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Author Topic: Mybitcoin is a scam!  (Read 22791 times)
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July 05, 2011, 08:01:53 PM
 #21

Never a issue when I have used mybitcoin for quick transactions. I never forget passwords though  Wink
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July 05, 2011, 08:03:25 PM
 #22

His point is.. you can't eat paper money to survive. If paper money loses its value and you can't buy food, people will work for food.

I'm glad this was brought up as a defense to the claim that people are spending real money on fake internet money.

Real money doesn't matter because you can't eat it.
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July 05, 2011, 08:23:01 PM
 #23

Entrusting your money to a web site registered to a PO Box in the West Indies with numerous complaints of theft is a bad idea. It really looks like their business model is to steal accounts, just not all of them at once (since that would make it too obvious that they were a scam all along).

Using an "online wallet service" is a terrible idea. You're entrusting your money to an anonymous scammer.

That's what I thought at first, but I ended up using mybitcoin.com afterall.  They do provide a very useful service: instant irreversible transactions between accounts.

If I meet someone at a coffeeshop for a cash transaction, and the bitcoin have been placed in a mybitcoin account ahead of time, then the whole exchange takes only a few seconds.  The received bitcoin can be automatically forwarded to your home address for the hour-long transfer -- long after you've left the coffeeshop.  Both sides have only a small amount on mybitcoin, and only for a short time (a few hours).  And you get a timestamped email to remember the exact details.

That said, if the person you're dealing with doesn't look very shady, it's quite safe to only wait for the first confirmation.  Ten minutes or so isn't that big of a deal.

With mybitcoin.com, you should understand that you're not dealing with an established company with 1000 employees.  You're dealing with a guy.  Or at most a small group of guys.  Customer service probably isn't going to be a strength for quite some time (if ever).

My impression is that he knows a lot about computer security.  Clearly he is not a rank amateur -- read this statement on the Mt.Gox fiasco:
  https://www.mybitcoin.com/downloads/incident-report-2011-06-22.txt

He also knows something about protecting anonymity.  He's probably an American or Canadian who has set up shop offshore in order to protect himself against the coming government backlash.  I can respect that.

These are still early days for the bitcoin movement.  Perhaps mybitcoin.com will end up only serving those who really need anonymity, and other services will emerge to provide instant transactions with a friendlier (and probably less secure) interface.  Let's not jump to conclusions, either way.

Tom Williams:  Understand that your company's reputation is more important than the technical details you're busily working on right now.  Don't sacrifice one for the other.  Respond to this issue immediately, and resolve it to lettucebee's satisfaction.


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July 05, 2011, 08:29:22 PM
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Your statement at best is sophomoric...  and at worse it's just liable.   


Um, do you perhaps mean "libel"?

I know the US has degenerated a lot, but last time I checked, you were still allowed to have opinions.


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July 05, 2011, 08:56:31 PM
 #25

No issues with mybitcoin, not sure how there is allways some vague user making claims like OP yet actually provide no evidence of said claim.

...In the land of the stale, the man with one share is king... >> Clipse

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July 05, 2011, 09:04:28 PM
 #26

No issues with mybitcoin, not sure how there is allways some vague user making claims like OP yet actually provide no evidence of said claim.

What evidence would you require, oh vague user?
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July 05, 2011, 09:11:23 PM
 #27

No issues with mybitcoin, not sure how there is allways some vague user making claims like OP yet actually provide no evidence of said claim.

What evidence would you require, oh vague user?

Need I say more, oh noob user.

...In the land of the stale, the man with one share is king... >> Clipse

We pay miners at 130% PPS | Signup here : Bonus PPS Pool (Please read OP to understand the current process)
Bruce Wagner
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July 05, 2011, 10:56:01 PM
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For the record, I do not believe that MyBitcoin.com is a scam.   I think that they -- like most bitcoin startups -- have challenges with responding to customer inquiries, and with communication in general.


AN OPEN LETTER TO TOM WILLIAMS

I would very much like to interview you on The Bitcoin Show.... (or at least a representative of MyBitcoin).   I think that putting a face and a voice behind MyBitcoin would go a very long way toward showing the community that you are real people... with the best intentions.

I told the guys at MtGox the same thing... when the hack happened... and I believe I was right.   Appearing on camera has probably been the single most important show of good faith that MtGox has done.

I hope you will consider appearing as a guest on The Bitcoin Show soon.    You know how to contact me.

Thanks.

