HANSA Market now supports 2-of-3 multi-signature

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The only flaw our market had in the past was the loss of Bitcoins 
in cases like the vendor losing his/her Bitcoin private key or 
him/her refusing to refund buyers in cases of disputes. Fortunately 
this has happened very rarely and we have reimbursed the buyer every 
time out of our own pocket. Still, this can be avoided.

We have decided to give buyers the opportunity to be part of our 
multisig escrow and make it 2-of-3 (buyer-vendor-HANSA) instead of 
2-of-2. This is completely optional (for buyers). If you do not 
want to bother with the quirks of Bitcoin multi-signature, you do 
not have to and our established 2-of-2 (vendor-HANSA) will be 
used instead. Of course, vendors still have to set up multisig.

We urge our buyers to make use of this feature. It is really easy 
to set up and it just takes a minute. It works with all major 
Bitcoin clients. We have detailed step-by-step guides in our 
support section.

What we did not change is the use of standard addresses for the 
payment process. The vendor still has to accept his/her orders and 
funds will then be transfered to the 2-3 or 2-2 escrow. Of course, 
it would be possible to have buyers pay directly to the 2-3 multisig 
address, but it would have certain disadvantages:
- - Buyers and vendors would have to sign a lot more transactions (declined 
orders, cancelled orders, disputes) which is simply annoying.
- - - It would be much easier to track the buyer's Bitcoins. With our 
current payment system HANSA is like a tiny Bitcoin tumbler. The Bitcoins 
that move into escrow are almost never the same as the ones the order 
was payed with.

We hope you like this improvement and keep on using HANSA Market!

What is next to come on HANSA?
Because we are very dissatisfied with TheHub (where our forums are at the 
moment), we are currently working on our own forum solution. This should 
be ready in a few days.
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Comments


[5 Points] GrandWizardsLair:

The Grand Wizard has had an entirely positive experience on Hansa and would recommend them to any vendor or buyer looking for a new market.


[3 Points] beennnnnjererrryysss:

Fortunately this has happened very rarely and we have reimbursed the buyer every time out of our own pocket.

You may not want to advertise that, its not hard for a vendor to fake a dispute and take a little hit in rep with you to make some extra cash.


[3 Points] -SeedofChaos-:

Good to hear. Addressed every minor gripe I had.


[2 Points] beennnnnjererrryysss:

Hansa, is it possible to do a 2/2 with n-timelock but then set it up so that if the buyer gets scammed they can freeze the timelock so vendor doesnt make off with the funds? This would release the buyer from having to login again to pay the vendor and would protect the escrow if the site ever goes down.


[2 Points] ciphersexual:

Why are you very dissatisfied with The Hub?