[LTC-GLOBAL] The Litecoin Global Virtual Stock Exchange - Public Beta

[burnside]

thank you that makes sense!
is it possible to make a "pay now" checkbox when entering a dividend?

I know it's not quite the same, but the calendar has a "now" button.  I usually just hit "now", "done".

[Bitcoin Oz]

thank you that makes sense!
is it possible to make a "pay now" checkbox when entering a dividend?

I know it's not quite the same, but the calendar has a "now" button.  I usually just hit "now", "done".

Does it matter how long it takes after you set the time when you press "now"  ?

[burnside]

thank you that makes sense!
is it possible to make a "pay now" checkbox when entering a dividend?

I know it's not quite the same, but the calendar has a "now" button.  I usually just hit "now", "done".

Does it matter how long it takes after you set the time when you press "now"  ?

Not really sure what you're asking.  But guessing at an answer I'll throw out there that if it's any time in the past, it will also get processed immediately in the next batch.

Cheers.

[Bitcoin Oz]

thank you that makes sense!
is it possible to make a "pay now" checkbox when entering a dividend?

I know it's not quite the same, but the calendar has a "now" button.  I usually just hit "now", "done".

Does it matter how long it takes after you set the time when you press "now"  ?

Not really sure what you're asking.  But guessing at an answer I'll throw out there that if it's any time in the past, it will also get processed immediately in the next batch.

Cheers.

I take it the cron job is set every few minutes ?

[burnside]

thank you that makes sense!
is it possible to make a "pay now" checkbox when entering a dividend?

I know it's not quite the same, but the calendar has a "now" button.  I usually just hit "now", "done".

Does it matter how long it takes after you set the time when you press "now"  ?

Not really sure what you're asking.  But guessing at an answer I'll throw out there that if it's any time in the past, it will also get processed immediately in the next batch.

Cheers.

I take it the cron job is set every few minutes ?

Correct.

[burnside]

Killed a big bug today with the help of one of our users.

Turned out that my type checking was stripping leading zeros off the PIN's.  I replaced the code with a regex check and now PIN's with leading zeros should work.

Cheers.

[burnside]

Great news.  BTC Trading Corp. has been approved and accepted for incorporation in Belize.

Our new corporate address:

BTC Trading Corp.
Suite 508, Marina Towers
Newton Barracks, Belize City
Belize

A motion has been posted for election of the corporate director.  You can start voting in ~30 mins.  Voting closes at 5 pm PST on Friday.

I recommend passing the motion.  Fidelity is the company I have chosen to operate BTC Trading Corp from Belize.

Cheers.

[burnside]

Fixed a bug in the voting system.    It was only allowing one vote per security, not one vote per motion!

[btcash]

That is great news for LTC-GLOBAL users and the Litecoin community.
But what is the point of this motion? There is no alternative given and we don't know anything about the director and how he(they) will affect the running of LTC-Global.
Is he just a figurehead?

Do you hold any shares? I was just wondering because the motion is only just up for 12 hours and already 93.3% approval.
I don't know if you want to reveal this, but I was also wondering if there are only 17 shareholders?

What are the requirements for becoming a registered shareholder?

[Deprived]

That is great news for LTC-GLOBAL users and the Litecoin community.
But what is the point of this motion? There is no alternative given and we don't know anything about the director and how he(they) will affect the running of LTC-Global.
Is he just a figurehead?

Do you hold any shares? I was just wondering because the motion is only just up for 12 hours and already 93.3% approval.
I don't know if you want to reveal this, but I was also wondering if there are only 17 shareholders?

What are the requirements for becoming a registered shareholder?

I can answer some of that for you.

Only a small minority of shares were sold to the public - burnside holds the majority (THINK I remember him saying he'd sold 10%).  So the vote passing is pretty automatic - but form demands a vote be held, as much to create a record of it passing as anything.

The director is almost certainly just a figurehead - likely a local representative is needed for the company.

Again, from memory last time brunside commented on it there were 18 shareholders who held 10 or more shares (and so can vote to approve assets).  There's likely a lot more shareholders holding less than 10 shares.

To become a shareholder you just buy 1 or more shares on the exchange.  Cheapest for sale at moment for LTC-GLOBAL are about 250 LTC.  Get 10 shares and you can vote to approve or deny new assets (or put messages about them up for everyone to see).

[CoinHoarder]

I apologize if this has been discussed already, but what makes this different from suffering the same fate as GLSBE?

It seems like if you were going to do something like this, you'd want to learn from GLSBE's mistakes so that such a thing doesn't happen again.

[btcash]

I apologize if this has been discussed already, but what makes this different from suffering the same fate as GLSBE?

It seems like if you were going to do something like this, you'd want to learn from GLSBE's mistakes so that such a thing doesn't happen again.

