A solution to the darkmarket exit scams

A market that uses two party mutual escrow to avoid the need for trusted third parties:

http://bitmarkets.org

https://voluntary.net/bitmarkets/slides/Bitmarkets.pdf


Comments


[7 Points] None:

How would this escrow work? Just two parties? What happens when the customer orders, the vendor sends good product on time and exactly as described and the customer decides to screw the vendor over and not release funds?


[3 Points] youtakesally:

Is this new? It is incredible. Almost everything we've ever wanted.

EDIT: the lack of reputation system. I don't think it would be worse than without it. I really like the idea of deposits though!


[2 Points] None:

Looks cool, thanks for posting.


[1 Points] honestlyimeanreally:

Wrong; multisig


[0 Points] Febbraio2468:

Adding another step to buying process will just make things worse not better. Lets just make everything free and really speed things up.


[0 Points] None:

that nash equilibrum, tho...

if this ever became the dominant market it would lead to a lot of pema-burnt bitcoins. say a person wants to do a typical lower prices, encourage people to FE scam, and not ship jack shit exit scam. all the coins that werent released would be lost forever, as the vendor had nothing to lose on the line and only the FE coins to gain.

this would make bitcoin more valuable, as it would become more scarce. fun to think about