Bimmerhead (OP)
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Activity: 1291
Merit: 1000
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October 26, 2012, 12:31:12 AM |
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Has this turned out to be a scam, or was it shut down for legal reasons?
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matauc12
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October 26, 2012, 02:06:42 AM |
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Has this turned out to be a scam, or was it shut down for legal reasons?
there's a lot of disagreement on what it actually is right now but, what seems to be clear is that it was not a "planned scam" and that nefario showed willingness and effort to give people their due. A lot of delays and still some missing bitcoins to be distributed, the main culprit ATM is the asset info has not been shared with issuers yet. All in all, a lot of frustration, but so far it looks like nefario will give people the rest of their coins and asset info, question is when. Edit : also, it is not known for fact the reason why it was closed, but the reason is 100% irrelevant anyways no matter what people say. |
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Bimmerhead (OP)
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Activity: 1291
Merit: 1000
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October 26, 2012, 03:04:15 AM |
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I wondered if it was legal issues around being a securities exchange. And what the impact would be on other exchanges.
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BurtW
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Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
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October 26, 2012, 03:51:36 AM |
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This pretty much explains the entire thing in detail. You can do your own synopsis after reading it: http://pastebin.com/raw.php?i=DRt78Vne |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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jojo69
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Activity: 3346
Merit: 4621
diamond-handed zealot
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October 26, 2012, 04:39:50 AM |
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This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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BurtW
Legendary
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Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
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October 26, 2012, 06:05:33 AM |
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Nice synopsis. Short and to the point. |
Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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Bitcoin Oz
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October 26, 2012, 07:52:54 AM |
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GLBSE = Egold
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crazy_rabbit
Legendary
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Activity: 1204
Merit: 1002
RUM AND CARROTS: A PIRATE LIFE FOR ME
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October 28, 2012, 11:21:49 AM |
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I stood up at the Conference after nefario gave his talk about the wonders of GLBSE and told him point blank that:
a) Not having lawyers is ridiculous and he needed to get some ASAP.
b) Publicly stating that he would actively avoid regulation by moving the company around was probably illegal. (Even more so considering he thought there was no regulation that covered GLBSE and so he could just move the company when such regulation appeared, when in fact regulations DO already exist covering what he does)
After his talk a few of us had a chance to talk to him directly and he didn't have any answers for very pointed questions. One gentleman asked him directly how he could keep his relationship with his investments if GLBSE closed: No clear answer.
Basically, Synopsis? It was illegal, and he didn't know it until the government came and said, "Oh hi! You're a criminal". Thus came the end of GLBSE.
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more or less retired.
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jojo69
Legendary
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Activity: 3346
Merit: 4621
diamond-handed zealot
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October 28, 2012, 05:25:11 PM |
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I stood up at the Conference after nefario gave his talk about the wonders of GLBSE and told him point blank that:
a) Not having lawyers is ridiculous and he needed to get some ASAP.
b) Publicly stating that he would actively avoid regulation by moving the company around was probably illegal. (Even more so considering he thought there was no regulation that covered GLBSE and so he could just move the company when such regulation appeared, when in fact regulations DO already exist covering what he does)
After his talk a few of us had a chance to talk to him directly and he didn't have any answers for very pointed questions. One gentleman asked him directly how he could keep his relationship with his investments if GLBSE closed: No clear answer.
Basically, Synopsis? It was illegal, and he didn't know it until the government came and said, "Oh hi! You're a criminal". Thus came the end of GLBSE.
so all this is your fault ? |
This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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MPOE-PR
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October 28, 2012, 07:20:07 PM |
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so all this is your fault ?
BURN HIM! |
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crazy_rabbit
Legendary
Offline
Activity: 1204
Merit: 1002
RUM AND CARROTS: A PIRATE LIFE FOR ME
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October 29, 2012, 02:43:24 PM |
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I stood up at the Conference after nefario gave his talk about the wonders of GLBSE and told him point blank that:
a) Not having lawyers is ridiculous and he needed to get some ASAP.
b) Publicly stating that he would actively avoid regulation by moving the company around was probably illegal. (Even more so considering he thought there was no regulation that covered GLBSE and so he could just move the company when such regulation appeared, when in fact regulations DO already exist covering what he does)
After his talk a few of us had a chance to talk to him directly and he didn't have any answers for very pointed questions. One gentleman asked him directly how he could keep his relationship with his investments if GLBSE closed: No clear answer.
Basically, Synopsis? It was illegal, and he didn't know it until the government came and said, "Oh hi! You're a criminal". Thus came the end of GLBSE.
so all this is your fault ? hahaha, for stating the obvious? No. I don't think so. I wasn't the only one who immediately realized the whole thing was a terrible cluster-fuck waiting to happen. Durring the presentation nefario didn't even know many finance terms that someone who does finance would consider second nature. Maybe it was nerves, but he was blanking on some pretty basic concepts. There were quite a number of very wide eyes you could see instantly putting the pieces together. |
more or less retired.
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BurtW
Legendary
Offline
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
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October 29, 2012, 02:46:38 PM |
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After Pirate fell I figured GLBSE would be the next one to go. However, there was really nothing that could be done. I tried to sell as much as I could, even taking losses, but there was no way to get out of it in time.
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Our family was terrorized by Homeland Security. Read all about it here: http://www.jmwagner.com/ and http://www.burtw.com/ Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated! |
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MPOE-PR
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October 29, 2012, 03:10:03 PM |
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I stood up at the Conference after nefario gave his talk about the wonders of GLBSE and told him point blank that:
a) Not having lawyers is ridiculous and he needed to get some ASAP.
b) Publicly stating that he would actively avoid regulation by moving the company around was probably illegal. (Even more so considering he thought there was no regulation that covered GLBSE and so he could just move the company when such regulation appeared, when in fact regulations DO already exist covering what he does)
After his talk a few of us had a chance to talk to him directly and he didn't have any answers for very pointed questions. One gentleman asked him directly how he could keep his relationship with his investments if GLBSE closed: No clear answer.
Basically, Synopsis? It was illegal, and he didn't know it until the government came and said, "Oh hi! You're a criminal". Thus came the end of GLBSE.
so all this is your fault ? hahaha, for stating the obvious? No. I don't think so. I wasn't the only one who immediately realized the whole thing was a terrible cluster-fuck waiting to happen. Durring the presentation nefario didn't even know many finance terms that someone who does finance would consider second nature. Maybe it was nerves, but he was blanking on some pretty basic concepts. There were quite a number of very wide eyes you could see instantly putting the pieces together. So basically conference=suicide. |
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