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Author Topic: Bitcoin7.com - Brand new exchange market!  (Read 26849 times)
Horkabork
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June 15, 2011, 08:04:40 AM
 #41

On googling bitcoin7's listed phone number, I get an "XS software" in Bulgaria, who have made several browser games including something called Khan Wars.

However, you look up their address and get some "internet pharmaceutical solutions" place" at the same address, along with XS software again, medical goods, and a baby products website that strikes me as mysteriously creepy, but then again I'm creeped out by babies in general. I mean, they're tiny humans. If you took an adult human and shrank them down, that would be really creepy. That's what a baby is, only younger and fatter. If anyone debates me on this point, I challenge them to a bat fight.

So is this just some mail/phone routing service or is this company really that broad? Their whois has jack shit and their attorney's website is hilarious.

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icolsuineg
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June 15, 2011, 08:50:43 AM
 #42

As I live in Bulgaria - it's not "broad" but as most of the Bulgarian companies they probably act as jack-of-all-trades. There are many companies here that operate as importer, distributor, retail and account company under the same legal registration. Even truer for smaller companies.

That doesn't really make them less trustworthy though, it is not like all escrow companies are registered in EU or USA... Wink

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bittersweet
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June 15, 2011, 09:01:47 AM
 #43

That doesn't really make them less trustworthy though, it is not like all escrow companies are registered in EU or USA... Wink

As you live in Bulgaria, you should know Bulgaria is in EU  Tongue

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June 15, 2011, 09:42:39 AM
 #44


It is highly suspicious when the site operators do not appear on the forums or IRC or otherwise introduce themselves and build trust.

Rather, they simply hand out free money.  They first contacted prominent members of the community in an attempt to proxy trust.

An exchange is a huge responsibility, basically a bank, and there is literally zero rep.




Money laundering. But it's possible those shits to turn out the relatively positive rating of Bulgarian home miners to negative... Nobody would wanna trade with users from known (cyber)crime country.

I suggest to all to not trade with them immediately - just wait some time (4-5 weeks) for receiving good reviews and if you wanna to give it a try then use very small BTC/money amounts.
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June 15, 2011, 09:47:57 AM
 #45

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Nobody would wanna trade with users from known (cyber)crime country.
Huh You mean USA?  How a whole country can be known as crime country? It's like too many ppl to generalise.

@Topic
Maybe they've copied all text from Trade Hill, but polish translation is ok for me. They used human to translate it for sure Smiley

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June 15, 2011, 09:55:35 AM
 #46

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Nobody would wanna trade with users from known (cyber)crime country.
Huh You mean USA?  How a whole country can be known as crime country? It's like too many ppl to generalise.

That's the real truth. People usually avoid obstacles after: 1. Crash in that obstacle ; 2. Hear words from people already crashed ...

You know - from the Beginning a man can succesfully sell an air conditioner to eskimo ... ac is usually broken

And no - I didn't mean USA, just trying to generalise the whole picture. Bad things can happen in all over the world...
icolsuineg
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June 15, 2011, 10:11:19 AM
 #47

That doesn't really make them less trustworthy though, it is not like all escrow companies are registered in EU or USA... Wink

As you live in Bulgaria, you should know Bulgaria is in EU  Tongue
What does this has to do with my post though? I have implied that most companies are not EU/USA based, actually, while this one is. Sure, Bulgaria is like one of the few broken bones in the EU tail, but still Smiley

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joepie91
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June 15, 2011, 11:55:00 AM
 #48



Maybe they cut corners on the text, but they don't seem to be outright thieves.

Jere

Cut corners on the text = copied all the text on the entire site and did find and replace with TradeHill for Bitcoin7.

Maybe not outright thieves in regards to cash yet but they've obviously proven they don't mind taking from other people.
Also I wouldn't trust an exchange that couldn't even proof read the text they copied.




I am pretty sure that at least part of the text on TradeHill itself was also copied from elsewhere. The FAQ for example.

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June 15, 2011, 12:09:57 PM
 #49

That doesn't really make them less trustworthy though, it is not like all escrow companies are registered in EU or USA... Wink

As you live in Bulgaria, you should know Bulgaria is in EU  Tongue
Well is it true that you can register a company in Bulgaria for only 1 euro?

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June 15, 2011, 12:29:23 PM
 #50

Here's my experience with Bitcoin7:

I transferred $1750 from MtGox to Bitcoin7.  It took 4 hours to clear.

I bought just under 100btc.  $5.238 was added to my account as a "promo bonus".

I transfered those btc to my wallet.

They showed up immediately as 0/unconfirmed.  They are now sitting at 6 confirmations.

Maybe they cut corners on the text, but they don't seem to be outright thieves.

Jere

It would also probably be more profitable to build and promote a legit exchange out of US government control. However, it would also make sense to go in for the long haul until there's lots of BTC sitting in wallets at Bitcoin7 before shutting down and taking all that sweet, sweet BTC with them.
Using the word 'exchange' in Bulgaria without being regulated by the financial authorities is illegal. And this might result in their accounts in every bulgarian bank they use to be suspended and blocked! This can happen after a month or two but it may happen tomorrow as well.

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hazek
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June 15, 2011, 12:59:37 PM
 #51



Maybe they cut corners on the text, but they don't seem to be outright thieves.

Jere

Cut corners on the text = copied all the text on the entire site and did find and replace with TradeHill for Bitcoin7.

Maybe not outright thieves in regards to cash yet but they've obviously proven they don't mind taking from other people.
Also I wouldn't trust an exchange that couldn't even proof read the text they copied.

I don't trust them just yet either but don't you think a plausible explanation for using your text on their site might be due to them being Bulgarians and lacking skills in the English language but wanted to sound legit?

