Selling 17500 shares of GLBSE (actual shares)

[theymos]

I am selling 17500 shares of BitcoinGlobal, the owner of GLBSE. There are currently 77500 total GLBSE shares, so this represents a 23% share in GLBSE.

My reason for selling:

Some big legitimate Bitcoin businesses have expressed interest in listing on GLBSE, but they can't do so because GLBSE might be illegal. Nefario would like to change this by making GLBSE a legal company and following all relevant regulations. This could potentially increase profits, but I don't like the idea of abandoning small and "dubious" businesses, I don't like lawyers and regulations getting in the way of business, and I certainly don't want to be officially/legally listed as a shareholder (and especially not treasurer).

Here are the bylaws:
http://theymos.com/bylaws.pdf

- In order to buy the shares, you must be approved by half of the current shareholders. I don't foresee this being difficult for most people. You don't need to be well-known in the community or anything.
- The shareholders do not want to bring in too many other shareholders. They will probably not approve a transfer of less than ~500 shares, so offers to buy fewer than 500 shares will probably not be accepted.
- Nefario wants GLBSE to move toward becoming a legitimate corporation. You must agree to be legally and publicly listed by name as a shareholder/partner/whatever in legal documents if this becomes required in the future.
- Shareholders have an above-average level of involvement in management. There are regular meetings on IRC.
- Financials are private. Within the next few days, there may be a way for you to view financial data if you sign a NDA.
- Nefario would like to restructure the company and possibly create more shares. It is unlikely that he will be able to legally do this without the 23% of shares sold here (66% is required to change the bylaws), so you will have a say in how this turns out.

I will not sell shares at a price below 0.3 BTC per share, and I expect the final selling price to be much higher. PM me your offers. I can answer some questions here, but some info is confidential.

[BitcoinINV]

Do these shares currently produce dividends? I do not want the amount, just simple yes or no.

[theymos]

Do these shares currently produce dividends? I do not want the amount, just simple yes or no.

They do, though not on any fixed schedule.

[smoothie]

Seems pretty pricey. What'd you buy them at?

Your lowest price is 5250 BTC or $63,000?

Dang...too rich for my blood.

[WITRcenter]

theymos , as a insider, your selling share is not a good signal. the shareholder can easily hide his identity by register an off-shore company and transfer his share to that offshore company, whose shareholder name is confidential and the GLBSE can only see the off-shore company as its shareholder. have you ever considered about this?

[theymos]

Seems pretty pricey. What'd you buy them at?

Each share was originally priced at 0.05 BTC.

Question: What is the trailing 3-month net income of GLBSE (essentially, what P/E valuation is 0.3 per share)? Thanks.
Second question, in your estimate what is the forward P/E for the next year (assuming everything goes as planned) at 0.3? Thanks.

I can't release such info.

[WITRcenter]

theymos, will you be building your own stock exchange? thanks.

[theymos]

theymos, will you be building your own stock exchange? thanks.

I have no plans to do this.

[smoothie]

Seems pretty pricey. What'd you buy them at?

Each share was originally priced at 0.05 BTC.

Question: What is the trailing 3-month net income of GLBSE (essentially, what P/E valuation is 0.3 per share)? Thanks.
Second question, in your estimate what is the forward P/E for the next year (assuming everything goes as planned) at 0.3? Thanks.

I can't release such info.

Equivalent of a pump and dump.

You expect at least 600% returns? Not including the fact that bitcoin price has at least doubled since you bought. So that would amount of at least 1200%.

Do the math guys. IMO a total rip off on the minimum price.

[theymos]

P/E is not confidential information. There is no reason why you couldn't release it.. is there? I'm not asking for details on how the company is run or any insider information. Just a valuation or a best-estimate. You're offering a minimum bid of 0.3, and you have advertised that you bought the shares at 0.05. Given how the market is pricing companies right now this seems to indicate a P/E of 3 to 6. I think that is very fair from a real-world perspective. Can you confirm or deny it is within this range? If not, I would be willing to sign a NDA to get this info. However I'm not willing to make a bid unless I know what it is worth.

I can't publicly release any info about revenue, profit, or dividend payments. I understand that you would like to see detailed financial info, and I believe this will be possible (after you sign a NDA) within the next few days.

[smoothie]

Seems pretty pricey. What'd you buy them at?

Each share was originally priced at 0.05 BTC.

Question: What is the trailing 3-month net income of GLBSE (essentially, what P/E valuation is 0.3 per share)? Thanks.
Second question, in your estimate what is the forward P/E for the next year (assuming everything goes as planned) at 0.3? Thanks.

I can't release such info.

Equivalent of a pump and dump.

You expect at least 600% returns? Not including the fact that bitcoin price has at least doubled since you bought. So that would amount of at least 1200%.

Do the math guys. IMO a total rip off on the minimum price.

No. GLBSE has grown a hell of a lot since the early days, I'm pretty sure. And it's about to go legit. Many real world companies have P/E of 10 or more. Many companies I invest in IRL have higher P/E. I invest in some mining companies with P/E of 20 or more. Why? Because it's worth it to me. I say, sign the NDA, and make a bid you feel comfortable with. I plan to make a fair bid for the shares in the range of a 3 to 6 P/E. Maybe more. And I probably won't disclose my bid. Don't want anyone beating me by a penny lol.

I've been waiting to bid on GLBSE shares for a long time now

We agree to disagree. I prefer to hold bitcoins than shares of GLBSE.

Why do you think he is selling? He is accepting BTC for payment it looks like.

Have at it USAGI.

