Actually WiseOldOwl is getting out of the mining game, you can probably get his hardware off him.

Security wise, it's VERY secure, using cryptographic keys instead of password logins, we're beyond password security. I'm the guy who runs it(I've been around for a while), on behalf of several investors(including myself).

We've been live for... oh nearly 4 months now (I think) and have had no breakins or losses.

glbse.com itself is fine(with regards security and trustworthyness) , the biggest issue is finding the right share to invest in, currently they're all quite high risk ( the shares that is) and people have already lost bitcoin, although quite a few have made some also.

Nefario.

Hey dishwara,

I think I can safely say that even though things have not worked out as you had hoped or expected; you deserve great respect for not saying "fuck this" and walking away from it all. You have shown that you are trustworthy, and even dependable.

I think for the moment you can stop trying to buy back peoples shares.

From now on, sell enough bitcoin to cover your electricity costs, if it doesn't cover your costs then you are better off not mining, wait for the price to rise before mining any more.

Insteal of buying back shares, I would think it might be a better idea to start paying dividends, and just inform your shareholders that as long as mining is profitable you will continue to pay dividends.

When you no longer want to continue, sell the equipment (even for a loss on what you paid, that's not a terrible thing) and use the money to buy bitcoins, then use this to make a final dividend payment and then forget about it.

You know, if you were interested you could use GLBSE to do a bitcoin => Rupee exchange (all the bitcoin stays in GLBSE, and the Rupees stay in your bank account).

Nefario.

You're better off buying shares in a bitcoin mining company on GLBSE, SIN pays regular dividends.

Sorry, I need to correct you, glbse.com is the safest e-wallet, followed by Mt.Gox some distance behind.

How is this? because we use RSA key pairs to authenticate and authorise, we never know the private key.

AFAIK this share is not for bitcoinbux.com, so that's not whats on the table.

If Owl is not going to continue operations, then the best thing to do is liquidate the assets for the company you have (i.e. the mining equipment)and make a single final dividend payment with the proceeds, then the share could be considered worthless.

In the meantime people can continue to trade in the share, and people can buy or sell for what they think it will eventually be worth.

You may consider selling the rigs to Tawsix of SIN, he may be interseted (don't know).

Another option may be to continue the running of the mining rig, less electricity and operation costs, paying out dividends until the rigs essentailly fail, and then liquidate them.

I would say that it would be a good idea for owl to recall any unsold shares,I'll add that function to the webclient tomorrow, and to cancel any of his market orders to sell.

If these turn out to be the only two ideas then owl might put them to a shareholder vote and let the shareholder decide how to wind things up.

Nefario.

Eh the UI still isn't good enough though, need to improve.

That is because with the GLBSE update the API changed and charts couldn't get any new trade info. Thats been fixed now.

Nefario.

Anyone who wants to buy them, but I couldn't imagine anyone dumb enough to do that since they would be worthless. And I think the ability to read, write, user computers, the internet, and to have even heard about what bitcoin is, never mind a stock market that trades only using bitcoin eliminates that possibility.

Sorry, I don't mean to be snarky but I've just discovered the Archer TV series and have watched an episode, its so good.

Also just to keep you informed, the swapover to the new server code was without any incident. Apart from 10 minutes of trading downtime everything was smooth, and there were no issues. It was so smooth that most people didn't even notice.

Nefario.

I've just updated the old command line client to work with the new server code.

It also includes bitcoin transfer and records (shows all trades/transfers etc).

Next step is to bring up web socket streaming (this is something that we might make available for other exchanges),then add bitcoin transfer and records to the web client.

Command line users if they have git can just use git to update, if not then you need to update these two fles manually.

https://gitorious.org/black-market/black-market-client/blobs/raw/master/argspar.py
https://gitorious.org/black-market/black-market-client/blobs/raw/master/bmc.py

We pay the networks transaction fees so as to get a faster servce, that's mainly what the fee is for, we don't do low priority fees(or whatever...yet).

Also some HAPPY HAPPY NEWS!!!!

Ladies and Gentlemen we are LIVE!!! Our new server code it up and running and kicking!

OK like I said it looks the same more or less, but this is only the start. After I get some sleep I'll be able to easily add all those nice features I mentioned in the first post, most of which are already in glibse, the new command line client.

Get it here https://gitorious.org/glibse

Sadly the old command line client isn't working, but I'll update it tomorrow.

If anyone is having issues with the web client, please clear your browser cache and reload the page.

So I can now say, yes please use GLBSE as a web wallet, use it to make instant fee free person to person payments. It's fast, it's secure, and safe.

And now off to bed, my marathon is over.

Have a look at the bottom of glbse.com, you'll see the link to our twitter feed and blog.

New features being faster developement time, but the immediate one is going to be better transaction records for users to see.

Following that there is direct account to account bitcoin transfer, escrow and others.

Nefario.

Well I've just stayed up all night to get the new version of GLBSE rolled out, I can't speak, and there is a think yellow oooze dripping from my ear so...

Well it really depends on what you want to do with the company and what you want to use the shares for.

You say that you're not too interested in scheduled dividend payments, fine don't mention them. You could say dividend payments MAY be made at the discression of management.

You want it as a way to include co-founders or partners in on the ownership of the business, then state that each share also owns a portion of all companies assets.

In general you just want to include what you want the shares to do, thats about it really.

Zombie Nefario.

Remote testing with current copy of the database has passed, not final testing with a live bitcoind (and we should see some twitter posts also as a result).

Following this we prepare to go live.

Withdrawl fee will be 0.001, min withdrawl being 0.5btc, thats reasonable right?

So the story is we're on phase 2 of testing, that is remote testing with fresh database.
Next step will be remote testing with current database copy.
Final step of testing will be with current database copy and a live bitcoind to work with.

Once it's passed all the tests for those steps then I'll migrate, although apart from the lower fees you won't notice any difference until I add some features to the web client (glibse already has new records feature).

Testing the shit out of this mother before going live.

Oh current round of testing passed, next round starting (fingers crossed).

No no, there won't be any fees for direct bitcoin or asset transfers, you'll only pay a fee when you use the market to trade (right now though there are no fees).

Something I forgot to mention is that I'll also be introducing asset and bitcoin escrow (very simple versions at first), and bitcoin laundry (again simple at first).

I'm still working on things and promise to have this up and running before going to sleep.

Nefario.

There won't be any issues, I've done enough testing with this basy that I can get FDA approval(fingers crossed), but don't worry as centimine said any issues and I'll be all over it.

On a slightly related note, I could like to thank centimine for the work that was put into this share and for being one of the early adopters of the exchange, I think that at the time it was a bold step to take.

Nefario

The battle is not yet won, and I've not got anything else better to do.

Also GLBSE's never really going to be finished, there's always going to be something else to add to it. But we'll have the basics doen soon enough.