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Author Topic: BitMarket.Eu has closed down  (Read 182490 times)
miernik
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October 02, 2011, 06:47:42 AM
 #401

can you both post the buyer's nickname or e-mail here?
I also sold BTC on Sept. 21st and did not receive the money, nor did the buyer reply. His nickname was macaraja, funny thing - same name that mt.gox uses on it's french bank account!
But a couple of days ago the guys from bitmarket unfroze the BTC and kicked the guy Wink

I still have 10 BTC frozen since many days, on transaction 14720 with user ArmandTorrell, who claims to have sent money to my account, but forgot 1 digit at the end and "I should have got it". Obviously I didn't get the transfer, any my bank said that such transfers are returned immediately without trying to find a similar account number or anything like that.

Now I requested to finally cancel this transaction by admin 3 days ago, but bitmarket admin is not respodning.

Again I REQUEST that the transaction 14720 is CANCELLED AS SOON AS POSSIBLE.

The buyer is not responding any more.

This is making me so angry.

Bitmarket.eu is the place where I lost a lot of money because of buyers
choosing not to pay when the price of BTC drops and my BTC being blocked for
days.

I will not sell any more through Bitmarket until a system is put in place
that ensures that I can unlock my money in max. 24 hours in case of
non-responding buyer.

This is absolutely unacceptable what is happening now.

Does someone there hear me?

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Turbor
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October 02, 2011, 09:43:56 AM
 #402

Bitmarket sucks !

Binford 6100
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October 02, 2011, 10:33:44 AM
 #403

Bitmarket sucks !

O rly?!

You can't build a reputation on what you are going to do.
AniceInovation
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Interesting.


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October 21, 2011, 05:43:53 AM
 #404

Another one with no response from the admin.

yossarian
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October 30, 2011, 08:23:33 AM
 #405

What's going on with bitmarket.eu?

I haven't gotten an answer to multiple request in ages, and now the site seems to be down. Does anybody have some insight?

I'm always buying and selling BTC, PM me for details. Rating and GPG-key: http://is.gd/yossarian

Buy and sell BTC via SEPA: https://www.bitcoin.de/r/nrnxg6

Bitmessage: BM-2DAoXPtLdQEnR2iSneCTjpgRPtzXsSAi1m
Waldschrat
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October 30, 2011, 01:18:45 PM
 #406

Down for me, too. Does anybody know what's going on?

sonba
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October 30, 2011, 04:12:18 PM
 #407

What's going on with bitmarket.eu?

I haven't gotten an answer to multiple request in ages, and now the site seems to be down. Does anybody have some insight?

I received some answers on older mails lasst week, where the admins apologized for having been busy, beforehand. Haven't heard anything about their current downtime, though.
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October 30, 2011, 09:37:38 PM
 #408

It seems to work again...

2weiX
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November 17, 2011, 01:02:56 PM
 #409

same here:

60.55 BTC locked in a transaction with user "EllisD" probably the same as: https://bitcointalk.org/index.php?action=profile;u=9581


He bought at 2,4€ and probably thought better of it, or whatever.

Does not respond to eMails, but neither does bitmarket.eu support.

Transaction is from 11/11/11, so cancellation would seem in order.



PLEASE REPLY or at least CANCEL!
BTCurious
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December 03, 2011, 01:16:52 PM
 #410

Current status: https://bitcointalk.org/index.php?topic=53638

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March 26, 2012, 08:55:26 AM
 #411

Today, we are making a fundamental change to how BitMarket.eu works.

As of today, you cannot place a limit buy order. It means, if you want to buy BTC, you only can buy into existing sell orders.

You may wondering why we are making this change. It occured to me few days ago that most conflicts our users had with each other were because there were pending buy orders that didn't reflect current market price (on the MtGox) and if someone sold into them, the buyer was hesitating to complete the deal. The buyer had an advantage, because he didn't have to place his money beforehand. This is the way BitMarket should work from the beginning, but we just made it work like any other exchange, which was a false assumption, because it wasn't like any other exchange.

So long story short - with this change, sellers should feel more safe and experience less "non-responsive buyers" which are frequent now (for the reasons stated above).

Also, with this change, we are also reducing the timeframe for completing the trade to 10 days. That means if the buyer doesn't complete the trade within 10 days, the Bitcoins will return to seller and the transaction will be cancelled. This should aid other conflicting situations.

