses was able to be released to vendors

Apparently 90% of money was return to this one vendor. https://www.reddit.com/r/DarkNetMarkets/comments/39u7wo/market_outlaw_market_new_version_coming_soon/cs6r2ad

BlackBank didn't have the Timelock Transactions that TMP and EastIndiaMarketplace seem to have had, which would've been great. But still, better than nothing.

If vendors want buyers to actually use multisig, they need to offer a discount for using it that covers the reduced risk of losing your money.


[1 Points] fullofit22:

So, who is the 3rd party in a multisig wallet setup? Site admin? User's choice? random individual? There are issues with all of these possible options.

I think the biggest hurtle for multisig, beside the required technical understanding to get it set up, is picking a reliable 3rd party.

If they are affiliated with the site, there is no real protection from a site exit scam. If they are affiliated with the user/buyer, there is no real protection for the vendor. If they are a random user/vendor what are the chances you will be able to contact them when/if a problem arises and you need their key?


[1 Points] 234789ssd:

Markets are still using tor because "it easier" for stupid people and they can get a large wallet and exit.

It's time to move to l2p


[1 Points] wacksmack27:

People don't know how to use multisig. I used it once I don't remember the site, but it wasn't real multisig as it was still through the site. Are their any current markets that offer true multisig right now?


[1 Points] EmilioGavaria:

where would i go directly to learn all i can about multi-sig? and I2p?


[1 Points] carbonstate:

What happens if the vendor and market have some sort of deal in place (which seems about as likely as anything else)? Just wondering if, in that scenario, anything prevents them from deciding together that they want your money whether you like it or not.

The other scenario I'd be curious about is whether it would be difficult to implement some pseudo-multisig functionality, to create a false sense of security (and encourage large deposits) where there is none.

Really just wondering. Glad this was posted though... Will probably switch to multisig shortly. I didn't really know what it was before, but this has got me very interested.


[1 Points] buticanfeelyours:

Is it accurate to call multisig a 'solution'?

If a site tanks your coins are stuck unless you can convince the third party to sign. If a site conspires with a vendor they could pull all the aforementioned scams with ease. You could still get selectively scammed, it's not uncommon for a site to side with a vendor in a dispute. Vendors could still demand FE in a multisig only world, and thus could still exit scam.

Actually, how would multisig solve anything you mentioned?


[1 Points] EJackBoy420:

What happens if the buyer scams the vender?

How does he get his money if the site is down?


[1 Points] Bud509:

If good vendors set up on multisig sites I will too. Correct me if I'm wrong since I haven't looked at any of the new multisig sites.