Nefario

[Atlas]

Nefario was a family man. He has a wife. Possibly kids.

Him chickening out in the face of the government is expected. We should of known.

[1715199390]

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[Bitcoin Oz]

Getting off topic, but I don't think it is possible at this point.

If you are an anonymous entity, no one will trust you.

If you are a known entity, you aren't anonymous.

Silk Road seems to handle this pretty well with it's reputation system. I believe there have been a few scams but an insignificant amount compared to overall volume.

You can bootstrap it through bitcoin-otc without needing to use government ID.

[Shadow383]

Nefario was a family man. He has a wife. Possibly kids.

Him chickening out in the face of the government is expected. We should of known.

Tell us then, what would you do in the face of potential serious convictions over a bitcoin enterprise?

[Bogart]

Why are share holders of this operation getting off free here? Are they not also scammers for participating as owners of this shady operation? Just because they lost a few bucks does not mean they are not also responsible for customer's losses?

Good point.  I'm going to amend my earlier statement.

Identity meaning what exactly?  Will my login credentials and deposit address suffice?

MtGox-style AML documents.

I never agreed to this.  Nefario, I demand you return my BTC without imposing this or other onerous requirements.

All of GLBSE: I demand that you return all of my BTC to me without imposing this or other onerous requirements.

</rabble>

[Atlas]

Nefario was a family man. He has a wife. Possibly kids.

Him chickening out in the face of the government is expected. We should of known.

Tell us then, what would you do in the face of potential serious convictions over a bitcoin enterprise?

Stand up for my shareholders and clients until I am forcibly imprisoned. I can wait in prison. I never fear it.

[aura.flux]

Does anything good ever happen to bitcoin?

[jasinlee]

Atlas carries the whole world on his shoulders didnt you know.

[chrisrico]

All of GLBSE: I demand that you return all of my BTC to me without imposing this or other onerous requirements.

There are only two people that control GLBSE funds, Nefario and Theymos. The shareholders voted (Nefario's ~25% share plus two others) for Theymos to transfer the funds he controls to Nefario (or a proxy), such that those funds will also be dispersed subject to verifying identities for AML purposes.

[Bitcoin Oz]

All of GLBSE: I demand that you return all of my BTC to me without imposing this or other onerous requirements.

There are only two people that control GLBSE funds, Nefario and Theymos. The shareholders voted (Nefario's ~25% share plus two others) for Theymos to transfer the funds he controls to Nefario (or a proxy), such that those funds will also be dispersed subject to verifying identities for AML purposes.

At least ColdHardMetal wont spen them on hookers and blow. nefario was going to keep the btc anyway no matter what we voted.

I dunno what to call that.

[HorseRider]

the other shareholders of glbse, please help us retrieve the database and protect the bitcoin of the users, please!

it seems that the bitcoin is 100% controlled by Nefario according to last posts.

[Micon]

So if you want to remain anonymous, you go penniless?

GLBSE should have been done as a Silk Road clone.  You guys were practically waving a red cape at the SEC/FBI/TPTB bulls.  It was destined to end in tears.

+1 / SEC doesn't fuck around.

I believe such a site should be able to exist but having it on the clearnet and opening selling unlicensed securities on a .com is just stupid.  

.onion FTW and fight the same battle Silk Road seems to be winning if some1 tries the same idea again.

sounds like the SEC flipped Nefario

[nedbert9]

Nefario was a family man. He has a wife. Possibly kids.

Him chickening out in the face of the government is expected. We should of known.

Tell us then, what would you do in the face of potential serious convictions over a bitcoin enterprise?

Stand up for my shareholders and clients until I am forcibly imprisoned. I can wait in prison. I never fear it.

The sad thing about this is that we should not expect Bitcoin community members to suffer potentially severe punishment by a government in order to protect integrity.

We cannot realistically expect the average person to defy government coercion at great cost.


Nefario is not the big issue here.  GLBSE, as a centralized record of ownership of unregulated securities open to scrutiny by the government, is where we all made the mistake.

[TheBible]

So, he decided to screw his reputation with the community in the hope of not getting jailed by the gubernment. This is not going to end well.

Oh yeah, its gonna be rough when he registers a new username and does it all over again thanks to the total lack of regulation in place to ensure he can't do just that.

[Stephen Gornick]

Update on GLBSE.com [hit refresh if you see the old message.]

GLBSE has been closed

I'm sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I'm an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders

Q:I'm a GLBSE user, what about my assets and my bitcoin?

You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

 - http://www.GLBSE.com

[theymos]

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

What nonsense. I hold a very small percentage of user funds. 600-800 BTC. He can't even start paying back users without that? And I already said I'd send that part to him. He hasn't given me an address yet.

[BorderBits]

Nefario was a family man. He has a wife. Possibly kids.

Him chickening out in the face of the government is expected. We should of known.

Tell us then, what would you do in the face of potential serious convictions over a bitcoin enterprise?

Stand up for my shareholders and clients until I am forcibly imprisoned. I can wait in prison. I never fear it. my parents threaten to take away my internet.

Fixed.  

[bitcool]

Does anything good ever happen to bitcoin?

Wikileak donation?

Fighting oppressive regimes around the world = good

Aiding greed and fraud = bad

[jasinlee]

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

What nonsense. I hold a very small percentage of user funds. 600-800 BTC. He can't even start paying back users without that? And I already said I'd send that part to him. He hasn't given me an address yet.

I wouldnt send him anything, it will just go into his lawyers pocket.

[Bitcoin Oz]

This is terrible news even for the users who comply with the AML requirements. They might be able to get their deposits back, but without a platform to trade on the majority of securities on GLBSE will be worthless. Some of the bigger ones like ASICMINER and Giga might be able to get set up well enough that an investor that wants out can sell their shares for something approaching their previous value, but I would bet the majority will either just disappear or will honor shares but they'll become essentially worthless.

Perhaps they can create a basic trading platform for them.

[PandaMiner]

Can we finally wake up and realize it's not safe to hold unregulated capital markets in centralized Web services operated by anonymous and quite possibly Nefarious individuals?

Literally in this case!