Bitcoinary.com - The new smart way to buy and sell Bitcoins.

[jago25_98]

This is a shame. I expected to hear of some scams but not as many as this.

Mirrored to .onion or other hidden service it could be a very useful thing to have to maintain trading should restrictions bite and easier than #OTC

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[VEscudero]

Hello,

it seems Bitcoinary has put a new escrow service for the buyers with an additional 0.25% fee.
I have send 11 bitcoins to the address they asked me for trading with a buyer, but although I have just released the funds the customer didn't got his coins.

Bitcoinary does not seem to be asking buyers for an address to receive the coins and I don't see any integrated wallet as well.
Could you please clarify where the coins go when we send them to the escrow address?

EDIT:
Screenshot of an escrow address as requested by bitconary.com - https://i.imgur.com/KE0pAOC.png

[dogisland]

Hi,

I will be updating the site with better documentation. In this case I think the user hit retrieve funds and didn't enter a public address. We are fixing this issue now.

To clarify.

Each trade now has an escrow address created. When funds are received at the address the seller of BTC can choose to release the funds once they have a payment from the buyer.

When the seller releases funds we give the buyer the option to enter a public address to receive the coins. When they do this the coins are sent. We don't hold a balance for users, we hold the coins for the minimum time possible.

Hope this answers your questions.

[VEscudero]

Hi,

I will be updating the site with better documentation. In this case I think the user hit retrieve funds and didn't enter a public address. We are fixing this issue now.

To clarify.

Each trade now has an escrow address created. When funds are received at the address the seller of BTC can choose to release the funds once they have a payment from the buyer.

When the seller releases funds we give the buyer the option to enter a public address to receive the coins. When they do this the coins are sent. We don't hold a balance for users, we hold the coins for the minimum time possible.

Hope this answers your questions.

Thank you dogisland, I welcome this long wated feature of escrow.

However I think it should be possible to trade without the need to trust a intermediary platform as bitcoinary. There are sometimes in which the seller and the buyer don't need that escrow system but even then, the buyer needs to pay an additional fee for it and trust the bitcoins to you.

In my opinion that feature should be an option, not a requirement. Will you allow buyers and sellers to choose by themselves?

[dogisland]

Hi,

I will be updating the site with better documentation. In this case I think the user hit retrieve funds and didn't enter a public address. We are fixing this issue now.

To clarify.

Each trade now has an escrow address created. When funds are received at the address the seller of BTC can choose to release the funds once they have a payment from the buyer.

When the seller releases funds we give the buyer the option to enter a public address to receive the coins. When they do this the coins are sent. We don't hold a balance for users, we hold the coins for the minimum time possible.

Hope this answers your questions.

Thank you dogisland, I welcome this long wated feature of escrow.

However I think it should be possible to trade without the need to trust a intermediary platform as bitcoinary. There are sometimes in which the seller and the buyer don't need that escrow system but even then, the buyer needs to pay an additional fee for it and trust the bitcoins to you.

In my opinion that feature should be an option, not a requirement. Will you allow buyers and sellers to choose by themselves?

I'm going to make escrow the default workflow as it is now, however I can give the buyer the option to opt out. i.e. when they are at the stage where they are waiting for escrow I could add an "Opt out of escrow" button. Then the workflow would revert to the previous system (and would be commission free).

Thanks

Ian.

[dandirk]

Hi,

I will be updating the site with better documentation. In this case I think the user hit retrieve funds and didn't enter a public address. We are fixing this issue now.

To clarify.

Each trade now has an escrow address created. When funds are received at the address the seller of BTC can choose to release the funds once they have a payment from the buyer.

When the seller releases funds we give the buyer the option to enter a public address to receive the coins. When they do this the coins are sent. We don't hold a balance for users, we hold the coins for the minimum time possible.

Hope this answers your questions.

Does the buyer have indication that BTC are in escrow so they can safely send funds?  If funds are sent and BTC are not released from escrow... what happens?  Can the seller just pull them out of escrow?  Are they held there until remediation or buyer proves they send funds?

[dogisland]

Hi,

I will be updating the site with better documentation. In this case I think the user hit retrieve funds and didn't enter a public address. We are fixing this issue now.

To clarify.

Each trade now has an escrow address created. When funds are received at the address the seller of BTC can choose to release the funds once they have a payment from the buyer.

When the seller releases funds we give the buyer the option to enter a public address to receive the coins. When they do this the coins are sent. We don't hold a balance for users, we hold the coins for the minimum time possible.

Hope this answers your questions.

Does the buyer have indication that BTC are in escrow so they can safely send funds?  If funds are sent and BTC are not released from escrow... what happens?  Can the seller just pull them out of escrow?  Are they held there until remediation or buyer proves they send funds?

1. Yes the buyer can see that the funds are in escrow.
2. If the buyer sends funds and the seller does not release the escrow, then the user would need to raise a support request and show proof, we would also contact the seller. We would mediate.
3. The seller can not pull the funds from escrow. They can only release the funds.

[2weiX]

using this via tor.
location is somewhere in fuckwayoutthecountry, wrong continent, too.

is there a way i can set my location manually?

[dogisland]

using this via tor.
location is somewhere in fuckwayoutthecountry, wrong continent, too.

is there a way i can set my location manually?

Go to your profile, click edit profile, then enter a zip code.

[dandirk]

1. Yes the buyer can see that the funds are in escrow.
2. If the buyer sends funds and the seller does not release the escrow, then the user would need to raise a support request and show proof, we would also contact the seller. We would mediate.
3. The seller can not pull the funds from escrow. They can only release the funds.

Thanks, that is a HUGE offering that can remove most scammers (well at least if buying btc).  Now that I know, I won't be too shy of buying some BTC!

[VEscudero]

I'm going to make escrow the default workflow as it is now, however I can give the buyer the option to opt out. i.e. when they are at the stage where they are waiting for escrow I could add an "Opt out of escrow" button. Then the workflow would revert to the previous system (and would be commission free).

Thank you dogisland, it will be even better just to let complete already finalized trades even if we don't use your bitcoinary escrow system.

I suffered a small loss of about 100 btcs in bitmarket.eu just because I had to trust in their escrow system and later the admin decided he won't allow any user to withdraw the coins anymore.

I don't feel comfortable having to trust a third party like an intermediary trading platform to escrow my bitcoins.

Having an escrow system is a highly desirable feature I have been waiting since day one in Bitcoinary, but being forced to always use it, it's a red flag to me (I'm not even talking about the 2.5% fee, not the 0.25% fee).

Thank you dogisland for all the improvements you have made, but Bitcoinary won't be my platform of choice for most of the trades I make with regular customers until we are not forced to trust our coins to any other third party.

[nexusakachus]

hi , ian purton please stop sending spam to localbitcoins or i will report

[kangasbros]

Can't you invent some more fair method to compete than spamming at our service?

[vellen]

In trades #4640 and #4651 i sold some bitcoins for total amount of €186.70 EUR. I released the escrow to the buyer, he rated me 5/5. But after about a week he started and WON an unathorised transaction dispute on paypal. Now I see it as negative balance in PayPal.

I have ASKED for help via the HELP & SUPPORT section OF BITCOINARY.COM, marked the case as URGENT, but received NO (0) ANSWER for MORE THAN A WEEK.

* Members, PLEASE help me and advice me what to do.
* Ian, do something (not only "save/eat" your escrow fee)

[metal_jacke1]

In trades #4640 and #4651 i sold some bitcoins for total amount of €186.70 EUR. I released the escrow to the buyer, he rated me 5/5. But after about a week he started and WON an unathorised transaction dispute on paypal. Now I see it as negative balance in PayPal.

I have ASKED for help via the HELP & SUPPORT section OF BITCOINARY.COM, marked the case as URGENT, but received NO (0) ANSWER for MORE THAN A WEEK.

* Members, PLEASE help me and advice me what to do.
* Ian, do something (not only "save/eat" your escrow fee)

No Updates? Seems like this one tanked.

