GLBSE is offline We will update our users on Saturday.

[conspirosphere.tk]

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.

The most of losses will be from the devaluation of the shares to about zero (I wonder how they will be traded if at all). And Nefario probably cannot refund nowhere near the whole GLBSE capitalization.

[1714749845]

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[1714749845]

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[tvbcof]

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...

I don't think that would be to big a deal really.  A fair amount of money may change hands, but it seems to me like the losers would be relatively few in number and somewhat un-loved to boot.  That is to say, a lot of people (including myself) would feel perhaps some amount of sympathy but also very much that the losers had it coming.

The biggie would be if Mt. Gox packed it in.  Fortunately Mark gives every indication of seeming resistant to such a temptation.  OTOH, it is hard to predict the type of pressure that may come up.

A good selling point for an exchange (and any business which held customer's value) would be a functional 'SCRAM' system whereby with the tap of one big red button, all value would be immediately returned to customer's addys and cleanup could proceed from that state.

[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.

The most of losses will be from the devaluation of the shares to about zero (I wonder how they will be traded if at all). And Nefario probably cannot refund nowhere near the whole GLBSE capitalization.

I'm really just talking about any BTC currently held by him that is in limbo. While I understand that not being able to trade something on an exchange can lower it's value drastically, I don't think he has any responsibility to keep his website up or reimburse you for losses because of that (in fact, if this wasn't in the terms of conditions of using the site, he's real stupid and opening himself up to huge liabilities). If anything, that falls on the issuers...because if they are legit and out to serve their clients, they can always validate your stake and move their business to another exchange.

[Bogart]

The biggie would be if Mt. Gox packed it in.

In the classical markets, an entity like this gets labeled Too Big To Fail.

We really could do with having some viable alternatives out there BEFORE we desperately need them.

[bitcoinbear]

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

I think this message has been up all day. Has anybody gotten any money back yet?

[Bitcoin Oz]

I was planning to get fully verified on glbse and launch an IPO... Pretty glad I didn't now.
Personally, more than I'm worried about my own funds on glbse (not a whole lot, about 35BTC) I'm worried about the implications for current asset issuers, who are likely as not violating federal securities law (if US based).

Does anyone have anything about the legal implications of doing a bitcoin IPO in the UK?

GLBSE is in the UK. I think that should answer your question. :-)

If you need to ask what the legal issues are you shouldn't be doing an IPO in the first place.

[bitcoinbear]

I was planning to get fully verified on glbse and launch an IPO... Pretty glad I didn't now.
Personally, more than I'm worried about my own funds on glbse (not a whole lot, about 35BTC) I'm worried about the implications for current asset issuers, who are likely as not violating federal securities law (if US based).

Does anyone have anything about the legal implications of doing a bitcoin IPO in the UK?

GLBSE is in the UK. I think that should answer your question. :-)

If you need to ask what the legal issues are you shouldn't be doing an IPO in the first place.

Seems to have worked for glbse you own: start now, ask lawyer later. Oh, wait, didn't work so well, did it?

[Bitcoin Oz]

I was planning to get fully verified on glbse and launch an IPO... Pretty glad I didn't now.
Personally, more than I'm worried about my own funds on glbse (not a whole lot, about 35BTC) I'm worried about the implications for current asset issuers, who are likely as not violating federal securities law (if US based).

Does anyone have anything about the legal implications of doing a bitcoin IPO in the UK?

GLBSE is in the UK. I think that should answer your question. :-)

If you need to ask what the legal issues are you shouldn't be doing an IPO in the first place.

Seems to have worked for glbse you own: start now, ask lawyer later. Oh, wait, didn't work so well, did it?

The first version of glbse was called "blackmarket". What could go wrong ?

I dont exactly know what drugs nefario was taking that made him think going anywhere near the uk regulatory bodies was a good idea in the first place.

[nimda]

Boy, this should be a hard lesson. If we as a society are to shift to an anarchist society or even a decentralized economic system, we need to take advice from that sticky in the Newbies section and Trust No One.

[Bogart]

Seems to have worked for glbse you own: start now, ask lawyer later. Oh, wait, didn't work so well, did it?

http://bitcoinweekly.com/articles/interview-with-nefario-founder-of-bitcoin-global

Kiba: What was the most challenging part in developing the GLBSE?

Nefario: Going live...sooner than intended.

What actually happened was I told a few people "hey this is there to play with, let me know what you think", came back a couple of days later and found someone had IPO'd on the exchange over the weekend!

In an instant this turned this project from Alpha testing to LIVE with responsibility. I've never run a service before, and getting used to the responsibility was hard.

