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Title: bitmit.net is auctioning itself Post by: qukkM on October 20, 2012, 07:00:17 PM bitmit.net, situated in China i believe, is selling up because of local law issues.
im interested in buying it but know little about running the security side of bitcoins and the escrow system. where would i go for assistance of this nature? Title: Re: bitmit.net is auctioning itself Post by: greyhawk on October 20, 2012, 07:05:49 PM I hear forums member Zhou Tong is very knowledgeable in this area.
Title: Re: bitmit.net is auctioning itself Post by: notme on October 20, 2012, 07:07:24 PM I hear forums member Zhou Tong is very knowledgeable in this area. lol Title: Re: bitmit.net is auctioning itself Post by: qukkM on October 20, 2012, 07:10:48 PM i may not know much about BTC security but i do know zhou tong is pretty much the antithesis of it
Title: Re: bitmit.net is auctioning itself Post by: bbit on October 20, 2012, 07:29:07 PM I hear forums member Zhou Tong is very knowledgeable in this area. lol ;D Title: Re: bitmit.net is auctioning itself Post by: mining4fun11 on October 20, 2012, 07:41:54 PM Looks like a pretty decent site. Do they state what country they are in and can't stay in business.
Title: Re: bitmit.net is auctioning itself Post by: tosku on October 20, 2012, 08:02:00 PM They are currently located in Hong Kong, which belongs to China as a Special Administrative Region, but has its own laws. The problem seems to lie with the escrow service.
Title: Re: bitmit.net is auctioning itself Post by: Stephen Gornick on October 20, 2012, 09:12:47 PM They are currently located in Hong Kong, which belongs to China as a Special Administrative Region, but has its own laws. The problem seems to lie with the escrow service. Related: What would you like to see replace Bitmit? - http://bitcointalk.org/index.php?topic=119457.0 Bitmit is Closing?? - http://bitcointalk.org/index.php?topic=119334.0 Bidding Service BitMit Put Up For Auction - http://www.bitcoinmoney.com/post/33947619419 further indicator: bitmit final price - http://bitcointalk.org/index.php?topic=119578.0 Primary BitMit announcements and support/feedback thread: - http://bitcointalk.org/index.php?topic=41592.0 Bitmit on Bitcoin wiki: - http://en.bitcoin.it/wiki/Bitmit Title: Re: bitmit.net is auctioning itself Post by: donnieb on October 21, 2012, 12:56:36 AM Will be a shame if this site gets shut down! It has a lot of potential.
Title: Re: bitmit.net is auctioning itself Post by: rc on October 21, 2012, 07:56:20 AM Does anyone have thoughts on whether the same legal issues BitMit ran into in Hong Kong would also apply in the U.S.? Does it make any sense for U.S. citizens to attempt to purchase BitMit? I haven't seen this discussed on other threads, though I may have missed it.
Title: Re: bitmit.net is auctioning itself Post by: notme on October 21, 2012, 03:49:45 PM Does anyone have thoughts on whether the same legal issues BitMit ran into in Hong Kong would also apply in the U.S.? Does it make any sense for U.S. citizens to attempt to purchase BitMit? I haven't seen this discussed on other threads, though I may have missed it. 1. Unless you were operating anonymously eBay would quickly bring the hammer down on US operators if BitMit ever became significant. 2. The sale was cancelled. The owners found a way around their issue. Title: Re: bitmit.net is auctioning itself Post by: tosku on October 21, 2012, 06:54:11 PM 1. Unless you were operating anonymously eBay would quickly bring the hammer down on US operators if BitMit ever became significant. How would eBay "bring the hammer down"? Title: Re: bitmit.net is auctioning itself Post by: bbit on October 21, 2012, 07:09:20 PM everything seems fine now! ;D
Title: Re: bitmit.net is auctioning itself Post by: Bitco on October 21, 2012, 10:59:18 PM Does anyone have thoughts on whether the same legal issues BitMit ran into in Hong Kong would also apply in the U.S.? Does it make any sense for U.S. citizens to attempt to purchase BitMit? I haven't seen this discussed on other threads, though I may have missed it. Maybe.The issue was whether an escrow service was subject to a Hong Kong law regarding money transmission. The relevant US law would be 31 USC § 5312, which applies to a "financial agency" defined as "a person acting for a person ... as a financial institution, bailee, depository trustee, or agent..." It also lists 26 categories of "financial institution" which are subject to recordkeeping and reporting requirements. Escrow services are not specifically listed. Does it apply to escrow services? Maybe not, but the wording is fuzzy enough that someone might get in trouble depending on how the arrangement is set up. Talk to a lawyer if you plan on doing this. Title: Re: bitmit.net is auctioning itself Post by: stevegee58 on October 21, 2012, 11:01:01 PM I hear forums member Zhou Tong is very knowledgeable in this area. The Zhou Tong clan ain't nuttin' ta fuck wit. Title: Re: bitmit.net is auctioning itself Post by: notme on October 22, 2012, 05:13:08 AM 1. Unless you were operating anonymously eBay would quickly bring the hammer down on US operators if BitMit ever became significant. How would eBay "bring the hammer down"? Patent infringement attacks that you can't afford to fight. Welcome to the software industry in America. |