Bitmit is Closing??

[gusti]

Sadly this is true.. If someone is interested in buying the site feel free to contact us (support@bitmit.net)

Any details on what new regulations are motivating the closure, pretty please?

Financial supervision requires special licences for businesses which holds customer funds

Have you guys checked out gov.hk on MSO?

From the FAQ :

What is the definition of a Money Service Operator (“MSO”)?
A person who or an institution which operates a money changing service or a remittance service is a Money Service Operator.

Do this apply for a ecommerce site like Bitmit ?

[1714820591]

1714820591

[BCB]

What would you like to see replace Bitmit?

https://bitcointalk.org/index.php?topic=119457.msg1285951#msg1285951

[greyhawk]

Sadly this is true.. If someone is interested in buying the site feel free to contact us (support@bitmit.net)

Any details on what new regulations are motivating the closure, pretty please?

Financial supervision requires special licences for businesses which holds customer funds

Have you guys checked out gov.hk on MSO?

From the FAQ :

What is the definition of a Money Service Operator (“MSO”)?
A person who or an institution which operates a money changing service or a remittance service is a Money Service Operator.

Do this apply for a ecommerce site like Bitmit ?

The escrow part does.

[420]

There is still http://www.bitcoinclassifieds.net/

somebody now compile a list of the competing sites

then we should examine the benefits and detriments of each design

[paraipan]

Sadly this is true.. If someone is interested in buying the site feel free to contact us (support@bitmit.net)

Any details on what new regulations are motivating the closure, pretty please?

Financial supervision requires special licences for businesses which holds customer funds

Have you guys checked out gov.hk on MSO?

From the FAQ :

What is the definition of a Money Service Operator (“MSO”)?
A person who or an institution which operates a money changing service or a remittance service is a Money Service Operator.

Do this apply for a ecommerce site like Bitmit ?

Have you read the thread? They say the problems arise from them keeping their users funds for escrow purposes. For me that is equivalent to a "remittance service", send money from point A to point B securely. Off course that operation is not instant, for escrow purposes, but it doesn't mean to be a whole new concept overall.

[gusti]

Sadly this is true.. If someone is interested in buying the site feel free to contact us (support@bitmit.net)

Any details on what new regulations are motivating the closure, pretty please?

Financial supervision requires special licences for businesses which holds customer funds

Have you guys checked out gov.hk on MSO?

From the FAQ :

What is the definition of a Money Service Operator (“MSO”)?
A person who or an institution which operates a money changing service or a remittance service is a Money Service Operator.

Do this apply for a ecommerce site like Bitmit ?

Have you read the thread? They say the problems arise from them keeping their users funds for escrow purposes. For me that is equivalent to a "remittance service", send money from point A to point B securely. Off course that operation is not instant, for escrow purposes, but it doesn't mean to be a whole new concept overall.

Yes, I read the whole thread. You say that "escrow service" and "remittance service" are equivalent.
Any backup for that, or just saying ? I can also say that a car seller is a "remittance service".

[tosaki]

Currently I am pointing out some options we have. I regret that I have published this depressing closure msg. I think we will find a solution that satisfies all of us so don't worry guys!

[paraipan]

Sadly this is true.. If someone is interested in buying the site feel free to contact us (support@bitmit.net)

Any details on what new regulations are motivating the closure, pretty please?

Financial supervision requires special licences for businesses which holds customer funds

Have you guys checked out gov.hk on MSO?

From the FAQ :

What is the definition of a Money Service Operator (“MSO”)?
A person who or an institution which operates a money changing service or a remittance service is a Money Service Operator.

Do this apply for a ecommerce site like Bitmit ?

Have you read the thread? They say the problems arise from them keeping their users funds for escrow purposes. For me that is equivalent to a "remittance service", send money from point A to point B securely. Off course that operation is not instant, for escrow purposes, but it doesn't mean to be a whole new concept overall.

Yes, I read the whole thread. You say that "escrow service" and "remittance service" are equivalent.
Any backup for that, or just saying ? I can also say that a car seller is a "remittance service".

Don't mix things up, bitmit is not selling the products only providing the platform for sellers and buyers to meet and trade. Bitcoins don't have a legal status right now, so they are to be treated as local currency on any specific platform any given time. What I mean is BTC can be treated as bitmit currency for paying the products, so without them "remitting" internally there would be no exchange of goods.

[allthingsluxury]

Honestly I believe if Bitmit got rid of it's escrow system there would be no legal problems at all. To me this seems like the only thing that could get you in trouble. There is nothing illegal about running a auction website. Just register yourself as a legal business and pay your taxes, you shouldn't have any issues at all since you are simply providing an outlet for buyers and sellers.

I hope that the escrow system is done away with in the future and whoever ends up taking over the site takes some of the positive criticism to heart that is posted here and makes the required improvements.

I see a huge amount of potential here for this site. With the amount of traffic that this website generates its value is substantial.

[gusti]

Don't mix things up, bitmit is not selling the products only providing the platform for sellers and buyers to meet and trade. Bitcoins don't have a legal status right now, so they are to be treated as local currency on any specific platform any given time. What I mean is BTC can be treated as bitmit currency for paying the products, so without them "remitting" internally there would be no exchange of goods.

