Bitcoin7 a new exchange

[Bind]

Thanks for the information in this thread, especially cuddlefish and davout.

I was going to add this to my bokmarks of good exchanges.

Now I won't.


The guy obviously knows nothing about the technology his site is using, doesnt care to educate himself, minimises serious flaws, then attempts to belittle and alienate those trying to help him, bascially lying to everyone else that there were/are no problems.

Basically a BS artist PR guy grasping at straws trying to add some fake legitimacy.

I refuse to do business with people like that, let alone trust them with my money.

Avoid this exchange at all costs in my opinion.

PS - plus i seen where he tried to bribe a bitcoin developer to say that bitcoin7 was better than mtgox.

[sonba]

Funny story? Bitcoin 7 cancelled some of my trades. This exchange is supposed to be an instant trade market like MtGox or Britcoin. So, one advantage is that you cannot reverse a trade. But that's exactly what they did. Somebody bought from me well above market, trade got through and got revorded (you can still see it in Bitcoinchart history for instance) they credited me with the money and took my BTC. I lock in today again - I got my BTC back but the money got refunded. WTF?
I'm writing them a mail - but for the time being I can only say - stay away from Bitcoin7!

[jkminkov]

I saw some 1btc for 100 euro transactions yesterday, probably it was a testing of some kind...

[sonba]

yeah, that one wasn't mine. I sold at 17 EUR, which was still high but not completely unreasonable (kind of risk premium for not knowing the exchange).

[finnthecelt]

yeah, that one wasn't mine. I sold at 17 EUR, which was still high but not completely unreasonable (kind of risk premium for not knowing the exchange).

It's possible they posted it as Eur and it was actually USD. They didn't want to eat the difference so canceled the trade. One hell of an error but nonetheless. Let us know their response to you.

[sonba]

I got the money in EUR so it should have been right (at least from my side). It was not mixed with USD trades, they were at different prices. Hope I'm getting a reply tomorrow. Will post the answer here.

[Bitcoin7.com]

Hello,

Please accept this as an official reply from Bitcoin7.com

We admit we had to reverse 4 transactions on the Euro market. The cause of the problem was a bigger delayed transaction through the German payment method Micropayment.de. As we couldn't identify on time if the payment was correct or not we had to reverse these transactions in order to defend the seller of the BTC. All BTC have been returned to the sellers.

We don't expect such problem with the following method to occur again as we removed the methods from their base, which would allow delay or even reversal/chargeback.

Our goal is to defend both the buyers and sellers on the bitcoin7 platform. Reversing the BTC to the seller's wallet was the only 100% defensive method we could have done. Otherwise if the money transaction wouldn't prove to be correct and we haven't responded quickly, we would have needed to reimburse the sellers.

[finnthecelt]

Hello,

Please accept this as an official reply from Bitcoin7.com

We admit we had to reverse 4 transactions on the Euro market. The cause of the problem was a bigger delayed transaction through the German payment method Micropayment.de. As we couldn't identify on time if the payment was correct or not we had to reverse these transactions in order to defend the seller of the BTC. All BTC have been returned to the sellers.

We don't expect such problem with the following method to occur again as we removed the methods from their base, which would allow delay or even reversal/chargeback.

Our goal is to defend both the buyers and sellers on the bitcoin7 platform. Reversing the BTC to the seller's wallet was the only 100% defensive method we could have done. Otherwise if the money transaction wouldn't prove to be correct and we haven't responded quickly, we would have needed to reimburse the sellers.

Reasonable. Thx for the explanation.

[davout]

Hello,

[...]

Otherwise if the money transaction wouldn't prove to be correct and we haven't responded quickly, we would have needed to reimburse the sellers.

If I get you correctly, you credited a user account based on the micropayment.de information before it was fully confirmed ?
This credit was then used to buy coins before you decided to reverse the trades because the payment finally appeared as being fraudulent ?

Is this correct or am I missing something ?

[Bitcoin7.com]

The system is automatic and upon receiving on funds they appear in the recipient's account.

However, as I said, we missed a payment method which appeared as instant to our system, but was marked as pending in the payment provider's system. This also triggered the manual check and led to the taken actions.

[davout]

The system is automatic and upon receiving on funds they appear in the recipient's account.

However, as I said, we missed a payment method which appeared as instant to our system, but was marked as pending in the payment provider's system. This also triggered the manual check and led to the taken actions.

Maybe you should add payment methods progressively and take enough time to thoroughly test them instead of rolling trades back after the fact. Just saying.

