BitMarket.Eu has closed down

[onpdm]

You cannot be serious.  You stole user funds.

So everybody go on ... blame him. I think he all ready knows exactly what he did wrong, but he's willing to get everything all right. Okay ... it's a big business to get managed and he'll try it. Don't know if he is really authentic but that doesn't matter at all ...

If I wanted to steal the money, I'd just announce that I got hacked and whole wallet was stolen.

That's what he all ready told ... and go on blaming him would take no, absolutely no effect in his attempt to get back coins for Bitmarket.eu Users ... maybe only the effect that he going to be really pissed off. That would be the point really say good bye to all. So everybody should stop this damn shitstorm and post constructive ...

And for everybody who think I should shut up and go on blaming ... I have "lost" Bitcoins on Bitmarket.eu too.

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[Herodes]

Well, everyone can see what's been done wrong here.

The easy thing would be just to walk away, sticking around is harder.

But then again, who would trust someone that has failed miserably like this, I know I would not.

People can however change, and we all do stupid things from time to time, and some do much stupider things than others.

However, depositing money with a problem gambler I would not consider very safe.

To make sure there's no fuckups in the future, the handling of accounts and money should be left to a 3rd party, like a lawyers office.

[Sandro kensan]

I have only five bitcoin, so it is not a major loss, but i hope will be recover some bitcoins. My (ex) BTC were dedicated to donation... Today I'm going to donate 1 BTC to Free Software foundation but I have read the bad news

1PC9aZC4hNX2rmmrt7uHTfYAS3hRbph4UN btc address of FSF.

[mralbi]

ok, is there now any plan how the admin (or whoever) plans to proceed in this issue? Is there someone out there who plans to

a) Invest into the site
b) do legal action(s) against the admin?


Or what other options do you see?

[M4v3R]

As for my plans, I would like to resume trading on the site as fast as possible, probably on the beginning of next week. That could change, depending on the investors' wishes.

[BCB]

Of course he has a plan.

1.  Post here telling everyone what and honest and upstanding member of the community he is because he decided to tell you, one year after the fact, that he lost all your money because he gambles with it on Bitcoinica.

2. He is now seeking "investors" who he believes will give him additional funds because he did such a great job "investing" your money.

3. And if all else fails he assumes some benefactors will contribute funds to keep his business going because he is such a fine upstanding guy and obviously talented investor.
http://blockchain.info/address/1Km5GFMat1DXcbvMTeH9ZvLGKvFCLBA9dM

When you click the link to see how the donations are flowing you will also have a pretty good idea of how the other options are working out for him.

[mralbi]

I wouldnt see it so negatively,

of course the donation plan did not work.

But nevertheless, the site has some potential because
a) we now have some (negative) attention
b) the site has a quite good user base i assume


As far as i am concerned, I am personally willing to invest into the site, but i would like to see a plan :-)

[BCB]

I would gladly apologize and praise him if here were able to turn this around but that won't happen until he publicly outlines a clear plan of action and publically states who these mysterious "investors" are or the very least proves he is actually receiving investor funds. And if it is indeed such a good site or service maybe he should sell it to a more prudent operator and use the funds to repay creditors.

[Sultan]

As for my plans, I would like to resume trading on the site as fast as possible, probably on the beginning of next week. That could change, depending on the investors' wishes.

Cool, when do you think we can start making our withdrawals from bitmarket.eu?

[M4v3R]

I would gladly apologize and praise him if here were able to turn this around but that won't happen until he publicly outlines a clear plan of action and publically states who these mysterious "investors" are or the very least proves he is actually receiving investor funds.

I don't think anyone would like to be named before we make any deal (of course they can do it themselves if they wish). I'm in talks with several people right now, two of them willing to invest in the site directly, and another two with propositions of helping them build their service for a pay (which will go directly to support withdrawals).

Cool, when do you think we can start making our withdrawals from bitmarket.eu?

I will start processing withdrawals as soon as I acquire any funds, be it from investors or by other means. I have yet to decide if I should process them in chronological order, or distribute the available funds evenly among all users with withdrawals pending. I lean towards the former option, but it isn't decided yet.

[BCB]

Honesty and full transparency are your only assets right now with the community and your creditors in this recovery process.

Please keep us posted.

Good luck.


Disclosure: I am not an investor or creditor. 

[defxor]

But nevertheless, the site has some potential because
b) the site has a quite good user base i assume

I'm one of them. As with all other Bitcoin services I've always made immediate transfers back to my own locally stored wallet, never keeping any funds on-site.

I'm also an ex Bitmarket.eu user. I will, of course, never touch the site again. Scamming-by-ignorance is still scamming.

(I'm awaiting the protocol solution to an otherwise unsolvable problem in Bitcoin-world)

[kneim]

But nevertheless, the site has some potential because
b) the site has a quite good user base i assume

I'm one of them. As with all other Bitcoin services I've always made immediate transfers back to my own locally stored wallet, never keeping any funds on-site.

