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Author Topic: Bitcoin7.com - is it safe?  (Read 4785 times)
jbgc
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June 16, 2011, 07:03:12 PM
 #1

I am looking into investing in bitcoins (not mining, just buying).  I know mtgox.com is a good site but I came across another site that I personally like better (as long as it is legitimate).  It is bitcoin7.com... does anybody know if this is an honest site?

I don't want to have my money stolen or scammed by a fake site.  Thanks in advance.

jbgc

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Sukrim
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June 16, 2011, 07:06:47 PM
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In my opinion they are not fake but bad programmers. Please make sure to use the search function first next time!

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jbgc
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June 16, 2011, 07:12:08 PM
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In my opinion they are not fake but bad programmers.

So are you saying that it is safe to do business with this website or not?  btw, I did use the search function.

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Meni Rosenfeld
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June 16, 2011, 07:18:45 PM
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You should be very careful with them. FYI they copied most of their text from TradeHill.com, a legitimate recently opened exchange (Bitcoin7 claims the dog ate their copywrite, or that outsourced copywriters copied that text without their knowledge, or something like that). Maybe you should try Tradehill, especially if you liked the text about vision and such you saw on bitcoin7.

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June 16, 2011, 09:32:51 PM
 #5

Great, thanks Meni Rosenfeld for the help!  I think I will stay away from bitcoin7.com and choose mtgox or Tradehill instead

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June 16, 2011, 09:35:05 PM
 #6

Stay away from bitcoin7
They smell very fishy, there are a bunch of threads popping around about it

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June 16, 2011, 11:14:05 PM
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Tradehill most likely ripped a lot of THEIR texts as well from other sites - and they are stupid enough to post links to ponzi schemes on a Bitcoin exchange site! Roll Eyes

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June 16, 2011, 11:37:32 PM
 #8

Stay away from bitcoin7
They smell very fishy, there are a bunch of threads popping around about it

I don't really have a dog in this fight but it seems like you are popping a lot of those threads up.

My 0.02 BTC, and I really don't care as I'm affiliated with absolutely no one, but it seems like the elder forum members need to accept that the market around BitCoin is going to grow and involve people that don't feel the need to communicate directly with the project or elder forum members. Just because they haven't sought blessing by Bruce Wagner or advertised on his show doesn't mean they are a scam. At some point you have to let the market develop on its own and not babysit it.

Not hatin' anyone. Just observing that the inside clique of early BTC'ers seems unusually put off by people they don't know setting up business around BitCoin instead of encouraging the market to be free and manage itself. I thought that was kind of the point of a distributed P2P currency.

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Meni Rosenfeld
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June 17, 2011, 04:59:11 AM
 #9

Stay away from bitcoin7
They smell very fishy, there are a bunch of threads popping around about it

I don't really have a dog in this fight but it seems like you are popping a lot of those threads up.

My 0.02 BTC, and I really don't care as I'm affiliated with absolutely no one, but it seems like the elder forum members need to accept that the market around BitCoin is going to grow and involve people that don't feel the need to communicate directly with the project or elder forum members. Just because they haven't sought blessing by Bruce Wagner or advertised on his show doesn't mean they are a scam. At some point you have to let the market develop on its own and not babysit it.

Not hatin' anyone. Just observing that the inside clique of early BTC'ers seems unusually put off by people they don't know setting up business around BitCoin instead of encouraging the market to be free and manage itself. I thought that was kind of the point of a distributed P2P currency.
These are some fairly serious accusations. Of course we embrace new businesses, even if they haven't built up a reputation in this community, if they seem legitimate, and with all due respect Bitcoin7 doesn't appear very legitimate. Operating a large-scale exchange is a serious undertaking and Bitcoin7 don't seem they have what it takes, so even if they have the best of intentions they might crumble leaving their customers with a loss.

Note also that I at least didn't advise to stay away from them, only to be careful. Perhaps with time they'll be able to make up for their past mistakes and establish their reputation as a legitimate exchange.

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June 17, 2011, 06:12:32 AM
 #10

Stay away from bitcoin7
They smell very fishy, there are a bunch of threads popping around about it

I don't really have a dog in this fight but it seems like you are popping a lot of those threads up.

My 0.02 BTC, and I really don't care as I'm affiliated with absolutely no one, but it seems like the elder forum members need to accept that the market around BitCoin is going to grow and involve people that don't feel the need to communicate directly with the project or elder forum members. Just because they haven't sought blessing by Bruce Wagner or advertised on his show doesn't mean they are a scam. At some point you have to let the market develop on its own and not babysit it.

Not hatin' anyone. Just observing that the inside clique of early BTC'ers seems unusually put off by people they don't know setting up business around BitCoin instead of encouraging the market to be free and manage itself. I thought that was kind of the point of a distributed P2P currency.

Yes that's right, I guess  I associated bitcoin7 with the e-book scammers a little fast :/
So, even though there might be a couple of technical issues on the site (that seem to be worked on), I don't see any reason to question their honesty at all.
I apologize to bitcoin7 about that.

cryptoanarchist
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June 20, 2011, 03:00:29 AM
 #11

I've used all the exchanges including Bitcoin7. Don't put all your eggs in one basket.

