Nefario

[SebastianJu]

Because he already did?

And nefario isnt like pirate. He already paid a good bunch of money back. I never heard that pirate did this or any other scammer. It would hurt their scammearnings. So nefario isnt a scammer of this kind. He only handles this all not very well. If he really would be a scammer the only earning he could have get would be the user money lying on glbse. But he paid back already a good part. The assets are of no worth to him. So no earning from there too.

I think nefario should name the guys that hold the money not theirs but are from other users. Keeping other glbse-users money isnt showing the best character. And they should at least now know that keeping it will in no way put pressure on nefario. Its not his money so...

[1714799882]

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[1714799882]

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[Kluge]

Because he already did?

And nefario isnt like pirate. He already paid a good bunch of money back. I never heard that pirate did this or any other scammer. It would hurt their scammearnings. So nefario isnt a scammer of this kind. He only handles this all not very well. If he really would be a scammer the only earning he could have get would be the user money lying on glbse. But he paid back already a good part. The assets are of no worth to him. So no earning from there too.

I think nefario should name the guys that hold the money not theirs but are from other users. Keeping other glbse-users money isnt showing the best character. And they should at least now know that keeping it will in no way put pressure on nefario. Its not his money so...

Pirate did repay a few people back within a couple weeks of "closing up." There's not much hard evidence aside a few people claiming they were repaid, some of them pretty trustworthy. I'd assume it was meant to boost confidence and buy extra time before lawsuits were filed.

[LoupGaroux]

Because he already did?

And nefario isnt like pirate. He already paid a good bunch of money back. I never heard that pirate did this or any other scammer. It would hurt their scammearnings. So nefario isnt a scammer of this kind. He only handles this all not very well. If he really would be a scammer the only earning he could have get would be the user money lying on glbse. But he paid back already a good part. The assets are of no worth to him. So no earning from there too.

I think nefario should name the guys that hold the money not theirs but are from other users. Keeping other glbse-users money isnt showing the best character. And they should at least now know that keeping it will in no way put pressure on nefario. Its not his money so...

Sebastian- with all due respect, you are wrong. James has made token payments of less than 10% of the cash value that is owed out there, and has now conceived this convenient "double payment" storyline to cover for why he is not taking further action. He is just trying to find the balls to make off with the rest and deciding if it is enough to live a life on the run. The only name that matters is James McCarthy. Who he may have sent payments to or not is irrelevant and not an excuse for holding anyone's money. Just as it is equally wrong for the other GLBSE/BitcoinGlobal owners to hold the money that they have and not make refunds with it.

[deeplink]

Because he already did?

And nefario isnt like pirate. He already paid a good bunch of money back. I never heard that pirate did this or any other scammer. It would hurt their scammearnings. So nefario isnt a scammer of this kind. He only handles this all not very well. If he really would be a scammer the only earning he could have get would be the user money lying on glbse. But he paid back already a good part. The assets are of no worth to him. So no earning from there too.

I think nefario should name the guys that hold the money not theirs but are from other users. Keeping other glbse-users money isnt showing the best character. And they should at least now know that keeping it will in no way put pressure on nefario. Its not his money so...

Sebastian- with all due respect, you are wrong. James has made token payments of less than 10% of the cash value that is owed out there, and has now conceived this convenient "double payment" storyline to cover for why he is not taking further action. He is just trying to find the balls to make off with the rest and deciding if it is enough to live a life on the run. The only name that matters is James McCarthy. Who he may have sent payments to or not is irrelevant and not an excuse for holding anyone's money. Just as it is equally wrong for the other GLBSE/BitcoinGlobal owners to hold the money that they have and not make refunds with it.

+1

Interesting, I read somewhere that he has already received 3/4 of double payments back. Loup says he only paid 10% so far, so that means that he "only" lost about 2.5% of the total money that GLBSE was holding for its customers. Correct me if I'm wrong.

There is no reason I can think of, why this loss would have to stall the whole process.

Whether an eventual loss is going to be made up by James McCarthy or by the whole GLBSE team is their business.

The only reason I can think of why he is stalling for weeks now is that he is an arrogant lowlife. I cannot imagine why at this point there are still people who do not want to stick a huge pole up his ass, unless he likes it, in which case there would be other options. I am willing to give advise through PM.

[SebastianJu]

Because he already did?

And nefario isnt like pirate. He already paid a good bunch of money back. I never heard that pirate did this or any other scammer. It would hurt their scammearnings. So nefario isnt a scammer of this kind. He only handles this all not very well. If he really would be a scammer the only earning he could have get would be the user money lying on glbse. But he paid back already a good part. The assets are of no worth to him. So no earning from there too.

I think nefario should name the guys that hold the money not theirs but are from other users. Keeping other glbse-users money isnt showing the best character. And they should at least now know that keeping it will in no way put pressure on nefario. Its not his money so...

