A quick analysis of BitCoin's biggest marketplace, BitMit

samgeneric

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Quote from: glitch003 on March 22, 2013, 08:33:42 AM

Quote from: samgeneric on March 21, 2013, 09:28:57 PM

Quote from: glitch003 on March 21, 2013, 08:36:53 PM

Quote

BitCoin's biggest marketplace

Citation please?

This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.

bitcoinstore.com has sold over $288,000 worth of stuff so far and it hasn't even been out that long. Unless you can provide some form of documentation that BitMit sells more than that, I'm gonna have to go with the idea that bitcoinstore.com is "bigger" than bitmit. So it's not just Silk Road that's "bigger."

Again, really not the point. this isn't a ranking contest, just a very simple analysis of one of the big, well-known btc markets.

samgeneric

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Activity: 13

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Quote from: Global BTC on March 22, 2013, 07:47:53 AM

Quote from: samgeneric on March 21, 2013, 09:08:01 PM

Quote from: Global BTC on March 21, 2013, 08:49:45 PM

Oh, and I've had more than 300 transactions on Bitmit by myself, so the total number is a lot higher than that. If you add together the feedback scores of all the sellers you listed, and added something like 50%, I think that would give you a more correct idea about the number of transactions. If you were a Bitmit user, you could also look at the internal order numbers.

Did that. The total amount of feedback is probably around 1400-1500. I am looking at positive feedback numbers, so I'm getting an approximation. If you've sold 300ish items, that means that your seller feedback represents about 2/3 of what you've sold since you ahve abotu 200 pieces of user feedback. So if that's the case, and that's consistent accross users, that means that this analysis is abotu 50% off, which still puts the total number of transactions on the site at between 450 and 1050, which is a big range and a higher number, but still a tiny number of transactions that have been facilitated.

How did you come up with the numbers 450-1050? Like I said, I have personally made more than 300 transactions. "Steamgames" has a feedback score of 400, so between the two of us that's at least 700 (and more probable, 900) transactions. If you just added together the feedback scores like you say you did, you should get a total feedback number around 1000 for sellers. Add 50% to that since not all buyers give feedback, and you have a total number of 1500 transactions.

Sorry, you're right. It puts the number of transactions on the site at around 1500. Still very low. You, SteamGames and madphysicist actually represent something like 45% of all user feedback which probably means you represent something like that number of actual transactions. The top 25 users actually respresent 80% of all user feedback on bitmit.

glitch003

full member

Activity: 219

Merit: 101

Quote from: samgeneric on March 21, 2013, 09:28:57 PM

Quote from: glitch003 on March 21, 2013, 08:36:53 PM

Quote

BitCoin's biggest marketplace

Citation please?

This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.

bitcoinstore.com has sold over $288,000 worth of stuff so far and it hasn't even been out that long. Unless you can provide some form of documentation that BitMit sells more than that, I'm gonna have to go with the idea that bitcoinstore.com is "bigger" than bitmit. So it's not just Silk Road that's "bigger."

Global BTC

hero member

Activity: 529

Merit: 500

Quote from: samgeneric on March 21, 2013, 09:08:01 PM

Quote from: Global BTC on March 21, 2013, 08:49:45 PM

Oh, and I've had more than 300 transactions on Bitmit by myself, so the total number is a lot higher than that. If you add together the feedback scores of all the sellers you listed, and added something like 50%, I think that would give you a more correct idea about the number of transactions. If you were a Bitmit user, you could also look at the internal order numbers.

Did that. The total amount of feedback is probably around 1400-1500. I am looking at positive feedback numbers, so I'm getting an approximation. If you've sold 300ish items, that means that your seller feedback represents about 2/3 of what you've sold since you ahve abotu 200 pieces of user feedback. So if that's the case, and that's consistent accross users, that means that this analysis is abotu 50% off, which still puts the total number of transactions on the site at between 450 and 1050, which is a big range and a higher number, but still a tiny number of transactions that have been facilitated.

