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Author Topic: bitmarket.eu sucks  (Read 1552 times)
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August 12, 2011, 03:20:11 PM
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K, so i am fairly new to the bitcoin scene. About 3 months of research into it i have finally completely my first rig. Mind you I am a fairly young kid and my financial situation keeps my bitcoin venture quite limited. I have had no issues creating my mtgox account my mine pooling though mining.bitcoin.cz acct my new pay pal acct my new ebay acct. ALL IS WELL! except of course i downloaded this nice little app for my iphone called bitcoin. It lets me see the trading value of bitcoins on other markets. One market which struck my interest was bitmarket.eu. So i readily signed up for a new account with hopes of making small trades (larger as my bitcoin portfolio grows) of course these freaking people have not allowed me to authorize my account. it has bee 6 days now since i originally applied for an account verification. SINCE then i have emailed them multiple times, stalked them on twitter and now i am going to start making conversations on random bitcoin forums until i at LEAST get a response back. this is A) completely rude and B) their own fault for having F$$%tard SYSTEM set up which has no method of actually verifying if the user is legit or not. THAT ISNT MY PROBLEM. IM SORRY IM NEW and cant prove that im legit but i am. I have used my email address to apply for this acct which has a local cable companies email service providers address attached to it. if they would take 2 minutes of their time and stop stuffing their faces with donuts and try to actually help me that would be awesome. HOW FREAKING RUDE!

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August 12, 2011, 04:28:38 PM
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I hear ya on the validation / approval woes... sort of in the same boat here. It would be nice if they'd be more explicit about what kind of creds are needed to be validated.

Also, because they are a larger exchange, it seems unreasonable to me that users need to be validated before ALL transactions... why not just have a strict delivery-vs-payment policy using sites like Dwolla and immediate BTC transfers...
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August 12, 2011, 04:48:09 PM
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On further thought, the question to be asked here in the newbie forum is: does anyone have a bitmarket.eu account who can advise newbies on getting validated?
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This account was a fraudulent account.


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August 12, 2011, 08:25:00 PM
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I have a Bitmarket.eu Account and it only took me 24 hours to get verified.

This account was a fraudulent account created by a girl in Melbourne, Australia. There is no point messaging this account, continue with reversing all paypal transactions.
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August 12, 2011, 08:27:32 PM
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Im not a fan of them because, if I understand it right, they have a fairly limited API and don't allow you to trade with it. The API is market data only - lame!
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August 12, 2011, 08:42:06 PM
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Im not a fan of them because, if I understand it right, they have a fairly limited API and don't allow you to trade with it. The API is market data only - lame!

It doesn't make sense for them to have an API. The trades are not handled by them.

I have a bitmarket.eu account. It took 2 or 3 days to activate. I just gave them my ebay account as a reference (I only bought on ebay, but I have a clean record). I am glad that they don't allow everyone in. It's an exchange based on trust and I hope it stays that way.

So, OP, why do you need to use bitmarket so bad?
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August 12, 2011, 10:21:32 PM
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well the reason i wanted it so badly because at the time i could buy bitcoins from mtgox.com for 7.8 USD and sell them on bitmarket.eu for 7.4 euros which would deposit to my pay pal at 10.54 usd. of course now its evening out but the thing is every time the market fluxuates i can make profit by buying in one market and selling in another. jus bought another 6950 today im on to rig number 2 next. eventually they have to give me an account. or not. either way i am completely frusterated.

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August 12, 2011, 10:34:37 PM
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right now MTGOX = 9.4585 USD BITMARKET.EU = 7.99 EUROS. 1.92 USD profit.

Man is least himself when he talks in his own person. Give him a mask and he will tell you the truth.

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August 12, 2011, 10:50:41 PM
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At the time I was verified by Bitmarket.eu I didn't have any account on this forum nor did I have any ebay account. I pointed out that I'm the owner/admin of a small website and that was enough to get me verified. I linked the whois information of the site in order to prove that it was mine. They do say you can be creative in providing proof for the verification process. Perhaps you know an already verified member of Bitmarket.eu who can vouch for you or can point to another forum where your posts were polite and on topic. I'm just shooting in the dark, the point is you can go beyond what they ask for (membership in the circle of trust or on this forum) in order to get verified.

Verification is important as it's one of the main ways that the traders on Bitmarket.eu are protected from scammers/lowlifes/miscreants. It must work, been trading there for about 3 months and have not experienced a single problem with getting paid or receiving the BTC I paid for.
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August 12, 2011, 11:05:21 PM
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Beware all of you trying for arbitrage opportunities that bitmarket.eu doesn't work like mtgox or tradehill, and thus the ticket data you get on bitcoincharts and the like is not readily comparable.

