BitMarket.Eu has closed down

[M4v3R]

Hello M4v3R!

To make sure: in December 2012 and before, funds that could not be withdrawn were marked as "frozen" in the overview after a withdrawal attempt (and they continued to be shown as frozed, even after the withdrawal was executed). Then you changed something in the end of December, and after that the funds waiting to be withdrawn did not appear in the overview at all. So now I have two withdrawals pending, totaling 327 BTC, but the account balance says 0 BTC, (0 BTC frozen).

Please check if that is the behavior that you intended and if my claims are well registered.

Acount: hafey

Hello,

I have registered two of your withdrawals, for 302 BTC and 5 BTC. The second one was processed on 15th december. You can check that on blockchain.info.
I've updated your frozen balance to reflect this.

[galaxy07]

Ok, thanks for confirming.

The other withdrawal I meant is 25 BTC, 10.10.2012, 11:58:45. It is still marked as non-confirmed on the site, although is should be this transaction: http://blockchain.info/de/tx/ef47f7fdc3f4305a464219d345f18adb0183be70defb9e91e78cebb0aaae4d12

Hello M4v3R!

To make sure: in December 2012 and before, funds that could not be withdrawn were marked as "frozen" in the overview after a withdrawal attempt (and they continued to be shown as frozed, even after the withdrawal was executed). Then you changed something in the end of December, and after that the funds waiting to be withdrawn did not appear in the overview at all. So now I have two withdrawals pending, totaling 327 BTC, but the account balance says 0 BTC, (0 BTC frozen).

Please check if that is the behavior that you intended and if my claims are well registered.

Acount: hafey

Hello,

I have registered two of your withdrawals, for 302 BTC and 5 BTC. The second one was processed on 15th december. You can check that on blockchain.info.
I've updated your frozen balance to reflect this.

[M4v3R]

I'd like to announce a quite big change in verification system. The verification is now needed only for buyers. That means you can sell your BTC on Bitmarket without going through verification prodecure, which requires you to have eBay/Allegro/Bitcoin-OTC profile, or sending ID scans. This is because it's nearly impossible for a seller to scam the other party on Bitmarket - he can't withdraw his BTC that are part of active transaction, and he can't cancel it without agreement of other party.

In near future I will further simplify both buying and selling, because now there are some misunderstandings on how it works for some people.

Edit: I have also moved all frozen transfers to "on hold" balances. It will make easier managing them.
Also, someone has suggested that I should create means for selling and buying these "on hold" bitcoins, so people who need money quick could sell them at a discount, and other people seeking an investement could buy them. What do you think about this?

[onpdm]

The verification is now needed only for buyers. That means you can sell your BTC on Bitmarket without going through verification prodecure, which requires you to have eBay/Allegro/Bitcoin-OTC profile, or sending ID scans.

Is it really online? Where can I find that verification process, because I just want to have a look at this process but there is no indication for something like that in my account profile.

[Sultan]

What is the difference between "On Hold" and "Frozen"

My On Hold amount increased when I performwd a trade. What is going on?

Thanks

Fahmeed Farooq

[M4v3R]

The verification is now needed only for buyers. That means you can sell your BTC on Bitmarket without going through verification prodecure, which requires you to have eBay/Allegro/Bitcoin-OTC profile, or sending ID scans.

Is it really online? Where can I find that verification process, because I just want to have a look at this process but there is no indication for something like that in my account profile.

You can find it under Offers tab. There is a note in red font that tells you that you're unverified, and provides a link. But from what I see you already verified on Bitmarket with your eBay account. Maybe you just don't remember it.

What is the difference between "On Hold" and "Frozen"

My On Hold amount increased when I performwd a trade. What is going on?

You had your funds "frozen" because you wanted to withdraw them before I implemented the "on hold" mechanism. It was done so you can continue depositing, trading and withdrawing new bitcoins like before. Today I moved all frozen withdrawals to this "on hold" state, to be sure how much exactly Bitmarket owes to its users. From latest data it seems that the number is a bit smaller than I announced earlier, a bit under 19000 BTC.

