Topic: BitMarket.Eu has closed down - page 40. (Read 204292 times)

Obviously it does just happen! If both sides, buyer and seller, are idle for two weeks or so, such unfinished transactions are cancelled by the bitmarket.eu system automatically, even if the buyer has already transferred the Euros, like it was the case for me. I did not even receive any warning email about this, and my mailbox is well organized with a separate folder for all buy orders at bitmarket.eu, so I have certainly not missed any email. This "auto-cancelling" of open transactions is apparently the normal behaviour in the bitmarket.eu system, as I learned from the seller who got this information from the bitmarket.eu admin.
(The seller transferred the Bitcoins to me today, so he is an honest fellow - luckily for me.)


As said, this "auto-cancelling" of the bitmarket.eu system opens up all doors for easy fraud. The seller just needs to wait for his Euros and then do nothing, and after a few weeks his Bitcoins get unblocked again and he has both Bitcoins and Euros. This is definitely a BIG CONCEPTIONAL FLAW in the way bitmarket.eu works, and I am wondering how the admins could have designed this behaviour into the system in full awareness of the possible consequences. This hardly sheds any good light on their conceptual capabilities.

There is also a lack of transparency at bitmarket.eu, because things like that are not explained anywhere to the user.

I hope that the new admin of bitmarket.eu is going to improve this platform and I have two most important advises for him:

• Remove this "automatic transaction cancelling" procedure from the system (I will certainly not do any transaction there any more unless this gets fixed).
• Get yourself an account at bitcoin.de and make your own experiences from the user's perspective to see how things can be set up (much) better compared to bitmarket.eu

Moreover, more information should be provided about how the system works. For example, the criteria about when the personal transaction limit is reached is absolutely intransparent and not explained anywhere.

Finally, I hope that at least some of the goodies of bitcoin.de are taken over to BitMarket.eu, because I think it is important to have more than just one major peer-to-peer Bitcoin exchange in the European market, and currently bitmarket.eu is way behind bitcoin.de.

Despite my well-founded criticism expressed here, I appreciate a lot the work that has been done at bitmarket.eu, and it hurts me to see that it lacks further development and improvements, contains conceptual flaws to the danger of its users and falls behind other, similarly designed, peer-to-peer bitcoin exchange markets in the European area.

Same problem here too.

Unfortunately, Bitmarket.eu is unreachable since midnight (August 30th). I hope, my wallet is still valid 

@Mahkul: Thank you very much for the good work! I was always happy with trading on bitmarket.eu.

BTW...If your child is a boy, you could name him "Satoshi"! 

That doesn't just happen. The seller will have to press a cancel button, which causes an email to be sent to you. Then, IIRC, there is a minimum of 3 days wait until the cancellation is accepted.
At the very least, you must have ignored the cancel message you got - that, or your mail provider failed to deliver it.

Well, on 15 August 2012 I made a purchase of 10 BTC, I transferred 98 EUR to the seller, but then the transaction was suddenly having the status "cancelled" in the transaction list, although I have never cancelled it myself!! So the BTCs got unblocked to the seller without my agreement. Now I have neither EUROs nor BITCOINS, and the seller seems to run away with it and does not answer my emails any more.

Note: This would not have happened if the system had not erroneously returned the blocked bitcoins to the seller, i.e. the main protection mechanism failed!

I have sent the incident already to M4v3R and to [email protected], and I hope it will all have a good end for me.
I will keep the community informed about this incident!

UPDATE: The seller sent me the bitcoins today (one day after writing this posting). I was lucky that he was honest.
The admin also helped me by also sending a reminder to the seller by email.

Sincerely,
Michael

Hi all,

During the last few months I have come to realise that I do not have enough time anymore to remain involved in running the BitMarket.eu website efficiently. Some of you probably noticed that some of the emails waited for at least few days (sometimes weeks) to be answered, not to mention verifying of new users (and not for the first time). I don't want to ruin all the hard work we have put into this project.

I have been co-running BitMarket for nearly two years now, free of charge and dedicating a lot of my spare time into it. Unfortunately I have no time anymore to provide an acceptable level of support and service. I got real busy with my full time job and also my wife is now expecting a child so I will even be busier. I would also like to focus on promoting Bitcoin in Ireland. Therefore I have decided to step-down and transfer the ownership of the bitmarket.eu domain, hosting, SSL certs and all other associated services onto my trusted partner M4v3r (who has always been a co-owner of BitMarket anyway and is responsible for its robust code).  Thus, from this very moment M4v3r becomes the sole owner of BitMarket.eu and also becomes responsible for the maintenance, support and security of the site. I know for a fact that M4v3r will be able to dedicate far more time into development of the site from now on and some new features are coming up soon.

It has been an amazing journey for me and I am proud that we have provided a robust and trustworthy service and unlike most of our competition, never experienced a break-in. Your coins have always remained safe with us and that’s all thanks to M4v3r’s coding skills. I would like to thank all the people who decided to use the site and put their trust in us. I myself have been and will keep on using BitMarket as my main BitCoin trading platform.

Please note that I no longer have access to the BitMarket admin email or the admin panel, so please do not contact me anymore regarding any BitMarket issues.

Regards,
Mahkul

I just logged in to BitMarket.eu and did not place a buy order because limit buy orders are no more possible :-(

• I think the idea of an earlier poster for limit buy orders with deposit is good. It would mean:
  Those who do have Bitcoins in their BitMarket.eu account, and only those, can place limit buy orders, and a certain amount of their BTCs are held back as deposit. If they are not willing to pay a matched sell order, they have to pay the penalty.
  