The reason is that other exchanges hold both the fiat and the btc, you place bids and asks and those get served on the spot. For bitmarket, though, they only hold the btc as escrow, and the fiat never goes through them, meaning that bids and asks are heavily skewed in time with the actual trades, making the 'last value' that of 3~4 days before, as it gets there only when the trade is confirmed by the seller and the buyer gets the coins.

On top of that bids and asks have an extra field to them, the accepted payment methods, and you will find that many times the bid is higher than the ask but that trade isn't triggered. This happens for this same reason, bidding high values with, say PayPal but lower asks only accepting SEPA transfers.

I don't think you have lost much, opportunity cost wise.
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August 12, 2011, 11:17:21 PM
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I got verified within minutes.

I use it all the time with i sell on ebay and i convert it to Bitcoins  Smiley
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August 12, 2011, 11:26:30 PM
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I agree being a little more polite might help. It would have been polite of them to maybe respond within 5 days or so. Nevertheless I should keep my composure. As far as someone vouching for me i am on my own as of now. Nobody I talk to a) understands the bitcoin or b) thinks i am a sane person for investing my money into the bitcoin. I am going to start buying silver off of ebay with my profits I think within a month or two they should have enough transactions on my ebay account to vouche for my authenticity. As for being a menace I could easily just create 10 ebay accounts sell a fake item to myself on ebay multiple times to make myself look legitimate. Its not like im not smart enough to do the things these hackers are doing its that a) i believe in karma and b) they are actually working harder than they have to. For example say I were to phish for computers placing these "viruses" and "trojans" which are readily available online and made a completely annonymous computer (laptop) and connected to the internet using a samsung galaxy 2 4g hooked up to tmobile getting 21mbps (not that it matters but thats what id do) then i could annonymously harvest bitcoins from computers i had taken over. Very easy actually. But the machines I would be taking over would be on average of what .75 ghash a sec? which means i would have to get 440 machines to stay online 24/7 and never know they had a virus to be the equivilent of 1 6950 video card. LOL sounds like a waste of my time. Plus with all the federal attention the hackers are getting its pretty obvious if those kids should toss their scripts and go legit they could be much more profitable. In the end 50% of my profits will be going to new rigs and 50% will be going to silver/gold coins. I see wealth in the immediate future. by the end of next year i hope to have 20-30k$ in coins. Probably more if you consider the american dollar is at an immediate downhill spiral. As for now 100% of my income is going to my rigs. VIVA LA BITCOIN!

Man is least himself when he talks in his own person. Give him a mask and he will tell you the truth.

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August 12, 2011, 11:38:01 PM
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@neliski  first what I would do is see what bitcoins are for sale in a large cluster say 100 bitcoins are for sale on mtgox at 10.5 usd. Then I would check the bitmarket.eu site and see what the largest cluster say 100-200 bitcoins were being asked for. Then I would calculate what the profit margin is. Say its 15% I probably wouldnt trade. If it was 25%+ then I would buy my bitcoins from mtgox which would be immediate. Transfer them to my bitmarket.eu account (which takes about 20min, I transfered 1 btc already) and that would hopefully be enough of a window to be able to sell the bitcoins off at the bitmarket.eu price and still be within 10%+ profit margin. I obviously see that there is room for error and that the market could easily move while im making my transfer. Then the money would be directly sent to my paypal acct and can be transfered to my bank (3-5 days {if anyone knows a faster way to get my money that would be awesome}) at no cost. Then again back to my dwolla account for another round. the only place I will be getting charged any fee is mtgox.com tiiiiiiiiiny little percentage fee for my purchase. I am completely fine with that. I look forward to making my bitcoin portfolio blossom. Cheesy

Man is least himself when he talks in his own person. Give him a mask and he will tell you the truth.

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August 12, 2011, 11:44:36 PM
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heh, two things:

You are trading with actual people on bitmarket, so you don't get a "trade" event such as on mtgox, but rather an email with the buyer's email address and a note "work it out between the two of you".

This is fine, I've done plenty of deals there, but your times are not going to be that consistent.

The other thing is... PayPal? Really? You are dealing with random joes here (that were verified by bitmarket for whatever that's worth), it is NOT bitmarket sending you money like mtgox does.

disclaimer: bitmarket is one of my favorite places to trade, and looses to all others only because they are not an exchange, they're a bulletin board and an escrow.
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August 12, 2011, 11:52:29 PM
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True nothing is for sure. neither are bitcoins. difficulty goes up and down. price goes up and down. but it is possible to make some profits while im waiting for my rigs to pump out bitcoins. nevertheless it interests me and i will be slowly chipping away at turning my money into more money wether it is silver, bitcoins, or whatever i feel is the upcoming profitmaker. any profit is better than no profit. especially if u live in the u.s. which i do. Smiley

Man is least himself when he talks in his own person. Give him a mask and he will tell you the truth.

