GLBSE is offline We will update our users on Saturday.

[stochastic]

I agree with others that the lack of advance notice and the vagueness of the announcement suggests legal issues.  I suspect that if GLBSE comes back online in the near future, those legal issues will be reflected in how it operates from now on and that people probably aren't going to like any changes Nefario makes to keep the service operating.

I hate to say it, but you're probably right. The reason I went to GLBSE in the first place was not only for it's attractiveness, ease of use (compared to other exchanges), and popularity, but also because you could work on your business / IPO without the red tape found under normal, real world, government regulated exchanges. To bring in the FSA and UK laws means that, sure, there won't be any more scams (or at least harder to spot), but there would be increased fees and a lot more time and BS to wade through.

Makes me wonder if it's a better option to drop $350 and work with MPEx or figure out some feasible way to work with LitecoinGlobal....

There is cryptostocks as well.

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[bbit]

Easier said than done. Many people have quite a bit of money tied up here, and even though the page states not to worry about their coins there's still quite a bit of uncertainty that has a lot of people second guessing themselves. Historically, if someone says "Don't Panic" it's usually the time when panicking is a good option.

Well let's face it historically panicking has never quicken fixing the problem now has it? James is pretty well known and isn't going anywhere with anyone's bitcoins.

[tvbcof]

Hoarding will destroy the value of Bitcoin... assume for a second that everybody just hoards their coins... then there is really no use for Bitcoin and therefore no value

We need an economy to accept Bitcoin for it to retain/gain value

I am really surprised with all the sh*t that's been going on lately that BTC is still valued above $12

i guess we have all the pot smokers on Silk Road to thank for that

Disagree.  In order to hoard you need to obtain them in the first place.  Mine, buy, or trade something of value.

Next, anyone who hoards is still going to wish to (or need to) adjust their position from time to time.

Sufficient number of people hoarding will dry up supply changing the price-point (upward.)

I have a fair amount of Bitcoin.  Are you saying that for the good of the solution I should blow them all tonight on some stupid gambling site or getting people to diddle themselves while I watch on a web-cam?  Or that I should trust them to the tender mercies of some named something like 'pirate' or 'nefarious'?  Sorry...I'll rely on other suckers to do those honors.  I'll tuck my BTC into bed and wake them up when I have a compelling reason to do so.

[stochastic]

Hoarding will destroy the value of Bitcoin... assume for a second that everybody just hoards their coins... then there is really no use for Bitcoin and therefore no value

We need an economy to accept Bitcoin for it to retain/gain value

I am really surprised with all the sh*t that's been going on lately that BTC is still valued above $12

i guess we have all the pot smokers on Silk Road to thank for that

Disagree.  In order to hoard you need to obtain them in the first place.  Mine, buy, or trade something of value.

Next, anyone who hoards is still going to wish to (or need to) adjust their position from time to time.

Sufficient number of people hoarding will dry up supply changing the price-point (upward.)

I have a fair amount of Bitcoin.  Are you saying that for the good of the solution I should blow them all tonight on some stupid gambling site or getting people to diddle themselves while I watch on a web-cam?  Or that I should trust them to the tender mercies of some named something like 'pirate' or 'nefarious'?  Sorry...I'll rely on other suckers to do those honors.  I'll tuck my BTC into bed and wake them up when I have a compelling reason to do so.

If you are not putting your bitcoins up for sale (for USD, shoes, a wank) then your bitcoins have no value.  If no one is willing to use bitcoins to purchase things, then no one will offer to take them for their other assets.  If no one wants bitcoins then they are worthless.

[kibblesnbits]

Either people will profit highly on the panic sell if GLBSE reopens, or they'll lose invested BTC if it's shut down completely.  

I dodged a bullet with pirate, saw through MNW, but didnt see this coming.

[Puppet]

Hoarding will destroy the value of Bitcoin... assume for a second that everybody just hoards their coins... then there is really no use for Bitcoin and therefore no value

Hoarding beats giving away money to scammers and idiots that call themselves CEOs. If bitcoin is dependent on such schemes its doomed. But its not. Bitcoin is horrible as an investment vehicle (other than keeping it your wallet), but it derives its value from its function as a trade instrument.  Trade, not investment. Use it as such, just use it buy stuff,  buy services. Replenish your coins if you want,  keep the rest "invested" in your wallet.  It will do just fine.

We need an economy to accept Bitcoin for it to retain/gain value

Indeed we do. We need more trade, we need less ponzi's and "financial services" nonsense that promise 100% or 1000% APR.
The whole point of bitcoin is cutting out the need for such "services". The whole point of bitcoin is that you shouldnt need interest rates to protect your wealth. Seems like you missed that, and tried to make value out of thin air,  have your bitcoins multiply themselves magically as if it were fiat; of course that will fail.

[tvbcof]

...

