BitMarket.Eu has closed down

[disclaimer201]

Sold 100 more bitcoins, all ok.

Well, how would you know the people who bought your coins were able to withdraw them in full? Of course, money landed in your bank account. But...

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[mralbi]

ok, just a short update from my side... the negotiations are continuing and are proceeding well,

but please stay realistic, an investment of 300.000 USD is simply utopic, even if 5 new investors would join. And: the bitcoin price is going up and up and the debts are increasing daily ;-)

It would look more like this: There is a small payout to start with and the major share would have to come mainly from future turnover/profits over years, but in any case i can promise it would be more together with than the default scenario where a payout of few cents per frozen coin could be expected.

But more information will follow hopefully in early February latest

[M4v3R]

Sold 100 more bitcoins, all ok.

Well, how would you know the people who bought your coins were able to withdraw them in full? Of course, money landed in your bank account. But...

People are depositing and withdrawing everyday. The newly deposited money will never be touched by us, so even if everyone who deposited after the announcement issued a withdrawal, it would clear just fine.

[SgtSpike]

So, who will pay back 100% first?  Bitfloor or BitMarket?

[l3sny]

Hi
When may I expect releasing my pending BTC then?
Cheers!

[mralbi]

i think the admin will provide some information about the situation quite soon with several options to chose from

[Shades]

On the 29.01 I've tried a small sale of 2BTC and am sorry to say that there are problems:

1. I've never received a confirmation email but the other side did. Now the money is in my account, but I cannot send the BTC as there is no confirmation mail to use the link.

2. I have 2BTC locked in my account (not counting the others "on hold") but the pending transaction is of 1.3989BTC (the sum for which I've already received).

Why I have more money locked from my account? How can I send the BTC in that case?

[mralbi]

OK, just right now all people with frozen coins should have received an official information email plus the possibility to fill out a questionnaire. Please log in and answer as soon as possible. It would also be great if we could finde some additional investors, we have enough ideas but we are still far away to reimburse the 19000 lost bitcoins with current prices ;-)

[crazy573]

How should we be able to make a choice if we don't get any information about who is in charge now, who keeps the bitcoins, what the new options will be, what amount will be invested, etc, etc.

edit:
What if a few people choose the "I don't want to cooperate" option? You just pay them the promised 6% from invested money and continue, or do you really shut it down?

[M4v3R]

Shades: From what I see on your account, you already cleared this transaction, and the other 0.68017543 BTC is now available as your balance. So I guess the situation is resolved?

Crazy573: All these questions will be answered very soon. For this moment I can say that until the whole process is complete, I am in charge of Bitmarket operations and funds. This will change after new version of Bitmarket opens, which should happen soon. Martin "mralbi" Albert will be in charge of this new service then.

[mralbi]

This questionnaire has the purpose to check the situation before an investment can officially take place. There has NO investment taken place yet and still everyone is invited to participate.

So far we only have a plan which is to reopen the site under new ownership, share 50%/50% profits between all new investors according to their share to recover somehow the investment sum and the other half goes to the "frozen coins". We are still open for new ideas and of course additional investors (which is also purpose of the questionnaire). So far the plan is to extend to bitcoin trading by some additional P2P trading concepts and to get sponsor links plus sell advertisement space.

So far the site is still with Maciej and all functions are working as before. Newly added funds are separated from the old frozen funds. We would like to answer all questions on how much the investment sum is and so on as quickly as possible, but we do not know ourselves yet. But the outcome of this questionnaire actually determines which possibilities we have. If you have any questions on what we have planned (not in detail, but in principle) you can contact me directly and I would try my best to explain the concept(s). So far i have PLANNED to invest (I did not yet) 10.000 euros plus my share of 618,xx frozen bitcoins into the new site. But the final sum is unknown. Since me and Maciej hardly know each other and also never have met in person, therefore we are going to have a face to face meeting AFTER the questionnaire with the main investors to discuss how to realize the current plan that we have described in principle in the questionnaire. We would inform immediately about any new developments.

How the new site would be managed, who is the owner or all those "legal" questions, also depend on the outcome of the questionnaire and the amount of investments. So far the IDEA is, that, if it is true that i would hold the biggest share with 618 BTC plus 10.000 euros, i would take over "legal" responsibility of the new site. If some (yet unknown person) decides to invest for example 200.000 euros then the situation might change easily *g

If too many people with frozen coins refuse their cooperation it is simply impossible to reopen the site, since the website is of course part of the liquidation mass and we would need to go the official path which is of course unfortunate for everyone... The investors cannot invest, as it is "illegal" to separate assests from the liquidation mass,  Maciej would need to go through the liquidation procedure with all consequences and everyone with frozen coins would be paid out what is left after liquidation. (which would be around 6 or 8% after 1 year, Liquidation process of course also costs quite some fees and time). At least for me i would consider this as a lose-lose situation where only the lawyers win.

In case the non-cooperative part is quite small we would go on with the investment plan and handle the individuals that do not cooperate on an individual basis which means in fact negotiating individually either a partial payback or a full payback in FIAT currency based on the old bitcoin price of 21.12.2012 when the coins were frozen or even take the risk of a court case or whatever. This really depends on the outcome on how many refuse cooperation and which sums are on stake and it really would depend on the outcome of individual negotiations.

So please take your time and assist us by answering this questionnaire within two weeks, if you have any questions please feel free to contact me directly

[Hfertig]

Despite all the uncertainty about Bitmarket.eu, I have used the platform to buy more than 100 btc over the last couple of weeks since it was re-opened. I was able to withdraw these coins without any issues.
Despite the bad decission taken by the owner, I have to give him credit for searching for a solution to this problem.

For my part I have taken the decission of investing my bitcoins on hold, even if I might never see profits arising out of this investment. I love the idea to be a partly owner of the platform.

I do hope that we are able to keep bitmarket.eu alive.

[xyz]

To participate in the new birmarket.eu seems for me to be good idea.
As I don't see any positive to shut down the site or to blame the old owner for lifetime (he did a good job a long time before he got crazy and spent my bitcoins without to ask me...!)

I would agree to give my (hold on) bitcoins to restore this business - but, how can I be sure that the new owners really will try to solve the problems and never will do such things again?
And if I see (after some time) that things don't go the right way do I have the chance to change my decision and get (at least a part of my hold-on) bitcoins back?

[GsR]

I also have taken the decision to invest in the site.

bitmarket has never charged any fee before this sad situation.
I think the comunity now can help it and try to keep it alive

[mralbi]

no one can ever be 100% sure that the new owners do any better.
But the plan is to introduce a couple of measures to minimize the risks:

-First of all a multiple eye principle, where it should not be possible that one single person is alone in charge of handling the coins
-secondly we want to keep all principles of good bookkeeping. Since there will be for sure multiple investors it is necessary to introduce a monthly reporting about the situation. It would NOT be possible to hide any problems for long time.
-There will be a regular impressum of the responsible persons of the site and at least my name / address etc. will be publicly available

[M4v3R]

Just a small update about how things are progressing with the questionaire we sent to users:

We got 209 answers so far, which is 16% of all accounts. That's relatively low in terms of number of users, in terms of BTC, it's 45% of all debt BTC claimed.

Of these, 91% agreed either to cooperate with our plan, or to become an investor (more precisely, 1/4 of all creditors want to become investors, so far). Only three people decided not to cooperate. While this is unfortunate, I think we can handle their cases individually somehow. The rest either wants to take a partial recovery as soon as possible, want to contact us directly first, or decided to donate their share.

I was a bit worried about how people will react to this questionaire, but I am very positively suprised. If things continue to progress in this direction, we may be able to handle this.

[becoin]

I was a bit worried about how people will react to this questionaire, but I am very positively suprised. If things continue to progress in this direction, we may be able to handle this.

The first question that needs to be answered before any other question in any other questionnaire is how do you intend to repay your debt to bitmarket customers?

[galaxy07]

Hi!

Of these, 91% agreed either to cooperate with our plan, or to become an investor

are these 91% of the questionairies or 91% of the BTC debt amount? And what is the number the other way round?

more precisely, 1/4 of all creditors want to become investors, so far

Here also, the BTC dept sum of the creditors wanting to become investors is interesting.

[mralbi]

I think your willingness to "clean up" and help to do the best to get out of the situation contributed a lot and is highly appreciated and honored. When the remaining results stay like this the bitcoin community might get a big chance to start a new platform "owned" by many stakeholders that are highly interested in the success of the new project.

[mralbi]

HOW it is possible to repay debts is indeed the most tricky question. (Newly) invested money is one part to repay frozen coins, the rest needs to come of course from future profits, for which i proposed the 50/50 model to share between the investors to get their investment back (new money and introduced frozen coins as shares) and the other half goes to the non-invested frozen coins in addition to the initial payout until 100% of the debts are paid back.

Bitmarket.eu service would in principle stay as it is, but extended by new P2P services where user can trade also other things as bitcoins. Plus there will (hopefully) some sponsor links (external shops) that pay part of their turnover to bitmarket when using the bitmarket referral link and there would also be user specific advertismenet space to be sold.

I mean no one would promise any quick profits over night and there would also be a lot of development work to be done at first, but i think it is the best way out of the current situation and i really hope it will work, since i also have "some" frozen coins which i would like to see back one day