Pirate did repay a few people back within a couple weeks of "closing up." There's not much hard evidence aside a few people claiming they were repaid, some of them pretty trustworthy. I'd assume it was meant to boost confidence and buy extra time before lawsuits were filed.

Didnt know that. At least it would be a wise move to pay some trustworthy members because the others believe them. So he can buy time.

[🏰 TradeFortress 🏰]

Wait what? There are people who haven't being paid?

I got my coins...

[jasinlee]

I didn't but there are people with balances much higher than mine owed.

[SebastianJu]

At least asicminer didnt get their money yet friedcat says. And its probably not a small amount. I wonder whats the amount of btc already paid out and what the initial amount was that had to be paid out.

[matauc12]

Because he already did?

And nefario isnt like pirate. He already paid a good bunch of money back. I never heard that pirate did this or any other scammer. It would hurt their scammearnings. So nefario isnt a scammer of this kind. He only handles this all not very well. If he really would be a scammer the only earning he could have get would be the user money lying on glbse. But he paid back already a good part. The assets are of no worth to him. So no earning from there too.

I think nefario should name the guys that hold the money not theirs but are from other users. Keeping other glbse-users money isnt showing the best character. And they should at least now know that keeping it will in no way put pressure on nefario. Its not his money so...

Sebastian- with all due respect, you are wrong. James has made token payments of less than 10% of the cash value that is owed out there, and has now conceived this convenient "double payment" storyline to cover for why he is not taking further action. He is just trying to find the balls to make off with the rest and deciding if it is enough to live a life on the run. The only name that matters is James McCarthy. Who he may have sent payments to or not is irrelevant and not an excuse for holding anyone's money. Just as it is equally wrong for the other GLBSE/BitcoinGlobal owners to hold the money that they have and not make refunds with it.

I wonder why anyone should take your post seriously considering there is nothing with proof and wasn't theorised on the go as you wrote.

Tin foil much?

[SysRun]

I think LG has a point here. There is absolutely no reason to trust Nefario. I'll be glad when this all wraps up. He sure is taking his sweet time.

[repentance]

I think nefario should name the guys that hold the money not theirs but are from other users. Keeping other glbse-users money isnt showing the best character. And they should at least now know that keeping it will in no way put pressure on nefario. Its not his money so...

I think James should stop using any remaining unreturned funds as an excuse for not putting asset-issuers and their users in contact with one another.  until he does that, he has no credibility whatsoever.  He's hardly in a position to take the moral high ground over unreturned funds when he's the one who is holding information which has nothing to do with his overpayment fuck-up hostage.

And if 3/4 of the overpayments have been returned then GLBSE should now have sufficient funds to make the remaining payments - they can do it out of the already returned overpayments and their own reserves.  James is the one trying to pressure people, not the reverse..  He is the one who loses if those funds aren't returned because there'll be no funds left to pay his salary/lawyer/weed bill/whatever.  He's acting out of pure self-interest here.

Naming and shaming people who haven't returned over-payments doesn't prove that they are holding the money of other users.  Nefario could only prove that by giving a complete financial accounting of BTC on hand and amounts still owed to users and I doubt there's anyone here who would trust any numbers he published because there's absolutely no way to verify them - he's not even letting the other shareholders verify what he's doing and could be paying his friends triple what they're owed for all you know.

All Nefario's SuperSekrit Stalled Until Further Notice repayment plan is likely to do is piss people off enough that they'll rain down upon him the very kind of legal problems he hoped to avoid by closing down GLBSE in the first place.

[galambo]

I think James should stop using any remaining unreturned funds as an excuse for not putting asset-issuers and their users in contact with one another.  until he does that, he has no credibility whatsoever.  He's hardly in a position to take the moral high ground over unreturned funds when he's the one who is holding information which has nothing to do with his overpayment fuck-up hostage.

And if 3/4 of the overpayments have been returned then GLBSE should now have sufficient funds to make the remaining payments - they can do it out of the already returned overpayments and their own reserves.  James is the one trying to pressure people, not the reverse..  He is the one who loses if those funds aren't returned because there'll be no funds left to pay his salary/lawyer/weed bill/whatever.  He's acting out of pure self-interest here.

Naming and shaming people who haven't returned over-payments doesn't prove that they are holding the money of other users.  Nefario could only prove that by giving a complete financial accounting of BTC on hand and amounts still owed to users and I doubt there's anyone here who would trust any numbers he published because there's absolutely no way to verify them - he's not even letting the other shareholders verify what he's doing and could be paying his friends triple what they're owed for all you know.

All Nefario's SuperSekrit Stalled Until Further Notice repayment plan is likely to do is piss people off enough that they'll rain down upon him the very kind of legal problems he hoped to avoid by closing down GLBSE in the first place.

