The writing's on the wall, if EIC wanted to be an honest market they would implement 2-of-2 alongside their 2-of-3 in place of centralized

Is there any reason not to do market/vendor 2-of-2 in place of centralized? think about it, both of them you will lose your coins, if they want to run the moneys gone either way, but what 2-of-2 offers is a security against wanting to run in order to steal the central escrow, instead if they run (to save their asses) they will get nothing, no multimillion dollar bonus reward.

Is this better than 2-of-3, no of course not! But you got to rememeber 2-of-3 is higher barrier to entry for buyers and less likely to be used.

So whats the excuse EIC and others?

Caveat-Emptor : 2-of-3 is a good trust-marketing tool for building up their centralized retirement fund.


Comments


[1 Points] InconvenientIdeals:

I think their reasoning is likely to strike a balance and offer both something familiar but not run the risk of sharing the fate of every multi-sig only market to date. Mr. Lee's Greater HK looked promising and was multi-sig only, they vanished without a trace, for the most recent example.

The impetus to offer centralized escrow or not is on the vendors themselves because it is not required, vendors can choose to offer only multi-sig in their shops. Maybe once they get more traffic and business they can focus on further optimizing the available options once people have gotten used to the new waters, so to speak.


[1 Points] Finga_lickin:

Either you or I have a horribly misconstrued idea of what 2 of 3 multi sig means or I do.

My understanding

In a 2 of 3 multisig a brand new wallet is created when you initate a purchase. You (the buyer) deposits the agreed upon amount into this new wallet. This wallet is not on the market. This wallet is not accessable by the market.

The vendor ships out your product then goes to the market to mark it shipped and checks off his accept box for the funds. When you recieve the pack you go to the wallet and check off that you have gotten the product and release the funds from escrow.

In the event they buyer was a bag of dicks and got super high as soon as the product got to him and did not go to finalize the order the market can step in and auto finalize for you after a set period of time. This is incase the buyer is a bag of dicks and forgets to finalize.

In a 2 of 2 multisig the market can't step in and move the funds one way or the other. If the buyer forgets to finalize in 2 of 2 multisig the funds are stuck. The vendor can't get them and niether can the market.

The market stepping in is useful for the buyer also. If the vendor scams and sends no product the market can step in and sign off (along with yourself) that the funds should go to a buyer because of a scam.

If a market used 2 of 2 multi sig the funds could very easily get stuck if both parties do not agree the deal went as planed. Yo wont get the coin and the vendor wont get the coin.

The only way a market could get all of these funds is if either the buyer or the vendor agreed with the market that they should have all of the funds.

So i don't think they need an excuse, they are trying to stop vendors and buyers from getting screwed or leaving coins in limbo land in random wallets.

one of us needs to do a little more research on multisig.