I have a fair amount of Bitcoin.  Are you saying that for the good of the solution I should blow them all tonight on some stupid gambling site or getting people to diddle themselves while I watch on a web-cam?  Or that I should trust them to the tender mercies of some named something like 'pirate' or 'nefarious'?  Sorry...I'll rely on other suckers to do those honors.  I'll tuck my BTC into bed and wake them up when I have a compelling reason to do so.

If you are not putting your bitcoins up for sale (for USD, shoes, a wank) then your bitcoins have no value.  If no one is willing to use bitcoins to purchase things, then no one will offer to take them for their other assets.  If no one wants bitcoins then they are worthless.

That's a chance I take with this speculation.  I continue to feel that the most likely outcome is total loss.  The outside chance that Bitcoin (rev-1 or a close enough derivative (e.g., uses forked blockchain)) will 'go'.  If it does it will probably go ballistic and well exceed what I would term a 'retirement event.'

[burnside]

Lets all move to litecoinglobal
The service is in beta but it looks already pretty good and admin is committed to his site.

Pfffffffffftch. How about no.

+1  

(we don't want the crazies)

What I do like about litecoinglobal is that the asset operators has up-to-date information on their asset holders.  If an exchange shuts down (for any period of time) then the operator can list their asset on another exchange if necessary.

But it looks like Open Transactions is the future.

I'm not so sold on open transactions.  There's no rules to what can be traded.  There needs to be some reasonably thought out rules or it'll just be more of the same.  Even seemingly "open transactions" like the postal service had to establish rules for the content of their mail.  (transactions)  The ease with which evil proliferates in an anonymous open system can be astounding.

(please correct me if any of my impressions of how open transactions would actually function are incorrect, I admittedly have not yet finished researching it.)

Cheers.

[Atlas]

This has been the 800 pound gorilla for all investments bitcoinesque, and it appears that perhaps we have now come of age and are going to have to look at playing lawlessly within the rules.

Atlas is not gonna like that.

I cashed out of GLBSE a long time ago. It seems my instincts (and the push I was given) were right once again.

I've survived bad investments, pirate and other things with a nice profit. GLBSE might be another near miss.

[stochastic]

Lets all move to litecoinglobal
The service is in beta but it looks already pretty good and admin is committed to his site.

Pfffffffffftch. How about no.

+1  

(we don't want the crazies)

What I do like about litecoinglobal is that the asset operators has up-to-date information on their asset holders.  If an exchange shuts down (for any period of time) then the operator can list their asset on another exchange if necessary.

But it looks like Open Transactions is the future.

I'm not so sold on open transactions.  There's no rules to what can be traded.  There needs to be some reasonably thought out rules or it'll just be more of the same.  Even seemingly "open transactions" like the postal service had to establish rules for the content of their mail.  (transactions)  The ease with which evil proliferates in an anonymous open system can be astounding.

(please correct me if any of my impressions of how open transactions would actually function are incorrect, I admittedly have not yet finished researching it.)

Cheers.

I have not looked too much into it either as I have no time right now, but for what I know contracts cannot be changed by vote.  A problem would be the contracts not being fulfilled, but as can be seen on centralized exchanges contracts are not being followed all the time.  A surety, arbitration, and credit rating markets would be needed to back up any open transaction assets.

[burnside]

Lets all move to litecoinglobal
The service is in beta but it looks already pretty good and admin is committed to his site.

Pfffffffffftch. How about no.

+1  

(we don't want the crazies)

What I do like about litecoinglobal is that the asset operators has up-to-date information on their asset holders.  If an exchange shuts down (for any period of time) then the operator can list their asset on another exchange if necessary.

But it looks like Open Transactions is the future.

I'm not so sold on open transactions.  There's no rules to what can be traded.  There needs to be some reasonably thought out rules or it'll just be more of the same.  Even seemingly "open transactions" like the postal service had to establish rules for the content of their mail.  (transactions)  The ease with which evil proliferates in an anonymous open system can be astounding.

(please correct me if any of my impressions of how open transactions would actually function are incorrect, I admittedly have not yet finished researching it.)

Cheers.

I have not looked too much into it either as I have no time right now, but for what I know contracts cannot be changed by vote.  A problem would be the contracts not being fulfilled, but as can be seen on centralized exchanges contracts are not being followed all the time.  A surety, arbitration, and credit rating markets would be needed to back up any open transaction assets.

I agree 100% on your last sentence, but would extend that to the currently operating exchanges as well.  In a way, the exchanges (even if they eventually become a frontend for open transactions) will always act as a sort of filter for keeping the junk out.  At least they should.  I'm still working on the terms for LTC-GLOBAL, but there will be significant restrictions in place to keep funds from cross-investing in each other and bringing down the entire exchange economy.  Would love to discuss other possible restrictions that (a) do not hamper legitimate companies trying to crowdfund and (b) do impede fraud or inadvertent destruction of investor value.  (please post suggestions to the LTC-GLOBAL thread tho: https://bitcointalk.org/index.php?topic=101694.0)

[sgravina]

Thankfully, all my Goat assets were delisted last week.  So I didn't lose anything.  Except my claim number.

