GLBSE is offline We will update our users on Saturday.

[crazy_rabbit]

If you are not putting your bitcoins up for sale (for USD, shoes, a wank) then your bitcoins have no value.

This is actually false. People wanting bitcoins is what gives them value, not people trading them.

You could argue that this is the same thing as trading them.

[1714751686]

1714751686

[1714751686]

1714751686

[1714751686]

1714751686

[1714751686]

1714751686

[deeplink]

At the Bitcoin conference he said GLBSE has not had any problems from government. Guess a lot can change in 3 weeks.

http://www.youtube.com/watch?v=vmPD_YSQ--k&t=25m18s

[scrybe]

Guess

Yep, that would be what you are doing

[Justin00]

was anyone actually making a profit (besides owners of 'companies') in the last few months ?

[conspirosphere.tk]

was anyone actually making a profit (besides owners of 'companies') in the last few months ?

Not me. I lost about 20% in the last few months due to scams (FPGAMINING) and capital devaluation (several mining assets).
So this can be an apt conclusion of my BTC investment career: Better to go with a bang.

[deeplink]

Guess

Yep, that would be what you are doing

Well, recently I have made some good guesses 

And I honestly see no other explanation for what happened this week.

[Korbman]

At the Bitcoin conference he said GLBSE has not had any problems from government. Guess a lot can change in 3 weeks.

http://www.youtube.com/watch?v=vmPD_YSQ--k&t=25m18s

Thanks for the link. Haven't watched the conference yet, so might as well do it now!

[LoupGaroux]

was anyone actually making a profit (besides owners of 'companies') in the last few months ?

Well, the lenders who make a service of loaning coin to the creators of bonds who in turn loan coin to the people who loan coin for bonds to insure the interest-bearing bonds that they insure for themselves and then pay claims to the people who loan coins to the creators of bonds whose only trade volume is bots playing against each other with artificially fabricated bid walls might have made a couple of points.

But the rest of the world pretty much just took the shaft from all the amateur manipulators and business tycoon types who are killing this economy.

[bitcoinbear]

was anyone actually making a profit (besides owners of 'companies') in the last few months ?

I have been getting a couple percent a month. Nothing huge, I have been caught by suprise a couple times, but still better than my 401k is getting.

[Korbman]

At the Bitcoin conference he said GLBSE has not had any problems from government. Guess a lot can change in 3 weeks.

http://www.youtube.com/watch?v=vmPD_YSQ--k&t=25m18s

I didn't realize I missed so many conference videos. Just finished getting caught up on just about all the videos and everything makes a lot more sense now.

GLBSE is working with lawyers / legality / regulations (hence no communication for a week so far).
BFL devices are real and being tested. GLBSE and BFL are working together since the majority of income for them is a result of the security exchanges and miner stocks/bonds.

People have a lot of good ideas in the community that'd I like to see come to fruition. The conference was a good indicator of that.

Ok, now that I've said this I've got to A) make note of this post for a later "I told you so" moment, and B) brace myself for the fury of tin-foil hat wearing paranoids who think everything and everyone is scamming them.

[Jutarul]

At the Bitcoin conference he said GLBSE has not had any problems from government. Guess a lot can change in 3 weeks.

http://www.youtube.com/watch?v=vmPD_YSQ--k&t=25m18s

I didn't realize I missed so many conference videos. Just finished getting caught up on just about all the videos and everything makes a lot more sense now.

GLBSE is working with lawyers / legality / regulations (hence no communication for a week so far).
BFL devices are real and being tested. GLBSE and BFL are working together since the majority of income for them is a result of the security exchanges and miner stocks/bonds.

People have a lot of good ideas in the community that'd I like to see come to fruition. The conference was a good indicator of that.

Ok, now that I've said this I've got to A) make note of this post for a later "I told you so" moment, and B) brace myself for the fury of tin-foil hat wearing paranoids who think everything and everyone is scamming them.

IMHO, the problem with these companies is less the question of scamming, it's more their announcement strategies. E.g. GLBSE: I simple: "We doing a major security upgrade to the site. More information available on saturday" would be an improvement. The lack of information reminds me of the information politics used during legal activities.

