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Author Topic: Multisig coin is a complete scam!  (Read 1226 times)
fancy2973
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July 21, 2014, 06:36:27 PM
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The dev knows nothing about the multisig and what it means to the coin. How the multisig addresses and tx should be used. He just broadly said that it will make the coin more secure. This is complete garbage and he has no idea how the multisig works.

Too many shitcoins like this, some devs just use a hot name to promote his coins, without knowing the details.


Multisig coin is a scam, be careful!

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maryvale
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July 21, 2014, 06:40:15 PM
 #2

The dev knows nothing about the multisig and what it means to the coin. How the multisig addresses and tx should be used. He just broadly said that it will make the coin more secure. This is complete garbage and he has no idea how the multisig works.

Too many shitcoins like this, some devs just use a hot name to promote his coins, without knowing the details.


Multisig coin is a scam, be careful!


Yes agree, there are too many shitcoins like this, just use some buzz words and nothing else.
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July 21, 2014, 06:50:24 PM
 #3

The dev knows nothing about the multisig and what it means to the coin. How the multisig addresses and tx should be used. He just broadly said that it will make the coin more secure. This is complete garbage and he has no idea how the multisig works.

Too many shitcoins like this, some devs just use a hot name to promote his coins, without knowing the details.


Multisig coin is a scam, be careful!


Yes agree, there are too many shitcoins like this, just use some buzz words and nothing else.

all these shitcoins should be killed, stay away from these shitcoins, so if devs get nothing, they will stop.
amingo51
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July 21, 2014, 08:04:28 PM
 #4

The dev knows nothing about the multisig and what it means to the coin. How the multisig addresses and tx should be used. He just broadly said that it will make the coin more secure. This is complete garbage and he has no idea how the multisig works.

Too many shitcoins like this, some devs just use a hot name to promote his coins, without knowing the details.


Multisig coin is a scam, be careful!


too many shitcoins ...
HI-TEC99
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July 21, 2014, 08:43:53 PM
 #5

How is multisig supposed to work and what are it's uses?
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July 22, 2014, 05:48:55 AM
 #6

How is multisig supposed to work and what are it's uses?

multisig address is used pretty much like an escrow. If you create a 2-of-3 multisig address with a public address each from 3 persons, then all the amount deposit to the address can be spent only if any of the 2 people agree and sign the transaction with their private key. So one person can not spend the amount in the wallet address.

It is ridiculous that people use that name to promote his coin, clearly as OP said, the dev of multisig coin knows nothing about multisig and use the name only to promote the coin. A shitcoin / scamcoin to avoid for sure.
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July 22, 2014, 06:03:31 AM
 #7

multisig is a buzz word these days Grin
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July 22, 2014, 07:35:35 AM
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Do you know that bitcoin actually has partial support for multisig?
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July 22, 2014, 08:13:26 AM
 #9

The dev knows nothing about the multisig and what it means to the coin. How the multisig addresses and tx should be used. He just broadly said that it will make the coin more secure. This is complete garbage and he has no idea how the multisig works.

Too many shitcoins like this, some devs just use a hot name to promote his coins, without knowing the details.


Multisig coin is a scam, be careful!


Yes agree, there are too many shitcoins like this, just use some buzz words and nothing else.

It's a get rich quick scheme, but not all the coins are garbage, just look carefully at how the devs work, someone is actually good.

♬-♬-♬-♬ ★ ☆ ★ ☆ Earn up to 0.05 btc/week by posting in the LTB forum!!! ☆ ★ ☆ ★ ♬-♬-♬-♬ --------->
<--------- LTB coin now traded on Poloniex!!!
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July 22, 2014, 10:11:53 AM
 #10

How is multisig supposed to work and what are it's uses?

multisig address is used pretty much like an escrow. If you create a 2-of-3 multisig address with a public address each from 3 persons, then all the amount deposit to the address can be spent only if any of the 2 people agree and sign the transaction with their private key. So one person can not spend the amount in the wallet address.

It is ridiculous that people use that name to promote his coin, clearly as OP said, the dev of multisig coin knows nothing about multisig and use the name only to promote the coin. A shitcoin / scamcoin to avoid for sure.

