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Author Topic: Bitmit - Bitcoin shopping mall - Bitcoin market place - Bitcoin auction house  (Read 142213 times)
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November 14, 2013, 06:49:34 AM
 #1501

But the system is easily gamed.  The seller can send an empty box, and provide a tracking number to the escrow company to "prove" that they sent the item and then it is the seller's word against the buyers word about what was in the box.

That would not have fooled Bitmit's Escrow system. They made individual inquiries in every case, AFAIK. A tracking number is $2 and proves nothing.

I was making 1-2 sales per day using bitmit. Using coingig and cryptothrift I have made 1 sale in the past week. I miss bitmit.

+1

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November 14, 2013, 08:58:41 AM
Last edit: November 14, 2013, 09:11:23 AM by razorfishsl
 #1502

The text on the site has changed again:
Quote
We are planning to let another company take over Bitmit. Meanwhile we deactivated the site to let you withdraw your funds & complete your orders. The chances are good that Bitmit will be continued.
We are still taking serious offers!
I guess the offers until now were just not in the ballpark they expect.


It is a crock, they appear to be watching this forum and the comments,and looking for someone who knows fuck all about the site value and is stupid enough to be bullshitted into a stupid amount.

The reality of the situation is  what exactly are you buying?

1. 'goodwill' ~ questionable…
2  'Assets' codebase+Domain name.
3. 'Liabilities'… potentially a shit load.


And if you do not have a clear LEGAL bill of sale, you are going to be in the shit, because when the  authorities come knocking you have no proof that it was NOT YOU running the site all along.
Which in turn is  potentially a shit load of legal action against you in the future.

Saying you 'legally' bought a  suspect business, in no way absolves you from legal responsibility.

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November 14, 2013, 09:08:19 AM
 #1503

But the system is easily gamed.  The seller can send an empty box, and provide a tracking number to the escrow company to "prove" that they sent the item and then it is the seller's word against the buyers word about what was in the box.

That would not have fooled Bitmit's Escrow system. They made individual inquiries in every case, AFAIK. A tracking number is $2 and proves nothing.

In the case of starsoccer9, it absolutely did fool the "system" (which used to say that an empty unboxing video was sufficient proof of seller fraud). Bitmit attempted to revise history and claim this was never their policy, and effectively said that the tracking number alone was more proof that the item was delivered, than the unboxing video with the label still on, showing the seller & buyers' name/address, and tracking #, tape being cut away, revealing an empty box.

Shortly after, the site starts shutting down.

Scammit.

Saying that you don't trust someone because of their behavior is completely valid.
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November 14, 2013, 03:37:37 PM
 #1504

is it just me or does anyone else see that coingig does not have SSL encryption enabled.!

Always buying and selling btc in bulk.!
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November 14, 2013, 05:35:01 PM
 #1505

is it just me or does anyone else see that coingig does not have SSL encryption enabled.!

If I'm not mistaken, I think someone pointed that out earlier in this thread.
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November 14, 2013, 05:37:00 PM
 #1506

is it just me or does anyone else see that coingig does not have SSL encryption enabled.!

If I'm not mistaken, I think someone pointed that out earlier in this thread.

Got it. Thanks for the clarification.!

Always buying and selling btc in bulk.!
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November 14, 2013, 05:40:17 PM
 #1507

If BitMit is shutting down, what will happen to orders and payments that are still in escrow?

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i am going to need all the private keys for Bitcoin addresses in my bitmit wallet

+1

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November 14, 2013, 06:34:17 PM
 #1508

In the case of starsoccer9, it absolutely did fool the "system" (which used to say that an empty unboxing video was sufficient proof of seller fraud). Bitmit attempted to revise history and claim this was never their policy, and effectively said that the tracking number alone was more proof that the item was delivered, than the unboxing video with the label still on, showing the seller & buyers' name/address, and tracking #, tape being cut away, revealing an empty box.

