My first experience with GLBSE was alarming...

[CrazyGuy]

I joined GLBSE back in May with the intent to make some small fruitful investments with my spare bitcoins. I had about 50 coins dedicated to the venture (~$600 at the time), so nothing big. Imagine my surprise when my GLBSE account was credited with 1000 BTC at account creation! At first, I figured it was play money so I bought a few shares of bitbond and started looking into how to get rid of the play money and get some real coins in.

After finding no information indicating the coins were fake, I made a 20 coin test withdrawal. A few minutes later they popped up in my wallet! I quickly sent nefario a support email and PM to prevent less honest individuals from bleeding him out of business. I returned the coins, GLBSE went down for half an hour and when it came back up, the coins and bonds where gone. Needless to say, my first experience with GLBSE did not instill confidence in the service and it was one of the determining factors for me pulling my investments out a month later.

I don't know how much GLBSE lost that day but I wouldn't be surprised if bad coding resulting in heavy losses was one of the reasons nefario wasn't making much money from the business.

[1715002679]

1715002679

[1715002679]

1715002679

[1715002679]

1715002679

[1715002679]

1715002679

[CrazyGuy]

My support exchange with GLBSE

-----------------------------

Nothing big, we already know the real life identity of the person
responsible, so it's really in their best interest to return.

The address to pay to is:
1DvQC1MsFHTYR3Mw8c9fz7pje2M6gdZmVK

Once again, thanks.
GLBSE support.

On 01/05/12 06:36, Blane wrote:
Haha, major cockup is a good way to put it. I hope you didn't lose any money from those less honest. I'll send it back tomorrow when you get me an address.



On May 1, 2012, at 12:30 AM, GLBSE Support <support@glbse.com> wrote:

Hey Blane,
thanks for getting onto us.

This was a major cockup on our end, that actually was meant to be play
money for the test site but it was left in when we went live.

I'll send you a bitcoin address for you to send the 20BTC to in a little
while.

GLBSE support.

On 01/05/12 05:53, Blane wrote:
Did I just win a 1000 BTC prize?? I decided to check out glbse for the
first time tonight and upon creation of my account I noticed my account
had a balance of 1000. Since this was my first time on the site and I'm
unfamiliar with glbse, I figured it was some play money. I purchased a
few shares of BITBOND and tried a 20btc withdrawl to confirm my
suspicions. Now that I see the transaction coming in I'm afraid there
may be a huge issue with your site, or I'm an extremely lucky
individual. I'm assuming you can't afford to give every new user 1000
btc so you may want to rectify the issue as quickly as possible!

[Francesco]

He just admitted losing 2500 coins to a hacker. Good to know now 

[MPOE-PR]

Wow.
Just... Wow.

[CrazyGuy]

It now appears nefario has double paid some users and is asking for them to return half their payment. I hope there is enough to go around.

[CharlesPonzi]

He just admitted losing 2500 coins to a hacker. Good to know now 

I think it was a different hacker ?

I wonder how much Nefario has lost in total over the past few months...

[MPOE-PR]

It now appears nefario has double paid some users and is asking for them to return half their payment. I hope there is enough to go around.

Jesus could you pile more fail on this failureboat?

[Desolator]

Why oh why can't people working on financial stuff act like it's the 90's again where if you released an N64 game with a glitch, you cost the company millions because there was no online patching, so all games were tested until virtually perfect?  These days you release a Star Wars MMO or Guild Wars 2 like it's a beta and everyone just accepts that it crashes every other hour for a month.  DDO is 6 years old and they're still fixing engine problems.  The same goes for financial websites.  Everyone's like cheesy cartoons with bitcoins replacing their eyes and they can't see that their software needs a liiiittle more testing before it goes live and costs them lots of money.