[crazy573]

I just made a withdrawal and my funds got frozen again and I got the message "withdrawals will not happen".
So you opened the site again, but still we can't use it. This is ridiculous
I'm done with Bitmarket, you fucked things up and you still don't know what you are doing...

[M4v3R]

I just made a withdrawal and my funds got frozen again and I got the message "withdrawals will not happen".
So you opened the site again, but still we can't use it. This is ridiculous
I'm done with Bitmarket, you fucked things up and you still don't know what you are doing...

That shouldn't happen. It's probably because you have a bigger "on hold" balance than the one you tried to withdraw. I've already processed your withdrawal and fixed this bug. Sorry for this.

[crazy573]

I just made a withdrawal and my funds got frozen again and I got the message "withdrawals will not happen".
So you opened the site again, but still we can't use it. This is ridiculous
I'm done with Bitmarket, you fucked things up and you still don't know what you are doing...

That shouldn't happen. It's probably because you have a bigger "on hold" balance than the one you tried to withdraw. I've already processed your withdrawal and fixed this bug. Sorry for this.

Bitcoins received.
So if I made a bigger withdrawal it would have worked straight away? This doesn't make sense to me at all

[BCB]

Is M4v3R allowing selective withdrawals to quite the more vocal creditors? 

All creditors should have equal claim to funds due.

Sound like the financial shenanigans continue. 

M4v3R.  Could you or have you posted a current financial statement of funds currently on deposit and funds due to creditors?

Or if your potential investor/buyer could state here that they have looked at your books and have a plan in place for recovery of creditors funds.

Somethings is fishy....

[M4v3R]

Bitcoins received.
So if I made a bigger withdrawal it would have worked straight away? This doesn't make sense to me at all

It was just my mixup in the withdrawal code. There was a check to find if you can make a withdrawal depending on your "on hold" balance, but there was a bug in it (I didn't have time to test it properly unfortunately), which is now fixed.

Is M4v3R allowing selective withdrawals to quite the more vocal creditors?  

BCB, crazy573 is talking about withdrawal of funds that he deposited yesterday. These were new funds, hence he had full right to withdraw them.

I will make a post about current funds/balances later today.

[M4v3R]

After sorting out users records, I have final, exact figures about Bitmarket financial situation. Please keep in mind that following numbers differ from what I announced on 21st, as at that time I didn't had exact data - some trades were underway and funds were moving.

As of 8th January 2013, 19:00 UTC+1:

Active account balances sum: 153.93819396 BTC (i.e. fresh funds, available for users for trading or withdrawing)
Debt account balances sum: 18855.23368897 BTC (i.e. funds that have to be reimbursed)
Total balances sum: 19009.17188293 BTC
Funds in Bitcoin wallet: 221.45049076 BTC (i.e. funds available right now)

Total debt: 18787.72139217 BTC

The last figure represents the total debt that Bitmarket will have to reimburse to its users.

Also, some members stats:

Currently registered members: 35972
New members in last 7 days: 202

Sum of transactions from last week: 116.75084692 BTC (the number is very small, but that's because the trading just started few days ago and not everyone knows about it)

[Sultan]

After sorting out users records, I have final, exact figures about Bitmarket financial situation. Please keep in mind that following numbers differ from what I announced on 21st, as at that time I didn't had exact data - some trades were underway and funds were moving.

As of 8th January 2013, 19:00 UTC+1:

Active account balances sum: 153.93819396 BTC (i.e. fresh funds, available for users for trading or withdrawing)
Debt account balances sum: 18855.23368897 BTC (i.e. funds that have to be reimbursed)
Total balances sum: 19009.17188293 BTC
Funds in Bitcoin wallet: 221.45049076 BTC (i.e. funds available right now)

Total debt: 18787.72139217 BTC

The last figure represents the total debt that Bitmarket will have to reimburse to its users.