This is why the only effective escrow to mediate the meeting of scam buyers and scam sellers is full escrow. Buyer sends escrow agent the money, seller sends escrow agent the merchandise, who verifies its legitimacy and authenticity to the conditions set forth by the buyer. Only when both money and merchandise are escrow-agent-approved are they released to the parties.

This is of course impractical for many items, requires time and a trustworth escrow agent, and would require double-shipping and appropriate fees, but would guarantee that no scammer gets away with their scam.

This is why Christie's makes $17 million for selling one painting.
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November 14, 2013, 06:48:22 PM
 #1509

In the case of starsoccer9, it absolutely did fool the "system" (which used to say that an empty unboxing video was sufficient proof of seller fraud). Bitmit attempted to revise history and claim this was never their policy, and effectively said that the tracking number alone was more proof that the item was delivered, than the unboxing video with the label still on, showing the seller & buyers' name/address, and tracking #, tape being cut away, revealing an empty box.

This is why the only effective escrow to mediate the meeting of scam buyers and scam sellers is full escrow. Buyer sends escrow agent the money, seller sends escrow agent the merchandise, who verifies its legitimacy and authenticity to the conditions set forth by the buyer. Only when both money and merchandise are escrow-agent-approved are they released to the parties.

This is of course impractical for many items, requires time and a trustworth escrow agent, and would require double-shipping and appropriate fees, but would guarantee that no scammer gets away with their scam.

There is no need to send the money to the escrow agent, there are protocols possible today, and for some time already, that eliminate that need. The escrow only acts if one of the parties do not conclude the transaction, and even then no coins are sent to the escrow agent directly. The other part about verifying the merchandise was already mentioned here, by me, and it needs to be done.

It is possible to automate in good accuracy many items, requires knowledge and a trustworthy company.
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November 14, 2013, 06:54:27 PM
 #1510

But the system is easily gamed.  The seller can send an empty box, and provide a tracking number to the escrow company to "prove" that they sent the item and then it is the seller's word against the buyers word about what was in the box.

That would not have fooled Bitmit's Escrow system. They made individual inquiries in every case, AFAIK. A tracking number is $2 and proves nothing.

In the case of starsoccer9, it absolutely did fool the "system" (which used to say that an empty unboxing video was sufficient proof of seller fraud). Bitmit attempted to revise history and claim this was never their policy, and effectively said that the tracking number alone was more proof that the item was delivered, than the unboxing video with the label still on, showing the seller & buyers' name/address, and tracking #, tape being cut away, revealing an empty box.

Shortly after, the site starts shutting down.

Scammit.

I think everyone should take video of them packaging the item, and then SEALING it with serialized security tape, then LOOKING CLOSELY at the security tape, to make clear it's serial number on video, and then handing it off to a USPS employee, and FILMING them weigh it and paying for it, and continuing to film the employee take the package to the back of the building where the other packages ready to be shipped are located.

Problem solved.

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November 14, 2013, 11:07:52 PM
 #1511

It is a crock, they appear to be watching this forum and the comments,and looking for someone who knows fuck all about the site value and is stupid enough to be bullshitted into a stupid amount.

The reality of the situation is  what exactly are you buying?

1. 'goodwill' ~ questionable…
2  'Assets' codebase+Domain name.
3. 'Liabilities'… potentially a shit load.


And if you do not have a clear LEGAL bill of sale, you are going to be in the shit, because when the  authorities come knocking you have no proof that it was NOT YOU running the site all along.
Which in turn is  potentially a shit load of legal action against you in the future.

Saying you 'legally' bought a  suspect business, in no way absolves you from legal responsibility.

Wow, I can't believe you are both an internet lawyer and an internet asset appraisal specialist.

1. Goodwill = reputation = trust = brand recognition => INVALUABLE
2. assets = codebase/domain = turnkey startup with preexisting enthusiastic userbase => INVALUABLE
3. liabilities = problem of former owners = fresh start = chance to go legit and destroy ebay or take it dark (bitmit.bit or 3i3ld0cbitmit.onion) => INVALUABLE

BitMit is worth at least 100 Bitcoins.  With adults in charge, real lawyers, and real marketing, it has the potential to make scAmazon and feeBay OBSOLETE.