[evoorhees]

Seems pretty pricey. What'd you buy them at?

Each share was originally priced at 0.05 BTC.

Question: What is the trailing 3-month net income of GLBSE (essentially, what P/E valuation is 0.3 per share)? Thanks.
Second question, in your estimate what is the forward P/E for the next year (assuming everything goes as planned) at 0.3? Thanks.

I can't release such info.

Equivalent of a pump and dump.

You expect at least 600% returns? Not including the fact that bitcoin price has at least doubled since you bought. So that would amount of at least 1200%.

Do the math guys. IMO a total rip off on the minimum price.

The original price of something is pretty much irrelevant. The only thing that matters is whether his price is fair TODAY.  Just on a surface level, owning a quarter of GLBSE for ~$65k sounds absolutely reasonable.  And Theymos should be praised for his wisdom in acquiring an asset that appreciated 1200%, not vilified.

Let's remember that BTC itself appreciated 1,700% in 2011 (even after the crash)... so if GLBSE shares are a "pump and dump" because they appreciated so much and Theymos wants to sell, then BTC must be even more a pump and dump, no?

[smoothie]

Seems pretty pricey. What'd you buy them at?

Each share was originally priced at 0.05 BTC.

Question: What is the trailing 3-month net income of GLBSE (essentially, what P/E valuation is 0.3 per share)? Thanks.
Second question, in your estimate what is the forward P/E for the next year (assuming everything goes as planned) at 0.3? Thanks.

I can't release such info.

Equivalent of a pump and dump.

You expect at least 600% returns? Not including the fact that bitcoin price has at least doubled since you bought. So that would amount of at least 1200%.

Do the math guys. IMO a total rip off on the minimum price.

The original price of something is pretty much irrelevant. The only thing that matters is whether his price is fair TODAY.  Just on a surface level, owning a quarter of GLBSE for ~$65k sounds absolutely reasonable.  And Theymos should be praised for his wisdom in acquiring an asset that appreciated 1200%, not vilified.

Let's remember that BTC itself appreciated 1,700% in 2011 (even after the crash)... so if GLBSE shares are a "pump and dump" because they appreciated so much and Theymos wants to sell, then BTC must be even more a pump and dump, no?

Glbse has counter party risk. Bitcoin doesn't. So what was your point again? lol

[BurtW]

What about this:  https://bitcointalk.org/index.php?topic=112438.0

[evoorhees]

Seems pretty pricey. What'd you buy them at?

Each share was originally priced at 0.05 BTC.

Question: What is the trailing 3-month net income of GLBSE (essentially, what P/E valuation is 0.3 per share)? Thanks.
Second question, in your estimate what is the forward P/E for the next year (assuming everything goes as planned) at 0.3? Thanks.

I can't release such info.

Equivalent of a pump and dump.

You expect at least 600% returns? Not including the fact that bitcoin price has at least doubled since you bought. So that would amount of at least 1200%.

Do the math guys. IMO a total rip off on the minimum price.

The original price of something is pretty much irrelevant. The only thing that matters is whether his price is fair TODAY.  Just on a surface level, owning a quarter of GLBSE for ~$65k sounds absolutely reasonable.  And Theymos should be praised for his wisdom in acquiring an asset that appreciated 1200%, not vilified.

Let's remember that BTC itself appreciated 1,700% in 2011 (even after the crash)... so if GLBSE shares are a "pump and dump" because they appreciated so much and Theymos wants to sell, then BTC must be even more a pump and dump, no?

Glbse has counter party risk. Bitcoin doesn't. So what was your point again? lol

My point is that just because a large gain was made, and the investor is looking to exit the position, it doesn't mean it can rightly be called a "pump and dump."  People throw that term around too loosely.

[Nefario]

This action (of theymos to sell his stake in GLBSE) is the result of a shareholder meeting that happened on Friday night/Saturday morning.

GLBSE is registering as a company in the UK, theymos has decided he doesn't want to be a part of this process.

Nefario.

[Namworld]

I have a few problems with this:
- You're selling shares for 6x the purchase price and I cannot see currently good reasons to price them so high
- You want to exit and have to sell but still set the price to whatever you want.
- According to GLBSE current trading volume, if there was absolutely zero operating costs and trading stayed at this level, it would take 10 years to recoup the 0.30 you are asking for (10% per year). With the expenses accounted for (Dedicated servers are far from being free), I suspect this amount to be a small fraction of that.
- For an investment as risky investment as a start-up such as GLBSE, I expect far bigger returns than what established multinationals pay on their stocks.
- The biggest and riskiest part is ahead, not behind. There will be high costs and a lot of work required for bringing GLBSE on a legal stance. This is putting a lot of failure risk along with substantial expenses going forward.
- Even if it's a success and it becomes fully regulated, it would require afterward probably at least 3 - 5 time the trading volume for getting 10% a year on 0.3, which I would still find low on something still as small and risky as GLBSE. With the financial data, I could get a better picture at the operating costs and how much more trading volume GLBSE needs to achieve to have an acceptable level of returns compared to risk.

Until GLBSE becomes registered and the majority of the costs and risk related is behind, I don't believe those shares to have appreciated that much in value. As far as I'm concerned, if you want to sell for 0.30 BTC per share, you might want to stay and sell the shares once GLBSE is regulated, even if you would be listed as a shareholder for some time.

[theymos]

theymos, will you offer the shares to me as a borrow? (short)

No.

[kjj]

Shit, if you don't want to buy the shares, don't make an offer.  Why does everyone feel the need to run their mouth all the time?

[2weiX]

I'll bid 50 for 1000 shares.