So it's called multisig coin, but it can't create multisig addresses?
fancy2973
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July 22, 2014, 05:42:33 PM
 #11

How is multisig supposed to work and what are it's uses?

multisig address is used pretty much like an escrow. If you create a 2-of-3 multisig address with a public address each from 3 persons, then all the amount deposit to the address can be spent only if any of the 2 people agree and sign the transaction with their private key. So one person can not spend the amount in the wallet address.

It is ridiculous that people use that name to promote his coin, clearly as OP said, the dev of multisig coin knows nothing about multisig and use the name only to promote the coin. A shitcoin / scamcoin to avoid for sure.

So it's called multisig coin, but it can't create multisig addresses?

of course not, multisig address is not useful for the same person, lol

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AliceWonder
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July 22, 2014, 06:41:02 PM
 #12

multisig address is not useful for the same person, lol

Sure it is. Put a private key in cold storage and then multi-sig transactions you want to keep in your local software wallet.

If someone gets your private key in cold storage, it is useless to them w/o the private keys in your software wallet. And vice versa.

QuarkCoin - what I believe bitcoin was intended to be. On reddit: http://www.reddit.com/r/QuarkCoin/
HI-TEC99
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July 22, 2014, 07:17:41 PM
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So it's called multisig coin, but it can't create multisig addresses?

of course not, multisig address is not useful for the same person, lol

So can it create multisig addresses for more than one person?
Anony
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July 22, 2014, 08:08:15 PM
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I personally don't trust any of the new alt coins coming out here recently. Too many of them have scammer devs or lie about certain information in their ANN threads. Nothing good has come out of any of the alt coins I have tried to get into.

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July 22, 2014, 11:35:34 PM
 #15

multisig address is not useful for the same person, lol

Sure it is. Put a private key in cold storage and then multi-sig transactions you want to keep in your local software wallet.

If someone gets your private key in cold storage, it is useless to them w/o the private keys in your software wallet. And vice versa.

Yes this is a usage, although it is a bit werid, that you need to hide one private key in safebox, another under your bed, maybe. The problem is, does that coin support the feature you talked about? the answer is NO, this means it uses only name to cheat on people. A typical scamcoin!
MultiSig
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July 23, 2014, 01:18:52 AM
Last edit: July 23, 2014, 01:39:09 AM by MultiSig
 #16

Any coin can use an API or their console to create multiple keys. This is nothing new or special. The real winners will be the least complicated interface without centralization or vulnerabilities from outsourcing user data to single point 'third party' to achieve this. Our source code will be released well before we launch. Are you worried about the competition? You should be.
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July 23, 2014, 03:18:54 AM
 #17

Any coin can use an API or their console to create multiple keys. This is nothing new or special. The real winners will be the least complicated interface without centralization or vulnerabilities from outsourcing user data to single point 'third party' to achieve this. Our source code will be released well before we launch. Are you worried about the competition? You should be.

Nay, if you understand what is a multisig address and usage, you won't create 3 paraphrases in your coin. 3 paraphrases do not get you anywhere near a multisig address, and it shows to people that you have no idea what is a multisig address.

The problem with multisig is not whether you can create such address or not (in your coin you have no way or interfaces to create it - again use paraphrase you can't create it, it's a joke Grin ), but more how to use it. There's nothing in your "multisig" coin. You simply try to use the name and scam on those who don't understand what it is. From what I read your thread (where I don't bother to post, as you created the thread as a self-moderate topic, and you deleted and will delete all the posts that not in favor of you - typical threads for scamcoins), I agree with the creator of this thread, it is a scamcoin, period.
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July 24, 2014, 05:34:19 PM
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this is a garbage coin
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July 26, 2014, 02:20:37 AM
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now they understand they have nothing to do with multisig so changed the coin name to multicoin, lol Grin
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August 06, 2014, 07:36:38 AM
 #20

They had asked me for an escrow since then moderated and removed my thread if my escrow address for it comes up dont deposit already deleted the private key...

I compromised all of my service in the forum. I decided to close Escrow & Exchange services, and doing full-time real-life job for living. Please, Don't bother me with any type of Escrow & Exchange service. If anyone contacts you from my email address without BTC Sign message that's not me, some adversaries are spoofing my mail.
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