From what I understand nefario only had a couple thousand BTC in his wallet and the majority of the BTC was passed through to the asset issuer. Unless you have proof otherwise, I doubt there will be enough assets to recover from nefario to sue for in any court.

Please keep in mind that nefario taught english in China, tried to vacation in the US and got denied by customs, and worked on a low salary as a sacrifice to the Bitcoin community. Even if most of the people he serviced were scammers (the issuers of GLBSE stock), personally I don't see him as a scammer. He was someone who had a series of bad ideas.

Also try to keep in mind that he has a family who he is responsible for during all this mess, and I doubt that was easy. I wish nefario the best as he reestablishes his programming career. He may find his idea of establishing a legit bitcoin stock market is impossible, and has to return to the corporate work world.

[repentance]

From what I understand nefario only had a couple thousand BTC in his wallet and the majority of the BTC was passed through to the asset issuer. Unless you have proof otherwise, I doubt there will be enough assets to recover from nefario to sue for in any court.

The funds which nefario has been returning to users are supposed to be user funds held by GLBSE, not funds held by the asset issuers.  None of the shareholders have suggested that GLBSE didn't have all the user funds it should have.  At the time GLBSE was closed the shareholders believed that GLBSE had user funds on hand plus some reserves of its own.  To the extent that there's a short-fall, it seem to have been caused only by nefario's overpayment of some people and if the majority of those coins have been recovered there is no reason whatsoever to delay resuming repayments.  There has never been a good reason to delay releasing the information needed for asset issuers and their users to communicate with each other until after the repayment process was completed.

A series of bad ideas becomes indistinguishable from scamming when you're literally announcing publicly that everything you're doing is legally fine and that representation is based on absolutely nothing because you haven't even bothered to seek legal advice before making publicly making that assurance.  Refusing to hand over the information needed for users and asset issuers to communicate with one another is just grand-standing and the delay in handing it over may even render that information useless.  nefario is absolutely responsible for the consequences of that decision.

People aren't going to try to sue nefario.  What they're far more likely to do if he continues to piss them off with his "fuck you" attitude is draw his activities to the attention of the very authorities he was hoping to avoid getting scrutiny from. 

[HorseRider]

I hope Nefario would read the previous posts. If he cannot return the bitcoin and asset information, he cannot return back to his normal life and move on. There will be lots of people after him.

I don't think what happened is easy for Nefario. 8000 bitcoin is not a big money worth destroying one's reputation, and he almost pissed off the whole community. We all remember that once upon a time what kind of trust Nefario has in this community.

Nefario is already paying price for what he has done.

Hope that he will do the right thing as fast as possible, for his own and community's good.

[farlack]

I've decided to release the October 5th shareholder meeting minutes. I've removed IP addresses and the names of the shareholders that haven't been outed yet. Except for da2ce7, because he supported Nefario right from the beginning. With those exceptions, nothing else was changed.

http://pastebin.com/raw.php?i=DRt78Vne

Seems to me the feds came knocking at his door, and arrested him for money laundering, and supporting terrorism. Id bail too. He didn't specifically state it, but he made a reference to it about the other exchange having the feds knock on the door and arrest them for money laundering, and supporting terrorism.

Why would you say something so out of place, if it wasn't relevant?

[MPOE-PR]

Because he already did?

And nefario isnt like pirate. He already paid a good bunch of money back. I never heard that pirate did this or any other scammer. It would hurt their scammearnings. So nefario isnt a scammer of this kind. He only handles this all not very well. If he really would be a scammer the only earning he could have get would be the user money lying on glbse. But he paid back already a good part. The assets are of no worth to him. So no earning from there too.

I think nefario should name the guys that hold the money not theirs but are from other users. Keeping other glbse-users money isnt showing the best character. And they should at least now know that keeping it will in no way put pressure on nefario. Its not his money so...

Sebastian- with all due respect, you are wrong. James has made token payments of less than 10% of the cash value that is owed out there, and has now conceived this convenient "double payment" storyline to cover for why he is not taking further action. He is just trying to find the balls to make off with the rest and deciding if it is enough to live a life on the run. The only name that matters is James McCarthy. Who he may have sent payments to or not is irrelevant and not an excuse for holding anyone's money. Just as it is equally wrong for the other GLBSE/BitcoinGlobal owners to hold the money that they have and not make refunds with it.

Can this 10% of cash value be documented? Best we can tell he's paid a few hundred accounts but the vast majority of these held fractions of one BTC (which were also rounded) and so it'd actually be (significantly) less than 10% by cash value.

[conspirosphere.tk]

Seems to me the feds came knocking at his door, and arrested him for money laundering, and supporting terrorism. Id bail too. He didn't specifically state it, but he made a reference to it about the other exchange having the feds knock on the door and arrest them for money laundering, and supporting terrorism.

