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Author Topic: bitmit.net is auctioning itself  (Read 1040 times)
qukkM
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October 20, 2012, 07:00:17 PM
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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?

http://www.bitcoinseedshop.com -  the first bitcoin only cannabis seed shop. Secure, pseudonymous payments.
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greyhawk
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October 20, 2012, 07:05:49 PM
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I hear forums member Zhou Tong is very knowledgeable in this area.
notme
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October 20, 2012, 07:07:24 PM
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I hear forums member Zhou Tong is very knowledgeable in this area.

lol

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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qukkM
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October 20, 2012, 07:10:48 PM
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i may not know much about BTC security but i do know zhou tong is pretty much the antithesis of it

http://www.bitcoinseedshop.com -  the first bitcoin only cannabis seed shop. Secure, pseudonymous payments.
bbit
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October 20, 2012, 07:29:07 PM
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I hear forums member Zhou Tong is very knowledgeable in this area.

lol  Grin
mining4fun11
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October 20, 2012, 07:41:54 PM
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Looks like a pretty decent site.  Do they state what country they are in and can't stay in business.
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October 20, 2012, 08:02:00 PM
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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.

Skude.se/BTC - an easier way to request your daily free coins!
Stephen Gornick
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October 20, 2012, 09:12:47 PM
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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

donnieb
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October 21, 2012, 12:56:36 AM
 #9

Will be a shame if this site gets shut down! It has a lot of potential.
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October 21, 2012, 07:56:20 AM
 #10

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.
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October 21, 2012, 03:49:45 PM
 #11

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.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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tosku
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October 21, 2012, 06:54:11 PM
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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"?

Skude.se/BTC - an easier way to request your daily free coins!
bbit
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October 21, 2012, 07:09:20 PM
 #13

everything seems fine now!  Grin
Bitco
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October 21, 2012, 10:59:18 PM
 #14

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.

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stevegee58
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October 21, 2012, 11:01:01 PM
 #15

I hear forums member Zhou Tong is very knowledgeable in this area.

The Zhou Tong clan ain't nuttin' ta fuck wit.

You are in a maze of twisty little passages, all alike.
notme
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October 22, 2012, 05:13:08 AM
 #16

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.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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