GLBSE is offline We will update our users on Saturday.

[repentance]

There's a lot of talk about what legal entity forced the closure of GLBSE. But I'm willing to bet that it wasn't closed as the direct result of any investigation.

The IRC conversation which theymos posted seems to confirm that.  It looks like in the process of finding out about "legitimising" GBLSE, Nefario discovered that he was on risky legal ground regarding AML and taxation requirements if he continued operating GBLSE as-is.  This is something he would have known all along - as would the other shareholders - if they'd ever consulted a fucking lawyer, like normal business people do, when they launched the project .  It's not up to users to determine what legal risks service operators should take.  Only the person taking the risks can determine what level of risk is acceptable to them.

Hopefully, future service operators will seek legal opinions and determine what level of risk is acceptable to them before they start handling other people's funds - if you can't afford legal advice, you sure as shit shouldn't be trusted to handle hundreds of thousands of dollars worth of other people's funds.  I wouldn't count on it though.  

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[1714764545]

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[TheBible]

I hold every owner of GLBSE the holding company equally liable, being the first rat off the sinking ship with your words does not excuse this obligation.

But being held to no regulation pretty much does.  Sorry, but this is why regulations and laws exist.  Trust people with money at their word, and they'll screw you every time.  This community is the living screaming proof of that.

But hey, caveat emptor, right?

[freeAgent]

Fucking liars.

I have had my demand in for over 8 days providing all the information this latest line of garbage is spewing for all of my assets to be paid out immediately.

Nefario and all the other criminals who own this exchange are now in debt to me, and I demand payment in full. You have been served notice publicly, and have all the records privately.

I hold every owner of GLBSE the holding company equally liable, being the first rat off the sinking ship with your words does not excuse this obligation.

Aww look at Loup get all pissy about his monopoly shares on GLBSE getting held up.

Maybe next time you won't send your money/bitcoin to an unregulated stock exchange in which the owner doesn't know the meaning of the word "arbitrage".

Link: http://www.youtube.com/watch?v=vmPD_YSQ--k

We need more clowns like you. Please bring the whole troop so we can have another good laugh after laugh.

 

That was interesting, though he got the definition at least partially correct (I'm not sure what assets he was specifically referring to), but was just unsure of the definition.  It's also interesting that he says GLBSE could shut down and reopen anywhere.  We'll see.

[platti]

http://btc411.com/2012/10/06/glbse-closed-nefario-acting-nefarious/

[LoupGaroux]

Fucking liars.

I have had my demand in for over 8 days providing all the information this latest line of garbage is spewing for all of my assets to be paid out immediately.

Nefario and all the other criminals who own this exchange are now in debt to me, and I demand payment in full. You have been served notice publicly, and have all the records privately.

I hold every owner of GLBSE the holding company equally liable, being the first rat off the sinking ship with your words does not excuse this obligation.

Aww look at Loup get all pissy about his monopoly shares on GLBSE getting held up.

Maybe next time you won't send your money/bitcoin to an unregulated stock exchange in which the owner doesn't know the meaning of the word "arbitrage".

Link: http://www.youtube.com/watch?v=vmPD_YSQ--k

We need more clowns like you. Please bring the whole troop so we can have another good laugh after laugh.

 

Geez smoothster- I though we were friends, being as how we both fight for justice and integrity and the honest way of doing things and all.

Truth be told, I don't expect to see a single thing back from the next greatest rip-off in bitcoin history. I'm just pointing out an obligation, because I finally got stung (a little bit, 208.5 btc, the family is still able to afford groceries, thanks for worrying) in one of these. Yet another nail in the coffin of any possible use for bitcoin other than funding drug purchases on silkroad and funding anal lube for the "customers" of all the genius businessmen here.

Get ready for it kids, bitcoin is going down the path of specialized criminal enterprise so fast it outstrips belief. The next big disaster is already out there- BFL's and the massive pre-order, that will end up getting the royal shaft in about 30 days. Of course, my bets against their delivery were all on GLBSE, so I won't get to enjoy a glass of bubbly celebrating that particular premonition.

Let's just wrap this joke up and call it finished. It was an experiment in what an unregulated currency could do to save mankind from his ugly, brutish and short self, and all we have done is prove that all most people want to do is prey on one another to satisfy their own greed. Bitcoin business is really little more than a collection of blood-sucking leeches who have the technical chops to wrap their confidence games in crypto-technical mumbo jumbo, and play the mark by sounding like they actually give a damn about fixing the economic reality of our world. But in the end, all we find is a bunch of petty gangsters who would sell their mothers for the next tin coin.

[niko]

Fucking liars.

I have had my demand in for over 8 days providing all the information this latest line of garbage is spewing for all of my assets to be paid out immediately.

Nefario and all the other criminals who own this exchange are now in debt to me, and I demand payment in full. You have been served notice publicly, and have all the records privately.