The feds... in UK? If he were under "supervision" I don't see why "they" allowed him to send out partial repayments to supposed a-narco-terrorists and tax evaders -unless the mess he made of it was part of "their" evil plan (to achieve what? Panic? Lulz? FUD?).
You have to elaborate your conspiracy theory.

[SebastianJu]

Sebastian- with all due respect, you are wrong. James has made token payments of less than 10% of the cash value that is owed out there, and has now conceived this convenient "double payment" storyline to cover for why he is not taking further action. He is just trying to find the balls to make off with the rest and deciding if it is enough to live a life on the run. The only name that matters is James McCarthy. Who he may have sent payments to or not is irrelevant and not an excuse for holding anyone's money. Just as it is equally wrong for the other GLBSE/BitcoinGlobal owners to hold the money that they have and not make refunds with it.

Where is this 10% from? I heard several times that someone got payments over 100 or 200btc back. I believe deadterra was one of them. Of course it would be wise to pay one or two trustworthy members a bigger amount so that the community can be convinced that he is paying back. But at the end... he only had 8000BTC in  users money. Thats $80000. And when he paid back 10% of it already its only $70000. So would you really run with this amount of money? When you have a family you have to feed? I mean thats nothing when you want to start a new live somewhere far out. You buy a small house and have to work because the rest of the money would be gone in some months feeding the family. On top you wouldnt be anonymous there. I mean how could you ship a family to another country without leaving trails? So no, i doubt that he will scam the people for this amount of money. I mean he got a yearly salary of $40000 as glbse ceo. Plus on top the earning coming from his shares as shareholder of glbse. So no, it doesnt make much sense to me to be pleased running with that amount of money. If he would be some schoolkid, running his first ponzi ok, but not a familyman with responsibility for wife and kids.

Anyway... his lack of communication... and only coming buy to insert an excuse why not paying back further looks the same way like ponzis closing look. Thats right. And i would love when someone would go talk with him. Regardless if on phone or personally.

I think James should stop using any remaining unreturned funds as an excuse for not putting asset-issuers and their users in contact with one another.  until he does that, he has no credibility whatsoever.  He's hardly in a position to take the moral high ground over unreturned funds when he's the one who is holding information which has nothing to do with his overpayment fuck-up hostage.

Youre right. Unfortunately i think that he thinks if he gives back the assets he has nothing in the hand anymore to supress the double payments back. So he fears that he will have to pay it himself what he wont do. Because of that my conclusion is that the majority of double payment has to get back before he will move forward. Sad but true for me.

And if 3/4 of the overpayments have been returned then GLBSE should now have sufficient funds to make the remaining payments - they can do it out of the already returned overpayments and their own reserves.  James is the one trying to pressure people, not the reverse..  He is the one who loses if those funds aren't returned because there'll be no funds left to pay his salary/lawyer/weed bill/whatever.  He's acting out of pure self-interest here.

Yes. Its lowlife to keep all hostage. And he is doing it out of fear that he will get financially hurt in any way. Because that would be a problem for him and his family. And thats the reason why i dont think that he will scam at the end. His family is on the line. And if he cares about it he wont make moves risking there anything. So he now thinks the best way to get out mostly unharmed is the way he is doing it now.

Naming and shaming people who haven't returned over-payments doesn't prove that they are holding the money of other users.  Nefario could only prove that by giving a complete financial accounting of BTC on hand and amounts still owed to users and I doubt there's anyone here who would trust any numbers he published because there's absolutely no way to verify them - he's not even letting the other shareholders verify what he's doing and could be paying his friends triple what they're owed for all you know.

*lol* Dont say me that you got a doublepayment and dont want to return it. Its useless to search justifications for not paying back double payments. And i hope nefario moves fast. If he let it lay like it is now this would show he has no interest of clearing the double payment issue and is using it as an excuse.

All Nefario's SuperSekrit Stalled Until Further Notice repayment plan is likely to do is piss people off enough that they'll rain down upon him the very kind of legal problems he hoped to avoid by closing down GLBSE in the first place.

Im sure he knows that. And i think he thinks too short here not to act more like a honest businessman. He thinks paying too much is his worse problem... he should realize that he could get sued fast. And that this is his biggest problem.

[SebastianJu]

By the way... namworld took some work and made a list of all the claimed payments here: https://bitcointalk.org/index.php?topic=118354.msg1270908#msg1270908

I made a simple csv out of the data and calculated sum in excel and found that these claims are worth payments of around 1413.673 BTC. When the amount of user money at glbse really was 8000BTC then only these documented payments are 17.67%.

Only as info. I guess there are more payments paid than mentioned in the list because not all wrote their gained payment in the thread there.

[MPOE-PR]

So no, it doesnt make much sense to me to be pleased running with that amount of money. If he would be some schoolkid, running his first ponzi ok, but not a familyman with responsibility for wife and kids.

The guy is notorious for acting without any thinking.