GLBSE users: how to continue your relationship with asset issuers

[niko]

Lots of threads and lots of noise about the closing of GLBSE. The only information about claiming of the asset ownership is this (taken from the current glbse.com page)

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.

There is no information on how this can be done by those who are willing to. Please post here any specifics. Let's not waste time with speculation and guessing.

[bbit]

Like to know this also!

[crazy_rabbit]

Well good luck on this- I think people's paperwork just multiplied by an order of magnitude. Good luck deluging people who ran bonds with paperwork to prove your assets. I think a lot of people will give up before dealing with all the little fractions of fractions and verifying all of it. What a nightmare!

That said, those people who were planning on scamming? They just got the best out ever: GLBSE did it.

I think unless you're with someone who is above and beyond the call of awesome, you're probably screwed. Think of those bigger bonds that have large amounts of shares outstanding and all of a sudden they are expected to run/handle their own private stock exchange? "I can't handle this would be a perfectly reasonable answer." Not to mention I'm sure a lot of people will want to just withdraw their money ASAP. Are enterprises really going to step up to the prospect of financial ruin by the collapse of GLBSE and now everyone demanding their money back? Good luck.

[niko]

Well good luck on this- I think people's paperwork just multiplied by an order of magnitude. Good luck deluging people who ran bonds with paperwork to prove your assets. I think a lot of people will give up before dealing with all the little fractions of fractions and verifying all of it. What a nightmare!

That said, those people who were planning on scamming? They just got the best out ever: GLBSE did it.

I think unless you're with someone who is above and beyond the call of awesome, you're probably screwed. Think of those bigger bonds that have large amounts of shares outstanding and all of a sudden they are expected to run/handle their own private stock exchange? "I can't handle this would be a perfectly reasonable answer." Not to mention I'm sure a lot of people will want to just withdraw their money ASAP. Are enterprises really going to step up to the prospect of financial ruin by the collapse of GLBSE and now everyone demanding their money back? Good luck.

Right, but that's between me and the issuer. The concern here is how to work things out between GLBSE and myself - how to initiate the process of issuing a claim ticket.

[gweedo]

Hopefully after glbse releases the database of assets, the issuers will be able to convert them to a service like https://assets-otc.com/

[repentance]

It was stated in one of the other threads that most of the asset issuers have already been contacted.  Presumably, each of them will now have to think about "what next" and it's reasonable to assume that they'll make public statements once they've decided where they're going from here.  Every single one of them should have had a contingency plan for this possibility, so hopefully those public statements won't be long in coming.

If nothing else, this debacle is going to reveal the true level of competence of the people who issued the assets.

Nefario really needs to put up an announcement about where people should submit their information to, exactly what information is required, and when they should start submitting their information.  He should also outline the timeline for him getting that information to asset issuers - is he going to forward it as it comes in, submit it to them in weekly batches, or what?

As Nefario appears to have abandoned Bitcointalk, the shareholders who voted for this action should be keeping the forum fully informed about next steps.

[Insu Dra]

As Nefario appears to have abandoned Bitcointalk, the shareholders who voted for this action should be keeping the forum fully informed about next steps.

If he is being prosecuted or got some sort of "cease and desist" then the silence is acceptable (if not mandatory) while lawyers, other parties and/or court come to a agreement on how to deal with customers without opening the business up again.

Linking issuers to holders was his core business so just the act of helping people to fix the mess now would be like continuing with that activity and would probably result in more problems for him and glbse.

People should have had a way to fix this before it became a issue, I tried to explain that when I asked for external backups in his future request thread but ... hes a stubern little guy that believed he could just walk out of country with the data to start up/restore else where.

The message on there site tells you there working on it so ... stay tuned I guess.

[crazy_rabbit]

It was stated in one of the other threads that most of the asset issuers have already been contacted.  Presumably, each of them will now have to think about "what next" and it's reasonable to assume that they'll make public statements once they've decided where they're going from here.  Every single one of them should have had a contingency plan for this possibility, so hopefully those public statements won't be long in coming.

You really think so? I think few if any asset issuers have any sort of contingency plan for this sort of situation. I highly doubt the various 'companies' on GLBSE have the organisational capability to deal with this situation and expected GLBSE to handle it. Not to mention the many companies for whom this will be bad timing. Few listings on GLBSE were people's primary jobs/income/organisations, and it's unlikely they will have the time and energy to sort out this mess, even if it is to the benefit of their asset holders.

There are going to be a lot of small entities who are about to get flamed to death and accused of being scammers just because they aren't in the position to immediately return everyones emails, respond to the forum and generally handle this collapse with panache. I wouldn't be surprised if a lot of people just give up and walk away from their asset holders. Especially if there is a run on assets on small 'companies' that didn't expect it.

[MPOE-PR]

There are going to be a lot of small entities who are about to get flamed to death and accused of being scammers just because they aren't in the position to immediately return everyones emails, respond to the forum and generally handle this collapse with panache. I wouldn't be surprised if a lot of people just give up and walk away from their asset holders. Especially if there is a run on assets on small 'companies' that didn't expect it.

This is exactly correct, and one of the main repercussions of the irresponsible way people have behaved YET AGAIN. Yes, all you asshats who were trashing MPEx, I mean you. Yes, all you asshats who asked me "o, what happens if MPEx goes away" and I answered and then you ignored it. And then I said, hey, ask the same of GLBBQ and you ignored that too. And then ranted and raved about how MPEx is a bad system, because it protects us all from exactly this kind of contingency. Not like someone could know better than a bunch of forum retards.

So now, through the sheer unmitigated irresponsibility of "the community" we have this situation called moral hazard: a bunch of people will be legitimately called scammers, but it wouldn't really be legitimate to do anything about it, for the exact quoted reason.

Well done fucking over bitcoin, folks. Keep at it, and then wonder why I call you idiots and why I say you're no part of it. Serious rocket science here.

[niko]

From the current GLBSE web page:

Update:we will begin processing account closures and returning bitcoin later today.

[zorgberg]

From the current GLBSE web page:

Update:we will begin processing account closures and returning bitcoin later today.

An official statement from Nefario would be nice, but if he is prioritizing returning account funds and getting asset information to security issuers than I'm fine with that.  We'll learn specifics about what happened eventually and I'd rather be waiting for that than my BTC.

[niko]

GLBSE is now open for account verification (AML provisions).
https://bitcointalk.org/index.php?topic=117539.0

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