Bitcoin Forum

Economy => Trading Discussion => Topic started by: BlackHeartFund on October 06, 2012, 04:07:24 AM



Title: GLBSE Closed.
Post by: BlackHeartFund on October 06, 2012, 04:07:24 AM
https://glbse.com/

Quote
GLBSE has been closed

I'm sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I'm an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders

Q:I'm a GLBSE user, what about my assets and my bitcoin?

You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.


Wow. Who saw this coming? Think we will get all of our BTC back?



Title: Re: GLBSE Closed.
Post by: allthingsluxury on October 06, 2012, 04:10:14 AM
wow what happened?


Title: Re: GLBSE Closed.
Post by: BlackHeartFund on October 06, 2012, 04:15:13 AM
https://bitcointalk.org/index.php?topic=115669.0

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.


"GLBSE user funds are more or less safe"

I hope that's true, but I doubt it.


Title: Re: GLBSE Closed.
Post by: allthingsluxury on October 06, 2012, 04:37:35 AM
Hopefully everyone gets all there bits back.


Title: Re: GLBSE Closed.
Post by: BobbyJo on October 06, 2012, 08:30:41 PM
Another one bites the dust!


Title: Re: GLBSE Closed.
Post by: Lurk on October 06, 2012, 08:46:48 PM
wow glad i sold all my satoshidice and withdrew a few weeks ago, this is crazy. could this happen to Mt.gox? or is it because glbse was a stock exchange?  Im afraid to do anything with bitcoin these days.


Title: Re: GLBSE Closed.
Post by: Evolvex on October 06, 2012, 11:25:39 PM
Bollocks, I cant remember if I had any coins in there or not, think I did.

So is that it then? All shares in stock gone poof?


Title: Re: GLBSE Closed.
Post by: kuzetsa on October 07, 2012, 01:29:03 AM
https://glbse.com/

Quote
GLBSE has been closed

I'm sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I'm an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders

Q:I'm a GLBSE user, what about my assets and my bitcoin?

You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.


Wow. Who saw this coming? Think we will get all of our BTC back?




  • People have been trying to jump off the GLBSE ship for more than a week at this point.
  • Originally, information about the shutdown was promised for "saturday" (in most timezones, it's already either past noon on saturday, or already past midnight and therefore sunday morning...


1) For the first bit on that list, I'm disappointed about the delays for getting dividends from my held assets / the contracts I have with the asset (security) issuers, etc. Sucks that the delays are happening, but right now I don't see any reason to believe the ownership of my shares has been compromised. There will be a plan to move forward EVENTUALLY so I want to focus my energy on that.


2) Moving forward... Seems there is still an information vacuum. Main thing I still want to know is what steps I need to take to ensure my asset issuer(s) can honor the contract(s) in question for my share(s) previously managed via GLBSE.

3) Just because an exchange shut down doesn't mean deals and exchange can't take place privately via OTC if some sort of accounting system is developed (or via brokerage houses, ones which are hopefully going to continue to operate in the absence of the now-closed GLBSE)

If you want to burn people at the stake, lynch, complain, demand scammer tags, etc. Please do so in the "scam accusation" or some other board section. I would prefer if this thread be maintained for "information about how to transition away from GLBSE" and/or discussion of the closure.

The forum threads and the info quoted (from GLBSE) in the original post of this thread are quite vague... Does anyone know the EXACT steps asset issuers and stockholders (GLBSE end-users) need to take to move forward?




There is somewhat of a "lynch mob" forming right now. The rest of my post here is just quotes out of the two main threads on the subject.



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...



@theymos

Why / when, and where do I submit identity info. Mostly I'm just wanting to be able to prove the "shares" I have in my portfolio to any / everyone I've invested with so that arrangements can be made.

Sorry to single you out directly theymos, but since you have a stake in GLBSE I figured I'd ask you directly... you probably have better inter-communication with all involved parties and whatnot.






Well I do I spoke to him on the phone.  He risks jail time for funding terrorism, money laundering and that's without any tax issues.  Nafario's get out of jail card is that everyone who wants to withdraw coins or shares will have to comply with AML regulations.  He also said he will soon have a way for assets to pay dividends but not trade shares.

Can you, or one of the shareholders, clarify something for the rest of us?

"Risks jail time for funding terrorism, money laundering, etc" could mean that in the process of looking to legitimise GBLSE (and the fact that Nefario has openly posted that intention here implies that he knew GBLSE was not operating legitimately), his lawyer has become aware of how GBLSE was operating and said "holy fuck, close that shit down right now because you're violating AML/CTF laws all over the place and if the authorities find out what you've been doing you could go to jail - and make sure you get user information so that if this blows up at a later date you've covered your ass a bit".

Another option is that the authorities have become aware of GBLSE's activities and directed him to shut down GBLSE or face prosecution.

It's not clear from what's been posted by those who've had contact with Nefario whether the authorities have anything to do with this decision or whether it's a pre-emptive move which came about because when he finally consulted a lawyer about GBLSE, the reality of what he was doing and the risks he was taking finally sunk in for Nefario.  Can you shed any light at all on this?






Well I do I spoke to him on the phone.  He risks jail time for funding terrorism, money laundering and that's without any tax issues.  Nafario's get out of jail card is that everyone who wants to withdraw coins or shares will have to comply with AML regulations.  He also said he will soon have a way for assets to pay dividends but not trade shares.

He told you this? That's funny, because he refused to tell the shareholders anything. He would not even confirm (never mind provide evidence) that he was under legal duress.


Title: Re: GLBSE Closed.
Post by: Zeek_W on October 07, 2012, 08:53:15 AM
Wow - i read this and now i finally remember a year ago I put some coin in there for the FPGAContract.  :'(   (i've been away from BTC for a year due to work etc)


Title: Re: GLBSE Closed.
Post by: MPOE-PR on October 07, 2012, 03:33:06 PM
Wow. Who saw this coming? Think we will get all of our BTC back?

Quote
Anonim 12/09/01(Sat)16:58 No. 16970
http://polimedia.us/dtng/c/src/134654389322.png
Sep 02 02:59:37 <mircea_popescu> MrTiggr do you have an article on the global scam exchange yet ? you can use this http://polimedia.us/dtng/c/src/134654389322.png


Title: Re: GLBSE Closed.
Post by: muyuu on October 07, 2012, 03:42:49 PM
So how can I contact Nefario now? can't pm him and he left no contact details in the site.


Title: Re: GLBSE Closed.
Post by: Dalkore on October 07, 2012, 04:03:39 PM
So how can I contact Nefario now? can't pm him and he left no contact details in the site.


Matthewh3 seems to be in contact with him and have been posting updates on various posts.   Try contacting him.


Title: Re: GLBSE Closed.
Post by: FuzzyBear on October 10, 2012, 09:39:17 AM
This is disappointing especially as they were represented at the Bitcoin2012 London conference and all seemed to be going well for the director of the company... :( hope people get their BTC back.... time to switch to PPC i think  8)


Title: Re: GLBSE Closed.
Post by: MPOE-PR on October 10, 2012, 04:55:53 PM
This is disappointing especially as they were represented at the Bitcoin2012 London conference and all seemed to be going well for the director of the company... :( hope people get their BTC back.... time to switch to PPC i think  8)

They (and their Bitcoinica scammer friends) were the conference.


Title: Re: GLBSE Closed.
Post by: Desolator on October 11, 2012, 01:16:38 PM
This sounds more like mismanagement than a scam from the beginning.  Either coins got stolen or a major math problem happened or someone messed with the system and they don't want to admit it or a company they were working with disappeared with the coins.  That seems incredibly likely.  What'd be nice is if they TOLD US SOMETHING!  At least I don't have any coins tied up there at all...still pissed that tradehill has a significant amount of my USD though!

But hey, wasn't there 1 ASIC manufacturer that took pre-orders exclusively with GLBSE?  Uhhh ohhhhh.  Anyone know anything about that?  I know at the very least, several mining pools used funds from GLBSE to pre-order large ASIC mining rigs from various manufacturers so if they're not necessarily in possession of the BTC to pay for it, that'd be bad :P

I think it went like this:
GLBSE wanted to work with EVERYONE and wasn't real careful
Some mining pool walked off with the funds and basically disappeared, failing to acknowledge who sent the BTC or has shares in the mining operation
GLBSE is closed down purely because they don't have the funds to cover a 100% withdrawal
They're not releasing info because if the pool stops operations because they point the finger, then they're definitely not getting their BTC back because the pool would be making no BTC.


Title: Re: GLBSE Closed.
Post by: zero3112 on October 12, 2012, 04:24:13 AM
This is disappointing especially as they were represented at the Bitcoin2012 London conference and all seemed to be going well for the director of the company... :( hope people get their BTC back.... time to switch to PPC i think  8)

Hello FuzzyBear, what does PPC mean?


Title: Re: GLBSE Closed.
Post by: zero3112 on October 13, 2012, 09:53:16 PM
Is PPC a type of coin?


Title: Re: GLBSE Closed.
Post by: AngryCatfish on October 19, 2012, 03:34:42 PM
Is PPC a type of coin?

One of the many alt coins, a lesser known one.