Nefario

[stochastic]

Settle down peeps.

A paper wallet has been generated and all outstanding funds should be going there soon. Its not an easy process to wind down such a large company like GLBSE as you can imagine. Nefario is still in contact with everyone and untill he refuses to communicate via secure channels things are still in motion, albeit slowly.

I feel sad that in all likelihood any visible bitcoin company is going to face the same fate as GLBSE and its not really nefario you should be angry about.

Maybe there should be a specific timeline instead of vague and false promises like "later today".

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[Garr255]

Maybe there should be a specific timeline instead of vague and false promises like "later today".

Yeah. According to my call with Nefario last night, the process should be started by now.

[jasinlee]

And any mention of the IPOs that hadnt even been started yet? Does he plan to refund the btc for the services he is refusing to provide for the btc that were paid?

[Bitcoin Oz]

Settle down peeps.

A paper wallet has been generated and all outstanding funds should be going there soon. Its not an easy process to wind down such a large company like GLBSE as you can imagine. Nefario is still in contact with everyone and untill he refuses to communicate via secure channels things are still in motion, albeit slowly.

I feel sad that in all likelihood any visible bitcoin company is going to face the same fate as GLBSE and its not really nefario you should be angry about.

Maybe there should be a specific timeline instead of vague and false promises like "later today".

Pretty hard to put a deadline on it. Besides if a deadline passes people get even more upset.

Better to underpromise and over deliver 

[LoupGaroux]

So how does the current GLBSE procedure of "don't promise and fuck-over" work into that concept?

[LoupGaroux]

Actually not an iron cross... it's Prussia's Pour le Mérite, the Blue Max. Altered to be the Bit Max.

[Nolo]

Wow...I don't log in for a few days and then I come back and see everything has gone to Hell.  Fun times it appears.  

[Bitcoin Oz]

So how does the current GLBSE procedure of "don't promise and fuck-over" work into that concept?

I was only talking in this particular case. As for the rest of the train wreck its a fair point.

[perlboy]

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.

+1, it doesn't matter how you cut it, the moment you call something a security (or call it something else but the same thing thus giving this feeling of security) there's an implication that:

a) There's a limited liability company (ie. LLC, Pty whatever) that's running the exchange, I haven't read through this entire thread so apologies if it's already been answered but was there? If so then you have the powers of the jurisdiction it was formed in (which could be none or many) and now I'd assume there's something tangible you'd consider prosecuting.
b) That the listed assets exist in more than just the fictional 'bitcoin company' definition and are also potentially LLC's. Some assets I've seen on GLBSE are worthy of operating as normal companies but others left a lot to be desired as far as reporting (just making them readable would have been nice).

I'm not surprised that a federal regulating authority might come in (perhaps in relation to another recent far larger scam from 'he who shall not be named') and force the shutdown and identification of all share holders. If they had 1 person in particular 'by the balls' as it were he'd be staring down the barrel of 20 years+ in a penitentiary.  The mere existence of pass throughs implicated GLBSE as a secondary funding location that, I assume, a financial authority would be seriously interested in.

With relation directly to Nefario, I hardly know the guy but for all we know he could be operating under the direction of a far higher legal authority. Meanwhile his lawyer would be the only contact.

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.

I wasn't there but I heard the response was to simply point out that you could move jurisdictions. While that statement is 'true' it fails to consider the long arm of the law of large governments who are participating Globally too (ie. there's some synonyms for why Bitcoin is sold as a good idea). I personally don't think there's anything wrong with having AML requirements & enforcement especially when there's third party brokerage. There are very few Bitcoin businesses that can choose to ignore the fact they still operate in the jurisdiction in which they are formed.

Either way, I never invested in anything on GLBSE, didn't feel comfortable, the hit on the Bitcoin price is kinda annoying but by the same token I personally believe that at least some form of regulation is helpful especially when it comes to having Bitcoin adopted effectively by the masses.

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.

+1, nuff said.

Stu

P.S. This is my personal views only and is based on nothing more than things I've read and considered. Potentially none of it could be factual.  

[stochastic]

Maybe there should be a specific timeline instead of vague and false promises like "later today".

Yeah. According to my call with Nefario last night, the process should be started by now.

Goats assets were delisted in less than a day.  I am sure there was less though into delisting Goats asset than in closing all of GLBSE down.  This could have been planned ahead of time.

[Bogart]

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.

Related:
http://bitcoinweekly.com/articles/the-glbse-and-decentralization
http://bitcoinweekly.com/articles/the-global-bitcoin-stock-exchange-and-why-it-matters

[Bitcoin Oz]

Maybe there should be a specific timeline instead of vague and false promises like "later today".

Yeah. According to my call with Nefario last night, the process should be started by now.

Goats assets were delisted in less than a day.  I am sure there was less though into delisting Goats asset than in closing all of GLBSE down.  This could have been planned ahead of time.

