BIPS, Payment Service Provider (PSP) for Merchants

[btcven]

Who the hell puts 90 BTC in a web wallet? I had ~0.13 BTC there and I'm waiting to get it back as I think BIPS is a little bit trustworthy. But I can also learn to finally switch out from web wallets, get an Android and install Electrum on it instead of using web wallet even for cents.

Sorry to read this. I've seen you in the Electrum forums and you're always helping people. I hope you get your coins back.

The worst thing is that the bitcoins that were in the BIPS wallet were from using their payment processor, so they were my client's bitcoins. Had to paid them their Euros and get nothing in return. Those coins were supposed to be sold to pay them, not with my own pocket.

[ghengis34]

I've written a message to bips.me today.

Bitcoin is currently plunging in value, and I believe that this now gives this company a change to survive.

As we've discussed, there is NO WAY that bips.me will be able to continue as a viable merchant processor (or with any other function), if it does not reimburse users whose bitcoins were stolen due to poor security in the bips.me wallet.

As I wrote previously, I believe bips.me has two options.

1) Go out of business. Shut down the bips.me website. Possibly, in the future, quietly open with a new domain, brand name, etc.

2) Reimburse users whose bitcoins were stolen in November 2013.

This is an open call to bips.me: The time to save your business by taking step #2 above is NOW. If you lost 1200 bitcoins in the theft, my guess is that less than 600 of these were held by external users. If that estimate is correct, this means you could ensure the survival of your business for less than $250,000.

Please do this, and we'll all wish you well in future endeavors.

[TookDk]

I agree.
I would love to see BIPS do some kind of compromise for it's clients and earn some trust, I am not hoping for a full restoration of the balance before the attack, but a partial compensation would be appropriate  - any suggestions or initiative from BIPS to resolve the case are most welcome.

[Dadio202]

Totally agree. Now is the time BIPS to buy some BTC and make an offer and maybe that will restore the confidence that I once had in you.

[bitpop]

Their site doesn't even mention the loss?

[mstr]

I totally agree also. I think they must reimburse all the BTC. We all know BTC is like cash. But, don't you give cash also to a bank and if they loose it is their loose, not yours?

This people has been untransparent in this whole issue and they take forever to answer mails.

The Bitcoins I loose where bought from them directly, so the obvious thing was to keep them in their wallet if I was going to keep them online, I kind of was nonsense to move them to another wallet. If I trusted them to buy is obvious I would trust them to keep them.

I have been exchanging emails with them and the last time they "amused" me with this line: "In your case having actually bought bitcoins from us, that is a little different. Not everyone bought bitcoins from us and many who did, moved those to an external wallet for safe keeping."

Don't you think that this a terrible sentence almost admiting that their wallet was not safe? I refer specifically to this: "...moved those to an external wallet for safe keeping", so that means keeping bitcoin with them was not safe and they knew it?
I find this outrageous!

[bitpop]

No one keeps Bitcoins at an exchange. Never do that!

[mstr]

now, I know it... but as other user stated, they specified in their web how saqfe they were. As I say, if you trust therm enogh with your fiat money to exchange it, mades no sense not to trust them your BTC.

now, we all know.

[bitpop]

Sorry. Us earlier folk learned from instawallet. Never trust your private keys to anyone. Blockchain wallet is fine because it decrypts it only locally.

[rhubear]

I would like to see some action taken by BIPS but I think it's highly unlikely unless lawyers & courts etc are involved. 

I probably lost the most BTC (through naively trusting them more than a local wallet at home.  I lost a lot more than 100 BTC, which is very embarrassing (& hugely expensive for me).   I invested when BTC was about $20.

I'm in favour of exploring the legal options, although because of the lack of a legal framework around BTC, even a legal approach may be completely pointless.  Of course I'm also in favour of trying other means for some sort of refund.

[allincoin]

It would offer an opportunity at reimbursement...  mostly wishful thinking though.

[Swordsoffreedom]

Sorry. Us earlier folk learned from instawallet. Never trust your private keys to anyone. Blockchain wallet is fine because it decrypts it only locally.

True that the longer your here the more suspicious and protective you become  

[mstr]

this bips people had weeks without answer my enquiries by their support site. anyone has got in touch with them lately?

[rhubear]

this bips people had weeks without answer my enquiries by their support site. anyone has got in touch with them lately?

I wonder if ghengis had any response to his letter to them?

I'm thinking of sounding out a Danish lawyer regarding dealing with this matter as a theft of "an asset with a publically recognised value", and holding BIPS accountable for the value they were storing, regardless of whether it was a business model for them.

I don't know the names of those involved in this theft, or how many of you there are.  Perhaps PM me if you're involved.  However I think ghengis has all these details.

[bitpop]

Sorry but the guys are long gone on vacation

[mstr]

well, after weeks they decided to answer me, but just a pretty lame email where they copied AGAIN the same "wallet status" they have in their press area from dec 4th, 1 month ago. I mean, you may guess how I felt when I saw that pasted once more in the mail they sent me with no other detail, more than a very brief excuse that they have had a lot of work with the support given the increase in the use of BTC.

this people is pissing me off. Is no longer about the money, is how I feel they are making fun of us.

[rhubear]

well, after weeks they decided to answer me, but just a pretty lame email where they copied AGAIN the same "wallet status" they have in their press area from dec 4th, 1 month ago. I mean, you may guess how I felt when I saw that pasted once more in the mail they sent me with no other detail, more than a very brief excuse that they have had a lot of work with the support given the increase in the use of BTC.

this people is pissing me off. Is no longer about the money, is how I feel they are making fun of us.

I've just sent an email to a lawyers firm in Copenhagen:  Brandt & Lauritzen --  asking them for their option on our legal options.

I have no idea whether we do have any legal options, I thought I'd ask the professionals!  I lost enough BTC to warrant some expenditure chasing compensation.   PM me if you want more details.

[bitpop]

Impersonate a cop and tell them to, freez mudda fukkas

[Bit_Joe]

http://www.coindesk.com/fidor-bank-bips-partner-merchant-payments/


perhaps he will be in a position to compensate those who lost coins soon..

[bitpop]

http://www.coindesk.com/fidor-bank-bips-partner-merchant-payments/


perhaps he will be in a position to compensate those who lost coins soon..

Nah just more people to steal from