Comparatively, Bitcoin7 so far has one of the fastest withdrawal times to either dwolla or LR. They're easy to use as well. You can see all the bids and asks on one page in a clear format.

As far as how secure their site is - I have no idea. Again, don't put all your eggs in one basket. Or all your bitcoins in one exchange.
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June 20, 2011, 04:31:50 AM
 #12

I have no dog in this fight either, but I was doing some research on exchanges so I didnt put all my eggs in one basket.

If you read this thread: http://forum.bitcoin.org/index.php?topic=17004.0

... you will see the guy who runs Bitcoin7 has::

  • Tried to bribe a bitcoin developer to say that bitcoin7 was better than mtgox. (reference link)
  • Has no idea of the technology his own site uses that inaccurately computes currency values.
  • Has no idea of the technology his own site should be using to accurately compute currency values.
  • Been told about exploitable areas in his site, just to minimize them when bitcoin community professionals informed him of them.
  • Argued with, belittled, and maligned those professionals who tried to help him fix the problems with his site.
  • Uses PR gibberish to explain away and minimize problems with his site.
  • Has lied to the community about seriousness of the flaws in his site/security.

Personally, by his own words, I think the guy is a dickhead, bullshit artist, PR person, has no clue about the working of his own site, who will say anything and do anything regardless of ethics and legality to add fake legitimacy to Bitcoin7.

When dealing with other peoples hard earned money, you take it seriously.

Your customers safety, security, and money should be the absolute most important things.

In my opinion, he could care less about you and will step on your neck if needed to grow his fledgeling Bitcoin7 business.


"... He is no fool who parts with that which he cannot keep, when he is sure to be recompensed with that which he cannot lose ..."

"... history disseminated to the masses is written by those who win battles and wars and murder their heroes ..."


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hawks5999
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June 20, 2011, 05:57:04 AM
 #13

I have no dog in this fight either, but I was doing some research on exchanges so I didnt put all my eggs in one basket.

If you read this thread: http://forum.bitcoin.org/index.php?topic=17004.0

... you will see the guy who runs Bitcoin7 has::

  • Tried to bribe a bitcoin developer to say that bitcoin7 was better than mtgox. (reference link)
  • Has no idea of the technology his own site uses that inaccurately computes currency values.
  • Has no idea of the technology his own site should be using to accurately compute currency values.
  • Been told about exploitable areas in his site, just to minimize them when bitcoin community professionals informed him of them.
  • Argued with, belittled, and maligned those professionals who tried to help him fix the problems with his site.
  • Uses PR gibberish to explain away and minimize problems with his site.
  • Has lied to the community about seriousness of the flaws in his site/security.


Ah, so he's as clueless as the Tradehill people appeared on Bruce's show and as insecure as Mt. Gox. The only difference now is he's operational...

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Oldminer
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June 20, 2011, 06:07:23 AM
 #14

Well its not been hacked yet if thats what you mean by safe?

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June 20, 2011, 06:38:30 AM
 #15

Well its not been hacked yet if thats what you mean by safe?

Technically, you are right. It has not been hacked causing any loss, but it could have been.

The probblem is the cavalier attitude and commentary of Bitcoin7 when notified of those insecurities.

This begs the question, "what else is there to find thats exploitable?", since its obvious Bitcoin7 cares little about them and minimises them to the people trying to help them.

That said, the known flaws have been closed.

Besides, just the attempt to bribe the bitcoin developer is enough for me to never use them.

"... He is no fool who parts with that which he cannot keep, when he is sure to be recompensed with that which he cannot lose ..."

"... history disseminated to the masses is written by those who win battles and wars and murder their heroes ..."


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June 20, 2011, 04:14:32 PM
 #16

its totally safe, yet  Cheesy 

fast in and out money!
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June 20, 2011, 04:47:12 PM
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I would definitely advise against using Mt. Gox at this time (as of this moment, their market isn't online) in favor of Trade Hill or even a EUR exchange, and then converting your EUR profits into USD.

http://www.btcnn.com/2011/06/not-everything-is-as-it-seems-at-mt-gox.html

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June 20, 2011, 04:48:32 PM
 #18

People just want trade hill referrals.  I don't see anything wrong with Bitcoin7.

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June 20, 2011, 05:26:29 PM
 #19

I don't see anything wrong with Bitcoin7.

then open you eyes and read some documented facts.

"... He is no fool who parts with that which he cannot keep, when he is sure to be recompensed with that which he cannot lose ..."

"... history disseminated to the masses is written by those who win battles and wars and murder their heroes ..."


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June 20, 2011, 06:47:39 PM
 #20

I'm currently trying to buy some coins on bitcoin7 for 12 USD each (higher than current TH price), as they offer instant deposit from LR. I guess withdrawals are also instant, so it is a chance for somebody to sell their coins higher than current market price.
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