• Another idea (complementory to the previous one, or in isolation) is to observe the MtGox price, and if the difference between limit buy oder and MtGox price grows too large, the order is automatically canceled by the BitMarket.eu system.
• The simplest idea that could be implemented straight away is that each limit buy order always expires nn hours after placing, where nn is fixed and cannot be changed by the user (or the user can only specify an earlier expiration time, but not a later one). E.g. nn = 24 h could be reasonable. Optionally, 3 hours before expiry the user gets an email (nowadays most have email client on their smartphone whereever they are) with the expiration info, also informing about the current MtGox price, and providing the possibility to extend the limit order by another [24] h by simply replying to that email.

An incentive system with green/yellow/red rating, or similarly (similar to ebay) is also a good idea.

So a pool of ideas exists, and some of them, or a combination, could be implemented to enable limit buy orders again without the problems that formerly occurred. Note that formerly EVERYBODY could place UNLIMITED "buy" limit-orders, which was obviously too much of an invitation for fraudulent behavior to some users.

Cheers,
Michael

Can someone please look at the verification requests of accounts, just send a request again.

The idea is good, but it doesn't play well with listing offers. Currently you see at a glance which payment types are supported because of the icons. Maybe if tags would be an additional feature for offers instead of replacing the payment type icons, it would work better. We'll consider this, thanks for your suggestion .

Great idea, HostFat! I like it very much.

In italy we are used to use "Postepay" as method to pay services/things.
It's a card from the postal service.
The good thing we are able to recharge other people's card without passing through paypal/visa/mastercard circuits.
I was going to ask you to add this method to pay bitcoin on your service, but now I have a better idea!

Tags!
I think that every country has its good/best method to send money between people ( as I said in italy we have Postepay )
I know that it's a boring stuff asking everyone which is his own best method, and then adding it on your service.
So this is my idea:

You should add an option to add tags to every offers and the possibility to search tags.
If you add this, this will be the result, example:

I'm the seller
I put my offer and I want to say to others that I'm going to accept "postepay".
I'll search to see if others have already used postepay as tag, so I'll search "poste". I'll get these results:
postepay(152),poste-pay(2),poste pay(6)
So now I'm going to add the "postepay" tag ( because I saw that it's the most common tag used on your services )

I'm the buyer
I only have postepay card, and I want to buy bitcoins.
I'll open bitmarket and I'll search "poste".
I'll get the same results but with checkboxes.
postepay(152)[ ],poste-pay(2)[ ],poste pay(6)[ ]

If I want to see only the offers of the first 2 tags, I'll check only them.
postepay(152)[X],poste-pay(2)[X],poste pay(6)[ ]
So I'll get 154 results and I'll chose the best one.

You should also add the possibility to safe some tags-search, so I'll be able to see then the next time with only one click.


If you add this tags feature, you will be able to accept every possible cards/services all over the world!
It will work completely without any other implementations. People will add new methods by their own

Users must be able to add more tags to the same offer. ( you can put a limit of 2/3 tags ... )
If they want to use other services they will only need to open other offers as they do now.

What do you think about it?

If you are worried about an account being hacked, two-factor authentication is a good safeguard. For example, Bitcoinica uses Google Authenticator as an optional two-factor authentication method that works very well IMHO.

having login name be equal to the username increases the chances of any account being hacked, since half the credentials are now known, only the password must be guessed.

looking through the forum for very active Sellers usernames, much?
they should have plenty of BTC!

if you decide to show usernames, you should thus require a login name different from the username.

What do you mean by "you should differentiate between login and username"? Is showing username considered a bad practice?

I'm afraid that won't work good, because many of our buyers are first time buyers, without any Bitcoins, so they don't have anything to deposit...

You might instead (or as an opt-in alternative) consider a BTC deposit to act as an incentive to the buyer to follow through promptly.   If the buy isn't completed within 24 hours or something like that then assess a fee against the deposit.  Just needs to be enough to suffer a penalty that is greater than the gain made from backing out.

some ideas:

- only members with > 3 transactions may enter buy orders > 5BTC (10 transactions for > 20 BTC etc etc)
- show the usernames (which would of course mean that you should differentiate between login and username!)
- give sellers a checkbox "match offer against buy orders yes/no"

We may reconsider to re-implement limit buy orders, but at this moment, it's the best measure we can get to protect the sellers from not paying buyers, before we complete other changes. We're very open to feedback and should this decision be not well received, we'll take it back.

M4v3r, Mahkul,

I agree with some of the other messages - I think you are killing your exchange with your newest measure of taking bids out, which I think would be a pitty since I've been using it quite a lot.
I think there are some easy measures on how to make it safer for buyers and sellers that should be adopted, instead. Some have been already mentioned here.

1. The first one and IMHO most important one is to display user names on the trades and allow to choose a certain trader. This way, people can buy with the honest people and don't buy/sell to a scammer. It would also be beneficial to see how many successful trades the person had, so newbies can feel safe and trust someone who already has a lot of trades. In a first step you can still leave auto matching on but at least display the nicknames.
2. I like the confirmation system bitcoin.de uses. If a trade does not get confirmed it gets deleted after 24 hours. This helps in avoiding having a trade open for 3 weeks without it being cancelled and having the BTC lying around idle...

In principle, this is pretty much the same as has been asked beforehand: