BitMarket.Eu has closed down

[nelisky]

So say I sold a few coins, and I emailed the buyer... how long should I wait before I ask for the transaction to be aborted? Is there a system in place to handle lack of communication?

I don't see anything related to that on the FAQ, but some guidelines would be appreciated.

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[Mahkul]

So say I sold a few coins, and I emailed the buyer... how long should I wait before I ask for the transaction to be aborted? Is there a system in place to handle lack of communication?

I don't see anything related to that on the FAQ, but some guidelines would be appreciated.

Sorry, we are just in the process of implementing the preferred payment methods module. I don't want to write the FAQ now and then change it again in a day or two. Just like on bitcoinmarket.com we deal with transactions that should be aborted once they are not completed over a period of 10 days. If you have any requests please don't hesitate to send an email to admin at bitmarket dot eu and we will get it sorted.

EDIT: Also, if anyone has any suggestions regarding the way the exchange operates please post in here or write us. Thanks.

[Mahkul]

Another problem we will have to sort out are microtransactions. This wouldn't be an issue if PLN was the only currency (as it was planned at first), since even small transfers within some Polish banks are free and nearly instant. But after we decided to add EUR this may become a problem - I don't think anyone will be sending 0.5 EUR internationally to buy 1 BTC. If anyone has any suggestions on how to approach this problem please post here, we would appreciate some advice. One idea to tackle this is introducing limits or minimum purchases, but it's far from ideal.

[M4v3R]

In another news, the site just got a set of APIs for use with other services: https://bitmarket.eu/api/

We also posted this info (and will post if we resolve above problems) on our Twitter account.

[purplezky]

thanks for the api 

[Efemero]

I don't think anyone will be sending 0.5 EUR internationally to buy 1 BTC.

If you use SEPA I (in Belgium) can make any payment in euro for free.

[Mahkul]

I don't think anyone will be sending 0.5 EUR internationally to buy 1 BTC.

If you use SEPA I (in Belgium) can make any payment in euro for free.

Yes, that's true. But the problem we are facing at the moment is - if someone buys BTC and they want to pay by Paypal, but the seller doesn't accept it.

[BioMike]

Using SEPA is a bit overkill to transfer 50 eurocents.

But the problem that Mahkul describes is the thing that is holding me back from using the market more often.

[M4v3R]

Major update to BitMarket.eu is out!

After some testing we present you new version of the market, which has several improvements for both buyers and sellers. Please refer to the changelog below. Also, please read this entire post because the way bitmarket.eu work has changed in this update.

What's changed and what's new

• Payment Types. It's now possible to define payments you are willing to use or accept in your profile ("Account" tab => "Payment types" link). They are used in several ways (one of them described below), but most important is that they are used for offer matching. For example, if you check Foreign bank transfer, and the other party has it also checked, your offers (assuming that they have matching prices too) will match. If you don't have a common payment type with buyer/seller, the offer will NOT match to prevent you from getting into additional costs.
• Market - Offers Auto-fill. If you see a offer you'd like to fullfill in the Market section, it is now possible to click on it, and you will be taken to Offers section, with offer details automagically filled and waiting for your confirmation. For example, if you see an attractive SELL offer of 0.5 EUR for 100 BTC, you can click on it, and you will be taken to Offers section with automatically filled BUY offer of 0.5 EUR for 100 BTC. It's hard to explain - just see it for yourself.
• Market - Offers list improvements:
  - Payment types icons beside the offers
  - Currencies in different colors to easily spot the one you want
  - The list is sorted by currencies and by best price now, instead of date
• In Account section you can now set the country you are in. It is used in conjuction with "Local wire transfer" payment type. If you select this type and it's the only type that matches an other offer, then it is checked if you and other party live in the same country. If not, offers doesn't match. It's another measure to prevent from costly money transfers.

What you should do now

Because in this update there were two additional profile settings introduced (Profile Types and Country) we ask you to fill it in your profile. For your conveinence, the Country field was automatically filled by us for you (by matching your IP addreses). It could be wrong though, so please double check it.
Also, please look for any possible bugs and report them to admin@bitmarket.eu. Because many things changed in such a small time, there could be bugs. You have been warned.

Thanks for your cooperation .

[BioMike]

We can try to resolve this by letting people to specify which payment options they accept. Then we would only match offers that have common payment options. What do you think?

Great idea! I'll donate 20 BTC when that gets implemented.

Ok, send the 20BTC to you donation address.  One more question. For the international transfers, are only the SEPA countries matched? Or will there also be a match if someone in outside SEPA zone and someone in SEPA zone check it (I guess then there will be additional costs to it).

[M4v3R]

Ok, send the 20BTC to you donation address.  One more question. For the international transfers, are only the SEPA countries matched? Or will there also be a match if someone in outside SEPA zone and someone in SEPA zone check it (I guess then there will be additional costs to it).

We don't take that into account, yet. I assumed that because the site is for European people, it should be fine. I can add this another check, though.

[Mahkul]

Now to write a comprehensive guide on using the exchange.

