How to get multisig adopted

So a few markets just exit scammed. How long will you vendors be taking this, every couple of months you lose your entire escrow.

Problem is that buyers don't want to use multisig. They don't lose much on an exit scam. The vendor benefits from multisig but not the buyer not too much.

The solution is to offer a discount for using multisig (or make non-multisig more expensive). Split the benefits of multisig between vender and buyer, then buyers will be motivated enough to learn and use it.

Example for 1oz of weed

Non-multisig Multisig
$200 $160

Look at this vendor, who got back 90% of his escrow coins when BlackBank exit scammed. https://www.reddit.com/r/DarkNetMarkets/comments/39u7wo/market_outlaw_market_new_version_coming_soon/cs6r2ad

I was the only large multi-sig exclusive vendor on BB that I know of. As of today, I have retrieved ~16BTC of the 18 that were in escrow at the time of exit (despite BB's shoddy implementation!)

Multi-sig is a resounding success in my eyes. Everyone else lost coins. I didn't

Some people are worried are anonymity. Saying multisig addresses (called pay-to-script-hash or p2sh in the bitcoin protocol) will stand out more on the blockchain.

Actually, more than 9% of all bitcoins are held in p2sh-multisig addresses. Lots of exchanges and bitcoin investors use multisig for secure storage, if you use bitstamp or other exchanges, you'll see if they give you multisig addresses to deposit coins into.. The reasoning is that hackers need to break into all their hardware and backups instead of just one. See this site: http://p2sh.info/

So no, using multisig isn't suspicious or much less anonymous.


Comments


[3 Points] aboutthednm:

Thumbs up I'm with ya


[2 Points] throwaxanny:

I feel like multi-sig was making a push when Blackbank was the market of choice (damn that lasted so short). I know it wasn't technically real multi-sig but pretty close and a lot of people were talking about it here. Once Blackbank died, I honestly never heard anyone talk about it until very recently.


[1 Points] attilathehunn:

A couple of months ago /u/GrandWizardsLair was doing 50% of his volume with multisig.

https://www.reddit.com/r/DarkNetMarkets/comments/344z3y/generalquestions_so_hows_that_multisig_going/cqraw0e

So there ARE customers out there.


[1 Points] yalldontknowjack:

There is no incentive for the markets to implement multi-sig. I guess we haven't been through enough scams for the vendors and customers to demand it. After EVO exited, everyone and there mother was clamoring about multi-sig. But their noise quieted with time. I thought the blackbank exit would have driven the cause even more, with vendors able to get their coins.


[1 Points] KingBoto:

Funny countless posts debating yet drugs are still moving. Maybe thats just it, most do get their drugs so they dont care, until the vendors require it then they will switch, trying to convince buyers to switch ain't gonna do much until their vendors make them.