[SysRun]

Alright, where's the successor of GLBSE?

[Coinoisseur]

Hoarding is a lot easier and safer, and I've got no complaints about how it's working out.

If you've got something of value to trade for BTC, please go to town on your project.  If you just think you are owed a living on the basis of having some BTC to deploy, I personally have little sympathy for ya.  If you've relinquished control of Bitcoin to someone else in this community and they didn't give it back, well, cry me a river.  Eventually people will figure out how dumb that is.  I hope.

Thing is, with the way capitalism and free market is supposed to work in an ideal world is that if you have capital, you can invest in other project to help them grow. Maybe I'm naive, but I think investing is a noble thing to do. You don't build by staying on the sidelines and criticizing others, either you invest yourself, either you invest a part of your money.

People relinquish control of their money everyday, by putting it at the bank so it can lend it, or investing it, or simply buying things that in return, give value to the business who sell the item. I mean, if the only goal of Bitcoin is keep 100% control of what you have, I don't know what you're going to develop, but it's certainly not going to be an economy.

Problem is all the damage they cause by being dumb. Where are all those people who were mocking critics of Pirateat40? How about some public apologies showing contrition and volunteering time and BTC to attempt to minimize the negative effects? Oh that's right they are mostly full of hot air and manure.

I am one of the people who defended pirate business. I don't remember mocking anybody, but I remember being irritated by how critics of pirate were acting. Some critics were a joy to discuss with, other critics were completely immature and childish and those irritated me. I was one of the first guys saying that Vandroiy made a bad move with his 5000 BTC bet, and I went personally congratulate him on IRC when he won.

I don't see why I should apologize. I used my own money to invest, and I've expressed my opinion on a topic. I've assumed all the risks and consequences and I'm certainly not going to work for free for people who insult me.

Hey no need to call me names.... j/k

Damn...I'm busted! 

If you weren't mockingly throwing around the term Team Ponzi, then you are probably safe from undue criticism.

[LoupGaroux]

Alright, where's the successor of GLBSE?

Hopefully being smothered in the cradle before public release.

[RandomQ]

Alright, where's the successor of GLBSE?

Cryptostocks

I sold 2 assets on GLBSE to OBSI and Started a New One on Cryptostocks.

[tvbcof]

Hoarding is a lot easier and safer, and I've got no complaints about how it's working out.

If you've got something of value to trade for BTC, please go to town on your project.  If you just think you are owed a living on the basis of having some BTC to deploy, I personally have little sympathy for ya.  If you've relinquished control of Bitcoin to someone else in this community and they didn't give it back, well, cry me a river.  Eventually people will figure out how dumb that is.  I hope.

Thing is, with the way capitalism and free market is supposed to work in an ideal world is that if you have capital, you can invest in other project to help them grow. Maybe I'm naive, but I think investing is a noble thing to do. You don't build by staying on the sidelines and criticizing others, either you invest yourself, either you invest a part of your money.

You drunk the cool-aid and paid the price.  So sad.

People relinquish control of their money everyday, by putting it at the bank so it can lend it, or investing it, or simply buying things that in return, give value to the business who sell the item. I mean, if the only goal of Bitcoin is keep 100% control of what you have, I don't know what you're going to develop, but it's certainly not going to be an economy.

I don't.  PM's, property, and Bitcoin all appeal to me because they lack counter-party risk.

About the only thing I do with BTC is donate them to things I think are worthwhile.  I believe that to be more efficient at furthering the projects in our world that I believe have value.  As long as our 'official' currency solutions are for all intents and purposes supperior for the things I need a currency for, I'll probably be using that.  Part of my Bitcoin speculation is because I don't know that 'official' solutions will continue to perform to my satisfaction.

[burnside]

Alright, where's the successor of GLBSE?

I've been contemplating taking the LTC-GLOBAL code and putting up a bitcoin version.  I have a few major features I'd like to finish first.  (1 week of dev work?)  Swapping out some text, the css, the litecoind for a bitcoind, and the header/footer would be easy.

Another option I've been thinking about is finishing up the major features, then putting up the code for sale along with a single-use (restricted to bitcoin) license. 

I suspect the shareholders of LTC-GLOBAL would be happy with either option.  Both would be a nice payday for shareholders.

[Korbman]

I've been contemplating taking the LTC-GLOBAL code and putting up a bitcoin version.  I have a few major features I'd like to finish first.  (1 week of dev work?)  Swapping out some text, the css, the litecoind for a bitcoind, and the header/footer would be easy.

Another option I've been thinking about is finishing up the major features, then putting up the code for sale along with a single-use (restricted to bitcoin) license. 

I suspect the shareholders of LTC-GLOBAL would be happy with either option.  Both would be a nice payday for shareholders.

That would be awesome...do it!

[Ilikeham]

So when this market tanks what's his liability on a lawsuit under UK law I wonder.