[DutchBrat]

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

I think this message has been up all day. Has anybody gotten any money back yet?

Maybe they can put up a counter like pira

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

I think this message has been up all day. Has anybody gotten any money back yet?

Maybe they can put up a counter like pirate:

0 / xxx accounts Have been paid ;-)

[EskimoBob]

I was talking to someone who know about the laws around here (not US) and guess what: Setting up a bazaar (market) to trade some virtual  tokens (BTC is not a currency) is completely OK until legal currency is kept out of the equation.
You say BTC has value in fiat? So do all the stupid game cards that kids collect and trade in some countries. They do not call their collections Co's and themselves CEO and are not selling you a "share of ownership or debt (big bad words) in a INC, LLE, LTD etc". 

American based SEC has NOTHING to do with BTC. BTC is not a security. Only reason they can get upset is if  you keep calling your imaginary "what ever" a real company an keep telling to people,  how you are running a business blaa blaa blaa, dividends, IPO etc.  Then it can be considered as a scam and they (SEC, IRS, FSA, police etc) will get curious.

If you sell tokens for a imaginary team that operates under guidelines X and rewards it's members in those same game tokens (btc) no one cares wtf you do. Start using big words and you are in deep shit. As simple as that.

So. Nefario. Use some SQL magic, rename those moronic contracts to what they really are and open up your token bazaar.
You are running a online shop for trading game tokens to "teams" of imaginary teams of miners and cosmonauts.
 

[ErebusBat]

I was talking to someone who know about the laws around here (not US) and guess what: Setting up a bazaar (market) to trade some virtual  tokens (BTC is not a currency) is completely OK until legal currency is kept out of the equation.
You say BTC has value in fiat? So do all the stupid game cards that kids collect and trade in some countries. They do not call their collections Co's and themselves CEO and are not selling you a "share of ownership or debt (big bad words) in a INC, LLE, LTD etc". 

American based SEC has NOTHING to do with BTC. BTC is not a security. Only reason they can get upset is if  you keep calling your imaginary "what ever" a real company an keep telling to people,  how you are running a business blaa blaa blaa, dividends, IPO etc.  Then it can be considered as a scam and they (SEC, IRS, FSA, police etc) will get curious.

If you sell tokens for a imaginary team that operates under guidelines X and rewards it's members in those same game tokens (btc) no one cares wtf you do. Start using big words and you are in deep shit. As simple as that.

So. Nefario. Use some SQL magic, rename those moronic contracts to what they really are and open up your token bazaar.
You are running a online shop for trading game tokens to "teams" of imaginary teams of miners and cosmonauts.
 

IANAL; however I am pretty sure that won't work and will add on racketeering charges as well.

Often in US law/cases it is the intent that plays a deciding role. AIOTS (Any Idiot Off The Street) would agree that Jimmy was not attempting to operate an illegal exchange.  However would that Same Idiot agree about nefario?  Or would it be painfully obvious that he (nefario) was attempting to game the system and run an illegal exchange?

Also you will not attract 'real' investors or 'real' companies by doing that.  I would like to label this idea the SCAM MULTIPLIER.

[samson]

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.

I read them all.

[bitcoinbear]

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.

I read them all.

I have been watching this thread since it started, so I come back every so often and read all the new posts.

If I come across a long thread that I have not watched from the beginning, I typically read the whole first page and the whole last page, sometimes a couple pages back from the end to get more context for the current discusion.

[2112]

So. Nefario. Use some SQL magic, rename those moronic contracts to what they really are and open up your token bazaar.

I'm just quoting this for the future reference. "SQL magic" is a cute euphemism for "obstruction of justice" or "perverting the course of justice". I haven't seen it used before.

[conspirosphere.tk]

Re: GLBSE is offline We will update our users on Saturday.

I don't care any more about all my assets in GLBSE. All I care from now on is who, how and when will be able to get Nefario(us) convicted.
Maybe this subject is worth of another thread.

[DutchBrat]

Re: GLBSE is offline We will update our users on Saturday.

I don't care any more about all my assets in GLBSE. All I care from now on is who, how and when will be able to get Nefario(us) convicted.
Maybe this subject is worth of another thread.

To be fair, they did update us

With information that raised more questions

Just like the guy with the eye–patch does

[Akka]

Has anyone received any payouts jet?

Or at least any payout informations?

I suspect no, but just maybe I missed something.

(Even if free BTC are only a fraction of what I have in there)

[mc_lovin]

Has anyone received any payouts jet?

Or at least any payout informations?

I suspect no, but just maybe I missed something.

(Even if free BTC are only a fraction of what I have in there)

not yet, still in the dark.