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November 15, 2013, 03:04:26 AM
Last edit: November 15, 2013, 03:50:10 AM by razorfishsl
 #1512

It is a crock, they appear to be watching this forum and the comments,and looking for someone who knows fuck all about the site value and is stupid enough to be bullshitted into a stupid amount.

The reality of the situation is  what exactly are you buying?

1. 'goodwill' ~ questionable…
2  'Assets' codebase+Domain name.
3. 'Liabilities'… potentially a shit load.


And if you do not have a clear LEGAL bill of sale, you are going to be in the shit, because when the  authorities come knocking you have no proof that it was NOT YOU running the site all along.
Which in turn is  potentially a shit load of legal action against you in the future.

Saying you 'legally' bought a  suspect business, in no way absolves you from legal responsibility.

Wow, I can't believe you are both an internet lawyer and an internet asset appraisal specialist.

1. Goodwill = reputation = trust = brand recognition => INVALUABLE
2. assets = codebase/domain = turnkey startup with preexisting enthusiastic userbase => INVALUABLE
3. liabilities = problem of former owners = fresh start = chance to go legit and destroy ebay or take it dark (bitmit.bit or 3i3ld0cbitmit.onion) => INVALUABLE

BitMit is worth at least 100 Bitcoins.  With adults in charge, real lawyers, and real marketing, it has the potential to make scAmazon and feeBay OBSOLETE.
Er no…..it's not, because of what has gone on. The shit related to this site extends all the way up into China and fraud/illegal practices there.

Why would I need to be an 'expert' ?, I pay people to do that for me….or I have a coffee and ask a friend to 'cast an eye' over something for me.

 I'm aware of things going on in the background in H.K that you do not (in all respect) have a fucking clue about, and boy, it's interesting….

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November 16, 2013, 06:26:43 AM
 #1513

So bitmit is going to be sold.  How long would it take from the point it's sold for it to open for business again?  Huh
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November 16, 2013, 02:49:26 PM
 #1514

While I do agree that bitmit could become huge, I dont plan to use them ever again. I had talked with the owner many times and he was quite nice but then to close the site down without warning, not respond to my emails, and then to offer that I split the escrow and take a half loss on an empty box, the new owner will need to be very great. Bitmit has basically put there whole site to shame since they put up that they were ending it.
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November 16, 2013, 04:07:51 PM
 #1515

The solution can be join Bitrun.net Marketplace! https://bitcointalk.org/index.php?topic=310551.0
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November 16, 2013, 04:13:07 PM
 #1516

hey guys since it looks like coingig is going to be the new bitmit would anyone mind helping me build up some reputation?

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November 16, 2013, 04:31:38 PM
 #1517

would anyone mind helping me build up some reputation?

You forgot to tag that as a joke, I certainly missed it.
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November 16, 2013, 08:42:31 PM
 #1518

Coingig is not an auction site.  It's more like amazon.  Auctions have the advantage of helping the buyer to determine the market price of a used item, like a used butterfly labs jalapeno miner.  How much is that worth?  Auctions are the best way to determine the price of used items with an uncertain value.  If you're looking for a BitMit replacement try halfpricedigital.com
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November 16, 2013, 09:13:44 PM
 #1519

Yeah. Bitmit has lost it's reputation now. I will not be using it again.

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November 16, 2013, 09:58:06 PM
Last edit: November 17, 2013, 12:23:29 AM by Welsh
 #1520

Yeah. Bitmit has lost it's reputation now. I will not be using it again.

I think I feel the same way, I don't know the new owner and it looks like we are not going to find out. Therefore, I will not be using bitmit any more. Unless, we do find out who the new owner is and they are quite reputable I might reconsider. But, us as the customers to bitmit have been left in the dark really.

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