I am not updated on the GLBSE issue but I as far as I know GLBSE wasn't shut-down by any authority. Since he wasn't contacted by any authority either there are only three reasons why he shut-down GLBSE.
A. Some overcautious lawyer scared him.
B. The whole thing is a scam. He knows that the most users won't comply his "AML" requirements.
C. Includes B + He created the image that it is dangerous to run a stock exchange to scare potential competitors.
I tend to option B.

Furthermore I doubt that any government authority will come after LTC-Global because it is not even proven that a virtual stock exchange is illegal and there the are far worse websites like Liberty Reserve, Perfect Money or BTC-E. This websites probably violate AML laws worldwide. But no one cares. They are even hosted in the US.
To launder money with LTC-Global doesn't make any sense. LTC in LTC out. You can conver your Litecoin tracks but if this a problem we should worry about all wallet services too.

Check out http://www.slcapex.com/. The owners say it is just a game/simulation and they haven't had any trouble since they started in 2008.
I think LTC-Global is going the same way.

[burnside]

I apologize if this has been discussed already, but what makes this different from suffering the same fate as GLSBE?

It seems like if you were going to do something like this, you'd want to learn from GLSBE's mistakes so that such a thing doesn't happen again.

It has definitely been discussed and is somewhat covered in the FAQ.

3 major differences that make this unlike any other sites available right now.

A) We are incorporated.  For real.

B) Legal wording is such that this is an entertainment/educational site only.  Assets are not real.  There is no recourse if an asset fails.  Etc.  This makes it more risky for "investors", but less risky for the asset issuers and most importantly, less risky to BTC Trading Corp.  This would seem like a huge issue at first, but realistically there is little recourse in an asset failure situation anyway.

C) Asset issuers are free to leave at any time.  I have made it simple (via website, json api, or email) to get a list of people holding your asset such that you can move to another exchange or to private management pretty much at will.  We even force it upon the asset issuers in the form of an email every 12 hours. 

There's lots of other differences, but those I think are the key ones.

[burnside]

That is great news for LTC-GLOBAL users and the Litecoin community.
But what is the point of this motion? There is no alternative given and we don't know anything about the director and how he(they) will affect the running of LTC-Global.
Is he just a figurehead?

Do you hold any shares? I was just wondering because the motion is only just up for 12 hours and already 93.3% approval.
I don't know if you want to reveal this, but I was also wondering if there are only 17 shareholders?

What are the requirements for becoming a registered shareholder?

Deprived summed it up pretty well.  It's as much a public notice for legal as anything.  I can confirm that I still hold the majority share of the company and can thus still act unilaterally.  It's not a power thing for me, I'm not opposed to giving up equity should the right investor come along with the right offer.  There's a thread on here where I offered it up for sale but most people choked on my price.    In fact, I think it would be best for the Company if I were not a majority shareholder, just because I strongly believe that ownership should be spread out internationally so that decisions are legitimately made internationally.

The requirements for registering shares I believe would be:

- Assembly of AML documents.  Notarized copies of passport, proof of residential address, and a letter of reference from a legal or banking professional.
- A notarized copy of the company shareholder agreement whereby you allow your shares on litecoinglobal.com to be locked, such that the shares in your account on the site match up with the shares on file with the company.  Doesn't mean you can't sell them, just means when you do it has to be a little more formal.  This is because the company itself is not traded on an internationally recognized exchange.

To that end I am also going to have to adjust the contract somewhat on LTC-GLOBAL because I need to make it clear that unless you register your shares, you are essentially trading shares that are owned by the corporate management company (Fidelity) by proxy.

Depending on your locale, there may also be legal and tax issues you will need to take into consideration before registering shares.

Cheers.

[Liquid]

Sorry but what is the

Internal Asset Transfer ?

And how do you sell Shares sorry for the noob question but im not sure if im doing it right ><

[creativex]

Internal asset transfer is for sending securities to another account.

You sell shares by filling in the sell dialog on on the right side of the individual asset screen. Simply enter Quantity, Price Each, and Auth Pin. Just make sure the information is correct before pressing the "Place SELL Order" button.

[Liquid]

Ok ive done that but its not filling the order 

[creativex]

Must be borked.

It's a market bud. Sellers need buyers to complete a transaction. If you set a sell price equal or lower to a bid on the same security all or some of the order will fill. If there are no bids at the price you're selling a new ask entry is produced.

[Liquid]

Must be borked.

It's a market bud. Sellers need buyers to complete a transaction. If you set a sell price equal or lower to a bid on the same security all or some of the order will fill. If there are no bids at the price you're selling a new ask entry is produced.

its at a equal price, not above or below the current market price if that makes sense

i guess i just have to wait until someone buys it 

[killerstorm]

Market has "buy" (bid) and "sell" (ask) price. If you're buying at current "buy" price, you have to wait. Potentially, forever.

If you want to buy immediately, you need to buy at "sell" price, in that case your buy order will be matched to that sell order.

There is a "fill" button for that -- it would allow you to buy right now (but you might want to edit quantity).