Feel free to discuss this changes. We hope they will make trading on BitMarket even safer and quicker than it used to be. Trade well!
kneim
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March 27, 2012, 12:19:48 PM
 #412

I think that's a stupid reason. The buyer made a limit order, to get BTC for lowest price hopefully. But sometimes that does not work.

That persons who made trouble here want to make quick money, but don't really believe in BTC. The trading platform bitcoin.de has the right answer for them: Blacklist.

Think about an effective but simple solution about it, in this way your platform becomes unusable.

2weiX
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March 27, 2012, 12:33:08 PM
 #413

I think that's a stupid reason. The buyer made a limit order, to get BTC for lowest price hopefully. But sometimes that does not work.

That persons who made trouble here want to make quick money, but don't really believe in BTC. The trading platform bitcoin.de has the right answer for them: Blacklist.

Think about an effective but simple solution about it, in this way your platform becomes unusable.

disagree.

i have sold ~3000 BTC via bitmarket.eu since I joined and I've had so mucn trouble with fake and dishonest buyers. But these were all buyers whose buy-orders I matched. I rarely had a problem when my SELL-order was hit.

people posting giant buy-orders and not paying when the price goes down...

two weeks ago someone put in a buy order of 99999999 BTC at 5€ and cleared the whole orderbook.

black lists are all well and nice, but they don't help right then and there.
i think for a market that doesnt rely on holding BTC and cash and doesnt take fees this solution is the simplest.

BTCurious
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March 27, 2012, 12:55:37 PM
 #414

bitcoin.de has a system where the buyer has to login within 24 hours and confirm that he has sent the payment. If he doesn't do that, the trade is automatically cancelled. Then there's a separate step in which the seller confirms receiving the money.

This effectively prevents people who "forgot about the site" from blocking a sale longer than 24 hours.
In my opinion this solution is a lot better.

As for dealing with people who buy but don't pay, bitcoin.de has a rating system, where new users can't buy a lot of bitcoins. I'm not convinced of this solution, but in my experience there are a lot less of these people.

two weeks ago someone put in a buy order of 99999999 BTC at 5€ and cleared the whole orderbook.
The current system doesn't solve that at all.

kneim
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March 27, 2012, 01:06:07 PM
 #415

I think that's a stupid reason. The buyer made a limit order, to get BTC for lowest price hopefully. But sometimes that does not work.

That persons who made trouble here want to make quick money, but don't really believe in BTC. The trading platform bitcoin.de has the right answer for them: Blacklist.

Think about an effective but simple solution about it, in this way your platform becomes unusable.

disagree.

i have sold ~3000 BTC via bitmarket.eu since I joined and I've had so mucn trouble with fake and dishonest buyers. But these were all buyers whose buy-orders I matched. I rarely had a problem when my SELL-order was hit.

people posting giant buy-orders and not paying when the price goes down...

two weeks ago someone put in a buy order of 99999999 BTC at 5€ and cleared the whole orderbook.

black lists are all well and nice, but they don't help right then and there.
i think for a market that doesnt rely on holding BTC and cash and doesnt take fees this solution is the simplest.



This solution is too simple: It takes a main portion of functionality from it.

I also made a lot of trades in bitmarket.eu. And I also had a lot of trouble with other traders there. Because the service did investigate into this, and it is much work, I increased my fee level to 0,5% early in this year.

There are different problems, some of them you mentioned. Trustworthyness is one, the reason for this cutoff.

The other is more general over different trading platforms: How to catch the sometimes happening accidentally misorders like your 99999999 example. Of course those orders should not be executed at once. Ideal would be a summary of consequence if the order is executed.

In bitcoin.de a mismatch between "." and "," as the decimal point can lead to 100 or 1000 times bigger trades. I discovered them in between 10 seconds, and they never were executed, that's good. But a warning before would be better.

kneim
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March 27, 2012, 01:46:42 PM
 #416

So let me make a proposal how to solve it in an easy way, and another way than the very good bitcoin.de platform.

The stuff of bitmarket.eu has the work if someone is not trustworthy. So let us adopt a traffic light system: green at the beginning, yellow on first investigation, red (stop) on second investigation.

And of course they have to earn some money with it, the investigated persons can "buy" a more green signal with a higher fee:

For lowering from red to yellow, increase (enforced) from 0,0% to 0,1%
For lowering from yellow to green, increase (enforced) from 0,1% to 0,2%

If the investigations keeps on, the fees will rise further (to 0,5%, then 1,0%).