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FractalUniverse
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June 15, 2011, 03:59:53 PM
 #52

when i try to access the page im gettin this message: is it ok or.. ?


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saqwe
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June 15, 2011, 04:23:31 PM
 #53

They have never heard of AML, and are run by unknowns from Bulgaria.

What?! An exchange that the long arm of the United States government can't reach easily?

Sounds terrifying!

uh oh patriot act:
http://en.wikipedia.org/wiki/Anti-money_laundering

Nescio
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June 15, 2011, 05:07:47 PM
 #54

OK, lemme get this straight:

- complete unknowns
- cannot be bothered to post themselves (don't see how you can miss the 5 post/4 hour rule)
- offered a developer money to promote them (this should ring alarm bells)
- get (apparently random) newbies to promote them
- operate from Las Vegas/Bulgaria (who owns the casinos, anyone?)
- ripped off Tradehill (no morals, no trust)
- can't be bothered to have a valid SSL certificate
- offer double the referral rate compared to Tradehill (too good to be true)
- "1 BTC is $1USD not bad!" (WTF? definitely too good to be true)

This just screams scam. Obviously most effective when they wait until enough people have decided it isn't. Or possibly fed stomps on other exchanges.
jkminkov
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June 15, 2011, 05:14:04 PM
 #55

Well is it true that you can register a company in Bulgaria for only 1 euro?

1 euro and 2 cents Tongue

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snowboard789
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June 15, 2011, 05:35:21 PM
 #56

maybe im not very objective, but cyber crime in bulgaria is big...
Bitcoin7.com
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June 15, 2011, 07:22:37 PM
 #57

Hello everyone, I am sorry for responding so late... it was a REALLY busy day for us.
I see a lot of bad things written in this topic, although it started very good.
I hope after today's trade and satisfied users the opinion will change. We are trying to do our best in being as fast as possible in add/withdraw funds,
as well as offer the best conditions.

I will paste my reply to the original topic in the Trade section which we were monitoring today as a start-up reply:

First of all thanks for posting about the site, it was a really hard first day. We are still working out the delays in withdraw/add funds, but everything is going
good and great and we think we will stabilize normal speed of operation within a day or two.

However, I have to admit that after reading Jered's post I am really ashamed. We contracted external copywriters for most of the texts on the side. Indeed there are 100% exact extracts from Tradehill (at least in English). It seems they have really misunderstood what "copywriter" means ... We certainly didn't want that to happen, originality and imagination is one of the most important thing when building up a web business.
After dealing with all the organizational problems we will work out all texts and compliment Jered.

We want to present another alternative and we are sure we will offer the best service to customers, you can even see that we allow transfers from MTGOX (if Tradehill agrees we can do that with them too). We see a great opportunity in Bitcoin7 and we really believe it is very important to diversify the markets on such early stage. For a decentralized currency we can't allow to have 90% of all transactions to go through 1 market...

We have the experience to do it. JKMinkov, your check is correct. The management of Bitcoin7 is the management of an international mio company in the gaming industry. We know virtual currency for quit a long time and we recognized the potential of Bitcoin. I hope we will be able to push Bitcoin7 to be a leading trading platform in the area of Bitcoins.

I hope even after the not so good start you will hear good words about us the following days.

Come and try us, some people made already AWESOME deals, taking advantage of the early start

http://www.Bitcoin7.com (http://www.Bitcoin7.com)  - Trade Bitcoins online! Buy/Sell BTC for USD, EUR, PLN, SAR, BGN - lowest commission on the Internet!
Bitcoin7.com
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June 15, 2011, 07:33:41 PM
 #58

AML is being integrated at the moment. To fully release it however we need to get certified, also processed at the moment.
Don't think we don't support that, the moment we have the moment we will integrate it. This was meant to be a test run anyway.

Interesting that this topic went the way that Bulgaria is famous for internet crime. What crime exactly?
Aren't there phishing sites in the US (or in Chili??), illegal porn, frauds etc. Of course there are...

Non of the current exchanges (or at least to my knowledge) has the experience in holding and operating a multilingual high-traffic site.
I hope this would be one of our advantages, we are already doing over 30 Mio impressions and TBs of traffic on our other pages DAILY.

I hope we will be able to provide:
- decently fast responses.
- good rates, competitive
- good alternatives (we are aiming in implementing more than 100 payment methods)
- secure BTC's image - AML/License are the beginning. It's about properly informing the communities WHICH are outside of this forum about the positive sides of a decentralized currency, not about the people who are here already.

I just hope this first impression won't influence a lot of the readers, who will not trust us and will continue to trade on mtgox (holding over 90% of all trades) or other Chilian alternatives. (no offense TH, although you have good reason to be mad at us, I don't think this is the right way to compete)

http://www.Bitcoin7.com (http://www.Bitcoin7.com)  - Trade Bitcoins online! Buy/Sell BTC for USD, EUR, PLN, SAR, BGN - lowest commission on the Internet!
JellyfishRancher
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June 15, 2011, 07:40:31 PM
 #59

I think we ought to give this new exchange a chance. Things started off a bit rocky, but it seems that was just due to the fact that Bitcoin7 might have gone live a few days before it was fully prepared. Opening an exchange entails a lot of work, and when TradeHill first started up we saw similar delays in response (as I remember it, when TH opened they didn't have a forum account either). If you don't trust the site don't trade there! But don't bad mouth them without any concrete evidence to indicate they're crooks.

TradeHill Referral Code: TH-R1435
Register with my code and receive 10% of trading fees!
See this thread (http://forum.bitcoin.org/index.php?topic=13650.0) for more info.
Astro
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June 15, 2011, 07:48:49 PM
 #60

I think we ought to give this new exchange a chance.

You first.. I'll be right behind you, honest!
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