ood news for HANSA market users, the market now supports 2-of-3 multi-signature transactions and not only 2-of-2 multi-signature transactions, the official announcement made by the admins:
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Hash: SHA256
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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This just going to be an option. Buyers will still have an option to choose 2-2 escrow if they would like to bypass the multi-sig process and leave it to the vendor and HANSA.
Multi-signature escrow is beneficial to you in certain scenarios. The main advantage over 2-2 is that the funds in escrow can even be accessed if the vendor gets banned, loses his/her private key or refuses to settle a dispute. More freedom and more security for you as a buyer. HANSA strongly advise you to use this feature.
HANSA will only have access to the initial escrow funds until the vendor processes the transaction. After that, HANSA will not have access to the funds. This is necessary in case a vendor disappears; if it went straight to the third party, the funds would be lost in this situation.
-----BEGIN PGP SIGNED MESSAGE-----
Hash: SHA256
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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This just going to be an option. Buyers will still have an option to choose 2-2 escrow if they would like to bypass the multi-sig process and leave it to the vendor and HANSA.
Multi-signature escrow is beneficial to you in certain scenarios. The main advantage over 2-2 is that the funds in escrow can even be accessed if the vendor gets banned, loses his/her private key or refuses to settle a dispute. More freedom and more security for you as a buyer. HANSA strongly advise you to use this feature.
HANSA will only have access to the initial escrow funds until the vendor processes the transaction. After that, HANSA will not have access to the funds. This is necessary in case a vendor disappears; if it went straight to the third party, the funds would be lost in this situation.
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