How did you come up with the numbers 450-1050? Like I said, I have personally made more than 300 transactions. "Steamgames" has a feedback score of 400, so between the two of us that's at least 700 (and more probable, 900) transactions. If you just added together the feedback scores like you say you did, you should get a total feedback number around 1000 for sellers. Add 50% to that since not all buyers give feedback, and you have a total number of 1500 transactions.

grue

legendary

Activity: 2058

Merit: 1431

Quote from: samgeneric on March 21, 2013, 11:11:54 PM

Man, offended easily? Whether it's the biggest market or not is not relevant to the point.

to be fair, it IS your title Undecided

Quote

BitCoin's biggest marketplace, BitMit

samgeneric

newbie

Activity: 13

Merit: 0

Quote from: grue on March 21, 2013, 10:16:55 PM

Quote from: samgeneric on March 21, 2013, 09:28:57 PM

Quote from: glitch003 on March 21, 2013, 08:36:53 PM

Quote

BitCoin's biggest marketplace

Citation please?

This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.

so can the OP stop saying it's the biggest market? just because it's "underground" doesn't mean it doesn't exist.

Man, offended easily? Whether it's the biggest market or not is not relevant to the point.

Alas, I will put my giant ego aside and concede that BitMit is not the biggest market. Silkroad (probably) carries the day.

robamichael

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Activity: 144

Merit: 100

Lucky number 21 right here.

grue

legendary

Activity: 2058

Merit: 1431

Quote from: samgeneric on March 21, 2013, 09:28:57 PM

Quote from: glitch003 on March 21, 2013, 08:36:53 PM

Quote

BitCoin's biggest marketplace

Citation please?

This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.

so can the OP stop saying it's the biggest market? just because it's "underground" doesn't mean it doesn't exist.

samgeneric

newbie

Activity: 13

Merit: 0

Quote from: glitch003 on March 21, 2013, 08:36:53 PM

Quote

BitCoin's biggest marketplace

Citation please?

This is a small community. For product, I think it's pretty hard to dispute that BitMit is the biggest right now. If you know of one bigger, please share.

EDIT: Oh, yes, SilkRoad is probably bigger. But at the moment it's underground. I hate to qualify my statement, but I will anyhow. BitMit is the biggest, closest-thing-to-a-white-market that BitCoin has.

Elwar

legendary

Activity: 3598

Merit: 2386

Viva Ut Vivas

BitMit is miles ahead of ebay when it comes to selling something.

I love knowing that I will be able to keep my money after I get it.

samgeneric

newbie

Activity: 13

Merit: 0

Quote from: Global BTC on March 21, 2013, 08:49:45 PM

Oh, and I've had more than 300 transactions on Bitmit by myself, so the total number is a lot higher than that. If you add together the feedback scores of all the sellers you listed, and added something like 50%, I think that would give you a more correct idea about the number of transactions. If you were a Bitmit user, you could also look at the internal order numbers.

Did that. The total amount of feedback is probably around 1400-1500. I am looking at positive feedback numbers, so I'm getting an approximation. If you've sold 300ish items, that means that your seller feedback represents about 2/3 of what you've sold since you ahve abotu 200 pieces of user feedback. So if that's the case, and that's consistent accross users, that means that this analysis is abotu 50% off, which still puts the total number of transactions on the site at between 450 and 1050, which is a big range and a higher number, but still a tiny number of transactions that have been facilitated.

Global BTC

hero member

Activity: 529

Merit: 500

Oh, and I've had more than 300 transactions on Bitmit by myself, so the total number is a lot higher than that. If you add together the feedback scores of all the sellers you listed, and added something like 50%, I think that would give you a more correct idea about the number of transactions. If you were a Bitmit user, you could also look at the internal order numbers.

grue

legendary

Activity: 2058

Merit: 1431

Quote from: glitch003 on March 21, 2013, 08:36:53 PM

BitCoin's biggest marketplace

that's silkroad

glitch003

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Quote

BitCoin's biggest marketplace

Citation please?

Global BTC

hero member

Activity: 529

Merit: 500

#2

I think you could better describe my offerings as "Arduinos, gadgets, flashlights etc". I haven't sold that many glasses, and very few hats. Many Arduino boards and flashlights though.

samgeneric

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Activity: 13

Merit: 0

Hey guys, I just put together an list of BitMit's best selling products. Just as kind of a point of interest.

I'm part owner in CoinPost.com a site that is a competitor with BitMit, so this is obviously not selfless. But I thought it was something the BTC community would want to see nevertheless, especially as Bitcoins are on the rise. Despite a lot of BTC investors being pretty flush with cash at the moment, I think you'll be surprised at how shallow the marketplace for goods is.

http://www.reddit.com/r/Bitcoin/comments/1aro1k/bitmits_most_lucrative_product_sellers_how_you/

Topic: A quick analysis of BitCoin's biggest marketplace, BitMit (Read 1512 times)