EIC: "Roughly 18% of our Escrow is now in multisig. We want to see this number grow to at least 50%."

Source: "Every" (admin), EIC chat.

Let's do this guys. Multisig on EIC is well implemented and they are really trying to popularize it, they know it's the way to go.


Comments


[9 Points] GrandWizardsLair:

The Grand Wizard had a minor issue with his first multisig withdrawals. Support was on it immediately and walked us through: we have popped our multisig cherry on EIC and won't be looking back.


[3 Points] -SeedofChaos-:

Fuck, I missed my chance to get in here and do some sneaky advertising by talking about my multi-sig only policy and how it's basically the best thing, and if people insist on not using it I make them FE and charge $5 more.

Now I can't do that anymore. Oh well.


[3 Points] Dark_Ness_Monster:

Came here because I'm stoned and thought it said "ELI5". Soooooo could someone explain? I visit darknets about once a month or so and haven't kept up on this. Last time I was around, so was Abraxas and Middle Earth...


[3 Points] attilathehunn:

Remember vendors, buyers don't get much benefit from multisig. So if you want buyers to use it then offer a discount for multisig (or make the centralized escrow option more expensive). Split the benefits of multisig between vender and buyer.

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 So this shit works.

More than 9% of all bitcoins are held in p2sh-multisig addresses. Lots of exchanges and bitcoin users have it for security. See this site: http://p2sh.info/ So using multisig doesn't make your transactions stand out too much, and you should be mixing anyway if you're a vendor.


[2 Points] Dark_Ness_Monster:

For anyone else lost like me, here's a guide to what Multisig is:

https://www.reddit.com/r/DarkNetMarkets/comments/3ilyqi/psa_how_to_use_the_new_full_featured_2of3/


[2 Points] justonelineofmeph:

I've signed up to have a look around, market seems nice, but I don't see many vendors I recognise, and seems there's very little feedback anywhere. Everything feels... new :)


[2 Points] Gomba1:

So what? Other markets have 100% Multisig usage since they don't offer regular escrow. Hansa, Acropolis, Aflao for example


[1 Points] lordredvampire:

Give it a time.. people need to learn and understand how to use multisig. It's a complicated task to accomplish because there are several ways to use multisigs depending on DNM's policy.


[1 Points] None:

Yeah we've been talking about this a long time (well, I've been lurking) and we need as a community to throw ourselves behind this. Its no more complicated than using bitcoin, gpg, and Tor. Its just laziness and inertia holding us back. One question I have is do you need bitcoin wallet installed on your computer to use this? I'm revealing my ignorance here, but despite having use bitcoin for a few years now I'm still hazy on certain aspects. I don't have a bitcoin wallet on my laptop, nor do I use the one in Tails. I just buy my coins, tumble them through helix, and send to market address, then spend 'em quick at the moent. I guess I need to up my game. How can I get a bitcoin wallet to use in multisig without actually having it on my machine? EDIT: Sorry I'm dumb, so can I just use a blockchain wallet?


[1 Points] DHLMarket:

EIC does it right, bottom line.


[1 Points] Overmind_Rewind:

Multisig guide 1: https://pay.reddit.com/r/EastIndiaCo/comments/3s4jcc/the_complete_guide_to_multisig_on_east_india_for/

Multisig guide 2: http://uafhauvi4rc6dqkx.onion/forums/topics/KmUYpJ56UI81kCNUgcVElP1kDwlz1KFz

(but go find this one yourself on the EIC forums, don't trust random onion links from strangers)


[1 Points] whatsoulfood:

EIC published its own multisig guide on r/EastIndiaCo.


[-2 Points] TranslaterorDNM:

EIC: "Roughly 18% of our Escrow is now in multisig. We want to see this number grow to at least 50%."

Beep, Boop, Beep:

EIC: "Roughly 18% of our Escrow is now in multisig. We know this number will eventually fall to 2% given buyers dont benefit from it. It should however still attract enough users so we can run with the site wallet when the heat gets on us. We calculate this should be enough to afford a small private island."