After struggling with this for quite some time (why, im not sure :), I finally was able to create a remote repo (on bitbucket), and then create a local repo and push everything up to the remote repo.
Here are the sequence of commands I used:
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cd your/Source/Directory
- git init
- git remote add origin https://USERNAME@bitbucket.org/USERNAME/YOUR-REPO.git
- git add *
- git commit -m “a custom message you wanna put here”
- git push -u origin master
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