Hello all! I am hksupport and I'm the head PR and support guy for a new market:
Mr. Lee's Greater Hong Kong Market
Multisig Protection
The main thing that we bring to the table is that we are a "pure" multisig market. You do not deposit any money with us. When a buyer purchases an item, he sends money directly to a 2-of-3 multisig address, and upon finalizing a transaction, the multisig address pays the vendor directly. We can arbitrate disputes, but we do not have access to the money.
We invite you to make an account and take a look around. The only thing you'll need to make an account is a Bitcoin public key. We have a few $1 and $2 test listings you can try out, where the vendor private key is in the vendor user profile, so you can get familiar with how everything works.
Vendors, if you'd like to change your account to a vendor account, we do require a bond/fee. This isn't just to line our pockets - we don't want scammers to be able to make new accounts with impunity. The vendor bond protects both you and the buyers by forcing new accounts to have a cost.
Here are some other features of our market:
Instant time-locked refunds. As soon as a multisig address is funded, both the buyer and the vendor get a time-locked transaction that pays them the money in the address. That way, even if the site is down and you cannot contact the other party in a transaction, you can still get the money back. (Don't worry!)
No finalizing early. Since vendors no longer have to worry about the site or the buyer stealing their money, there is no longer any legitimate reason to require FE on orders.
Built-in multisig privacy. Every multisig transaction on the site also comes with an associated "nonce" that only you and the other party see. This nonce transforms the Bitcoin keys so that every transaction, even with the same people, has a new random multisig address that can't be linked to you but which still requires your private key to sign its transactions.
Verification at every step. All the information necessary to verify the multisig address is correct is known before any money is ever at stake. You can always be assured that you have complete control and that we cannot access the money.
No harmful items. We prohibit the sale of any item or service whose sole purpose is to harm people, or items/services which can only be manufactured by the harm or exploitation of others.
Please don't hesitate to contact us or post in our sub. Questions, comments, concerns and criticisms are all welcome, and we will do our best to help with any problem or conern you may have. We're part of the community, and our goal in creating the site was to provide a market that users could genuinely be safe using. Please let us know if there's anything we can do for you or the community.
There's a few important things I didn't want to clutter up the main post with.
The first one is about the "nonce" mentioned in the post. This nonce is combined with the user keys and used both to create the multisig address as well as create the payout and refund addresses. We know that's a bit of a pain in the butt, but doing pure multisig is already a pain, and we felt that the added privacy provided by the nonce was worth the slight additional hassle. With the nonce, blockchain analysis is useless. (And even if somebody were to get the nonce, all that is lost is your privacy. Because we use multisig, your money is still safe.)
Now for the other important thing...
A pure multisig setup requires that you the user must manually sign transactions. There's just no way around that, and there's no good way of doing multisig in an easy-to-do manner.
Our solution is an application you run. Before you go crying bloody murder, hear us out!
It's an open source Python script and you can run it offline. It requires no libraries and thus systems like Tails already have all the requirements to run it. It'll run perfectly fine in a live Tails instance with no internet connection on a computer with no hard drive that you hurl into the Sun after use.
You also don't have to use the app. You can read the technical walkthrough to see how things work and write your own scripts to do what the app does.
Ok that's everything! If anything is confusing or difficult, or if we haven't adequetly addressed something, please ask! Obviously we want to make sure using the site is as painless as possible, so please do ask if anything is unclear.
Download the app.
Run the app in Tails.