I'm also an ex Bitmarket.eu user. I will, of course, never touch the site again. Scamming-by-ignorance is still scamming.

(I'm awaiting the protocol solution to an otherwise unsolvable problem in Bitcoin-world)

How large was your last fee on bitmarket.eu? And have your trades been successfully?

[defxor]

How large was your last fee on bitmarket.eu? And have your trades been successfully?

No fees, all trades successful. I recommended bitmarket.eu to everyone in Europe I introduced to Bitcoin, and told them to avoid exchanges.

That doesn't change the fact that the service owner used funds that didn't belong to him to gamble in a casino - an illegal act in the relevant jurisdiction. The possibility for fraud is why I never, ever, keep BTC under anyone else's control but my own longer than absolutely necessary.

(And also why I believe that the solution must be protocol mandated. There's no such thing as "trust" when large sums of money is involved. I don't trust a bank with more money than the EU insures on my behalf either)

[BCB]

So this exchange make no money because he charges no fees??

So to make money this exchange owner GAMBLES YOUR FUNDS on bitcoinica and looses.

You all would have had a better change sending all those coins to Saoshi Dice.   At least you would have been aware of the risk involved, had a little fun and maybe would even had had some extra coin to show for it.

If I were a BitMarket.EU creditor I would make a Scammer accusation as the owner clear violated any stated or  implied agreement he had with his users.

[M4v3R]

So this exchange make no money because he charges no fees??

It is (and was) possible to set fixed donations (percentage of every trade you make) from your account settings, but it was voluntary, which I guess was a mistake, because even if many people agreed that the service helped them make successful trades, they didn't set it.

The plan for now is either make a fixed transaction fee, or a monthly fee for sellers, which would include 24/7 support. I'm leaning towards the latter option, because admin support is cruicial on exchange like BitMarket. That way, the service will earn funds neccessary to reimburse the losses.

[DeathAndTaxes]

So this exchange make no money because he charges no fees??

The larger point is that fees/profit isn't "bad".   Sure no reason to be excessively gouging your customers but anyone should turn a critical eye towards a service they operate completely free.
At best it tends to mean the operator is naive and likely dangerously under capitalized at worst the "free" is simply a hook to scam 100% of the deposits.

Even things like google aren't "free".  Google provides "free" searches because they make billions on ad revenue.   Google wouldn't index the entire internet at tremendous cost simply to provide searches for free with no revenue.

[MPOE-PR]

Capitalism without restraint is as inhuman as communism.
The market has no conscience. What about people "the market" has no use for because they're ill or diabled? Shall they starve?

Fud will get you anywhere, sure. Otherwise, some will starve. They're those that should starve. "Conscience"? Gtfo. Do something useful or starve, we don't need everyone, we just need the cool people.

And please stop being judge over morality or immorality. Stop calling others liars or thieves. You are not right nor are the others right.

Feel free to starve clinging to that stupidity. In the real world, yes I am right, and yes you are wrong. And yes the market has no "conscience", if by that "conscience" you mean making idiots like you be "right" in spite of being wrong. It has no conscience of that sort whatsoever, and you will be the one paying for it.

But props for the "I'm right out of noob zone and I'm telling people what's what" attitude, fuckwit. Here's a video describing what happens in simple, visual terms easily digestible by the mentally stunted (such as yourself) and here's the same thing spelled out (for when you get older and become literate, which means you don't need to be beaten over the head to learn things). Start with #1.

[galaxy07]

mralbi, can you confirm or deny that you are in negotiations with M4v3R?

[mralbi]

yes, i can confirm that.

M4v3r owes me currently around 620 BTC which i cannot withdraw. Even though I do not think that I would ever see the money again, I am willing to invest up to another 10.000 euros into the site when this would help to find a good solution for everyone.

I am also willing to run the website on "neutral ground" and i am also offering my company "Bitcoin action center" located in Finland (http://www.yritystele.fi/node/763919) for this purpose. This company so far only exists on paper to save the VAT from my eletricity and internet costs for my mining, but the scope could be extended basically over night.

In addition i would also be willing to help with user support, like mitigating conflicts between users etc., But since i have a full time job and a little daughter I cannot do all this alone.



My concept would look in principle like this:

The site is removed from M4v3r but be run by a trustworthy neutral provider consisting of 2-3 independent and trustworthy investors.
The company would need some real (Bitcoin) capital that guarantuees for all user funds all the time.

Instead of simply continuing trading with a small fee I would also negotiate with some sponsors if they would be willing to provide bitcoins for each sale that will be promoted via the bitmarket.eu site. Since the site has around 38.000 users i might convince some companies.
I have already contact to one wine producer who is willing to pay 0.1 BTC for each sold bottle and i am also in contact with a guy in munich that would also donate a specific amount of his turnover. After my holiday i would also negotiate with some local dealers in Finland that accept bitcoin (some are listed on www.bittiraha.fi)

But so far this is only theory, i described what I can offer, I hope we can find a solution at some point.