The signal light could get greener for a large number of successful trades without problems.

Of course this not the solution for fraud, but for persons, who doesn't care so much (and they are numerous, I think).

If the signal light should be seen to other traders, I'm not sure. Can be discussed.

That seems an easy and natural way to me.

2weiX
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March 27, 2012, 01:53:56 PM
 #417

So let me make a proposal how to solve it in an easy way, and another way than the very good bitcoin.de platform.

The stuff of bitmarket.eu has the work if someone is not trustworthy. So let us adopt a traffic light system: green at the beginning, yellow on first investigation, red (stop) on second investigation.

And of course they have to earn some money with it, the investigated persons can "buy" a more green signal with a higher fee:

For lowering from red to yellow, increase (enforced) from 0,0% to 0,1%
For lowering from yellow to green, increase (enforced) from 0,1% to 0,2%

If the investigations keeps on, the fees will rise further (to 0,5%, then 1,0%).

The signal light could get greener for a large number of successful trades without problems.

Of course this not the solution for fraud, but for persons, who doesn't care so much (and they are numerous, I think).

If the signal light should be seen to other traders, I'm not sure. Can be discussed.

That seems an easy and natural way to me.


I've considered suggesting that you could identify the seller or buyer before completing a trade.
I've been contacted repeatedly if/when I was selling again.
I think having your username displayed in the market would help a LOT, a feedback thread could be established on bitcointalk.

also: support needs to act quicker. if a seller wants to cancel a trade and the buyer cannot submit a photo/scan of his bank account and a receipt of movement of the money within 48h, sales get cancelled.

I once waited more than a week to get a cancellation during which the price of BTC dropped 30%.
kneim
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March 27, 2012, 02:15:51 PM
 #418

I've considered suggesting that you could identify the seller or buyer before completing a trade.
I've been contacted repeatedly if/when I was selling again.
I think having your username displayed in the market would help a LOT, a feedback thread could be established on bitcointalk.

agree

also: support needs to act quicker. if a seller wants to cancel a trade and the buyer cannot submit a photo/scan of his bank account and a receipt of movement of the money within 48h, sales get cancelled.

They have too much work, I'm sure. If traders know of fee penalty, it will not happen too much. And if the bitmarket stuff know about rising fees, they perhaps will react quicker.

I once waited more than a week to get a cancellation during which the price of BTC dropped 30%.

As an absolutely strict anticyclic trader, and believer in bitcoins, that is never a reason to me. Folks complain, if they make losses, but remains silent, if they increase money without own energy. You now can buy 30% cheaper, or have you bought more bitcoins than is good for you?

kneim
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March 27, 2012, 02:47:35 PM
 #419

maybe support is tired & not motivated any longer?
it may be they react in seconds, read the message, see the problem, look at the donation balance of the site and operating costs. they are loosing time & money and made the decision not to act?
which one would be worse if it makes any difference at all?

it's a free service and as such we should manage the expectations accordingly.

I would get tired very soon, if working for "never mind" folks without fees. My suggestion shall resolve this. And it could stay free for the more ingenuous people.

I'm sure they look at the donation balance, therefore I increased it to 0,5%. I want to have resolved my problems, and bitmarket.eu resolved them for me even at lower rates (thank you).

2weiX
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March 27, 2012, 06:52:07 PM
 #420

I've considered suggesting that you could identify the seller or buyer before completing a trade.
I've been contacted repeatedly if/when I was selling again.
I think having your username displayed in the market would help a LOT, a feedback thread could be established on bitcointalk.

agree

also: support needs to act quicker. if a seller wants to cancel a trade and the buyer cannot submit a photo/scan of his bank account and a receipt of movement of the money within 48h, sales get cancelled.

They have too much work, I'm sure. If traders know of fee penalty, it will not happen too much. And if the bitmarket stuff know about rising fees, they perhaps will react quicker.

I once waited more than a week to get a cancellation during which the price of BTC dropped 30%.

As an absolutely strict anticyclic trader, and believer in bitcoins, that is never a reason to me. Folks complain, if they make losses, but remains silent, if they increase money without own energy. You now can buy 30% cheaper, or have you bought more bitcoins than is good for you?

I am a merchant for Gold and Silver (see my signature), so obviously if I cannot liquidate a sale to restock, this badly hurts me.
I am a believer in bitcoin, but I see it as a ways of MOVING money, not as an investment vehicle.
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