Selling 17500 shares of GLBSE (actual shares)

[HorseRider]

As a major stockholder can you at least tell us that you do know what is going on (Nefario has told you exactly what is going on)?

Not asking you to divulge what is going on, just to tell us you do know what it is.

I don't know what's going on. There is a shareholder meeting later today, and Nefario had better have a damn good excuse for doing this and keeping shareholders in the dark or he's unlikely to be CEO any longer.

theymos post this 4 hour ago. it must be 16:30 in England now. Looking forward to the any tinny updates from GLBSE official announcement or words from shareholders like theymos.

[SysRun]

Great, now it looks like Theymos had inside knowledge and was trying to dump the shares. Thanks Nefario.

[kaerf]

I don't know what's going on. There is a shareholder meeting later today, and Nefario had better have a damn good excuse for doing this and keeping shareholders in the dark or he's unlikely to be CEO any longer.

theymos, any updates from the shareholder meeting?

[theymos]

How have you guys not seen this as a potential major problem?

Having access to the database doesn't necessarily mean you'd be able to migrate stocks if GLBSE becomes legally restrained from doing business, but it's critical that someone other than Nefario be able to access the database in the event of a catastrophe and it's worrying that you guys don't seem to have planned for that possibility.  Have any of you taken legal advice regarding your own liability in respect of GLBSE?  

GLBSE can continue if Nefario is just hit by a bus or something. The secret-sharing-protected data includes passwords for the server.

I believe that BitcoinGlobal is legally a non-entity and each individual is liable only for his own actions. No one signed the bylaws or any partnership contract.

theymos, any updates from the shareholder meeting?

Hasn't happened yet.

[EskimoBob]

How have you guys not seen this as a potential major problem?

Having access to the database doesn't necessarily mean you'd be able to migrate stocks if GLBSE becomes legally restrained from doing business, but it's critical that someone other than Nefario be able to access the database in the event of a catastrophe and it's worrying that you guys don't seem to have planned for that possibility.  Have any of you taken legal advice regarding your own liability in respect of GLBSE?  

GLBSE can continue if Nefario is just hit by a bus or something. The secret-sharing-protected data includes passwords for the server.

I believe that BitcoinGlobal is legally a non-entity and each individual is liable only for his own actions. No one signed the bylaws or any partnership contract.

theymos, any updates from the shareholder meeting?

Hasn't happened yet.

I recall that scammer Trendon Shavers form Texas had also a dead mans switch to return all the coin and what not... LOL

[yochdog]

Gettin ugly.

[repentance]

I believe that BitcoinGlobal is legally a non-entity and each individual is liable only for his own actions. No one signed the bylaws or any partnership contract.

You might want to get advice on that.  It sounds like you're functioning as a partnership and that has liability implications whether there's a written agreement or not.

In fact I wish everyone would get legal and accounting advice before they launch or become involved in the operation of Bitcoin ventures instead of just assuming that they know the legal implications of their venture.  It's inexcusable for services which will be responsible for other people's funds to not obtain such advice before launch.

If the shareholders meeting today decides to remove Nefario as CEO, exactly who is familiar enough with the inner workings of GBLSE to step into that role immediately?

[piotr_n]

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.

Wow - that's some unexpected news.

So you, the "Hero Member Administrator", who was only about "following the forum rules" while censoring my GLBSE related posts on this forum - now you are saying that you had 23% of the interest in the GLBSE scum at that point?
Shame on you!!!

Now I can only wonder how many shares of BitcoinGlobal does Goat own...

A bunch of fucking crooks - that's all you are! You, Goat, Nefario... and god knows who else... and I hope you will all end up in jail, because that is a place which the kind of crooks you are should be in. Financial fraud on a massive scale with a conspiracy, secret shares behind, and abusing a public forum to force private interests... it's just fucking unbelievable!

[smoothie]

Great, now it looks like Theymos had inside knowledge and was trying to dump the shares. Thanks Nefario.

This ^ +1.

What's to say Theymos doesn't know anything?

I find that hard to believe that this was merely a coincidence of him selling all his shares (or attempting to).

[Martin666]

It seems Bitcoin enters more and more into the real world.

Now it seems we could have a case of insider knowledge...I m really curious what will come out of this mess.

[repentance]

It seems Bitcoin enters more and more into the real world.

Now it seems we could have a case of insider knowledge...I m really curious what will come out of this mess.

Insider trading isn't simply someone having knowledge not available to the general public.  It doesn't really apply to private companies because the public has no inherent right to information about a private company.  Failure to disclose to a purchaser material information affecting the value of shares in a private company veers more into the territory of obtaining financial advantage by deception and other forms of fraud.  That said, the risk of an entity offering unregistered securities being shut down by a regulator is so obvious that it shouldn't require explicit disclosure.

[rapeghost]

Woah now.. I never said *I* have backups.

BitVPS offers remote backup services with a company in NY. I tried to sell it to nefario, he already had the same service from some one else... That's how I know there are backups.

rg

Important question:

Do you or any of the other shareholders have access to any of the backups of GLBSE's database?
In the event it gets shut down (by law enforcement or by anything else) we need some way to ensure that stocks can be migrated...

The shareholders can work together (using Shamir's secret sharing) to access GLBSE's wallet, but I don't know if we have access to database backups. I never downloaded any database backups. And Nefario could disable all of this if ordered to do so by a court.

Wait just a cotton pickin minute here...

Someone besides Nefario has a copy of the database at all times, right?

If big brother is closing in this whole thing should be moving to a server in another jurisdiction automatically, right?

Hmmm...  Maybe that is what is happening right now (?)

rg just confirmed that he has backups.

Yet another reminder why you should be careful who you trust with your data.

Besides, data escrow is a thorny problem on its own.  Who gets the goodies, with access to all kinds of sensitive data?

[BurtW]

Woah now.. I never said *I* have backups.

BitVPS offers remote backup services with a company in NY. I tried to sell it to nefario, he already had the same service from some one else... That's how I know there are backups.

rg

Important question:

Do you or any of the other shareholders have access to any of the backups of GLBSE's database?
In the event it gets shut down (by law enforcement or by anything else) we need some way to ensure that stocks can be migrated...

The shareholders can work together (using Shamir's secret sharing) to access GLBSE's wallet, but I don't know if we have access to database backups. I never downloaded any database backups. And Nefario could disable all of this if ordered to do so by a court.

Wait just a cotton pickin minute here...

Someone besides Nefario has a copy of the database at all times, right?

If big brother is closing in this whole thing should be moving to a server in another jurisdiction automatically, right?

Hmmm...  Maybe that is what is happening right now (?)

rg just confirmed that he has backups.

Yet another reminder why you should be careful who you trust with your data.

Besides, data escrow is a thorny problem on its own.  Who gets the goodies, with access to all kinds of sensitive data?

Back to square one then.

[repentance]

Yes we've got frequent offsite backups, you've need to read our threads on our disaster plans, from government action to me being hit by a bus.

https://bitcointalk.org/index.php?topic=112438.msg1218455#msg1218455

Does anyone know which particular threads detail these "disaster plans"?

[Bogart]

It seems Bitcoin enters more and more into the real world.

Now it seems we could have a case of insider knowledge...I m really curious what will come out of this mess.

It doesn't take a rocket scientist to read the writing on the wall.

Plenty of other non-insider folks on these forums saw this coming and pulled their assets out in time.  I just wish I had been one of them.  Now I don't know if I'll ever see my 50 BTC again.