Should "multisig" be called something else, there seems to be some abuse of the term going on by admins

"Multisig" has always been known as a system where three parties each have a secret key to a wallet and only two can determine who receives what, but the market 'drugslist' has managed to bastardize the term by creating a multisig escrow in which they have all the keys. So yes they're not lying when they say multisig, but thats deceptive as hell as they can still steal the funds and really thats a much bigger threat than just "the site going down" (has any darkmarket ever just went under without the site funds being stolen???).

But thats just the beginning, once pandora/agora runs off with everyones money perhaps more and more people will be sold on multisig but they wont understand how some sites might use the term deceptively to rob them, what else should it be called when a site creates a 3 party wallet where no party has the others keys?


Comments


[4 Points] drugslist:

As we said the other day, Shitstorm, tomorrow our API goes live so our members who wish to use the underlying bitcoin architecture may do so without our marketplace holding anyone's keys (aside from our one key).

As previously stated, we are a new site and have done a lot in the 11 days we have been live. We've implemented everything our users have asked for including auto-withdraw for vendors, so as to ensure that we don't hold funds on our site. We strongly encourage buyers to only transfer as much money as they need per transaction as we have very fast transfer times.

Thanks.

dl


[3 Points] LongLiveThe_King:

once pandora/agora runs off with everyones money

No offense man, but if you have a crystal ball I'm looking to buy.


[2 Points] Gabralkhan:

Yeah there is definitely an issue with the multi Sig escrow, a lot of sites claim to give this secured possibility and don't really propose a secured MultiSig as they have a hand and an eye on it.

The question is who has the private key and can have a hand on the escrow.

I maybe wrong but i don't think that it is what Drugslist is proposing...he was talking about 2 steps possible in Multi Sig to be sure people can progressively get use to it and learn to use MultiSig.

In the first option yes Drugslist has an access to the escrow and the procees is simplified and reviewed by the site. In the second option there is a real Multi Sig that is not depending on DrugsList.


[2 Points] None:

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