theymos (OP)
Administrator
Legendary
 Offline
Activity: 5180
Merit: 12873
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October 06, 2012, 12:00:57 AM |
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GLBSE user funds are more or less safe, but I have bad news from the GLBSE shareholder meeting.
Nefario has, without a shareholder motion and in violation of the bylaws and GLBSE ToS, decided to close down GLBSE. Users will be able to collect deposits only after submitting identity info. A similar system to the one that Goat was forced to use will be provided so that assets can be traded elsewhere.
He is also illegally using user deposits to pay for his lawyer. If he continues, the GLBSE cash reserves (which I manage) will not be enough to cover costs and GLBSE will be in debt to users.
I'm very sorry about this, but those shareholders who are sane are helpless against Nefario and the insane shareholders who for some mind-boggling reason think that closing down GLBSE in this way will help both themselves and GLBSE users.
Since Nefario refuses to give complete details about his legal concerns and he has been acting strangely, I feel that it is somewhat possible that Nefario is working under some sort of plea bargain and is gathering IDs for future prosecution.
Nefario has defrauded me and others in several different ways and deserves a scammer tag.
- The BitcoinGlobal bylaws state that BitcoinGlobal's purpose is to operate GLBSE. By shutting down GLBSE without amending the bylaws, Nefario has violated the bylaws.
- He has stated that he would ignore any motion to remove him as CEO.
- He is knowingly making BitcoinGlobal shares worthless, violating his fiduciary duty.
- He is refusing to release my GLBSE balance without my ID, which I did not agree to.
Since my GLBSE shares are now worthless, it should be obvious that I had no knowledge of this before now.
I urge everyone to never work with Nefario again. A Bitcoin stock exchange is a good idea, though. I hope that someone will create something better than GLBSE and MPEx.
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1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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SaltySpitoon
Legendary
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Activity: 2590
Merit: 2154
Welcome to the SaltySpitoon, how Tough are ya?
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October 06, 2012, 12:09:31 AM |
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Ouch, so it looks like Nefario will be getting that scammer tag after all? Or just an unethical bastard tag? On a semi related note, I think those should be made
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pekv2
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October 06, 2012, 12:14:07 AM |
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Hm, that is nice to hear. I have a share in for IBB and two shares for asic.coop mining. Just got paid dividends from last month and this month from IBB totaling 0.004 btc and haven't withdrawn yet.
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P_Shep
Legendary
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Activity: 1795
Merit: 1198
This is not OK.
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October 06, 2012, 12:21:43 AM |
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Oh, so I'm going to loose my fraction of bitcoin?  |
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ildubbioso
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October 06, 2012, 12:23:25 AM |
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Users will be able to collect deposits only after submitting identity info.
Even with a very small balance? |
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theymos (OP)
Administrator
Legendary
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Activity: 5180
Merit: 12873
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October 06, 2012, 12:25:24 AM |
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Even with a very small balance?
Yes according to Nefario. |
1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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kiba
Legendary
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Activity: 980
Merit: 1014
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October 06, 2012, 12:26:31 AM |
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GLBSE should have been a black market operation, no offense. The fact that the founder is known and visible and that the exchange is centralized is a big red flag.
Also, the GLBSE in its current incarnation doesn't work well with anonymity, as there were a number of scams and scandals that were the result. If you could solve the scamming problem, unsanctioned and unauthorized business will have a place in the world. Other than that, a GLBSE is not a good idea.
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Bogart
Legendary
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Activity: 966
Merit: 1000
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October 06, 2012, 12:27:42 AM |
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Users will be able to collect deposits only after submitting identity info.
Identity meaning what exactly? Will my login credentials and deposit address suffice? |
"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933
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theymos (OP)
Administrator
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Activity: 5180
Merit: 12873
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October 06, 2012, 12:28:21 AM |
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Theymos, at least you had the sense to attempt to liquidate your involvement. Thank you for the info.
I knew Nefario was a terrible businessman and that his plans were stupid (which is why I was selling), but I didn't know he was this stupid. I wish I would have sold for 0.06 when I had the chance. I actually didn't have that much invested, fortunately. Most of that 23% I was selling were shares I was selling for others. |
1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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theymos (OP)
Administrator
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Activity: 5180
Merit: 12873
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October 06, 2012, 12:29:07 AM |
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GLBSE should have been a black market operation, no offense. The fact that the founder is known and visible and that the exchange is centralized is a big red flag.
Agreed. I always argued that GLBSE should be an unregulated platform for trades. |
1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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theymos (OP)
Administrator
Legendary
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Activity: 5180
Merit: 12873
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October 06, 2012, 12:29:19 AM |
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Identity meaning what exactly? Will my login credentials and deposit address suffice?
MtGox-style AML documents. |
1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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burnside
Legendary
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Activity: 1106
Merit: 1004
Lead Blockchain Developer
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October 06, 2012, 12:30:23 AM |
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So if you want to remain anonymous, you go penniless?
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theymos (OP)
Administrator
Legendary
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Activity: 5180
Merit: 12873
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October 06, 2012, 12:32:08 AM |
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So if you want to remain anonymous, you go penniless?
Yes. It's a terrible betrayal. Can you believe that some of the shareholders think that this will be, "the cleanest shutdown in Bitcoin history"?  |
1NXYoJ5xU91Jp83XfVMHwwTUyZFK64BoAD
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Bogart
Legendary
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Activity: 966
Merit: 1000
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October 06, 2012, 12:33:12 AM |
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Identity meaning what exactly? Will my login credentials and deposit address suffice?
MtGox-style AML documents. I never agreed to this. Nefario, I demand you return my BTC without imposing this or other onerous requirements. |
"All safe deposit boxes in banks or financial institutions have been sealed... and may only be opened in the presence of an agent of the I.R.S." - President F.D. Roosevelt, 1933
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legolouman
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October 06, 2012, 12:34:47 AM |
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So if you want to remain anonymous, you go penniless?
Yes. It's a terrible betrayal. Can you believe that some of the shareholders think that this will be, "the cleanest shutdown in Bitcoin history"? I do not approve. There has to be another way. |
If you love me, you'd give me a Satoshi!
BTC - 1MSzGKh5znbrcEF2qTrtrWBm4ydH5eT49f
LTC - LYeJrmYQQvt6gRQxrDz66XTwtkdodx9udz
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kiba
Legendary
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Activity: 980
Merit: 1014
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October 06, 2012, 12:35:52 AM |
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=
I do not approve. There has to be another way.
When it's all said and done, all your money will disappears and Nefario will be in jail. |
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Raoul Duke
aka psy
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Activity: 1358
Merit: 1002
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October 06, 2012, 12:36:48 AM |
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Word are easy... balls...
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legolouman
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October 06, 2012, 12:37:53 AM |
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Word are easy... balls...
Pretty much. I'm like nearly speechless. |
If you love me, you'd give me a Satoshi!
BTC - 1MSzGKh5znbrcEF2qTrtrWBm4ydH5eT49f
LTC - LYeJrmYQQvt6gRQxrDz66XTwtkdodx9udz
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fcmatt
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Activity: 2072
Merit: 1001
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October 06, 2012, 12:39:58 AM |
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All i have to say is lol. Just how many people are scammers on this board? It is amazing.
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kiba
Legendary
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Activity: 980
Merit: 1014
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October 06, 2012, 12:41:49 AM |
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All i have to say is lol. Just how many people are scammers on this board? It is amazing.
Nefario isn't a scammer until he got caught by the law operating a security exchange without the permission of authorities. The fact that the GLBSE is a cesspool of scam funds and questionable investment makes me...who give a fricking hoop? |
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