You are pulling that opinions from your arse, without any backup or previous ruling in any jurisdiction.
Are you a lawyer or regulator, or did you talk with any ? Nonsense.

[paraipan]

Don't mix things up, bitmit is not selling the products only providing the platform for sellers and buyers to meet and trade. Bitcoins don't have a legal status right now, so they are to be treated as local currency on any specific platform any given time. What I mean is BTC can be treated as bitmit currency for paying the products, so without them "remitting" internally there would be no exchange of goods.

You are pulling that opinions from your arse, without any backup or previous ruling in any jurisdiction.
Are you a lawyer or regulator, or did you talk with any ? Nonsense.

I'm none of that, this is only my personal opinion after talking with various people on the issue and none of them knew better, even though some of the make a living at giving legal advice. Bitcoins currently are magic cards for any legal entity, so, can you prove otherwise?

[mikegogulski]

Forget legal council. Laws change on a whim if you haven't noticed. Voluntary trade is under attack. We need to quit asking for permission to do business. We can do that on Tor.

I think Tormail is a good example to follow. They have their main servers hidden somewhere, and the public-facing website at tormail.org is a vps that's running nothing more than a Tor node and a copy of socat.

+1. This is also now basically the architecture that The Pirate Bay uses:

(...snip...)

Agreed here on all counts. I'm in the bidding myself for Bitmit. Sure, I'll run it with as much jurisdictional diversity and back-end hiding as possible, and screw the lawyers anyway. I'm *also* willing to be the public figurehead who takes the legal blame if things go sour. "Stateless ex-American Anarchist on Trial in Europe for Running Unregulated Financial Service" just sounds too cool.

[Daily Anarchist]

Forget legal council. Laws change on a whim if you haven't noticed. Voluntary trade is under attack. We need to quit asking for permission to do business. We can do that on Tor.

I think Tormail is a good example to follow. They have their main servers hidden somewhere, and the public-facing website at tormail.org is a vps that's running nothing more than a Tor node and a copy of socat.

+1. This is also now basically the architecture that The Pirate Bay uses:

(...snip...)

Agreed here on all counts. I'm in the bidding myself for Bitmit. Sure, I'll run it with as much jurisdictional diversity and back-end hiding as possible, and screw the lawyers anyway. I'm *also* willing to be the public figurehead who takes the legal blame if things go sour. "Stateless ex-American Anarchist on Trial in Europe for Running Unregulated Financial Service" just sounds too cool.

My man! 

[Raoul Duke]

Forget legal council. Laws change on a whim if you haven't noticed. Voluntary trade is under attack. We need to quit asking for permission to do business. We can do that on Tor.

I think Tormail is a good example to follow. They have their main servers hidden somewhere, and the public-facing website at tormail.org is a vps that's running nothing more than a Tor node and a copy of socat.

+1. This is also now basically the architecture that The Pirate Bay uses:

(...snip...)

Agreed here on all counts. I'm in the bidding myself for Bitmit. Sure, I'll run it with as much jurisdictional diversity and back-end hiding as possible, and screw the lawyers anyway. I'm *also* willing to be the public figurehead who takes the legal blame if things go sour. "Stateless ex-American Anarchist on Trial in Europe for Running Unregulated Financial Service" just sounds too cool.

Nefario could learn something with you ;-)

[Deafboy]

Nefario could learn something with you ;-)

Nefario told us exactly the same. But I'm OK with Mike.
Btw auction disapeared. Is it sold already?

[Bitcoin Oz]

Nefario could learn something with you ;-)

Nefario told us exactly the same. But I'm OK with Mike.
Btw auction disapeared. Is it sold already?

Nefario approached the authorities himself. Mike probably wont 

[mikegogulski]

Nefario could learn something with you ;-)

Nefario told us exactly the same. But I'm OK with Mike.
Btw auction disapeared. Is it sold already?

Nefario approached the authorities himself. Mike probably wont 

Why on earth would I?

To be GOVERNED is to be watched, inspected, spied upon, directed, law-driven, numbered, regulated, enrolled, indoctrinated, preached at, controlled, checked, estimated, valued, censured, commanded, by creatures who have neither the right nor the wisdom nor the virtue to do so. To be GOVERNED is to be at every operation, at every transaction noted, registered, counted, taxed, stamped, measured, numbered, assessed, licensed, authorized, admonished, prevented, forbidden, reformed, corrected, punished. It is, under pretext of public utility, and in the name of the general interest, to be place[d] under contribution, drilled, fleeced, exploited, monopolized, extorted from, squeezed, hoaxed, robbed; then, at the slightest resistance, the first word of complaint, to be repressed, fined, vilified, harassed, hunted down, abused, clubbed, disarmed, bound, choked, imprisoned, judged, condemned, shot, deported, sacrificed, sold, betrayed; and to crown all, mocked, ridiculed, derided, outraged, dishonored. That is government; that is its justice; that is its morality.

[tosaki]

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.

[paraipan]

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

I am sorry for the insecurity this may have caused.

Great news 

[bitcats]

How did you solve the problem?

Or did you just try to test out the market value of Bitmit?