Topic: BitMarket.Eu has closed down - page 32. (Read 204282 times)

Have to agree with you here, regardless if he admitted anything the fact is he scammed his users funds. Bitmarket.eu can not be trusted while he has anything to do with it regardless how sorry he is, it makes the whole exchange look like a Mickey Mouse operation.  My advice is only use Bitmarket.eu with extreme caution knowing it is run by a scammer by his own admission (harsh but the truth).

I haven't logged in for a while but I just caught up with this thread and have to say what a f*** up I have 50 bitcoins (luckily that is all) since 2011 in my account after reading through this thread I thought I better login to check if I can actually withdraw my coins but I can't access them any more as they are classed as on hold (as stated in a post above). Emailed the admin to see if he can actually restore them or not at some point but I'm not holding my breath and I'm not going to use bitmarket again marking it down as another one to avoid.

Then you either have balls of steel or still live on your parents allowance, just saying.

lets try to use bitmarket.eu again.

i do it!

 

I've been watching this situation with no small concern.

I did not lose any money (never kept significant amounts in deposit), but I could have.

Regardless, to entirely cease using the site while others try to negotiate a solution to recover from m4v3r's misuse of funds and all which followed...

...to entirely cease using it seems like discarding useful work and functionality. So I will, for the time being, attempt to resume using the site, but for very small trades only, whilst keeping an eye on the forums to check for any complaints by other users, and to see whether the attempt to salvage the site and repay users their funds is proceeding or not.

Because users must have option to withdraw the Bitcoins immediately, and the balance on the server is small, they are stored on the server, like it was previously. Once there is enough funds to be stored offline, I will announce exactly who helds them (probably one of investors) and also post public address of that wallet for everyone to check.

Are there any new policies regarding where clients' BTC are held?

The trading is, as of yesterday, resumed. A mandatory fee of 0.25% was set. All current user balances were moved to "on hold" state, which means that they can't be withdrawn. New funds can be deposited, and you can trade and withdraw them as usual.

This is only temporary though to kickstart the market. There are some new features in works, but this will need assistance from investors. I will announce them as they become available.

Edit: There was already one successful transaction for 3 BTC since the market was opened. The buyer can confirm that he can withdraw them after successful payment if he wish to reveal his username.

Thank you for your statement, mralbi!

Um, Bitmarket is closed right now ... there're no dealings at all, except that one lonely sale yesterday, who was ever be able to do that.

Fast question:
Can i resume my dealings in Bitmarket? Will new sales i make be withdrawable from my buyers?

yes, i can confirm that.

M4v3r owes me currently around 620 BTC which i cannot withdraw. Even though I do not think that I would ever see the money again, I am willing to invest up to another 10.000 euros into the site when this would help to find a good solution for everyone.

I am also willing to run the website on "neutral ground" and i am also offering my company "Bitcoin action center" located in Finland (http://www.yritystele.fi/node/763919) for this purpose. This company so far only exists on paper to save the VAT from my eletricity and internet costs for my mining, but the scope could be extended basically over night.

In addition i would also be willing to help with user support, like mitigating conflicts between users etc., But since i have a full time job and a little daughter I cannot do all this alone.



My concept would look in principle like this:

The site is removed from M4v3r but be run by a trustworthy neutral provider consisting of 2-3 independent and trustworthy investors.
The company would need some real (Bitcoin) capital that guarantuees for all user funds all the time.

Instead of simply continuing trading with a small fee I would also negotiate with some sponsors if they would be willing to provide bitcoins for each sale that will be promoted via the bitmarket.eu site. Since the site has around 38.000 users i might convince some companies.
I have already contact to one wine producer who is willing to pay 0.1 BTC for each sold bottle and i am also in contact with a guy in munich that would also donate a specific amount of his turnover. After my holiday i would also negotiate with some local dealers in Finland that accept bitcoin (some are listed on www.bittiraha.fi)

But so far this is only theory, i described what I can offer, I hope we can find a solution at some point.

mralbi, can you confirm or deny that you are in negotiations with M4v3R?

Fud will get you anywhere, sure. Otherwise, some will starve. They're those that should starve. "Conscience"? Gtfo. Do something useful or starve, we don't need everyone, we just need the cool people.


Feel free to starve clinging to that stupidity. In the real world, yes I am right, and yes you are wrong. And yes the market has no "conscience", if by that "conscience" you mean making idiots like you be "right" in spite of being wrong. It has no conscience of that sort whatsoever, and you will be the one paying for it.

But props for the "I'm right out of noob zone and I'm telling people what's what" attitude, fuckwit. Here's a video describing what happens in simple, visual terms easily digestible by the mentally stunted (such as yourself) and here's the same thing spelled out (for when you get older and become literate, which means you don't need to be beaten over the head to learn things). Start with #1.

The larger point is that fees/profit isn't "bad".   Sure no reason to be excessively gouging your customers but anyone should turn a critical eye towards a service they operate completely free.
At best it tends to mean the operator is naive and likely dangerously under capitalized at worst the "free" is simply a hook to scam 100% of the deposits.

Even things like google aren't "free".  Google provides "free" searches because they make billions on ad revenue.   Google wouldn't index the entire internet at tremendous cost simply to provide searches for free with no revenue.

It is (and was) possible to set fixed donations (percentage of every trade you make) from your account settings, but it was voluntary, which I guess was a mistake, because even if many people agreed that the service helped them make successful trades, they didn't set it.

The plan for now is either make a fixed transaction fee, or a monthly fee for sellers, which would include 24/7 support. I'm leaning towards the latter option, because admin support is cruicial on exchange like BitMarket. That way, the service will earn funds neccessary to reimburse the losses.

So this exchange make no money because he charges no fees??

So to make money this exchange owner GAMBLES YOUR FUNDS on bitcoinica and looses.

You all would have had a better change sending all those coins to Saoshi Dice.   At least you would have been aware of the risk involved, had a little fun and maybe would even had had some extra coin to show for it.

If I were a BitMarket.EU creditor I would make a Scammer accusation as the owner clear violated any stated or  implied agreement he had with his users.

No fees, all trades successful. I recommended bitmarket.eu to everyone in Europe I introduced to Bitcoin, and told them to avoid exchanges.

That doesn't change the fact that the service owner used funds that didn't belong to him to gamble in a casino - an illegal act in the relevant jurisdiction. The possibility for fraud is why I never, ever, keep BTC under anyone else's control but my own longer than absolutely necessary.

(And also why I believe that the solution must be protocol mandated. There's no such thing as "trust" when large sums of money is involved. I don't trust a bank with more money than the EU insures on my behalf either)

How large was your last fee on bitmarket.eu? And have your trades been successfully?

I'm one of them. As with all other Bitcoin services I've always made immediate transfers back to my own locally stored wallet, never keeping any funds on-site.

I'm also an ex Bitmarket.eu user. I will, of course, never touch the site again. Scamming-by-ignorance is still scamming.

(I'm awaiting the protocol solution to an otherwise unsolvable problem in Bitcoin-world)