I'll give you a little piece of advice, I don't mean to lecture to you or stuff but your official statement missed two things : "We apologize" and "it's fixed now". Here's how I would have communicated about that : "We made a little a mistake while implementing this payment gateway, we didn't properly check that the payment was final before crediting the user account. This is now fixed. We apologize to our users for the inconvenience and will do our best to not make the same mistake again. We didn't have a choice but to rollback the trades that came after this bug because <insert bad excuse here (because there really isn't any good excuse to rollback trades)>".

Your communication so far makes it look like you threw something together pretty fast in order to get your share of the bitcoin exchange market without taking enough time to thoroughly test the software. Being generally dismissive (towards users, and security flaws reporters) doesn't really help either.

My point basically boils down to : change the way you communicate and you will reap lots of benefits in term of positive user feedback and general perception.

[sonba]

Well, in defense for Bitcoin 7, in the original mail to me they did apologize:

First of all I would like to apologize to you for this inconvenience. The problem is, that the buyer of your BTCs did not add EUROS properly to his account, so he was not able to pay for your BTCs. That is why we reversed the deal.

I'm really sorry for the inconvenience that this may have cost you, but there are many people who try to hack the systems of the BTC-exchange website. The problem is that we can catch the illegal users as soon as they use the fake fund they added. Our Dev team is hard at work trying to fix this problem.

I hope that this occurrence  will not stop you from using our website and once again - we apologize!

However, I have to admit that "The problem is that we can catch the illegal users as soon as they use the fake fund they added" sounds a bit odd to me. I would expect the other way around. Cath them before they use the fake fund.
But I assume/hope that's what they wanted to say. I don't want to be they guy who finds all the hackers :-p

[davout]

Well, in defense for Bitcoin 7, in the original mail to me they did apologize:

First of all I would like to apologize to you for this inconvenience. The problem is, that the buyer of your BTCs did not add EUROS properly to his account, so he was not able to pay for your BTCs. That is why we reversed the deal.

I'm really sorry for the inconvenience that this may have cost you, but there are many people who try to hack the systems of the BTC-exchange website. The problem is that we can catch the illegal users as soon as they use the fake fund they added. Our Dev team is hard at work trying to fix this problem.

I hope that this occurrence  will not stop you from using our website and once again - we apologize!

However, I have to admit that "The problem is that we can catch the illegal users as soon as they use the fake fund they added" sounds a bit odd to me. I would expect the other way around. Cath them before they use the fake fund.
But I assume/hope that's what they wanted to say. I don't want to be they guy who finds all the hackers :-p

[VillageChump]

Bought a few coins - no problems. Instant Dwolla transfer too.

[grondilu]

successfully transfered a few euros via SEPA.   Bought a few coins.  The guys seem totally legit to me.

[Oldminer]

I also transferred money into the account, purchased some coins, and got the promotional bonus credited to my account. No issues here.

[cryptoanarchist]

At the moment, Bitcoin7 is really working for me. They're clearly the fastest of all the exchanges when it comes to transfers. If they have security loopholes, I haven't been affected by them.

[drapetomaniac]

Bitcoin7 has been perfect.
My first transaction was of 1.8btc to test.
The second was 6.7btc.  Both were sold at <$15 and <15 minutes.

Great stuff, I will be using this site again.

[digimag]

I don't even get a clue how much it will cost to get my money back:

EURO wire transfer: 12-22 EUR (!)

Not only it is an excessive amount, but giving only a range of price seems very odd to me.

I also dislike their incompetence in computer science (as if what happened to Mt Gox wasn't enough!).

Even if it's a major problem, their lack of expertise in computer science is not blamable. They can always hire a good IT team if they want to. But what I really hate here, is their way to communicate with people and to deal with different issues. An apparent lack of transparency and authenticity. Instead of recognizing their incompetence and get their shit together, they just pretend to be smarter than they actually are. I would never trust someone who behaves this way.

[Chucksta]

I don't even get a clue how much it will cost to get my money back:

EURO wire transfer: 12-22 EUR (!)

Not only it is an excessive amount, but giving only a range of price seems very odd to me.

I also dislike their incompetence in computer science (as if what happened to Mt Gox wasn't enough!).

Even if it's a major problem, their lack of expertise in computer science is not blamable. They can always hire a good IT team if they want to. But what I really hate here, is their way to communicate with people and to deal with different issues. An apparent lack of transparency and authenticity. Instead of recognizing their incompetence and get their shit together, they just pretend to be smarter than they actually are. I would never trust someone who behaves this way.

Pot calling the kettle black ?

What exactly are you classing as "computer science" ?

I see nothing that is true computer science. Information technology, yes, but not computer science.