Bitcoin Forum

GLBSE  (https://glbse.com/)has closed up shop. Still no explanation from Nefario though. I'm very curious to hear the story. Does anybody know any details?

And another bet (http://betsofbitco.in/item?id=739) that can be closed :)

No seriously, this is bad news for bitcoin :( Had hoped to raise some funds there myself. No explanations and some nameless "GLBSE treasurer" … doesn't mean they pull a "we got robbed" like so many before. Either way sad story.

I just realised there is a much more informative thread bt theymos here (https://bitcointalk.org/index.php?topic=115669.0)

Well, I certainly do NOT want my email address in the hands of ANY asset issuer out there, especially not in combination with my username. On the other hand I have outstanding shares that were worth (the last time I checked) ~50+ BTC, so I probably have little choice, as this is a big part of the Bitcoins I hold in total.

F*cked up situation, all in all... :(

Who can we trust?

Wait a second:


lol http://gblse.com/

I had the feeling this will happen, this why I moved to Cryptostocks a month ago, some internal mess when they start to refuse timeshareafrica to list and any other insane listing would be accepted. :-*

yourself  ;)

fuck! That's what we get for trying to run things in an "official, legal" manner: shut down.

I can not see the future of bitcoin, the confidence of this community will be destroyed by these fucking shits. Can the issuers get back their bonds? What will happened to our assets there?

Please. You make it sound like it's the end of bitcoin. It's not. Personally, I'm looking forward to 50+ lulzy pages on the forum when Nefario finally shows up  ;D

It's not the end of Bitcoin- was the closing of the "wild west"  (and the wild west banks) the end of the West? Nope. Just the start of something newer, bigger.

I mean seriously- GLBSE was *not* well run.

So are we gonna get some stupid ass code to verifiy what we had? saying user blah blah blah had x shares of this and y shares of that. WTF man?

I suggest everyone with a hot head do this (http://www.sahej.com/Sat_Kriya.html) for 40 days and then come back to this thread.

Why would it be official or legal but then be shut down?
If anything this mess means that they operated illegally and unofficially.

+1

sounds legit  :-X


+11


...and much worse

I can't deny that possibility.

oh, well...at least now I don't feel like I was the last person to find about this...

I suspect that up until recently anyone who communicated a hypothesis that GLBSE could be pressured into submission would have been roundly attacked as a paranoid retard who didn't understand the power of the Internet.  In fact I would not be surprised if I could find some good examples vis-a-vis GLBSE itself if I were not to lazy to try.

The thing which bothers me is that the robustness of a lot of Bitcoin related systems, and indeed Bitcoin itself to some extent, is argued on the same general basis.  I have some concern that much of the infrastructure built around Bitcoin could be as weak as GLBSE in the face of various kinds of attacks.  Observations of this shuttering will certainly factor into any system design I might be involved in, and I hope it will for others as well.

Think I tend to agree re bitcoin related systems tvbcof, they are where most of bitcoins weakness' lie, without the design thought into how these services can stand up against the long arm of the law (and it is a long arm, as awesome and genius as bitcoin is, the systems built around them are showing weakness which the law can pin down).

It is a bit of a conundrum that certain of what 'the law' does is fairly valuable.  That is, when they give people who are exploiting others (e.g., 'scamming') a hard time, it is difficult to feel to bad about things.  That said, 'the law' is already failing miserably to deal with real criminals such as our untouchable wall street folks and is on a very negative trajectory so it cannot be counted on even if it were tempting to try.

I think that there is significant value in solutions which facilitate self-policing.  Even in our rather questionable community as it stands today, a notably majority of interested persons probably do have the posture of 'good participants' and that this reality might be leverages for the benefit of distributed crypto-accounting solutions generally.  I've been putting a lot of thought into how such a thing might be achieved lately and hopefully will have something to present in a few weeks.

I'm sure it's been mentioned several times now, but a solution such as Open Transactions could work well to maintain asset tracking, whilst simultaneously avoiding the "long arm of the law" problems. However, even that I don't think is sufficient.

There needs to be a market forming around an agreeable mediation procedure/technique/ruleset wherein we can arbitrate our disputes in an acceptable manner to the parties involved (it must be considered in the beginning of any engagement and it must be binding, IMO). However even then, I don't believe it will ever be completely solved using crypto-like transactions. Contracts always have a way to be misinterpreted, and participants in markets such as ours will almost invariable have a few bad apples.

You've stated several of the elements of the solution I'm thinking about.

I don't think that a solution which tries to achieve perfection in making a wrong'd party whole will be very tenable.  I do, however, see a great value in making it likely that a scammer will lose, and that is a much easier problem to solve.  Simply removing much of the potential to make money from scamming would go a long ways toward cleaning things up and making it a safer place for normal users to participate in.  I would dearly love to be able to buy things with Bitcoin with something vaguely approaching the assurance I have with e-bay/pay-pal.

I just registered 'daprae.[org|com]' to incentivize myself to put some effort into documenting and perhaps coding some proof of concept stuff now that the weather in my locale is getting shitty.  Stands for: 'Distributed Anonymous Peer Rating, Adjudication, and Escrow.'

FYI, you can use OT to create and sign contracts, issue currencies, open accounts, write cheques, trade on markets, withdraw and deposit cash, etc.

It's not going to do everything -- you still have to decide your own governance procedures, and OT is only an API so you still have to build your client app or website. But OT will save you a lot of time re-inventing the wheel, for the pieces that it already does. The API is extremely easy and you get lots of functionality.


FYI, in OT you can make a smart contract between 2 or more parties, which executes according to the terms in the script. (The smart contract has scripted clauses.)

If a dispute arises, you can design your smart contract so that an arbiter is listed in advance, who can be activated by the dispute and have powers over all the funds inside the smart contract. This way arbitration firms can operate and provide dispute resolution, who are selected and agreed in advance by all parties to an agreement.

Search google for "open transactions tv" if you want to see videos where I walk you through the "behind the scenes" technical aspects of these sorts of contracts. For example, the "escrow" sample contract involves the use of an arbiter.

How does one get your BTC back from GLBSE?

You don't.

Log in, enter the requested data (email, Bitcoin address, check box), submit, wait with the rest of us.

Any updates?

That's what the Bitcoin motto should be, engraved on all the coins. No in god we trust, no dieu et mon droit, no nemo me impune lacessit.
ANY NEWS???

I see your majesty is yearning for a simpler time? A time when the plebs were controlled by God and the crown, perhaps?
TOUGH LUCK! WOAHAHAHA.

*In notitia nos confídimus*