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Author Topic: [ANN] BuyMyBitcoin.com - NEW auction site for buying and selling bitcoin-BOUNTY!  (Read 1858 times)
Trader Steve
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July 29, 2011, 12:16:19 AM
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Update: I am no longer offering this service and I no longer control this domain.

Announcing: BuyMyBitcoin.com!

This site will be a place where you can buy or sell your bitcoin in auction format.

You will be able to:

1. set "reserve", "no reserve" and "buy it now" for selling your bitcoin
2. dictate your preferred method of payment (payments will be settled directly between buyer and seller)
3. build your reputation through feedback
4. have FREE listings with miniscule commissions on closed auctions (introductory commissions will be FREE for a period of time and then they will be competitive with the exchanges)

Benefits:

1. person to person trades
2. build your reputation
3. price discovery for bitcoin outside of the exchanges
4. and more things that I can't think of at the moment  Smiley

I am an investor who is funding a large portion of this project. If you have any suggestions or features that you would like to see on the site please post them below or send me a PM.

Expected launch date: 7 - 14 days.

Your feedback and suggestions are appreciated!

Okay, here's the bounty:

10 BTC for the best logo design. Post your design in this thread. I will set up a poll where people can vote on the best with the winner getting the bounty, free publicity, admiration and envy of the community!

Thanks,
Trader Steve
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July 29, 2011, 12:19:51 AM
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So you are announcing... nothing?
Trader Steve
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July 29, 2011, 12:23:46 AM
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So you are announcing... nothing?

To the contrary, it is a site that will be up shortly. I am posting now so bitcoin users can request the features that they value most. Also, I will have a bounty posted shortly for the logo design.
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July 29, 2011, 12:29:43 AM
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Okay, here's the bounty:

10 BTC for the best logo design. Post them in this thread. I will set up a poll where people can vote on the best with the winner getting the bounty, free publicity, admiration and envy of the community!

If I'm missing something let me know.  Smiley

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July 29, 2011, 12:32:21 AM
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I don't think an auction format will fly for the sale of bitcoins.  I list a bitcoin at $10, someone lists it at $9.99.  Now I have to edit my auction?  How is that any different than an exchange?

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Trader Steve
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July 29, 2011, 12:40:22 AM
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I don't think an auction format will fly for the sale of bitcoins.  I list a bitcoin at $10, someone lists it at $9.99.  Now I have to edit my auction?  How is that any different than an exchange?

Most people will set a "buy it now" price. It will not sell unless it is priced competitively. It's more of an open exchange with buy and sell offers but people can set their minimum asking price or leave it open to auction. If they have a good reputation they could possibly even command a premium. One of the primary benefits is avoiding some of the hassles associated with trading on exchanges.
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July 29, 2011, 12:48:13 AM
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you mean like https://bitmarket.eu/  ?

I've used that site, it works pretty well.

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July 29, 2011, 12:54:20 AM
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you mean like https://bitmarket.eu/  ?

I've used that site, it works pretty well.

thats an exchange just like mtgox right?  he's talking about an auction site like ebay.
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July 29, 2011, 12:54:25 AM
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you mean like https://bitmarket.eu/  ?

I've used that site, it works pretty well.

One of the primary benefits of using BuyMyBitcoin.com is that you can build a reputation. Also, this creates another form of price discovery away from the exchanges.
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July 29, 2011, 12:54:47 AM
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you mean like https://bitmarket.eu/  ?

I've used that site, it works pretty well.

thats an exchange just like mtgox right?  he's talking about an auction site like ebay.

Correct.
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July 29, 2011, 12:54:59 AM
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you mean like https://bitmarket.eu/  ?

I've used that site, it works pretty well.

One of the primary benefits of using BuyMyBitcoin.com is that you can build a reputation. Also, this creates another form of price discovery away from the exchanges.

i think the reputation thing is good.
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July 29, 2011, 12:56:36 AM
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is there an auction site for Bitcoin related items?
geek-trader
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July 29, 2011, 01:03:48 AM
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you mean like https://bitmarket.eu/  ?

