Bitmit - Bitcoin shopping mall - Bitcoin market place - Bitcoin auction house

[Bogart]

I sure hope they release all the held escrows before closing down for good.

I've got a sale still in there with the BTC unreleased.  I have tried many times to contact the buyer asking them to login and release, but they never responded.  So far as I know the item was delivered to their satisfaction.

[bernard75]

So how much did he expect to get for it?

[User705]

Admitted to having a hack and possibly everything was/is compromised but 50,000 is too little.  

I made the guy an offer and this is the reply i got....thought it was about time the email got released...

Hi!

Thanks for your interest in purchasing Bitmit. Let me answer your questions.

1) Why do you want to sell Bitmit?
I fully understand your question. I would ask this myself why somebody
is selling such a cash cow. The reason I want to let other people take
over Bitmit is simply that I prefer to focus on other things in my life.
Bitmit has taken too much of my life and I sleep way better when I don't
have to take care of thousands of dollars of user funds. This does not
mean that I think Bitmit is not secure but it's a big responsibility to
manage so much funds of other people.

There is one thing that strongered this decision and I need to tell you:
We did have an issue where an employee of the old hosting company
accessed our server without authorization. We cannot warranty that he
has not copied the database and files of the webdirectory (source code,
user id scans). He managed it steal 15 BTC. However we discoverd this
attack and moved immidiately to a new trustworthy hosting partner. Of
course we recovered the loss of 15 BTC and all Bitmit funds are covered.
But it can be that he has got access to our hot wallet. Therefore we
deactivated all addresses of these old wallet on the site (these
addresses are not visible anymore) so we don't get any new incoming
transactions to these addresses. This was ca. 7 days ago and were not
facing any further loss because of this. We even don't expect any
further loss.

2) Why have you deactivated the site?
When it comes to a sell we want to keep the involved user funds as low
as possible.

3) What will I get?
You will get the whole project. This does mean domain, exclusive source
code licence (except third party open source plugins like jquery etc of
course), all files, database, bitcoin wallet incl. user funds. You will
need to build a own company for it and we cannot guarantee that you can
run Bitmit as it is in your market/country (Keyword financial license,
terms of service etc).

Besides of that I can off your 1month (14hours/week) after sale support
with the site. (Code adjustments, consulting)


 It's time to tell you some hard facts about Bitmit:

# Order

Date      Order count   Fee income BTC
2013 Nov   1239      redacted @tosaki request  
2013 Oct      4362      redacted @tosaki request
2013 Sep      3890      redacted @tosaki request
2013 Aug   3424      redacted @tosaki request

# User

Registrations

Date         Count
2013 November   714
2013 October      2507
2013 August      2418

# Visitors

In the last month Bitmit did have 8-10k unique visitors / day.

Country / Territory   % Visits
United States      39.00%
Germany         6.53%
United Kingdom   5.90%
Canada         4,951%
Spain         2.85%
Russia         2.16%
Netherlands      2.08%
France         2.06%


Overall activated accounts
29,089

Even the BTC exchange rate raised & raised Bitmit was facing a steady
growth. Bitmit is the number 1 market place when it comes to trading
goods with Bitcoin. Various back links on popular sites & news reports
like cnn.com, heise.de are proofing that. But it's not only that which
makes Bitmit very attractive. You can use the existing Bitcoin user base
to extend Bitmit to a more eBay like platform that does accept other
payment methods as well. There is a unbelievable number of sellers out
there who are seeking for eBay alternatives. To be honest, you cannot do
anything wrong by purchasing Bitmit! For the daily site support (user
inquiries) you only need to calculate about 1-3 hours.


Unfortunately 50.000USD are way too low :/

--
Kind Regards

Bitmit Support Team


https://www.bitmit.net

[klintay]

Admitted to having a hack and possibly everything was/is compromised but 50,000 is too little.  

I know right! i offered a few thousand which i thought was generous...but after hearing about the hack...i feel like i offered too much!!

[favdesu]

bitmit made a lot of coins though...

[mackstuart]

Even the BTC exchange rate raised & raised Bitmit was facing a steady
growth. Bitmit is the number 1 market place when it comes to trading
goods with Bitcoin. Various back links on popular sites & news reports
like cnn.com, heise.de are proofing that. But it's not only that which
makes Bitmit very attractive. You can use the existing Bitcoin user base
to extend Bitmit to a more eBay like platform that does accept other
payment methods as well. There is a unbelievable number of sellers out
there who are seeking for eBay alternatives. To be honest, you cannot do
anything wrong by purchasing Bitmit! For the daily site support (user
inquiries) you only need to calculate about 1-3 hours.


Unfortunately 50.000USD are way too low :/

--
Kind Regards

Bitmit Support Team


https://www.bitmit.net

I hope the transaction between my seller and I are released before a new buyer of the website takes over.  Please dont hold my coins for your portfolio during sale.

