I kept majority of "offline" Bitmarket funds there.
Do you have the txid's to show this happening?
Topic: BitMarket.Eu has closed down - page 35. (Read 204185 times)
Do you have the txid's to show this happening?
If you hadn't earned anything through the side but worked for it day in and out I wouldn't want to bet on your integrity of not touching funds either to earn at least some interest for part of the user funds. So, please member of this "community" - don't pretend like any of you guys who possibly stealing electricity or misusing your company's resources that it would never have crossed your minds to earn interest or short btc. You are all experienced traders and prudent little angels, I'm sure. At the time, shorting wasn't outrageous but something anyone did who halfway followed Btc prices.
Relaunch asap, with fee, and try to get some investors to survive the dip. Reputation will be down, but after a while it will bounce back up, investors will know this, and will take the opportunity to get a piece of the pie. It's a risk inverment, but I'm sure there are ways to ensure their stake in this. Hope you can work things out.
He mis-appropriated user funds. The usual barracudas will be circling, but they know damned will that reputation isn't going to be rebuilt with the person who misappropriated user funds at the helm. They'll want the whole pie, not a part of it.
And the "hedging" explanation makes no sense at all. His role was to keep user funds safe. Any risk of users suffering losses due to price movements was not his risk to manage. He was putting user funds at risk by using them to trade and especially by using them for shorting. He was not hedging anyone's risk except perhaps his own and nor was it his role to do so. He was straight out gambling with other people's funds and would likely have lost them regardless of what happened with Bitcoinica. I'm surprised he didn't "invest" user funds with pirate to offset the Bitcoinica losses given howwell thought out his "hedging" plan was.
Pulls out the *popcorn* .... 
When shit hit the fan, you should've taken a mandatory trade fee right away, slightly below the 0.5 % of Bitcoin.de so people would still be enticed to use bitmarket. Perhaps 0.25% because you haven't implemented a rating system yet and there was no option for BUY offers for a quite some time.
I think you should still do it if someone is willing to help you out. It'll be tough though because now Bitmarket is quite burned reputation-wise, simply because people will fear to lose their coins. Not sure how you can regain that trust. People are still out there using the site thinking nothing is wrong deserve to be warned. If you won't do it, others probably will and you will lose even more customers. Best to take down the side and stop all trades asap, or freeze all trades or whatever - have a message up with link to the forum, email all customers and see if people are want Bitmarket to open again in a few days or weeks. Bitcoinica could have even pulled that off, but they are just total knobheads and lost even this opportunity for a re-launch. I'd say a couple weeks after the hack it would have still been accepted and at least offered hope that everyone would get their money back.
I could not have said this any better, kudos to you!I think you should still do it if someone is willing to help you out. It'll be tough though because now Bitmarket is quite burned reputation-wise, simply because people will fear to lose their coins. Not sure how you can regain that trust. People are still out there using the site thinking nothing is wrong deserve to be warned. If you won't do it, others probably will and you will lose even more customers. Best to take down the side and stop all trades asap, or freeze all trades or whatever - have a message up with link to the forum, email all customers and see if people are want Bitmarket to open again in a few days or weeks. Bitcoinica could have even pulled that off, but they are just total knobheads and lost even this opportunity for a re-launch. I'd say a couple weeks after the hack it would have still been accepted and at least offered hope that everyone would get their money back.
Relaunch asap, with fee, and try to get some investors to survive the dip. Reputation will be down, but after a while it will bounce back up, investors will know this, and will take the opportunity to get a piece of the pie. It's a risk inverment, but I'm sure there are ways to ensure their stake in this. Hope you can work things out.
There is a message on the site - once you log in it really stands out and points to this forums thread. I've also halted all trading, so no one will sell Bitcoins he can't withdraw. Trying to make an offer will also take you to this thread.
If I were you, I would get it back up asap, but with a minimum trading fee. At least this way you can start filling up the pit, bit(cent) by bit(cent).
Did you claim your loss in the liquidation process? If so we should be able to find you on the list of creditors. Soon including the exact amount.
Yes, I've sent the claim a while ago.
Quote from: disclaimer201
Best to take down the side and stop all trades asap, or freeze all trades or whatever - have a message up with link to the forum, email all customers and see if people are want Bitmarket to open again in a few days or weeks.
