Got off the phone with the Guy from the S.E.C

[FLHippy]

I'm not sure how operating like criminal organizations helps Bitcoin.

Because the criminal organizations know something most honest people don't know.
You will fuck up a perfectly good thing or make a bad thing worse when you get the GOV involved.

The police can't be counted on to help you any more than the army can be sent on a peacekeeping mission.

Armies are trained to blow shit up.
Police are trained to arrest.

[1714596741]

1714596741

[1714596741]

1714596741

[1714596741]

1714596741

[grue]

OP cannot even right a few paragraphs of text in correct English and with internal consistency. Not much of a source.

However, if Pirate is going to jail that is very bad news indeed

oh the irony

[jojo69]

I missed this whole Zeek thing, just read up on it...tons of comments from irate Zeekers who refer to their involvement as a "business"  for example "but out SEC and give me back my business" or "I guess Zeek rewards is over, I just need to move on and build my business."

How in the fuck do people think that clicking on some internet bullshit is a "business" ?  Jesus, a lot of Americans are in for one rude ass awakening.

[helloworld]

I missed this whole Zeek thing, just read up on it...tons of comments from irate Zeekers who refer to their involvement as a "business"  for example "but out SEC and give me back my business" or "I guess Zeek rewards is over, I just need to move on and build my business."

How in the fuck do people think that clicking on some internet bullshit is a "business" ?  Jesus, a lot of Americans are in for one rude ass awakening.

"Build my business" is pyramid/ponzi speak for "Spam like a mofo until my downline referral tree is over 9000".

[The_Duke]

OP cannot even right a few paragraphs of text in correct English and with internal consistency. Not much of a source.

However, if Pirate is going to jail that is very bad news indeed

oh the irony

What irony would that be? The one where he knows more languages than you do, makes a mistake while typing in a not-native language, which he has to use to talk to people like you who know only one language, after which you can step forward to correct him? 

[odolvlobo]

OP cannot even right a few paragraphs of text in correct English and with internal consistency. Not much of a source.

oh the irony

What irony would that be?

Of course, explaining humor kills it, but ... The_Duke, wachtwoord's complaint (of the OP's lack of "correct English") itself lacks "correct English". That is the irony.

[The_Duke]

OP cannot even right a few paragraphs of text in correct English and with internal consistency. Not much of a source.

oh the irony

What irony would that be?

Of course, explaining humor kills it, but ... The_Duke, wachtwoord's complaint (of the OP's lack of "correct English") itself lacks "correct English". That is the irony.

In this case, explaining the humor doesn't kill it, it just makes you look silly.
At the risk of killing it by explaining the humor: I totally got what grue link was saying. I noticed the typo in wachtwoord's post. I understood the irony. And after doing all that, I ridiculed grue link for being a douche and a spelling nazi by attacking people over small typo's in a language that is clearly not their native language.

Did I kill it good? 

[casascius]

it just makes you look silly.

Not to me: you asked a question and he answered it.

[galambo]

prolific prosecutor "pads" personal pay plus peculiar pilfering passion

Legal pad enthusiasts do seem to have a psychological connection to their writing tablets. Philip Moustakis, a mid-level associate at the New York firm of Curtis, Mallet-Prevost, Colt & Mosle, uses one legal pad per case, and prefers yellow over white pads and a faint, as opposed to a dark, rule. "The darker lines intrude upon my thinking—they're yelling back at you," he explained. "You want a more subtle line."

Moustakis is a connoisseur. Firms that are big enough to order their pads in significant bulk qualify to have their firm name stamped on the pads' binding. (At AMPAD, a law firm must order a minimum of 790 pads to qualify for the stamped insignia.) Moustakis collects the blank pads of competing firms. (His collection, once larger, is now down to two pristine pads; he doesn't just collect them, he uses them.) He said he picks them up at conferences with other law firms, and at other events where large stacks are left lying around.

http://www.legalaffairs.org/issues/May-June-2005/scene_snider_mayjun05.msp



Watch your stationary!

[Bitcoin Oz]

Theres a few things I would like glbse to do.


Get a  domain name without ICE jurisdiction to take down.
Move the servers to a country with less stringent securities law.
Register as an offshore company somewhere like Belize.
Retain an anonymous operator similar to silk road.


This would greatly reduce the chance the site will disappear overnight but Nefario might need to build a brand new site to create a regulated bitcoin stock exchange. Dont think you can with the existing site without delisting all securities.

[BitcoinINV]

I agree bitcoin.me he needs the exchange needs to be moved from where it is at, unless it wants to comply with all the laws. sweeden would be a great place. I think someone needs to write a S.O.P "standard operating procedure" for things that went down with goat and so forth.

