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Author Topic: Bitmit is Closing??  (Read 22156 times)
barbarousrelic
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October 21, 2012, 01:47:07 PM
 #81

Good news. We have figured out a solution for this problem. Bitmit is not going to be sold. Business as usual =)

I am sorry for the insecurity this may have caused.

Hooray!

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
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elux
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October 21, 2012, 02:05:28 PM
 #82

Good news. We have figured out a solution for this problem. Bitmit is not going to be sold. Business as usual =)

"Business as usual =)" Interesting PR strategy. ಠ_ಠ

Don't cry wolf, unless the theatre is on fire, as the saying goes. Mind detailing the solution?

I'll be a bit disappointed If this was a gimmick, what with services actually going up in flames every other week and all.

Also: Hooray!  Wink
tosaki
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October 21, 2012, 02:12:45 PM
 #83

No, that really was no joke or stupid PR gag. But when one door closes another opens. I will publish details regarding our solution soon.
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October 21, 2012, 02:21:22 PM
 #84

No, that really was no joke or stupid PR gag. But when one door closes another opens. I will publish details regarding our solution soon.

Awesome! Smiley
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October 21, 2012, 02:26:01 PM
 #85

I'm curious.  Why operate a normal web site out in the open when you can just set up a Tor hidden service?

Just because there are sketchy sites on Tor doesn't mean your site has to be sketchy.  Operating a normal internet web site just opens yourself to all manner of regulatory (and law enforcement) interference even if you're not doing anything wrong.

You are in a maze of twisty little passages, all alike.
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October 21, 2012, 02:52:48 PM
 #86

I'm curious.  Why operate a normal web site out in the open when you can just set up a Tor hidden service?

In general: Because you're trying to do business, and doing business as a hidden service will immediately kill most of that business.

What would happen to the trade volume of ebay if ebay.com suddenly moved to ebay(...).onion?

Even SilkRoad would (I presume) explode with traffic if it was feasible to operate securely in the clear. (Which it is not.)

Going hidden has to be an strict necessity in order to outweigh the not-so-trivial inconvenience to the customer.

(And the resulting loss of business to the business.)



Update: Having an optional hidden service would be nice, novel, and likely to attract some modest additional business, without being too costly.

Low hosting fees on hidden services, innit? Smiley

Vitalik Buterin
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October 21, 2012, 02:54:31 PM
 #87

I'm curious.  Why operate a normal web site out in the open when you can just set up a Tor hidden service?

Just because there are sketchy sites on Tor doesn't mean your site has to be sketchy.  Operating a normal internet web site just opens yourself to all manner of regulatory (and law enforcement) interference even if you're not doing anything wrong.

Because voluntarily disclosing your physical identity and location to give people more recourse in case you turn out to be a fraud is a good way to immediately build trust.

Argumentum ad lunam: the fallacy that because Bitcoin's price is rising really fast the currency must be a speculative bubble and/or Ponzi scheme.
stevegee58
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October 21, 2012, 02:55:11 PM
 #88

In general: Because you're trying to do business, and doing business as a hidden service will immediately kill most of that business.

What would happen to the trade volume of ebay if ebay.com suddenly moved to ebay(...).onion?

Even SilkRoad would (I presume) explode with traffic if it was feasible to operate securely in the clear. (Which it is not.)

Going hidden has to be an strict necessity in order to outweigh the not-so-trivial inconvenience.

I already thought of this, but what's more inconvenient and detrimental to trade volume than getting shut down?

You are in a maze of twisty little passages, all alike.
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October 21, 2012, 03:28:07 PM
 #89

In general: Because you're trying to do business, and doing business as a hidden service will immediately kill most of that business.

What would happen to the trade volume of ebay if ebay.com suddenly moved to ebay(...).onion?

Even SilkRoad would (I presume) explode with traffic if it was feasible to operate securely in the clear. (Which it is not.)

Going hidden has to be an strict necessity in order to outweigh the not-so-trivial inconvenience.

I already thought of this, but what's more inconvenient and detrimental to trade volume than getting shut down?

Oh imagine if Silk Road was in the open. Wow.

more or less retired.
elux
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October 21, 2012, 03:39:13 PM
 #90

In general: Because you're trying to do business, and doing business as a hidden service will immediately kill most of that business.

What would happen to the trade volume of ebay if ebay.com suddenly moved to ebay(...).onion?

Even SilkRoad would (I presume) explode with traffic if it was feasible to operate securely in the clear. (Which it is not.)

Going hidden has to be an strict necessity in order to outweigh the not-so-trivial inconvenience.

I already thought of this, but what's more inconvenient and detrimental to trade volume than getting shut down?

Exactly. (Go open AND get shut down, OR go hidden service and stay tiny.)

This scenario is the only scenario where a hidden-service-only business model is preferable to the alternative.
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October 21, 2012, 07:48:48 PM
 #91

Oh imagine if Silk Road was in the open. Wow.

they should do an open house day... just one day.  Cheesy

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Mr. Coinman
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October 21, 2012, 07:55:08 PM
 #92

No, that really was no joke or stupid PR gag. But when one door closes another opens. I will publish details regarding our solution soon.

Great news! You had us all worried. Roll Eyes

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October 22, 2012, 03:30:41 AM
 #93

Nice, glad that bitmit is staying open. I really am interested to hear your solution.

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October 22, 2012, 06:33:15 AM
 #94

The whole thing looks fishy

"Unser Problem ist nicht ziviler Ungehorsam, unser Problem ist ziviler Gehorsam."  - Howard Zinn
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October 22, 2012, 01:51:28 PM
 #95

Dear Bitmit,
I do have a question. What country are you operating from? And what were the acts prohibiting you?

Thank you
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October 22, 2012, 01:58:47 PM
 #96

Dear Bitmit,
I do have a question. What country are you operating from? And what were the acts prohibiting you?

Thank you

They operate from Hong Kong and the problem seems to be with escrow.
barbarousrelic
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October 22, 2012, 04:11:35 PM
 #97

OP should change the title.

Do not waste your time debating whether Bitcoin can work. It does work.

"Early adopters will profit" is not a sufficient condition to classify something as a pyramid or Ponzi scheme. If it was, Apple and Microsoft stock are Ponzi schemes.

There is no such thing as "market manipulation." There is only buying and selling.
BCB
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October 22, 2012, 05:24:12 PM
 #98

Something fishy about this whole thing.  They playing us (or somebody)??
tosaki
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October 22, 2012, 07:54:28 PM
 #99

It was stupid and not professional to announce the closure without figuring out the alternatives we have. As I already said we have a serious solution which will be a benefit for all of us. Informative details to this whole story and - for more transparency - background information about Bitmit will be published soon (bitcoin magazine, codinginmysleep.com).


Something fishy about this whole thing.  They playing us (or somebody)??

The only fishy thing on Bitmit might be this https://www.bitmit.net/zh-cn/trade/i/3022-fishnet-stockings-black  Wink


Thanks for your support
BCB
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October 22, 2012, 08:38:35 PM
 #100

tosaki,

It's a little  disingenuous to make a public announcement about the closing of your site, disappointing all of your user over what seemed to be a liked and much used service, then to come back and say "Oh wait, we've figured it out, we're not really closing - New at 10:00."

Bitfloor lost hundreds of thousand of dollars, shut down to deal with the security issues and never once mentioned closing and they are back in operation.

For the sake of transparency I think you  owe it to your user and the community in general to explain yourselves here.

Otherwise is looks like a publicity ploy at the expense of your users.

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