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August 13, 2011, 09:10:26 AM
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That's a good plan you have there Smiley
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August 19, 2011, 07:54:43 AM
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K, so i am fairly new to the bitcoin scene. About 3 months of research into it i have finally completely my first rig. Mind you I am a fairly young kid and my financial situation keeps my bitcoin venture quite limited. I have had no issues creating my mtgox account my mine pooling though mining.bitcoin.cz acct my new pay pal acct my new ebay acct. ALL IS WELL! except of course i downloaded this nice little app for my iphone called bitcoin. It lets me see the trading value of bitcoins on other markets. One market which struck my interest was bitmarket.eu. So i readily signed up for a new account with hopes of making small trades (larger as my bitcoin portfolio grows) of course these freaking people have not allowed me to authorize my account. it has bee 6 days now since i originally applied for an account verification. SINCE then i have emailed them multiple times, stalked them on twitter and now i am going to start making conversations on random bitcoin forums until i at LEAST get a response back. this is A) completely rude and B) their own fault for having F$$%tard SYSTEM set up which has no method of actually verifying if the user is legit or not. THAT ISNT MY PROBLEM. IM SORRY IM NEW and cant prove that im legit but i am. I have used my email address to apply for this acct which has a local cable companies email service providers address attached to it. if they would take 2 minutes of their time and stop stuffing their faces with donuts and try to actually help me that would be awesome. HOW FREAKING RUDE!

I am in your situation. 5 days my account is not approved yet. I apply my ebay account for a verification. Next day I receive a message on my email from admin@bitmarket.eu

----------
Hi there,

Is there any chance you could message me from your ebay account just
to confirm that you actually own it? Please send your ebay message to
the ebay user: bitmarketeu (http://myworld.ebay.com/bitmarketeu)

Also, in your message, please include your BitMarket nickname.

Thank you,
April
----------
immediately i send a message from my ebay account to their and nothing... I send them email after 2 days. No response. After more 2 days i again start a verification and of course today i receive a same message...

but what to see... http://myworld.ebay.com/bitmarketeu - No longer a registered user

so how to send a message to their No longer a registered user and they will read it to verify my account.

Very unprofessional website.

Let's color the MOON: YP4ZV8yabKGBKG2uNWHQBwrdURkyxqst4D
Before to do business with me you can check my  BitcoinFeedback; ebay and .net developer profile
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August 19, 2011, 10:51:44 PM
 #18

Yep I gave up. They can enjoy their current members and forget about me ever trading with their market. Lame. On an upnote block difficulty seems to be slightly dropping! very nice!

Man is least himself when he talks in his own person. Give him a mask and he will tell you the truth.

- Oscar Wilde
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August 20, 2011, 01:10:44 PM
 #19

Hello, I'm quite new at this whole bitcoin business but although I've had much the same experience as you with bitmarket.eu, my take on it is rather different. When I signed up to them they asked for a verification, I gave them an ebay account, got the same mail as you and sent the pm via ebay. Then nothing. Two days later, instead of having a hissy fit, I went to the bitmarket.eu website, went to the FAQ, got the admin email address and sent them a polite mail wondering what was going on, I just got an email back saying my ebay account didn't have a high enough rep and could I verifiy with a validated payapal account. I'm waiting for their reply which I reckon will be positive.

It's good that they are careful, imagine how easy it would be to create a bunch of empty accounts (it takes all of 30 seconds to create an ebay account) and then use all these to artifically manipulate the bitcoin rate. I could see the owner of a competing exchange wanting to do just that.

Bitcoin is very new and it is just entering the mainstream conciousnes, you can equate that with columbian capitalism, lots of money to be maid, lots of sharks out prowling and lots of newbies thinking they are going to strike it rich. Be patient, extend trust, vouch for yourself. you'll get there.

Ash

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dominus mysteria
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August 20, 2011, 09:37:59 PM
 #20

lol k, dunno y u think that deserves a donation. but the bitmarket.eu verification process is an epic fail at best. obviously we are aware why they have a verification process. we are fed up that it sucks. nobody thinks they are going to strike it rich. (it would be nice) but its about making your portfolio grow. bitcoins are a way to do that, and because bitcoin is a young market there are multiple ways of making money off of them. still not going to trade on bitmarket.eu even though they finally approved my account.

Man is least himself when he talks in his own person. Give him a mask and he will tell you the truth.

- Oscar Wilde
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