[ErebusBat]

Theres a few things I would like glbse to do.


Get a  domain name without ICE jurisdiction to take down.
Move the servers to a country with less stringent securities law.
Register as an offshore company somewhere like Belize.
Retain an anonymous operator similar to silk road.


This would greatly reduce the chance the site will disappear overnight but Nefario might need to build a brand new site to create a regulated bitcoin stock exchange. Dont think you can with the existing site without delisting all securities.

All of this would also increase the chance of the site operator running off with all funds.

[Ente]

Theres a few things I would like glbse to do.


Get a  domain name without ICE jurisdiction to take down.
Move the servers to a country with less stringent securities law.
Register as an offshore company somewhere like Belize.
Retain an anonymous operator similar to silk road.


This would greatly reduce the chance the site will disappear overnight but Nefario might need to build a brand new site to create a regulated bitcoin stock exchange. Dont think you can with the existing site without delisting all securities.

All of this would also increase the chance of the site operator running off with all funds.

Don't worry, he's super long and all invested in Bitcoin and stuff!

scnr,

Ente

[conspirosphere.tk]

Theres a few things I would like glbse to do.
Get a  domain name without ICE jurisdiction to take down.
Move the servers to a country with less stringent securities law.
Register as an offshore company somewhere like Belize.
Retain an anonymous operator similar to silk road.

+1.  Sounds like a good idea.

All of this would also increase the chance of the site operator running off with all funds.

(provided that it has not just happened right now) not much compared to now. And stealing is a crime even in tax havens.

[Francesco]

GLBSE has been closed

I'm sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I'm an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders

Q:I'm a GLBSE user, what about my assets and my bitcoin?

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.

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

But Nefario's behaviour is incredibly shady, and the conclusion of that new message just looks like he's trying to shift the blame for not paying (as he is already in control of most coins, it appears).

Maybe we could call the Nice Guy from the SEC, and ask him just what's really going on? At this point, I fear we can count more on him being on our side, or at least fair and honest with us, than on Nefario... at least he could confirm there is actually something going on, and this is not just Nefario's paranoia, or idea of a good excuse to disappear with the cash.

[AngryCatfish]

Worth giving a try but I doubt the SEC will be doing much good.

[BitcoinINV]

closed investigation he told me that from the start, he won't tell you anything.

[Phinnaeus Gage]

I hope this doesn't bring down GLBSE...

It will be fine, for several reasons, to a large extent a lot of whats traded on GLBSE would fall under the new croudsourcing legislation that's come out.

That takes care of Americans who've used GLBSE to raise BTC for projects. I would say the only worry would be to people who've run scam assets.

GLBSE itself is based in the UK, and comes under FSA regulation which is something we're working on.

-1

I just found this thread and started a reading. This is my ever -1.

Full Disclosure: I have no idea what a -1 does, but believe I used it correctly.

~Bruno~

[Phinnaeus Gage]

I gotta wonder, did Pirate shut down before or after he learned the SEC was investigating him? He's obviously known for some time now.

I would assume he got a visit and they sat down and had a long conversation.  That is how it usually works.

I'd imagine this has already happened for two reasons:

1) Pirate hasn't posted for a long time.
2) This guy doesn't seem to care much for the SEC's typical policy of maintaining confidentiality of an investigation and seems to be talking to random victims of the scheme. It suggests the case is in a high state of development.

http://www.sec.gov/news/press/2012/2012-112.htm

Bitcoin would be small stuff for Philip after his previous case.

Small stuff monetarily to be sure. However, as far as sending a message and making good publicity it would be larger than his previous case, which was a mostly local to New York Long Island ponzi.

I was thinking about something like that along the same lines. Thanks for phrasing it better than I would have.

~Bruno~

[Puppet]

I hope this doesn't bring down GLBSE...

It will be fine, for several reasons, to a large extent a lot of whats traded on GLBSE would fall under the new croudsourcing legislation that's come out.

That takes care of Americans who've used GLBSE to raise BTC for projects. I would say the only worry would be to people who've run scam assets.

GLBSE itself is based in the UK, and comes under FSA regulation which is something we're working on.

-1

I just found this thread and started a reading. This is my ever -1.

Full Disclosure: I have no idea what a -1 does, but believe I used it correctly.

~Bruno~

Thanks for bumping Nef's post, I missed it before. Of course its nonsense to think that GLBSE would fall under the crowdsourcing act. Just a quick glance:
http://thomas.loc.gov/cgi-bin/query/D?c112:4:./temp/~c112y9xMho::

Shows GLBSE complies with almost none of the requirements.
It is however at first glance  potentially viable to make something like GLBSE that is lawful under this act.