[MPOE-PR]

If you are not putting your bitcoins up for sale (for USD, shoes, a wank) then your bitcoins have no value.

This is actually false. People wanting bitcoins is what gives them value, not people trading them.

You could argue that this is the same thing as trading them.

You could argue that, up to the point where someone comes up and says "hoarding destroys value". At which point you can't argue that anymore.

[scrybe]

Guess

Yep, that would be what you are doing

Well, recently I have made some good guesses 

And I honestly see no other explanation for what happened this week.

I have nothing wrong with guessing, I just think that narrowing it down to one option is far too limiting:

• Simple Lawsuit, needs to talk to lawyer/magistrate before he can re-open. May have a long term impact, may not.
• SEC/FSA are cranky about something and the sky is falling, maybe, unless they let him fix it and more on
• SEC doing clawbacks, does not trust system, insists on offline action. No long term impact except for those that get clawed
• IT issue that starting with the word "Whoops!" that requires recovering from backup or fscking a few volumes. No long term impact.
• Failed Upgrade, see above
• POTENTIAL security issue like a backdoor or vulnerable component was discovered, and is being fixed before it gets exploited. No long term impact.
• Has not paid hosting bill and provider shut him down until they get paid. No long term impact, assuming it is paid.

Now, I agree that about half of these should have had a better notification process in at least half of these scenarios, but I bet there are other, explanations as well. If I had to guess at one , I'm on the SEC Clawback train, but I have a transfer in my hand to hop on the IT Issue Bus, because it is about as likely in my experience. Honestly the "Goat sued him" line is right up there on the probability scale too.

What did I miss? There must be a couple other possible explanations. If we are going to play guessing games let's at least get a good menu built!

[Puppet]

At the Bitcoin conference he said GLBSE has not had any problems from government. Guess a lot can change in 3 weeks.

http://www.youtube.com/watch?v=vmPD_YSQ--k&t=25m18s

Interesting. He also said he had not talked to a lawyer yet, which is stupid.
Perhaps he did talk to one now,  and realized the legal consequences of what he is doing?

[Korbman]

IMHO, the problem with these companies is less the question of scamming, it's more their announcement strategies. E.g. GLBSE: I simple: "We doing a major security upgrade to the site. More information available on saturday" would be an improvement. The lack of information reminds me of the information politics used during legal activities.

Couldn't agree with you more.

[Shadow383]

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.

Do it! 
I had an IPO or two I was about to take the plunge on, if you set up an exchange I'll IPO there 

[scrybe]

If you are not putting your bitcoins up for sale (for USD, shoes, a wank) then your bitcoins have no value.

This is actually false. People wanting bitcoins is what gives them value, not people trading them.

You could argue that this is the same thing as trading them.

You could argue that, up to the point where someone comes up and says "hoarding destroys value". At which point you can't argue that anymore.

Nope, we can argue it.

Hoarding is trading the current value of a commodity against it's future value. It is a transaction between Now-You and Future-You. Now-You might have enough value to buy an iPhone, but trades that current value to Future-You who has promised to buy him a little red sports car in 20 years.

It can also be viewed as a more complex form of trading if the hoarding is being used for market control, except now you are trading in emotions as well as commodities...

[repentance]

Interesting. He also said he had not talked to a lawyer yet, which is stupid.
Perhaps he did talk to one now,  and realized the legal consequences of what he is doing?

Perhaps, but it would make no sense not to make an announcement saying that he's taking the exchange offline based on legal advice, let alone to keep the shareholders in the dark about what's happening.  There has to be a reason why updates to users aren't being made before Saturday - my guess is that there's something happening which isn't immediately certain and that he's hoping to have more clarity about the situation by then.

[HorseRider]

I think Nefario has only 32 hours from now to post an updates.

[repentance]

I think Nefario has only 32 hours from now to post an updates.

Hopefully theymos will post an update after the shareholders' meeting and give people some clue as to what's going on.

It's beginning to sound as though GLBSE does not have any kind of legal existence which is separate from the individuals who hold equity in the business.  If that's the case, then those who hold equity have not only a right but a positive duty to be aware of what is happening with GLBSE as they are jointly and severally liable for its actions.