I've used that site, it works pretty well.

thats an exchange just like mtgox right?  he's talking about an auction site like ebay.

Not really an exchange like MtGox.  It's a person-to-person BTC sale site.  They match buyers and sellers and then you pay the seller directly.  They hold the BTC in escrow and release it when the seller acknowledges payment.  They check you out before you join, I had to prove my ebay account and they used my positive feedback there to aprove me. 

It's closer to what Trader Steve is proposing than MtGox.

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July 29, 2011, 01:05:44 AM
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thats an exchange just like mtgox right?  he's talking about an auction site like ebay.
Correct.

 to be more exact :
 thats an exchange -> yes

 like mtgox -> no

 mtgox is a real time exchange, you wont know who is selling you bitcoin and the seller cant be  scammed by the buyer ( reverse paypal for example )

 bitmarket.eu is a p2p exchange, you will know the seller, send payment yourself . . . and you can be scammed by your buyer

 

Trader Steve
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July 29, 2011, 01:05:55 AM
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is there an auction site for Bitcoin related items?


Not sure, but we've decided against that for this site. This is intended to be focused on auctioning bitcoin only so widgets don't clutter it up. The purpose is to build reputations and create price discovery off of the exchanges. It's another way of helping to create publicly viewable price discovery without having to rely on the major exchanges - it's also another effort to decentralize the exchange mechanism.
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July 29, 2011, 01:08:07 AM
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thats an exchange just like mtgox right?  he's talking about an auction site like ebay.
Correct.

 to be more exact :
 thats an exchange -> yes

 like mtgox -> no

 mtgox is a real time exchange, you wont know who is selling you bitcoin and the seller  scammed by the buyer ( reverse paypal for example )

 bitmarket.eu is a p2p exchange, you will know the seller, send payment yourself . . . and you can be scammed by your buyer

 

Yes, at BuyMyBitcoin.com all transactions are settled off-site. Reputations help build trust and the actors can work out their own arrangements - be it escrow or trust.
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July 29, 2011, 01:09:27 AM
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These reputations will be useful for conducting other transactions as well. Much like people point to their ebay reputations for off-site transactions. Same security precautions should be taken though.
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July 29, 2011, 01:17:30 AM
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Yes, at BuyMyBitcoin.com all transactions are settled off-site. Reputations help build trust and the actors can work out their own arrangements - be it escrow or trust.

Reputation doesn't matter on an exchange when you are guaranteed to get your btc/$ the instant the trade goes through.

With your method, sure you can trust somebody until they decide a certain trade is worth ruining their reputation.  Until then you need to deal with language and time zone issues, and wait until the transfer goes through through various means.

I really don't see the advantage.   Undecided

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July 29, 2011, 01:26:36 AM
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we definitely need an alternative to the realtime exchanges.

i find it interesting to see the different minor nuances btwn the alternative exchanges popping up. 

one of them is gonna hit it big.  is it this one?
Trader Steve
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July 29, 2011, 01:42:57 AM
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Yes, at BuyMyBitcoin.com all transactions are settled off-site. Reputations help build trust and the actors can work out their own arrangements - be it escrow or trust.

Reputation doesn't matter on an exchange when you are guaranteed to get your btc/$ the instant the trade goes through.

With your method, sure you can trust somebody until they decide a certain trade is worth ruining their reputation.  Until then you need to deal with language and time zone issues, and wait until the transfer goes through through various means.

I really don't see the advantage.   Undecided

The advantage is that, while the reputation system is imperfect, it is one of the few ways of reducing risk and facilitating trade when dealing with digital cash. Escrows are imperfect too but if you combine the two you can achieve a great alternative to the traditional exchanges. It helps to decentralize the exchange process as well. If one or two big exchanges go down, the price discovery mechanism suffers - especially if there are no alternatives.

This also avoids the (possible) event where exchanges will be brought under the "know your customer" rules and you may have to provide identification documents and such. The auction listing format avoids the need to handle other people's money and this reduces the risks of future regulation.
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