[Welsh]

I know right! i offered a few thousand which i thought was generous...but after hearing about the hack...i feel like i offered too much!!

I think I agree. With everything involved it's not going to be worthwhile to anyone who hasn't got money to invest. For the site to reach it's up most potential. It needs to be made legal. One of the concerns about the site is that it isn't technically legal as it doesn't have all the licensing required. For example the escrow.

As well, as losing a lot of trust from it's members because for one they are not giving enough time for people to withdraw. Not informing people of the new owner. Basically, the customers have been left in the dark for far to long. Without any useful information. We don't know exactly know when the site is going to be up and running and if the new owner is going to provide any details about themselves.

Bitmit, has lost the edge now. Because of the sale and being down whilst the price has sky rocketed. There has been many successful competitors which have got thousands of new users within a space of a month.

Bitmit has also been deemed not very secure in the last few months. Therefore the new owner would have to be pretty good at coding. As this will be a very big target for any hackers because of the amount of coins involved.

If someone is serious about bitmit. Then they need to consider possible legal issues. Regaining the trust of their previous customers. Which could take a lot of time and a huge amount of money.

[mralbi]

An offer of 250.000 € was also not enough for them. But in the light of the security breach plus user passwords hashed only unsecurely is definitely not worth it. Also every day the site is down will just decrease the value as users are moving elsewhere.

[SgtSpike]

We need some VC capital up in this space to make a project like this truly viable.

[Bitalo_Martin]

why not just start from scratch with a new good site instead of wasting money on the old dog

[Welsh]

why not just start from scratch with a new good site instead of wasting money on the old dog

Could be better. As this site has lost a lot of trust & is asking way to much for the site. They have refused very high offers which they should of accepted. Considering the security breaches and all the other problems  involving the escrow. It would need to be coded and pretty much start from scratch anyway.

[ReCat]

We need an auction, guys. There's no better way than an auction to determine value of something.

[r3wt]

You old farts kill me. BitMit is worth every bit of 500,000 dollars. Bitcoin is set to break into everyday life. buying BitMit will make someone a hell of a lot of cash. Problem is its a risky investment, but if it pays off it would be well worth it.

[SgtSpike]

You old farts kill me. BitMit is worth every bit of 500,000 dollars. Bitcoin is set to break into everyday life. buying BitMit will make someone a hell of a lot of cash. Problem is its a risky investment, but if it pays off it would be well worth it.

No it's not.  It doesn't have enough of a first-mover's advantage to be worthy of 500,000 dollars, and the coding needs to be redone anyway, so there's little in actual assets.  I wouldn't pay 500,000 in goodwill for an auction site that could easily be eclipsed by someone with 250k in venture capital money and a crew of proper coders working for 3 months.

[HalfPriceDigital]

I was surprised to learn that BitMit only had about 30,000 activated accounts.  Seems like a pretty low number.  But it's hard to say how many people would be signing up now due to the increased media attention to Bitcoin.  BitMit definitely missed a lot of potential by closing when it did.

I think BitMit should have just stayed open after the hack but disabled escrow and referred users to a 3rd party escrow provider.  However, the government may have also caught up with BitMit and forced them to close due to the company not having an escrow license.

[elbill]

Only 30,000 accounts .... would be more profitable to start a new project than buying a site disabled more than a week.

[Ford]

An offer of 250.000 € was also not enough for them. But in the light of the security breach plus user passwords hashed only unsecurely is definitely not worth it. Also every day the site is down will just decrease the value as users are moving elsewhere.

I think they will regret not "biting your hand off" for that offer!

[ReCat]

I was surprised to learn that BitMit only had about 30,000 activated accounts.  Seems like a pretty low number.  But it's hard to say how many people would be signing up now due to the increased media attention to Bitcoin.  BitMit definitely missed a lot of potential by closing when it did.

I think BitMit should have just stayed open after the hack but disabled escrow and referred users to a 3rd party escrow provider.  However, the government may have also caught up with BitMit and forced them to close due to the company not having an escrow license.

Do they need an escrow license when escrowing something that is not recognized to have value by the government? :B

[wheatrich]

as a seller, bitmit's still way better than all these sites.  I'd switch back in a second... well presuming the security flaws and stuff were fixed...

[User705]

I was surprised to learn that BitMit only had about 30,000 activated accounts.  Seems like a pretty low number.  But it's hard to say how many people would be signing up now due to the increased media attention to Bitcoin.  BitMit definitely missed a lot of potential by closing when it did.

I think BitMit should have just stayed open after the hack but disabled escrow and referred users to a 3rd party escrow provider.  However, the government may have also caught up with BitMit and forced them to close due to the company not having an escrow license.

Do they need an escrow license when escrowing something that is not recognized to have value by the government? :B

Please enlighten us which government doesn't recognize that bitcoin has value?