 You dont get to plan anything when the sherriff is knocking on your door.

[Elxiliath]

I may be new to bitcoin but I am definitely not new to scammers.  Whenever there is an opportunity they will arise.  Sometimes they are quick scams and sometimes they are long and drawn out.  Then sometimes people just get stuck in something or angry and decide to screw everyone they can...  It's always something that will be around.

Playing Eve Online for 7 years taught me a thing or two.

[stochastic]

Settle down peeps.

A paper wallet has been generated and all outstanding funds should be going there soon. Its not an easy process to wind down such a large company like GLBSE as you can imagine. Nefario is still in contact with everyone and untill he refuses to communicate via secure channels things are still in motion, albeit slowly.

I feel sad that in all likelihood any visible bitcoin company is going to face the same fate as GLBSE and its not really nefario you should be angry about.

Maybe there should be a specific timeline instead of vague and false promises like "later today".

Pretty hard to put a deadline on it. Besides if a deadline passes people get even more upset.

Better to underpromise and over deliver 

On the site it says "Update:we will begin processing account closures and returning bitcoin later today."

Day is up, seems like a deadline has passed.  Way to under-promise.

[repentance]

Don't worry folks.  It's just "an annoyance".

I'd think that disaster would be like situations where GLBSE is forcibly shut down by the authorities or the datacentre is attacked by a natural disaster. 

That would be more of an annoyance than disaster.

[Bitcoin Oz]

Settle down peeps.

A paper wallet has been generated and all outstanding funds should be going there soon. Its not an easy process to wind down such a large company like GLBSE as you can imagine. Nefario is still in contact with everyone and untill he refuses to communicate via secure channels things are still in motion, albeit slowly.

I feel sad that in all likelihood any visible bitcoin company is going to face the same fate as GLBSE and its not really nefario you should be angry about.

Maybe there should be a specific timeline instead of vague and false promises like "later today".

Pretty hard to put a deadline on it. Besides if a deadline passes people get even more upset.

Better to underpromise and over deliver 

On the site it says "Update:we will begin processing account closures and returning bitcoin later today."

Day is up, seems like a deadline has passed.  Way to under-promise.

I have as much info as anyone else. Ive also got coins stuck there too and the glbse politics is slowing things down considerably.

[capn noe]

I have as much info as anyone else. Ive also got coins stuck there too and the glbse politics is slowing things down considerably.

That, or all the chatter is filling the dead time in which everyone would be waiting anyway.

[atengzt]

On the site it says "Update:we will begin processing account closures and returning bitcoin later today."

Day is up, seems like a deadline has passed.  Way to under-promise.

Maybe his real thoughts is "Update:we will begin processing account closures today and returning bitcoin later."

[stochastic]

Settle down peeps.

A paper wallet has been generated and all outstanding funds should be going there soon. Its not an easy process to wind down such a large company like GLBSE as you can imagine. Nefario is still in contact with everyone and untill he refuses to communicate via secure channels things are still in motion, albeit slowly.

I feel sad that in all likelihood any visible bitcoin company is going to face the same fate as GLBSE and its not really nefario you should be angry about.

Maybe there should be a specific timeline instead of vague and false promises like "later today".

Pretty hard to put a deadline on it. Besides if a deadline passes people get even more upset.

Better to underpromise and over deliver 

On the site it says "Update:we will begin processing account closures and returning bitcoin later today."

Day is up, seems like a deadline has passed.  Way to under-promise.

I have as much info as anyone else. Ive also got coins stuck there too and the glbse politics is slowing things down considerably.

Oh it seemed you had inside knowledge as you spoke about the paper wallet which I did not know about.  The problem is that Nefario is telling some people that things will be done in a day, which obviously they are not.

[Bitcoin Oz]

Settle down peeps.

A paper wallet has been generated and all outstanding funds should be going there soon. Its not an easy process to wind down such a large company like GLBSE as you can imagine. Nefario is still in contact with everyone and untill he refuses to communicate via secure channels things are still in motion, albeit slowly.

I feel sad that in all likelihood any visible bitcoin company is going to face the same fate as GLBSE and its not really nefario you should be angry about.

Maybe there should be a specific timeline instead of vague and false promises like "later today".

Pretty hard to put a deadline on it. Besides if a deadline passes people get even more upset.

Better to underpromise and over deliver 

On the site it says "Update:we will begin processing account closures and returning bitcoin later today."

Day is up, seems like a deadline has passed.  Way to under-promise.

I have as much info as anyone else. Ive also got coins stuck there too and the glbse politics is slowing things down considerably.

Oh it seemed you had inside knowledge as you spoke about the paper wallet which I did not know about.  The problem is that Nefario is telling some people that things will be done in a day, which obviously they are not.

Nefario has most of the funds. There is literally nothing preventing him from starting to pay back straight away, except the AML stuff.