Bitcoin Forum

Has this turned out to be a scam, or was it shut down for legal reasons?

there's a lot of disagreement on what it actually is right now but, what seems to be clear is that it was not a "planned scam" and that nefario showed willingness and effort to give people their due. A lot of delays and still some missing bitcoins to be distributed, the main culprit ATM is the asset info has not been shared with issuers yet.

All in all, a lot of frustration, but so far it looks like nefario will give people the rest of their coins and asset info, question is when.

Edit : also, it is not known for fact the reason why it was closed, but the reason is 100% irrelevant anyways no matter what people say.

I wondered if it was legal issues around being a securities exchange.  And what the impact would be on other exchanges.

This pretty much explains the entire thing in detail.  You can do your own synopsis after reading it:  

http://pastebin.com/raw.php?i=DRt78Vne (http://pastebin.com/raw.php?i=DRt78Vne)

fuck me

Nice synopsis.  Short and to the point.

GLBSE = Egold

I stood up at the Conference after nefario gave his talk about the wonders of GLBSE and told him point blank that:

a) Not having lawyers is ridiculous and he needed to get some ASAP.

b) Publicly stating that he would actively avoid regulation by moving the company around was probably illegal. (Even more so considering he thought there was no regulation that covered GLBSE and so he could just move the company when such regulation appeared, when in fact regulations DO already exist covering what he does)

After his talk a few of us had a chance to talk to him directly and he didn't have any answers for very pointed questions. One gentleman asked him directly how he could keep his relationship with his investments if GLBSE closed: No clear answer.

Basically, Synopsis? It was illegal, and he didn't know it until the government came and said, "Oh hi! You're a criminal". Thus came the end of GLBSE.

so all this is your fault    ?

BURN HIM!

hahaha, for stating the obvious? No. I don't think so. I wasn't the only one who immediately realized the whole thing was a terrible cluster-fuck waiting to happen. Durring the presentation nefario didn't even know many finance terms that someone who does finance would consider second nature. Maybe it was nerves, but he was blanking on some pretty basic concepts. There were quite a number of very wide eyes you could see instantly putting the pieces together.

After Pirate fell I figured GLBSE would be the next one to go.  However, there was really nothing that could be done.  I tried to sell as much as I could, even taking losses, but there was no way to get out of it in time.

So basically conference=suicide.