Nefario

[matthewh3]

All this talk about GLBSE being illegal is nonsense. All that happened was the exchange of bitcoins, someone said its because its unregulated securities where a security is anything of value. Well if thats the case then every transaction of bitcoins is also an illegal transaction of a security, so watch out what your so quick to measure out, all those who consider themselves oh so pure.

If government wants to call it illegal then it has to first define bitcoins as a species of money or come out with an offical stance, otherwise its no different to saying you cant trade within a game.

No Nafario told me on the phone he's had to shut down to avoid (possible) jail time for helping to fund terrorism and helping money laundering never mind all the tax issues.

[capn noe]

Theymos, ya'all should integrate a stock exchange into the Bitcoin Talk forums. Then the scammer tag can hold more power.

[superfastkyle]

Good thing I took all my money out of GLBSE around the pirate scam. But if my money was still there I would want theymos to send out the money himself, I definitely wouldn't trust Nefario to do it. Lets not forget the money returned from the "hacker" to bitcoinica by mt gox still hasn't been returned to the owners

[conspirosphere.tk]

No GLBSE coins not users coins.

I don't mind at all what they do with their GLBSE profits. But I think that is a right of the users to know now WTF are they going to do with their service. Do we have to wait that they get some permission from some state? (then we can fugged about it).  Are they going to sell the whole thing to someone else? Are they going underground on the .onion? What are the fucking procedures to deal directly with the asset issuers to recover the ownership of the shares?

[Raoul Duke]

No Nafario told me on the phone he's had to shut down to avoid (possible) jail time for helping to fund terrorism and helping money laundering never mind all the tax issues.

[BadBear]

Nefario has already stated he won't give the user database to theymos, so unless you can change his mind it's not likely.

[flower1024]

Theymos, ya'all should integrate a stock exchange into the Bitcoin Talk forums. Then the scammer tag can hold more power.

i love that idea,

but, the drawbacks are:

more concentration of power (the forum is hosted by mtgox)
and
possible legal issues would affect bitcointalk forum aswell

[AndrewBUD]

This is very interesting. I hope everything works out for the better.

[Shadow383]

No Nafario told me on the phone he's had to shut down to avoid (possible) jail time for helping to fund terrorism and helping money laundering never mind all the tax issues.

Seriously, tell me that's not US government language 

"Not buying treasury bonds? You's a Turrrrist"
Fuck Uncle Sam, really.

[conspirosphere.tk]

and
possible legal issues would affect bitcointalk forum aswell

Yes, at this point I would expect that this forum can be banned from the face of internet for suspects of financing al-CIAda, money laundering and whatnot.
If we were smart, we would already planning how to go underground like the stoners did.

[Bogart]

You became involved with an illegal activity as soon as you deposited. You got in the dirt. Not your fault for what has occurred but it's the law intervening that is at fault. Not being diligent enough to know the risk involved was yours however.

I'm not here to cast blame on anyone other than the law. Just pointing out where one's responsibility ends and where another's begins.

Where are these laws? Bitcoins has no laws, and no fiat currency was used in GLBSE.

How where the bitcoins obtained? Through purchase with fiat sometimes?

I mined them.

[repentance]

No Nafario told me on the phone he's had to shut down to avoid (possible) jail time for helping to fund terrorism and helping money laundering never mind all the tax issues.

Bitcoin businesses who aren't AML/CTF compliant have been warned about this likelihood for a long time.  There's really not much of an excuse for not being prepared for it either on the operator side or the user side.  When businesses are providing financial services without requiring KYC information, users know damned well that those businesses are at risk of encountering legal problems for AML/CTF and tax evasion issues.  Operators and users are perfectly free to ignore that risk, but they knowingly do so at their own peril.

Where such businesses have actively misled their users with statements that their service is not at legal risk because...Bitcoins, then a "scam" label is probably warranted.  For the most part, though, it would be more accurate to label the operators of such services as arrogant, reckless and incompetent.

 Seriously, tell me that's not US government language.

It's standard language for all 34 FATF member nations, which is why you'll find financial institutions all over the world talking about AML/CTF/KYC requirements.  The administrative burden for complying with those requirements is enormous, but small entities don't have the the resources to wear the consequences of non-compliance.

[matthewh3]

No GLBSE coins not users coins.

I don't mind at all what they do with their GLBSE profits. But I think that is a right of the users to know now WTF are they going to do with their service. Do we have to wait that they get some permission from some state? (then we can fugged about it).  Are they going to sell the whole thing to someone else? Are they going underground on the .onion? What are the fucking procedures to deal directly with the asset issuers to recover the ownership of the shares?

Nafario said on the phone he has been made some very generous offers for the source-code.  Also the owner of the LTC-Global said he was selling his source-code too.

[yrtrnc]

WoW

Im new here and already lost money.

Maybe a new section can be put on the forum, such as POTENTIAL SCAMS and we could warn each other against this kind of wrongdoing.

So now what, how will a safe secure exchange be setup ?

[matthewh3]

WoW

Im new here and already lost money.

Maybe a new section can be put on the forum, such as POTENTIAL SCAMS and we could warn each other against this kind of wrongdoing.

So now what, how will a safe secure exchange be setup ?

All users coins on the GLBSE is safe and untouched.  Nafario wants to return them as soon as possible as they are a legal liability to him.  He also said he will soon have a way for asset issuers to pay dividends but not trade shares.

[Severian]

http://www.sec.gov/about/laws/sa33.pdf

Non-lawyer here, but as Bitcoin has no legal definition, I'm not sure how any of this applies.

[Aahz]

All users coins on the GLBSE is safe and untouched.  Nafario wants to return them as soon as possible as they are a legal liability to him.  He also said he will soon have a way for asset issuers to pay dividends but not trade shares.

What, exactly, is stopping him from simply sending them all back to the accounts from whence they came?

[conspirosphere.tk]

WoW
Im new here and already lost money.
Maybe a new section can be put on the forum, such as POTENTIAL SCAMS

LOL.
It would be much more economic a "proven legit" section.
edit: but maybe GLBSE would have been accepted even there.

[matthewh3]

All users coins on the GLBSE is safe and untouched.  Nafario wants to return them as soon as possible as they are a legal liability to him.  He also said he will soon have a way for asset issuers to pay dividends but not trade shares.

What, exactly, is stopping him from simply sending them all back to the accounts from whence they came?

I think he will need full legal ID to pay back coins and shares.  Otherwise he risks being charged with possible money laundering and/or funding terrorism.  Tho he won't disclose that information unless requested by the government/police.

[benjamindees]

Since GLBSE is in UK and doesn't deal with fiat currency, but they decided they would pay taxes. So technically they made themselves illegal but (sic) doing that, plus nefario was talking about how he wants to go legit and that would require lawyers and stuff like that. They basically shot themselves in the foot.

This is a theory that I've been mulling over for a while.  Bitcoinica self-destructed after it moved to London as well.  Derivative trading is completely unregulated in London.  It is entirely possible that someone is quietly buying out key Bitcoin businesses, and basically paying for them to fail.  Nothing prohibits it.  I'm sure there are those with enough money, and enough interest in seeing Bitcoin harmed, to pay off all those involved.  From the outside, all we see is "blah blah hacking terrorism money laundering investigation blah blah shutting down".  While, behind the scenes, there is a lot that could be going on.

So, I guess what I'm saying is, if you want to take a chance at getting rich, move to London and start a Bitcoin stock exchange.