There is a message on the site - once you log in it really stands out and points to this forums thread. I've also halted all trading, so no one will sell Bitcoins he can't withdraw. Trying to make an offer will also take you to this thread.
When shit hit the fan, you should've taken a mandatory trade fee right away, slightly below the 0.5 % of Bitcoin.de so people would still be enticed to use bitmarket. Perhaps 0.25% because you haven't implemented a rating system yet and there was no option for BUY offers for a quite some time.
I think you should still do it if someone is willing to help you out. It'll be tough though because now Bitmarket is quite burned reputation-wise, simply because people will fear to lose their coins. Not sure how you can regain that trust. People are still out there using the site thinking nothing is wrong deserve to be warned. If you won't do it, others probably will and you will lose even more customers. Best to take down the side and stop all trades asap, or freeze all trades or whatever - have a message up with link to the forum, email all customers and see if people are want Bitmarket to open again in a few days or weeks. Bitcoinica could have even pulled that off, but they are just total knobheads and lost even this opportunity for a re-launch. I'd say a couple weeks after the hack it would have still been accepted and at least offered hope that everyone would get their money back.
I think you should still do it if someone is willing to help you out. It'll be tough though because now Bitmarket is quite burned reputation-wise, simply because people will fear to lose their coins. Not sure how you can regain that trust. People are still out there using the site thinking nothing is wrong deserve to be warned. If you won't do it, others probably will and you will lose even more customers. Best to take down the side and stop all trades asap, or freeze all trades or whatever - have a message up with link to the forum, email all customers and see if people are want Bitmarket to open again in a few days or weeks. Bitcoinica could have even pulled that off, but they are just total knobheads and lost even this opportunity for a re-launch. I'd say a couple weeks after the hack it would have still been accepted and at least offered hope that everyone would get their money back.
Did you claim your loss in the liquidation process? If so we should be able to find you on the list of creditors. Soon including the exact amount.
Is he actually saying: "I used YOUR funds to speculate" and "sorry - couldnt know there is risk involved. I am an experienced trader."
Do I actually misunderstand the business model of an escrow-service? Where the heck did you see a potential benefit for the user with the Bitcoinica adventure?
Bitcoinica went down quite a while ago - how could you cover up this mess such a long time?
Do I actually misunderstand the business model of an escrow-service? Where the heck did you see a potential benefit for the user with the Bitcoinica adventure?
Bitcoinica went down quite a while ago - how could you cover up this mess such a long time?
I'm not trying to excuse myself, I know what I've done was wrong. I've just tried to explain my rationale - what I was thinking back then. I have had success trading on Bitcoinica with my own funds, that's why I was encouraged to try to pull of this. Now, I have a lesson learned for my whole life.
Not all funds went to Bitcoinica. There was still some left. I thought that the Bitcoinica issue will be resolved quicker so I could get the funds back. I also worked to improve the site, implemented two-auth system and other things, so the site could earn the missing coins. If it could earn money faster than people were withdrawing funds from it, this all probably could be prevented, but sadly it didn't turn out good.
Double derp 
They labeled me "snitch" for warning people about bitcoinica http://bitcoin-shitlist.com/2012/02/16/paraipan/
They labeled me "snitch" for warning people about bitcoinica http://bitcoin-shitlist.com/2012/02/16/paraipan/
I didn't even know that site existed before you linked it.
Fucking Bitcoinica and Interscamgo is still fucking up our year. And now they're about to take Bitmarket with them, too? You did the right step admitting to it. These self-proclaimed Bitcoin promoters organizing conferences have no idea just how much they have sustainably hurt the entire Bitcoin project. Thank goodness you're not Patrick Strateman covering lies with more lies. I really hope you can set this right. Everyone will be horribly disappointed now and call you a scammer but I wish you have a chance to get out of this mess.
Dood went 1:100 with other people's money without asking for those other people's permission (in fact, fraudulently misrepresenting it) and then went a further 10:1 or w/e Bitcoinica was offering, for a staggering 1000:1 leverage. This was going to fail no matter what, it makes no difference that it failed this way or that way.