I hold every owner of GLBSE the holding company equally liable, being the first rat off the sinking ship with your words does not excuse this obligation.

Aww look at Loup get all pissy about his monopoly shares on GLBSE getting held up.

Maybe next time you won't send your money/bitcoin to an unregulated stock exchange in which the owner doesn't know the meaning of the word "arbitrage".

Link: http://www.youtube.com/watch?v=vmPD_YSQ--k

We need more clowns like you. Please bring the whole troop so we can have another good laugh after laugh.

 

Geez smoothster- I though we were friends, being as how we both fight for justice and integrity and the honest way of doing things and all.

Truth be told, I don't expect to see a single thing back from the next greatest rip-off in bitcoin history. I'm just pointing out an obligation, because I finally got stung (a little bit, 208.5 btc, the family is still able to afford groceries, thanks for worrying) in one of these. Yet another nail in the coffin of any possible use for bitcoin other than funding drug purchases on silkroad and funding anal lube for the "customers" of all the genius businessmen here.

Get ready for it kids, bitcoin is going down the path of specialized criminal enterprise so fast it outstrips belief. The next big disaster is already out there- BFL's and the massive pre-order, that will end up getting the royal shaft in about 30 days. Of course, my bets against their delivery were all on GLBSE, so I won't get to enjoy a glass of bubbly celebrating that particular premonition.

Let's just wrap this joke up and call it finished. It was an experiment in what an unregulated currency could do to save mankind from his ugly, brutish and short self, and all we have done is prove that all most people want to do is prey on one another to satisfy their own greed. Bitcoin business is really little more than a collection of blood-sucking leeches who have the technical chops to wrap their confidence games in crypto-technical mumbo jumbo, and play the mark by sounding like they actually give a damn about fixing the economic reality of our world. But in the end, all we find is a bunch of petty gangsters who would sell their mothers for the next tin coin.

Bitcoin works just fine for me. I am still able to, just like I was able to do it in previous months, use it to transfer money internationally. I still have some savings. No one has scammed me yet. Any coins I have invested are coins I can afford to lose.
Things you complain about are simply a consequence of Bitcoin being new, obscure, and unregulated. All of this will get better. Quit whining, and start using coins. It's a great technology.
 

[szuetam]

+1

+1

[Factory]

From GLBSE Website:

Update:we will begin processing account closures and returning bitcoin later today.

[LoupGaroux]

Bitcoin works just fine for me. I am still able to, just like I was able to do it in previous months, use it to transfer money internationally. I still have some savings. No one has scammed me yet. Any coins I have invested are coins I can afford to lose.
Things you complain about are simply a consequence of Bitcoin being new, obscure, and unregulated. All of this will get better. Quit whining, and start using coins. It's a great technology.
 

Sure, I can AFFORD to lose everything I had invested, and everything that I have in other wallets and storage and it would not collapse my personal economy. What I lament is the loss of integrity, and reputation that yet another bitcoin venture going down the path of non-communication and theft of our value that will be the result of this.

I don't need to be encouraged to use coins, I've been negotiating for the past six months to get them adopted as a payment method for an international office products supplier. Guess what their reaction will be later today when I meet with the marketing team? Oh, another untold hundreds of thousands of dollars lost because some simple minded fuck in London decided to wipe out his precious little exchange so that he could fund his lawyer bills with stolen money? Right. And you really want to suggest we accept this "trustworthy" form of payment? That's the door right over there, don't let it hit you in the ass.

Ah, but wait, we can use it to balance out international exchange rates, right? Oh, except 99% of the business is tied up in a single exchange that has already suffered three notorious hacks, and has a troubling history of freezing assets on a whim, and cannot handle the most basic paperwork requirements without constant reminders.

So I'm crying for an Argentina (thanks Eva!) that goes way beyond my few coins. This latest rape of the community by James McCarthy and the rest of the investors that owned his venture and did nothing to keep it honest or functioning, could very well be the death knell for bitcoin. How many more failures, criminals and rip-offs are we going to be willing to overlook? How many more millions of dollars and euros and rupees in value is the world going to sacrifice on the altar of cutting edge technology that can change the way we transfer value, when 90% of it ends up getting lost, stolen, hacked, frozen. diverted, shifted, and hidden in business ventures that can't get the principles to agree on what day of the week it is, much less anything honest, like following through on the service or product they offered.

And they we all hold these self-same criminals up as the paragons of the community. Nefario and Amir were glorious speakers in London, their journey there being paid for with YOUR stolen money. Their glad-handing and welcoming smiles, and hollow words all paid for with somebody else's wealth, stolen and diverted to them, and explained away with a simple shrug and a "too bad, we were hacked and we don't know what we could possibly do."