Also, some members stats:

Currently registered members: 35972
New members in last 7 days: 202

Sum of transactions from last week: 116.75084692 BTC (the number is very small, but that's because the trading just started few days ago and not everyone knows about it)

Thanks for the update.

I would like to ask, though, when do the users who make the bulk of the debt get reimbursed? Dorles the proportion of the debt paid? Is it every month? After every successful transaction? Every 200 bitcoins that get collected in fees? In one go?

What is the plan?

[M4v3R]

The first batch will most probably will be repaid as soon as the investement in Bitmarket is complete, which is due very soon. As I said before, it has yet to be decided whether the funds will be distributed evenly among all users, or in some other way. It might be a good idea to pay the "little guys" first, because then the number of creditors would drastically decrease, which means that it could be possible to make specific arrangements with "bigger" creditors. Many people could consider this as unfair though, so don't take my word on it yet, I'm just iterating over possible options.

[disclaimer201]

Big debtors could get free lifetime trading at bitmarket! lol

[SgtSpike]

The first batch will most probably will be repaid as soon as the investement in Bitmarket is complete, which is due very soon. As I said before, it has yet to be decided whether the funds will be distributed evenly among all users, or in some other way. It might be a good idea to pay the "little guys" first, because then the number of creditors would drastically decrease, which means that it could be possible to make specific arrangements with "bigger" creditors. Many people could consider this as unfair though, so don't take my word on it yet, I'm just iterating over possible options.

I am not owed anything by bitmarket, but this is a rather silly proposal.  Creditors should be paid back an equal percentage of their receivables, in the same manner that they would if a court of law were to assign payment back in the event of bankruptcy.

If any of the big creditors want to make a deal with you prior to such a payback, and said deal does not infringe upon or otherwise affect the payment made to other creditors, then certainly, that is their prerogative, but it is technically illegal for you to selectively decide which creditors to pay and which creditors to default upon in the event of insolvency (which you have openly declared).

[BCB]

The first batch will most probably will be repaid as soon as the investement in Bitmarket is complete, which is due very soon. As I said before, it has yet to be decided whether the funds will be distributed evenly among all users, or in some other way. It might be a good idea to pay the "little guys" first, because then the number of creditors would drastically decrease, which means that it could be possible to make specific arrangements with "bigger" creditors. Many people could consider this as unfair though, so don't take my word on it yet, I'm just iterating over possible options.

I am not owed anything by bitmarket, but this is a rather silly proposal.  Creditors should be paid back an equal percentage of their receivables, in the same manner that they would if a court of law were to assign payment back in the event of bankruptcy.

If any of the big creditors want to make a deal with you prior to such a payback, and said deal does not infringe upon or otherwise affect the payment made to other creditors, then certainly, that is their prerogative, but it is technically illegal for you to selectively decide which creditors to pay and which creditors to default upon in the event of insolvency (which you have openly declared).

+1

M4v3R, where are you getting your financial advice??

[M4v3R]

As I said, this is not decided at this moment, I'm not a lawyer nor I wasn't prepared for this situation, that's why getting other people's opinion is cruicial for me. As SgtSpike said, most probably funds will be distributed equally to all users, with possible exception of investors who could decide to be repaid later.

[TTimo]

Isn´t it a  good idea to pay our fees with the BTCs on hold? So we can reduce our loss for ourself? That is more trustworthy. People are so maybe more motivated to work again with bitmarket.eu.

[becoin]

Isn´t it a  good idea to pay our fees with the BTCs on hold? So we can reduce our loss for ourself? That is more trustworthy. People are so maybe more motivated to work again with bitmarket.eu.

That is an excellent proposition. But then m4v3r will pay the expenses for running bitmarket.eu from his own pocket (which is empty, as he says). How many years he needs to do that before he makes +18K bitcoins in fees?