What hurts the most, Multisig or the exit scam ?

I really can't understand some people anymore ! how many more exit scams you need to start leaning how to use the damn Multisig, and I meant for the both buyers and vendors as well...... I don't know how is hard to explain to the whole DNM community that using multisig is the only safest way for your own good ! and less painful than putting your money in the market's escrow and grab your own ass to be under a Moderator's mercy !


Comments


[3 Points] None:

Tell that to the people that lost their money on Black Banks multisignature...

It's not black&white and not about explaining multisig, it's about implementing it in such a manner that people understand it.

It's a bit like Whonix, sure people know it's safer than Tails, but it's so much more complicated that they just give up and don't use it.

Edit: Just for shits and giggles, does anyone have the old TOM Multi-sig web comic ? All old links are down.


[3 Points] None:

Successfully cashed out all multi-sig transactions and direct orders, however we did lose about 3.5BTC in centralized escrow.


[2 Points] igottasaysumthin11:

It couldn't have!!!! You people are so funny. You don't understand how this shit works. The money is still sitting on the blockchain, no one can confiscate it unless both parties are willing. Ie. the vendor and the buyer, the vendor and the marketplace, or the marketplace and the buyer. That's why they call it 2 of 3.

/u/plzsendmedrugs I'm sorry but you're just a complete idiot. When you say you lost the $250? You actually didn't because you can work with the vendor to get the money back to you or your product, the money can still be released, very easily. Look your vendor up on Grams and reach out. Get the vendors private key for that multisig transaction or give them your private key to finalize. Just for some reference here, Coinkite offers a T0R address to their webwallet which does multisig transactions and it works great. Seriously, give it a try, I've done several five figure transactions (over $10,000) on it and I love it. When you go to release a transaction on Coinkite you just log in and press a button, no complicated key management (dare I say it's easier to use than a marketplace). While Agora and Blackbank are down I'm going hard on Coinkite with multisig.

/u/hoolimacgian

Anyone that wants to try multisig I'll set up a test deal for $1


[1 Points] None:

I totally agree with you, although it has to be universally adopted, otherwise it offers no protection. I lost about $1k on the BB exit scam, with one of the order I'll never see being a $250 order that was done using multi sig. So yeah, while it may not go to line the pockets of the admins, it's doing me absolutely no good right now, since I can't get that money back either.

What's the solution? A multi sig only market? Or a market with only FE and Multi Sig, with no option for centralized escrow? It seems to me that the real incentive to exit scam comes from the money that's tied up in escrow, no? From what I can tell, most vendors who require FE get their coins out of the market as quickly as possible, so at most they may have a day's worth of sales there to steal.

Am I right in thinking that the admins won't be able to touch the coins that were tied up in the multi sig deal I was waiting on? If so, what happens to those coins? Just curious, not sure exactly how this whole thing works.


[1 Points] hoolimacgian:

I lost about 2k on BB that were on escrow but multisig is not the solution. Multisig is the biggest BS ever from this reddit community that just do not understand it. Not even vendors want to use it, 'cause they understand it better.


[1 Points] None:

[removed]


[1 Points] ahooawayfiend:

I thought the whole point of multisig was to protect the buyer/seller in the event the market went down. You need 2/3 signatures to release funds, so as long as you and the vendor agree things should be just fine. But since the wallet was through BB, theres no way to release the funds outside of BB? That seems fucking stupid. Can't you link the market wallet to Electrum? I know Electurm lets me access wallets even if the actual wallet website is down.


[1 Points] TheRealRocketship:

As a multi-sig vendor on BlackBank, let me clear a couple things up. The multi-sig addresses were real, the market didn't steal my coins. I had around 18BTC in multi-sig addresses when BB went down. I began trying to contact my customers asking for their private keys around 5 days ago. So far, 4 of 9 customers have responded, and I have been able to recover 11.5 of the 18BTC

To me it seems like the biggest obstacle is actually establishing contact with customers after a market goes down. A lot don't check their DN email often


[-2 Points] throwawayabob11:

You idiots who think having every single deal on the blockchain are morons. Simply put you don't understand how multisig works and you would be doing all your deals on a permanent public ledger.

Multisig on the most watched blockchain is not the best answer for people who want to be anonymous.

When you sign, relesae, etc this will all be RECORDED FORVER AND PUBLICALLY VIEWABLE. Amounts, and times of deals RECORDED FOREVER.