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Author Topic: Bitmit - Bitcoin shopping mall - Bitcoin market place - Bitcoin auction house  (Read 131652 times)
uk1
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November 14, 2013, 05:40:17 PM
 #1521

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

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

+1

Make sure you back up your wallet regularly! With Bitcoin-Qt, it needs to be backed up at least as often as every 100 transactions (both sends and receipts) or new addresses.
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deepceleron
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November 14, 2013, 06:34:17 PM
 #1522

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.

moderate
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nearly dead


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November 14, 2013, 06:48:22 PM
 #1523

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.
ReCat
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November 14, 2013, 06:54:27 PM
 #1524

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.

BTC: 1recatirpHBjR9sxgabB3RDtM6TgntYUW
Hold onto what you love with all your might, Because you can never know when - Oh. What you love is now gone.
iCEBREAKER
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November 14, 2013, 11:07:52 PM
 #1525

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.

The difference between bad and well-developed digital cash will determine whether we have a dictatorship or a real democracy.  David Chaum 1996
Fungibility provides privacy as a side effect.  Adam Back 2014
"Monero" : { Private - Auditable - 100% Fungible - Flexible Blocksize - Wild & Free® - Intro - Wallets - Podcats - Roadmap - Dice - Blackjack - Github - Android }


Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016
Blocks must necessarily be full for the Bitcoin network to be able to pay for its own security.  davout 2015
Blocksize is an intentionally limited resource, like the 21e6 BTC limit.  Changing it degrades the surrounding economics, creating negative incentives.  Jeff Garzik 2013


"I believed @Dashpay instamine was a bug & not a feature but then read: https://bitcointalk.org/index.php?topic=421615.msg13017231#msg13017231
I'm not against people making money, but can't support questionable origins."
https://twitter.com/Tone_LLT/status/717822927908024320


The raison d'être of bitcoin is trustlessness. - Eric Lombrozo 2015
It is an Engineering Requirement that Bitcoin be “Above the Law”  Paul Sztorc 2015
Resiliency, not efficiency, is the paramount goal of decentralized, non-state sanctioned currency -Jon Matonis 2015

Bitcoin is intentionally designed to be ungovernable and governance-free.  luke-jr 2016

Technology tends to move in the direction of making surveillance easier, and the ability of computers to track us doubles every eighteen months. - Phil Zimmerman 2013

The only way to make software secure, reliable, and fast is to make it small. Fight Features. - Andy Tanenbaum 2004

"Hard forks cannot be co
razorfishsl
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November 15, 2013, 03:04:26 AM
 #1526

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….

High Quality USB Hubs for Bitcoin miners
https://bitcointalk.org/index.php?topic=560003
desert_beagle
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November 16, 2013, 06:26:43 AM
 #1527

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
starsoccer9
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November 16, 2013, 02:49:26 PM
 #1528

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.

BitRun
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November 16, 2013, 04:07:51 PM
 #1529

The solution can be join Bitrun.net Marketplace! https://bitcointalk.org/index.php?topic=310551.0

Bitrun - Bitcoin Marketplace, Buy & Sell with Bitcoin |  www.bitrun.net  is a commercial platform when users can buy or sell goods with bitcoins. Full
Anon136
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November 16, 2013, 04:13:07 PM
 #1530

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

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited? Is there any process, procedure or ritual through which an immoral action can be legitimately transformed into a moral one with out changing the character of the action itself?
moderate
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November 16, 2013, 04:31:38 PM
 #1531

would anyone mind helping me build up some reputation?

You forgot to tag that as a joke, I certainly missed it.
HalfPriceDigital
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November 16, 2013, 08:42:31 PM
 #1532

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

MakeBelieve
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November 16, 2013, 09:13:44 PM
 #1533

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

On a mission to make Bitcointalk.org Marketplace a safer place to Buy/Sell/Trade
Welsh
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November 16, 2013, 09:58:06 PM
 #1534

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.
ReCat
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November 16, 2013, 10:30:29 PM
 #1535

I wish that BitSumo guy would buy this company. He's really good at running BitSumo since he bought that.

BTC: 1recatirpHBjR9sxgabB3RDtM6TgntYUW
Hold onto what you love with all your might, Because you can never know when - Oh. What you love is now gone.
Welsh
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November 16, 2013, 10:36:37 PM
 #1536

I wish that BitSumo guy would buy this company. He's really good at running BitSumo since he bought that.

That's true. Fible has done a great job thus far. Maybe a great candidate. He's professional and resolves any issues within a few hours. But, if bitmit is going to be run effectively. It needs staff members which Fible is not prepared to do I don't think.
Anon136
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November 17, 2013, 12:30:51 AM
 #1537

would anyone mind helping me build up some reputation?

You forgot to tag that as a joke, I certainly missed it.

that seems to be where most of bitmits business is moving. Undecided do you know something about coingig that i don't and probably ought?

Rep Thread: https://bitcointalk.org/index.php?topic=381041
If one can not confer upon another a right which he does not himself first possess, by what means does the state derive the right to engage in behaviors from which the public is prohibited? Is there any process, procedure or ritual through which an immoral action can be legitimately transformed into a moral one with out changing the character of the action itself?
bernard75
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November 17, 2013, 09:29:38 AM
 #1538

I tried Coingig, its a nightmare and the other made overnight wannabes i dont even try.
row5_seat47
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November 17, 2013, 03:45:53 PM
 #1539

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.



Anatomy of a Scam: Sleeper Cells on eBay
http://www.ecommercebytes.com/cab/abn/y13/m03/i13/s01

Continued "More Transparency needed on eBay"
http://www.ecommercebytes.com/C/abblog/blog.pl?/pl/2013/3/1363143352.html

The Video

China Sleeper Cells on eBay "Android Mini PC Unboxing"
http://youtu.be/69uKusLqwWw
Welsh
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November 18, 2013, 01:01:25 AM
 #1540

I tried Coingig, its a nightmare and the other made overnight wannabes i dont even try.

Exactly. Since bitmit has announced that they are closing there has been at least five new websites come out of no where. Mostly by newly registered members which no one trusts. Also, most of the sites are horrible in security & design.
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