Bruce Wagner
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July 06, 2011, 12:26:04 AM
 #29

That's a great call Bruce, I hope to see Tom on your show soon.
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July 06, 2011, 12:33:16 AM
 #30

That's a great call Bruce, I hope to see Tom on your show soon.

I would very much like to see Tom on that show.
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July 07, 2011, 03:35:02 AM
 #31

Anyone who wants to give feedback to mybitcoin.com, feel free to do so here. You may notice there's a trend there already.

http://www.bitcoinfeedback.com/viewuser.php?id=195
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July 07, 2011, 10:30:50 AM
 #32

Reports seem to be very consistent. 

(1)   Lose your password. 
(2)   No communication. 
(3)   In effect, they've kept your money. 

Let's hope that's not really their business plan... not really their intention. 
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July 07, 2011, 11:47:39 AM
 #33

Hmmm, well I've never had a problem with MyBitcoin. I just cashed out because you guys are making me worried, but I got my bitcoins from them fine. I will continue to use their services, but I wont store excessive amounts of BTC with them. If they implement a password recovery mechanism they will solve a lot of problems.

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Bruce Wagner
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July 07, 2011, 12:48:27 PM
 #34

I just got an email from one of my best friends...

He lost 1000 Bitcoins on MyBitcoin.com   

He has heard no reply whatsoever to any of his emails to them.

Of course, I am the one who recommended MyBitcoin to him.

Imagine how I feel about that.
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July 07, 2011, 12:57:47 PM
 #35

I can also confirm that MyBitCoin is a scam. However, I didn't lose very substantial amounts of BTC like others I have spoken with...I agree that MyBitCoin provides a useful service, but you should NEVER leave your BitCoins in your MyBitCoin account.

This is why:



This "donation" was an unauthorized transaction. They even kind of rub it in your face by adding the "Have a donation!" message. If it were a larger amount, I wouldn't actually think it was as funny.

But really--they "technically" didn't do anything wrong, because I didnt read this in their terms of service "6.1 MYBITCOIN LLC will ensure that for all Bitcoins in circulation in the MyBitcoin System there is at all times an identical quantity of unencumbered Bitcoins held in MYBITCOIN LLC's master Bitcoin wallet."

Oops.

  BitBetter | where your BitCoins are fun
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July 07, 2011, 01:16:43 PM
 #36

Checked my mybitcoin.com account after reading this thread. Still blowin' and a goin' w/ full access and all. It was made last week. Just checked an older account, made months ago, and it's fine and dandy as well.  Cheesy

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July 07, 2011, 01:18:51 PM
 #37

I actually lost .02 bitcoins (my first ones from the faucet) with them because I forgot my username and password.

But I don't blame them for that.
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July 07, 2011, 01:22:28 PM
 #38

I reset my password during the mtgox fiasco, but lost it immediately afterwards (my own keepass fail). It's been 3 weeks and mybitcoin have not reset my password, so I left them crappy feedback here:

http://www.bitcoinfeedback.com/viewuser.php?id=195

I'll retract that (if it's possible) and replace with a neutral if/when they reset my password. There was only 1BTC in my account at the time.

Whether your experience with them was positive or negative, I urge you to rate them too.
lettucebee
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July 07, 2011, 02:47:24 PM
 #39


But really--they "technically" didn't do anything wrong, because I didnt read this in their terms of service "6.1 MYBITCOIN LLC will ensure that for all Bitcoins in circulation in the MyBitcoin System there is at all times an identical quantity of unencumbered Bitcoins held in MYBITCOIN LLC's master Bitcoin wallet."


Can you translate what that means for me? I'm not sure how this "donation" relates to passage 6.1.
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July 07, 2011, 03:09:23 PM
 #40


But really--they "technically" didn't do anything wrong, because I didnt read this in their terms of service "6.1 MYBITCOIN LLC will ensure that for all Bitcoins in circulation in the MyBitcoin System there is at all times an identical quantity of unencumbered Bitcoins held in MYBITCOIN LLC's master Bitcoin wallet."


Can you translate what that means for me? I'm not sure how this "donation" relates to passage 6.1.

well--I suppose it basically means however many coins are being circulated through their system they maintain an equal number of Coins in their "master wallet."

I suppose they do this so that transactions don't need to be confirmed? but...it also means that they can remove coins from your account whenever they feel it is necessary and add it to their "master wallet."

  BitBetter | where your BitCoins are fun
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