"He had experience" no less.
when 1800 coins are currently pending (and 620 or so are mine anyway), thats roughly around 20000 euro.... This is not such a huge sum (in comparison to what is with bitconia etc. lost) and i might be willing to invest under certain conditions.
I will send you a PM
It's not just 1800 coins, it's 19,980. Only 1800 have been requested for withdrawal at this point. If you invest that much, what happens when people withdraw the other 18,000?I will send you a PM
What I'd like to know is, was any user aware of this "hedge fund service"? If M4v3R was serious about providing a hedge fund service for his customers, what would have been the expected benefit? Was he going to pay funds to the users if the BTC price dropped or something?
My suspicion is that it was never on behalf of the users at all - that M4v3R got greedy, got tired of running a service for free, and wanted to use the massive amount of BTC he was holding on behalf of other users to make a profit for himself.
Quote
Dear Bitmarket user,
I have been running bitmarket.eu for the past two years. I, and my partner at the time, created bitmarket.eu as a place to freely and easily exchange bitcoins in as many currencies as possible. We hoped we could fund the site using only optional donations from our users and without any adverts clogging up the site.
We have to be honest with you and tell you that this has become difficult. We have received far fewer donations than we had hoped for and with the increasing cost of security (due to hackers) we are barely covering the cost of servers, security and Web hosting fees. We love bitmarket.eu and, of course, bitcoin and hope to keep it free for all of our users but for we need your help right now. If you could donate us just one or two bitcoins this would be a massive help to keep bit Bitmarket.eu ontrack. If we receive enough bitcoins we could invest more time and money into the website which would be a huge bonus to all of you.
We ask you if you could donate just 1 or 2 bitcoins to the following address:
1Km5GFMat1DXcbvMTeH9ZvLGKvFCLBA9dM
Of course, if you would like to donate more than this then we would be over the moon and if you can only donate less then we fully understand.
Thank you for your time reading this
I have been running bitmarket.eu for the past two years. I, and my partner at the time, created bitmarket.eu as a place to freely and easily exchange bitcoins in as many currencies as possible. We hoped we could fund the site using only optional donations from our users and without any adverts clogging up the site.
We have to be honest with you and tell you that this has become difficult. We have received far fewer donations than we had hoped for and with the increasing cost of security (due to hackers) we are barely covering the cost of servers, security and Web hosting fees. We love bitmarket.eu and, of course, bitcoin and hope to keep it free for all of our users but for we need your help right now. If you could donate us just one or two bitcoins this would be a massive help to keep bit Bitmarket.eu ontrack. If we receive enough bitcoins we could invest more time and money into the website which would be a huge bonus to all of you.
We ask you if you could donate just 1 or 2 bitcoins to the following address:
1Km5GFMat1DXcbvMTeH9ZvLGKvFCLBA9dM
Of course, if you would like to donate more than this then we would be over the moon and if you can only donate less then we fully understand.
Thank you for your time reading this
Excuse me? You ask people for money on your website without telling them, that your "money problems" are the consequence of you defalcating your customers funds? This is what you call putting the cards on the table?
Yet another one gambling with user's funds, losing them & then carrying on trading & accepting new deposits for months when knowingly insolvent, I really wish that one of these idiots was made bankrupt & prosecuted for blatant fraud.
Oh please, give the scammer tag to Zhou Tong and Team Intersango first. Thank you.
You used your customers funds to invest in high speculative leverage products on the bit coin/dollar price? You call this a hedge fund? Next time buy lottery tickets! I would sue you if I had any bitcoins to get from you. Who in their right mind would trust a child like you with another nickel?
can someone explain exactly where the coins went? Were the stolen via a hack or were they speculated and lost? It is not clear what exactly happened thus it is hard to say if anyone deserves the scammer tag,.
Speculating with user funds on a Bitcoin related platform (everyone knows that most of them get hacked/shut down/scam) shows that you are not an experienced trader. Shorting them makes it even worse! It's like betting all funds on red at a roulette wheel ... 
Nevertheless, it's good that you are honest with your customers and I hope you can enjoy Christmas a little bit.
Nevertheless, it's good that you are honest with your customers and I hope you can enjoy Christmas a little bit.
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