I am nauseated by the acceptance of this kind of garbage business practice. I welcome pirate being investigated by the SEC, and I look forward to offering testimony and my copious conversation records with McCarthy when he is next to be taken down by the SEC. I truly hope the New Zealand receiver who is sorting out bitcoinica finds criminal intent and suggests the whole intersango group of thugs be charged. I hope the bitcoinica lawsuit results in Amir and Patrick and the rest being broken and destroyed financially, and that they are forced into real homelessness. Until we all stand together to block the actions of these scammy little thieves, we shall all surely fall together as they distort bitcoin into their own personal whorehouse.

[bitcoinbear]

From GLBSE Website:

Update:we will begin processing account closures and returning bitcoin later today.

I wish Nefario would open a thread or something so we could ask questions.

He says they will return bitcoins. Where are they sending them? I sent in coins from various webwallets, so using the sending address would be a bad thing. My latest withdrawls were payments directly from GLBSE to other people, so the withdrawl addresses would be a bad thing. I don't remember ever giving a "In case GLBSE shuts down send funds here" address?

[rdponticelli]

So I'm crying for an Argentina (thanks Eva!) that goes way beyond my few coins.

It seems really sad that so many bitcoiners are putting so much effort in displacing us, Argentines, as the World's Clusterfuck Champions...

[DutchBrat]

From GLBSE Website:

Update:we will begin processing account closures and returning bitcoin later today.

I wish Nefario would open a thread or something so we could ask questions.

He says they will return bitcoins. Where are they sending them? I sent in coins from various webwallets, so using the sending address would be a bad thing. My latest withdrawls were payments directly from GLBSE to other people, so the withdrawl addresses would be a bad thing. I don't remember ever giving a "In case GLBSE shuts down send funds here" address?

Even worse: the Assets on GLBSE probably far outweigh the Bitcoins... I don't see them mention anything about that, yet they are talking about account-closures....

[occulta]

From GLBSE Website:

Update:we will begin processing account closures and returning bitcoin later today.

I wish Nefario would open a thread or something so we could ask questions.

He says they will return bitcoins. Where are they sending them? I sent in coins from various webwallets, so using the sending address would be a bad thing. My latest withdrawls were payments directly from GLBSE to other people, so the withdrawl addresses would be a bad thing. I don't remember ever giving a "In case GLBSE shuts down send funds here" address?

Even pirate had a permanent withdrawal address

[Korbman]

Sure, I can AFFORD to lose everything I had invested, and everything that I have in other wallets and storage and it would not collapse my personal economy. What I lament is the loss of integrity, and reputation that yet another bitcoin venture going down the path of non-communication and theft of our value that will be the result of this.

I don't need to be encouraged to use coins, I've been negotiating for the past six months to get them adopted as a payment method for an international office products supplier. Guess what their reaction will be later today when I meet with the marketing team? Oh, another untold hundreds of thousands of dollars lost because some simple minded fuck in London decided to wipe out his precious little exchange so that he could fund his lawyer bills with stolen money? Right. And you really want to suggest we accept this "trustworthy" form of payment? That's the door right over there, don't let it hit you in the ass.

Ah, but wait, we can use it to balance out international exchange rates, right? Oh, except 99% of the business is tied up in a single exchange that has already suffered three notorious hacks, and has a troubling history of freezing assets on a whim, and cannot handle the most basic paperwork requirements without constant reminders.

So I'm crying for an Argentina (thanks Eva!) that goes way beyond my few coins. This latest rape of the community by James McCarthy and the rest of the investors that owned his venture and did nothing to keep it honest or functioning, could very well be the death knell for bitcoin. How many more failures, criminals and rip-offs are we going to be willing to overlook? How many more millions of dollars and euros and rupees in value is the world going to sacrifice on the altar of cutting edge technology that can change the way we transfer value, when 90% of it ends up getting lost, stolen, hacked, frozen. diverted, shifted, and hidden in business ventures that can't get the principles to agree on what day of the week it is, much less anything honest, like following through on the service or product they offered.

And they we all hold these self-same criminals up as the paragons of the community. Nefario and Amir were glorious speakers in London, their journey there being paid for with YOUR stolen money. Their glad-handing and welcoming smiles, and hollow words all paid for with somebody else's wealth, stolen and diverted to them, and explained away with a simple shrug and a "too bad, we were hacked and we don't know what we could possibly do."

I am nauseated by the acceptance of this kind of garbage business practice. I welcome pirate being investigated by the SEC, and I look forward to offering testimony and my copious conversation records with McCarthy when he is next to be taken down by the SEC. I truly hope the New Zealand receiver who is sorting out bitcoinica finds criminal intent and suggests the whole intersango group of thugs be charged. I hope the bitcoinica lawsuit results in Amir and Patrick and the rest being broken and destroyed financially, and that they are forced into real homelessness. Until we all stand together to block the actions of these scammy little thieves, we shall all surely fall together as they distort bitcoin into their own personal whorehouse.