[vellen]

After few letters with no answer, Ian said that he can't do anything. Now i have -186 euro pp balance.

[nuffsaid420]

how does the site make $?  Is there a fee?

I've not implemented the fees yet. Current thinking is 0.5 - 1% paid by the market maker.

At the moment it's free while I iron out any issues and add the features people are already asking for.

Is 1% a promised max? If your fees exceed 1% I would not bother registering. Actually I just registered but don't get my activation mail.

edit: thinking of it, as long as you don't handle money yourself, I don't see why you should take such a high cut at all. 1% capped at 1$ would seam more reasonable to me. Also I don't see how you would enforce any fees if the deals happen person to person for cash.

I've got a make a living, so 1% capped at $1 would be great if volumes are huge. I don't see any need to go over 1%.

I just made my 2nd sale, and everything went great, BUT I have to say until this fee is reduced I am no longer going to use this service. 2.5% fee!?  I know that post was from over 1 year ago, but seriously I just had to pay you $25 for 1 transaction, a little ridiculous. It is a nice site, I see good potential for growth and legit competition to LB, but not until you get some more reasonable fees. I  will keep checking hoping that number goes back to 1%

[giszmo]

how does the site make $?  Is there a fee?

I've not implemented the fees yet. Current thinking is 0.5 - 1% paid by the market maker.

At the moment it's free while I iron out any issues and add the features people are already asking for.

Is 1% a promised max? If your fees exceed 1% I would not bother registering. Actually I just registered but don't get my activation mail.

edit: thinking of it, as long as you don't handle money yourself, I don't see why you should take such a high cut at all. 1% capped at 1$ would seam more reasonable to me. Also I don't see how you would enforce any fees if the deals happen person to person for cash.

I've got a make a living, so 1% capped at $1 would be great if volumes are huge. I don't see any need to go over 1%.

I just made my 2nd sale, and everything went great, BUT I have to say until this fee is reduced I am no longer going to use this service. 2.5% fee!?  I know that post was from over 1 year ago, but seriously I just had to pay you $25 for 1 transaction, a little ridiculous. It is a nice site, I see good potential for growth and legit competition to LB, but not until you get some more reasonable fees. I  will keep checking hoping that number goes back to 1%

oh, lol
over LB's success I had forgotten there was this site as well. Yeah, please get your stuff together and provide a decent competition to localbitcoins! My guess would be that the train already left the station and you would really have to innovate. Ok, I wish there was such a thing as a decentralized service based on open source. Something like a localbitcoins federation, so I can apt-get install bitcoinary on my server, invite my friends and public to create accounts on my server, but if they want to use bitcoinary.org, because they have credit card gateways etc., they can do so, but searching for trades will find them across the whole federation if the server where i have an account is configured to trust others (all that bitcoinary trusts for example). Users could still say no to certain servers (think: hotmail, mail.ru, etc). Hmm, what you think?

[alexanderanon]

Has bitcoinary changed its name to localbitcoins? bitcoinary.com redirects there.

[BCB]

Interesting.


HTTP/1.1 301 Moved Permanently
Server: nginx
Date: Thu, 28 Nov 2013 00:58:25 GMT
Content-Length: 0
Connection: keep-alive
Location: https://www.bitcoinary.com/
X-Ua-Compatible: IE=Edge,chrome=1
Cache-Control: no-cache
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X-Runtime: 0.002014
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HTTP/1.1 302 Found
Cache-Control: no-cache
Content-length: 0
Content-Type: text/html; charset=utf-8
Date: Thu, 28 Nov 2013 00:58:26 GMT
Location: https://localbitcoins.com/?ch=h7z
Server: WEBrick/1.3.1 (Ruby/1.9.2/2012-04-20)
X-Rack-Cache: miss
X-Request-Id: xxxxx
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X-Ua-Compatible: IE=Edge,chrome=1
Connection: keep-alive

HTTP/1.1 200 OK
Date: Thu, 28 Nov 2013 00:58:27 GMT
Server: Apache/2.2.22 (Ubuntu)
X-SQL-Query-Count: 6
Content-Language: en
X-View-Name: index
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