[M4v3R]

Another feature update, a minor one this time

On the Market - offers list:

• Added flags indicating from which country seller/buyer is (so you know if you are capable to pay or take payments from him)
• Added tips when you hover payment types icon, so you can immediately know what they mean

See for yourself

[akaihola]

I registered, made a matching purchase offer for an ask offer, and I see it unconfirmed in my transactions. Didn't get any e-mail. How do I check that I entered the correct e-mail address?

[M4v3R]

I registered, made a matching purchase offer for an ask offer, and I see it unconfirmed in my transactions. Didn't get any e-mail. How do I check that I entered the correct e-mail address?

I've sent you a PM.

[nelisky]

So say I sold a few coins, and I emailed the buyer... how long should I wait before I ask for the transaction to be aborted? Is there a system in place to handle lack of communication?

I don't see anything related to that on the FAQ, but some guidelines would be appreciated.

Sorry, we are just in the process of implementing the preferred payment methods module. I don't want to write the FAQ now and then change it again in a day or two. Just like on bitcoinmarket.com we deal with transactions that should be aborted once they are not completed over a period of 10 days. If you have any requests please don't hesitate to send an email to admin at bitmarket dot eu and we will get it sorted.

EDIT: Also, if anyone has any suggestions regarding the way the exchange operates please post in here or write us. Thanks.

Ok, I don't really think this system works for me because;
- I don't have a way of knowing my emails aren't getting into some guy's spam folder
- I have no way of knowing if the buyer isn't just using the exchange as a hedge, only completing the trades if the market moves in the way he expects
- There are no hard rules regarding communication

My own history is that I have 2 trades done... on one it has been 6 days and 3 email, no response whatsoever. The other I got a response for very quickly, an agreement was made as to the method of payment and I've been waiting for 3 days for the transfer confirmation.

Nothing fancy, no huge values, but as the market moves up I find myself frustrated because I don't get the cash to buy more bitcoins in time before prices go too high, and I don't have the bitcoins to sell for a higher price. The market just moves too slow.

What I would like to see implemented, short of a full exchange, was a communication system mediated by the exchange so
1) email history is kept
2) the sender is the exchange, resolving the spam folder potential issue

Also a simple rule like - 48 hours of no communication gives the seller the chance to cancel the trade and get the coins back. This of course means the exchange must be sure there was an attempt and no reply. Just waiting for 10 days sucks on such a dynamic market, mostly because there is zero assurance the trade will actually be completed by the buyer, whereas the seller is locked in for however long.

[Mahkul]

1) email history is kept
2) the sender is the exchange, resolving the spam folder potential issue

Once the offers are matched, both the seller and the buyer receive emails from admin at bitmarket dot eu asking them to contact each other, so you can be sure he got the message unless our email address is in his spam filter.

We can't allow anyone to cancel their offers manually after the transaction took place, because this way the buyer would have no warranty that they will get their coins in case the seller was going to cheat. You need to email us if you need the transaction cancelled and then we resolve it. I know it's not ideal, but that's the way it is for now.

We are working out the legal issues and once we have everything sorted we will allow transferring money into the exchange, so that the transactions within the exchange are instant. No point in allowing that now and then shutting the exchange down after some tax officer gets onto us. We want to do this right. Also, once we have the legal end of it sorted we are going (more than likely) to act as a limited company with proper terms and conditions so that everyone knows where their money is going.

I was thinking a messaging system within the exchange, but then again, the guy may say he never logged in to read the message so this doesn't really solve the issue.

[BioMike]

We are working out the legal issues and once we have everything sorted we will allow transferring money into the exchange, so that the transactions within the exchange are instant. No point in allowing that now and then shutting the exchange down after some tax officer gets onto us. We want to do this right. Also, once we have the legal end of it sorted we are going (more than likely) to act as a limited company with proper terms and conditions so that everyone knows where their money is going.

I think it is good doing this. When can we expect this feature? Also with view on 1BTC transactions (people now just confirm then, yay! free BTC).

[Mahkul]

We are working out the legal issues and once we have everything sorted we will allow transferring money into the exchange, so that the transactions within the exchange are instant. No point in allowing that now and then shutting the exchange down after some tax officer gets onto us. We want to do this right. Also, once we have the legal end of it sorted we are going (more than likely) to act as a limited company with proper terms and conditions so that everyone knows where their money is going.

I think it is good doing this. When can we expect this feature? Also with view on 1BTC transactions (people now just confirm then, yay! free BTC).

@BioMike: As soon as my Accountant gets back to me on this. Shouldn't be longer than a few days. The guy is completely new to Bitcoin so he needs time to digest it.

By the way, thanks for your patience; we are doing our best to make the exchange better. I am just thinking, perhaps we should put a limit of 10 BTC per transaction unless Paypal is allowed? Just for the time being. I will check how hard this would be to implement...

[BioMike]

By the way, thanks for your patience; we are doing our best to make the exchange better. I am just thinking, perhaps we should put a limit of 10 BTC per transaction unless Paypal is allowed? Just for the time being. I will check how hard this would be to implement...

That would be very nice. I think it is a bit silly to do international bank transfers for a few euro cents, just because someone sells 1btc. If I have to do 50 transactions for 1btc... that's a lot of work... Or, instead of a 10btc, a limit on the total amount in euros (5 euro minimum?).