Multisig Escrow Options - Black Bank vs AlphaBay - 100 upvotes on other thread means a tutorial is forthcoming!

this thread serves as the informational post that will be used to post tutorial vids for: 1. Multisig in general 2. Blackbank vendor / buyer process 3. NEW ADDITION - Alphabay vendor / buyer process 4. Blackbank compared to Alphabay - how the 2 multisig escrow processes differ and why it matters? whats better? Thatll all be answered and illustrated. 5. Test multisig listings - beepee911 + alfpee911 have a $1 multisig practice listing for those who want to give it a try. U can have ur dollar back if u give a return btc addy. Search for vendor stores on those markets and ull find the multisig practice listings. 6. Coinbin - look up their onion site. I didnt realize it but they have their coinbin tool online via onion site and its a nice interface for the beginner to play with. Similar to ms-brainwallet and a few others but i think coinbins is the easiest and best laid out. And it can be run offline like brainwallet + bitaddress.


Anybody have a suggestion for a place to post/host a video on an onion site or privacy-eabled site? Should i simply do youtube via torbrowser on a throwaway account?


TOPIC 2 - ALPHABAY MULTISIG - Best yet? Any problems with this marketplace? Any problems im missing with their multisig process? It seems just about as good as its gonna get for a while and beats TMP by a hair.

it will be part of the tutorial and compared to blackbanks multisig escrow. alphabay has something special but they need to make the interface explain a bit better about whats happening and what user needs to do at each step. hopefully they can polish it up and it will truly be the best solution we've seen to date with multisig.

i really cant keep up with the news lately on all new markets but has alphabay had any big problems/security holes uncovered that would eliminate them as a good choice to do biz? i hope not cuz if they polish this multisig escrow system they put in place, it will become my go to marketplace.

Anybody else try it? Thoughts? Problems?

TOPIC 3: I hope everybody hasnt forgotten yet. Lets end the cycle with evo being last time marketplace takes advantage of us. You have to SUPPORT the markets that give u multisig if you want to see improvements to multisig interfaces/process + you want to stop having ur money be risked by central escrow. Its shameful if people dont care enough to think thru all the benefits from vendor losses leading to vendors not caring, marketplaces seeing u as a sucker, LE operations having a nice target $ fund to keep funding their investigations, market admin incentives being commission and not a build>grow>scam plan (i.e. marketplaces need to function nicely so they have a long term plan to make plenty of commission + not just build up for a scam or supposed "hack").

I've seen lots of tutorials so im sure mine will be alot of the same but hopefully looking at a bunch of different presentations from different people will start stringing it all together. Its not hard. Do it a few times. Ull start becoming quite comfortable just like the first time u used bitcoin regular wallets/payments.


Comments


[1 Points] None:

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[1 Points] DNMFTW:

[deleted]

What is this?


[0 Points] None:

AlphaBay is explained here: http://www.deepdotweb.com/alphabay-multisig/

For the less tech-inclined, here’s how a multisig transaction works:

1) Both the buyer and the seller must have set their public Multisig key in their profile. When editing your profile, there's a field for that.

2) The buyer deposits 4% of the item value in his AlphaBay wallet to cover market fees. This is done through normal deposit, using the BTC address in your Balance page.

3) The buyer purchases the item, then a multisig Bitcoin address is generated using the buyer’s public key, seller’s public key, and a market-generated public key. Both parties can use this publicly-viewable information to verify the authenticity of the address. You can use any free Bitcoin address generator and, with those keys, you will obtain the same address than AlphaBay gives you. It's a 2/3 signatures required address.

4) The buyer sends money to this address, and the seller ships the goods. He marks the order as Shipped.

5) If the buyer is happy, he finalizes, and the seller receives the market private key.

6) In case of dispute or refund, the buyer receives the private key.

7) Whoever got the private key will use it, along with his own private key, to claim the coins like any normal multisig transaction.

To make it simple: buy the product, and you get a BTC address to send the coins to. Seller gets the private key when you finalize. You get the key if you dispute and win. You then use that to claim the coins.

This is a fool-proof method to avoid exit scams. You never give your private keys to anyone.

Enjoy!


[0 Points] tp911:

thanks for pointing that out. i cant keep up these past 2 weeks.. did not see this issue.


[-1 Points] trillville666:

pretty nice i have gotten something from both markets . alpha bay is buy far the best / and uptime the most . i got the some lsd tabs at a good price from black bank and i got an 8th and a free folder with the fapping 2 .. alpha bay was the fast to respond and everything got shipped today even with down time . I got a tracking number and my vendor was nice . Mean while on black bank one order is shiped and one is in not and i place those order a day before i placed with alpha bay . the only true test is too see if they really do show up .