As depressing and cynical as this statement proves to be, there is a fair amount of truth here. There are so many ideas people want to see flourish, yet we can't find a safe place to fund and work on them. I often rag on people for being so paranoid about scammers around every corner and everything's a conspiracy... And it seems lately they've been right more often than not  

[theGECK]

From GLBSE Website:

Update:we will begin processing account closures and returning bitcoin later today.

I wish Nefario would open a thread or something so we could ask questions.

He says they will return bitcoins. Where are they sending them? I sent in coins from various webwallets, so using the sending address would be a bad thing. My latest withdrawls were payments directly from GLBSE to other people, so the withdrawl addresses would be a bad thing. I don't remember ever giving a "In case GLBSE shuts down send funds here" address?

This is my issue, except I never withdrew BTC, so there's even less for me to verify myself with and/or get my BTC out. Granted I didn't keep much for straight coin there, but I'd like to get what I can from it.

[MPOE-PR]

Get ready for it kids, bitcoin is going down the path of specialized criminal enterprise so fast it outstrips belief. The next big disaster is already out there- BFL's and the massive pre-order, that will end up getting the royal shaft in about 30 days.

Ya think?!

[VeeMiner]

Get ready for it kids, bitcoin is going down the path of specialized criminal enterprise so fast it outstrips belief. The next big disaster is already out there- BFL's and the massive pre-order, that will end up getting the royal shaft in about 30 days.

Ya think?!

I believe that BFL will deliver... If not, it would be a huge blow to bitcoin, one from which it would take months or years to recover. There has been too much pain and suffering these past few months...

[thebaron]

You know, if I got into a situation like this (assuming the regulators are up his ass and he's not pulling some shady bullshit) and was faced with the threat of government force...I would risk my personal safety and just refund people no matter what. The depositors did not enter into a contract with GLBSE in the way he is now trying to force them to. Sometimes you just gotta man up and deal with your bad decisions.

[Korbman]

You know, if I got into a situation like this (assuming the regulators are up his ass and he's not pulling some shady bullshit) and was faced with the threat of government force...I would risk my personal safety and just refund people no matter what. The depositors did not enter into a contract with GLBSE in the way he is now trying to force them to. Sometimes you just gotta man up and deal with your bad decisions.

Easier said [typed] than done of course. Nefario half-assed his work on GLBSE. There were so many aspects that he didn't know how to control, and failure is the result. It's hard to imagine he'd have his head in the game long enough to focus on his clientele's money and repayment, all while dealing with regulatory fallout.

[FlipPro]

Fucking liars.

I have had my demand in for over 8 days providing all the information this latest line of garbage is spewing for all of my assets to be paid out immediately.

Nefario and all the other criminals who own this exchange are now in debt to me, and I demand payment in full. You have been served notice publicly, and have all the records privately.

I hold every owner of GLBSE the holding company equally liable, being the first rat off the sinking ship with your words does not excuse this obligation.

Aww look at Loup get all pissy about his monopoly shares on GLBSE getting held up.

Maybe next time you won't send your money/bitcoin to an unregulated stock exchange in which the owner doesn't know the meaning of the word "arbitrage".

Link: http://www.youtube.com/watch?v=vmPD_YSQ--k

We need more clowns like you. Please bring the whole troop so we can have another good laugh after laugh.

 

Geez smoothster- I though we were friends, being as how we both fight for justice and integrity and the honest way of doing things and all.

Truth be told, I don't expect to see a single thing back from the next greatest rip-off in bitcoin history. I'm just pointing out an obligation, because I finally got stung (a little bit, 208.5 btc, the family is still able to afford groceries, thanks for worrying) in one of these. Yet another nail in the coffin of any possible use for bitcoin other than funding drug purchases on silkroad and funding anal lube for the "customers" of all the genius businessmen here.

Get ready for it kids, bitcoin is going down the path of specialized criminal enterprise so fast it outstrips belief. The next big disaster is already out there- BFL's and the massive pre-order, that will end up getting the royal shaft in about 30 days. Of course, my bets against their delivery were all on GLBSE, so I won't get to enjoy a glass of bubbly celebrating that particular premonition.

Let's just wrap this joke up and call it finished. It was an experiment in what an unregulated currency could do to save mankind from his ugly, brutish and short self, and all we have done is prove that all most people want to do is prey on one another to satisfy their own greed. Bitcoin business is really little more than a collection of blood-sucking leeches who have the technical chops to wrap their confidence games in crypto-technical mumbo jumbo, and play the mark by sounding like they actually give a damn about fixing the economic reality of our world. But in the end, all we find is a bunch of petty gangsters who would sell their mothers for the next tin coin.

+1