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Author Topic: BitMarket.eu Eternal withdrawal  (Read 6472 times)
enlightened
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December 21, 2012, 02:56:35 AM
 #41

It's the same with me. I never had any problems with bitmarket and I found the idea of more or less directly trading with others very appealing.

In which country will you go to the police?
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mralbi
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December 21, 2012, 08:05:35 AM
 #42

i live in Helsinki, Finland. The authorities here are however very inefficient and slow. Therefore I might consider also going in Germany where i still have a second household.


The problem is of course that it might take years till something happens

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December 21, 2012, 12:31:55 PM
Last edit: December 21, 2012, 12:48:13 PM by amano
 #43

M4v3R, the site owner, posted an update. Not a good one I'm afraid.

https://bitcointalk.org/index.php?topic=5441.msg1413156#msg1413156

I'm glad he didn't leave us all in the dark and decided to come forward with this.
I was quite shocked when I read this, but after a few hours of steaming I calmed down a bit.
He seems sincere enough that he admits his wrongdoings, and does want to fix them.
The ideas he has on how to do this are not all that bad, and I personally hope that bitmarket can survive this mishap.
Not just so that the ones affected can get their bitcoins, but also because I think Bitcoin can miss another blow to the head (even though this one would be related to the downfall of Bitcoinica ).
crazy573
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December 21, 2012, 01:42:04 PM
 #44

It's ridicoulus, people can still deposit and buy coins, although they can't withdraw them. Close the site completely and work things out, ffs  Angry
amano
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December 21, 2012, 03:31:31 PM
 #45

It's ridicoulus, people can still deposit and buy coins, although they can't withdraw them. Close the site completely and work things out, ffs  Angry
Since Bitcoinica has been down for quite a while now, I think that's what he's been trying to do all along: sorting things out, but without cutting everyone off. But now he's in over his head, so hence the confession, and with it, a cry for help.
It seems that there are indeed people willing to bail him out ( certain conditions apply, off course).
So let's hope they can work things out, and that bitmarket doesn't get dragged down along with Bitcoinica.
They guy made one hell of a stupid mistake, I'm not trying to justify his actions in any way.
But let's just hope the hope some solution can be worked out so that bitmarket does not have to cease to exist, that it becomes profitable, and that everyone involved can get out of this without anyone being ripped off.
Yes, Bitmarket is in some serious shit right now, but it does not have to be the end of it.
It's in debt (to it's customers), but with a good business plan it can crawl out of that pit, and repay the affected parties.
Might take some time.
Seriously hope that guy learned his lesson though ...
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December 21, 2012, 03:35:23 PM
 #46



The withdrawals are not automatic by "maintenance" and takes some days/weeks....

But I dont understand something... I receive the payment on 9th.... Why the other people with pending payments dont receive it too? ( example: bm2013)

Are making selective payments?

https://bitcointalk.org/index.php?topic=5441.msg1413156#msg1413156

 It was evident that he doing selective payments.

These things sometimes happen.  Undecided  Do not think anyone can trust someone that make selective payments to maintain unsustainable pyramid.

crazy573
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December 21, 2012, 03:55:34 PM
 #47

And still are people buying coins, why doesn't he close it?
amano
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December 21, 2012, 04:05:19 PM
 #48

And still are people buying coins, want doesn't he close it?
Looking at the transaction log, yes, people are still buying coins.
If people would stop using the site, he would be in deeper shit.
We now know that he has lost quite a substantial amount of BTC, but we also know that that happened a few months back.
In the meantime, he has been able to keep it running.
If they rework the site and charge a small transaction fee, over time they would be able to repay their debts, and become profitable.
Let's just hope that happens instead of simply closing the site, because that would be bad for all.

malevolent
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December 21, 2012, 04:34:22 PM
 #49

For the last few months bitmarket has been operating like a bank - everything works fine until too many people decide to withdraw their money.

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December 21, 2012, 04:40:56 PM
 #50

i have(had) more than 30 btc, and they screwed me up...and i have to fight against a buyer  Cry
if i can get my btc's back, i'm done with bitmarket.
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December 21, 2012, 04:42:49 PM
 #51

BTW what is the best wallet/market online?
is blockchain.info good or do you have any trusted site?
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December 21, 2012, 05:16:46 PM
 #52

I wouldn't use a online wallet anyway, and specially not after this story.
The best market at the moment is probably bitcoin-24.com, if there were any problems they were fixed soon and I get fast responses.
Bombolo
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December 21, 2012, 05:41:23 PM
 #53

i wrote him a pm and ... i still can't believe it ... he released my frozen 19 btc !!

thx, didnt expect to see them back after 2 long weeks
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December 21, 2012, 05:53:28 PM
 #54

i wrote him a pm and ... i still can't believe it ... he released my frozen 19 btc !!

thx, didnt expect to see them back after 2 long weeks

well, someone else just lost 19 Btc for sure
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December 21, 2012, 06:22:22 PM
 #55

i wrote him a pm and ... i still can't believe it ... he released my frozen 19 btc !!

thx, didnt expect to see them back after 2 long weeks

well, someone else just lost 19 Btc for sure

yeah i know   Embarrassed

at least he's trying to make up for damage he caused
Bitman85
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December 21, 2012, 07:55:42 PM
 #56

He seems honest but 19,980 bitcoins are missing. That's roughly $270,000 worth. I just don't see how it can survive that.
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December 21, 2012, 08:04:22 PM
 #57

He seems honest but 19,980 bitcoins are missing. That's roughly $270,000 worth. I just don't see how it can survive that.
To put things in perspective, Gox makes about 10k btc a month. Bitmarket is no Gox, so it would take them longer than 2 months to recover from this, but it's not impossible. Hopefully they can get some investors to bail them out a bit, but it is possible that they can survive this.
I for one hope they do.
Bitman85
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December 21, 2012, 08:27:37 PM
 #58

bitmarket has had transactions of roughly 60,000 btc in one year. That means an average of roughly 5000btc of transactions a month. Even if you put a standard 1% fee on them that would only net you a return of 50btc a month. That's about $650 a month. Who would invest $270,000 for a return of $650 a month. Yes you could argue that it would be possible to get more users and more transactions but that is an enormous risk, especially since most users may have now lost faith in the site.

I just don't see how it's feasible.
Apollo21
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December 21, 2012, 08:37:50 PM
 #59

M4v3R, the site owner, posted an update. Not a good one I'm afraid.

https://bitcointalk.org/index.php?topic=5441.msg1413156#msg1413156


did it went like this? -> http://www.youtube.com/watch?v=_nVk25ZvTkU
M4v3R
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December 23, 2012, 06:39:00 PM
 #60

Hello all,

Again, I want to apologize for this situation. I didn't have any right to do what I did, but it happened and now it's on my head to straighten things up.
Yes, it seems very hard for Bitmarket to earn this much of money, but I think it's feasible. There are already several ideas to make this work, including:

- finding individual investors that decide to use their funds to help the current situation and receive any future profits from the site
- distributing the debt as shares available for everybody that want to participate
- at the same time, the site would be improved to maximize it's potential

I understand that some people have "Newbie" status on this forum and can't participate in main discussion. So if you have other ideas on how to proceed, or just want to get in touch on this subject, please just PM me.

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