MULTISIG ON MARKET - FE100% - QUESTIONS

Hi /r/DarkNetMarkets,

Reposting this from /r/DarkNetMarketNoobs as I got no responses...

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So...if an item is listed as Multi Sig but FE 100%, then the power will lie with the market who could easily side with the vendor, even if you legimately do not receive the goods.

What is the benefit of this over traditional escrow other than coins being held off market ?

A further question...MultiSig on a market, for example AB, the way I understand it is the market generates the multisig wallet but takes the commission from your market wallet so you have to make two transactions....does anyone here use Electrum MultiSig wallets and if so, how do they integrate with the different markets or are they for direct deals only ?

Thanks

B Jones

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Comments


[1 Points] NightSymphony:

A further question...MultiSig on a market, for example AB, the way I understand it is the market generates the multisig wallet but takes the commission from your market wallet so you have to make two transactions....does anyone here use Electrum MultiSig wallets and if so, how do they integrate with the different markets or are they for direct deals only ?

If im not mistaken, AB does take commission right out of your market wallet before it moves your coin into multisig escrow. so you only need to make 1 transaction.<<<~ /u/alphabaysupport correct me if im wrong on this.


On Acropolis, however, you would have to send coin to both the multisig escrow address and the commission(fee) addresses seperately. In electrum you'll just have to make 2 transaction to do this.
the electrum multisig works by generating a multisig wallet with a set amount of Master Public Keys. So electrums multisig is useful for Direct Deals with an unbiased mediator or good for storing bitcoin that belongs to several people only allowing a transaction to be made if all parties involved agree. Like if you are part of a team of vendors, you could deposit all money made into an electrum multisig wallet where every team member has to approve the way the coin is being divided and each sign the transaction.
It's for this reason the electrum client doesn't intergrate with most markets(i have not found one that does) but getting a single address public key from your electrum wallet is compatiable with markets, but you cannot sign or broadcast with the electrum client and have to use a website like http://coinb.in to load the multisig escrow with a "redeem script" or load a partially signed transaction(provided to you by our market if you use the 'manual' tab") and sign with your private key from the same address you obtained your public key from, then broadcast it with http://coinb.in.


[1 Points] TooDamnSpicyy:

So...if an item is listed as Multi Sig but FE 100%, then the power will lie with the market who could easily side with the vendor, even if you legimately do not receive the goods.

Facepalm. You have this problem with ANYTHING you buy online. stay on r/darknetmarketsnoobs