GLBSE is offline We will update our users on Saturday.

[Martin666]

Market manipulation
From Wikipedia, the free encyclopedia

Market manipulation is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a security, commodity or currency.[1] Market manipulation is prohibited in the United States under Section 9(a)(2)[2][3] of the Securities Exchange Act of 1934, and in Australia under Section s 1041A of the Corporations Act 2001. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradeable security.

Does this seem familar to you ?
http://en.wikipedia.org/wiki/Market_manipulation

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[repentance]

Now we discover that he did not ask a lawyer at the time. Talking 'bout very lax way of doing. In fact, why care? It's just our monies.

This seems to be SOP for Bitcoin ventures.  They start with $5 and a website and hope to hell that they fly under the radar.  If you can't afford to consult lawyers and accountants before launching your venture, then you probably shouldn't be trusted with other people's money.  Styling yourself CEO or holding "shareholder meetings" is just irresponsible wankery if you haven't set up your venture legitimately and you're just hoping that various regulations don't apply to you because...Bitcoin.

In future, when people start claiming that some law or regulation doesn't apply to them because...Bitcoin, it might be prudent to ask them to demonstrate that they've obtained a written legal opinion supporting that claim.  We've got far too many people who "just want to create" running ventures without ensuring that they engage someone with relevant experience to ensure that their vulnerability to legal and regulatory issues is minimised.  Ignoring practical realities in favour of idealism is a recipe for disaster when it's other people's funds you're putting at risk.  It's reckless at best and criminally negligent at worst.

Oh boy... Nefario is fucked. Truly fucked. All GLBSE partners are probably fucked too.

You'd need to see the case law, but these kinds of violations are often dealt with at an administrative level - ie, you're fined and either agree to either shut down or become compliant.  Of course I doubt that the operators of GLBSE have the same kind of reserves to pay fines as large financial institutions.

Market manipulation is prohibited in the United States under Section 9(a)(2)[2][3] of the Securities Exchange Act of 1934, and in Australia under Section s 1041A of the Corporations Act 2001. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradeable security.

I doubt anything listed on GBLSE would be classed as a "tradeable security" under the Corporations Act 2001.

[Bugpowder]

Oh boy... Nefario is fucked. Truly fucked. All GLBSE partners are probably fucked too.

You'd need to see the case law, but these kinds of violations are often dealt with at an administrative level - ie, you're fined and either agree to either shut down or become compliant.  Of course I doubt that the operators of GLBSE have the same kind of reserves to pay fines as large financial institutions.

Yes... Or maybe the settlement is shut down and refund all monies invested in the exchange. Good luck with that.  All the pirate pass-thru funds.  Maybe he can avoid jail, but this could mean financial ruin for all involved.

[Martin666]

If jurisdiction considers it to be fraud, they also could lift the corporate veil... (http://en.wikipedia.org/wiki/Piercing_the_corporate_veil)
than it would get ugly...

anyway, everything is just speculation now. We will see...

[repentance]

If jurisdiction considers it to be fraud, they also could lift the corporate veil... (http://en.wikipedia.org/wiki/Piercing_the_corporate_veil)
than it would get ugly...

anyway, everything is just speculation now. We will see...

There is no corporate veil.  The business has no legally separate identity from those who hold equity in it.

[Martin666]

Isn't GLBSE registered in the UK as a Ltd. ?

[Insu Dra]

I'm happy I pulled out the little amount I had on there after seeing his talk at the conference on youtube. I mean ... "Hey, I run a stock exchange but I haven't even consulted a law firm to see what regulations apply to my activity" and that on a major public venue ... 

I hope he pulls true and starts looking at things more professionally.

[conspirosphere.tk]

There is no corporate veil.  The business has no legally separate identity from those who hold equity in it.

Then we might have The Big Bitcoiners Crackdown on the newspapers' covers soon?

[repentance]

Isn't GLBSE registered in the UK as a Ltd. ?

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

https://bitcointalk.org/index.php?topic=112402.msg1217225#msg1217225

Look at GLBSE, we have to register otherwise the tax men will be coming after me.

[Martin666]

Ok, so he was just going to register in the UK...

I guess 80 % of the bitcoin businesses are not registered in real life, though
once it becomes a success it could already be too late.

As I already said it is time to move on, and make Bitcoin more professional...

[shamoons]

When a thread like this gets to be 14 pages long (or more), does anyone actually read EVERY post or do people just read the last few and feel the need to chime in?

[8668]

When a thread like this gets to be 14 pages long (or more), does anyone actually read EVERY post or do people just read the last few and feel the need to chime in?

YES!

[reeses]

When a thread like this gets to be 14 pages long (or more), does anyone actually read EVERY post or do people just read the last few and feel the need to chime in?

Basically the thread title and the last page.  Hardly ever even the OP.

[k3t3r]

When a thread like this gets to be 14 pages long (or more), does anyone actually read EVERY post or do people just read the last few and feel the need to chime in?

YES!

me too

[Akka]

When a thread like this gets to be 14 pages long (or more), does anyone actually read EVERY post or do people just read the last few and feel the need to chime in?

As I' only able to remember the last 3 posts I read, it makes absolutely no sense to read the whole thread.

Wait, what was the discussion about?


Kidding. Most people in such long threads are in there from a very early stage, so no need to read it all over and over again.

[MPOE-PR]

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

MPOE.ETF made a whopping 1200% in its 5 month history.

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...

There's no such things as "transactions between now you and future you". Sorry.

[repentance]

When a thread like this gets to be 14 pages long (or more), does anyone actually read EVERY post or do people just read the last few and feel the need to chime in?

Not on here they don't.  A few hundred posts is apparently too many to read to become informed.  Given the relatively short life-span of most things Bitcoin, I guess there's no need to develop a long attention span.

[ErebusBat]

When a thread like this gets to be 14 pages long (or more), does anyone actually read EVERY post or do people just read the last few and feel the need to chime in?

Not on here they don't.  A few hundred posts is apparently too many to read to become informed.  Given the relatively short life-span of most things Bitcoin, I guess there's no need to develop a long attention span.

The problem is that out of a couple hundred about 75% of them are crap. 

[repentance]

The problem is that out of a couple hundred about 75% of them are crap. 

Skim.  I find it more of a problem that we end up with multiple threads across multiple forums each of which will contain a little bit of relevant and valid information.  I'd much rather have one or two central threads where information is located and skim through those than have to go hunting for information all over the forums and miss some of it because it's located in non-intuitive places.

[kibblesnbits]

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

I'll hold my breath, just like I did for Pirate.

I'm calling on Loup to inject some humor.  Replace "Postal Service" with "SEC" and "Thai honey" with "unlicensed securities". 


Pleeeeez?  I need a good laugh about now...