GLBSE to BTC-TC Transition & Import Strategy for Asset Issuers

[BTC-TradingCo]

For those that want to transition to BTC-TC here's what we have so far.  Some details may change.

Step 1:

Read the BTC-TC ToS and Asset Issuers ToS.  (linked in the footer of https://btct.co/)

BTC-TC is different than GLBSE was in many ways, especially with regard to FUNDS.  BTC-TC has some strict limitations on how funds operate and many of the funds that operated on GLBSE will have to alter their strategies if they are to be allowed on BTC-TC.

Step 2:

Setup a BTC-TC account and create your asset using the same ticker you used on GLBSE.  https://btct.co/create

It will charge you 5 BTC to create the asset.

After your asset has been created, browse to it in the market, double check everything, and unlock it for voting to begin.

Step 3:

PM me asking for an asset creation refund.  I will first confirm that your asset was on GLBSE before I will issue the refund.

Step 4:

Sell your asset and transitional plans to the LTC-GLOBAL / BTC-TC moderators to get it approved.

This part we cannot really help with.  We will not get involved in the voting process other than to make sure the system works.

If you fail the vote... you've already been refunded.  And there are a couple of other exchanges out there to consider.  We hope you succeed wherever you end up.

Step 5:

Once your asset is approved for trading, send me the file GLBSE sent you.  We have an import script that works roughly like this:

glbse_import [filename] [ticker]

eg:

Code:

glbse_import TESTONE-1.txt TESTONE

Importing TESTONE-1.txt using ticker TESTONE...

Create new account: TESTONE-aKuZR
        Password: 1FDx9GbEDHwYMiE
        PIN: 1767
        Email: k@blah.com
        Withdrawal Address: 15G48whkLQgv5CGWMQ8b3pqfvjPNaaKuZR
Granting user TESTONE-aKuZR 555 shares of TESTONE...
Emailing user TESTONE-aKuZR with new account details...

Create new account: TESTONE-ZgqKN
        Password: wHKM4Okvx8mnr4k
        PIN: 7418
        Email: e@blah.com
        Withdrawal Address: 16ziHH3yXJaPyEKFk48CrGhSEjY1mZgqKN
Granting user TESTONE-ZgqKN 1 shares of TESTONE...
Emailing user TESTONE-ZgqKN with new account details...

Create new account: TESTONE-5gyKk
        Password: AL4Kc6hH0LZYcra
        PIN: 9360
        Email: x@blah.com
        Withdrawal Address: 1FHLa5ZpZbBCuQNoRDf3QJS3WXSeE5gyKk
Granting user TESTONE-5gyKk 3 shares of TESTONE...
Emailing user TESTONE-5gyKk with new account details...

After running this script, every user will have an account with their shares in it with a login named after the security.  From that point on you can issue dividends as normal.  Users that want to keep the account long term can do so.  Most users I think will want to create an account with a different username though, in which case they just create a new account and transfer the shares and coin into it.  Share and coin transfers are FREE on BTC-TC.

If you have users that contact you with their BTC-TC username BEFORE we run the import, you can remove those users from the import file and do the transfer manually.

If you have users that contact you with their BTC-TC username AFTER we run the import, We will provide you with the output of the import text such that you could assist them with a transfer.  (eg: log in for them, initiate the transfer.)

If any users claim they did not receive the email, but they were in the GLBSE file, the copy of the import text will also allow you to email them back and assist as needed.

Step 6: (NO LONGER NECESSARY IF YOU HAVE THE FINAL CSV FROM GLBSE)

If there were shares unaccounted for in the GLBSE file, as many assets will have, you will need to create a holding account for those shares.  This will allow you to issue dividends and operate normally while additional GLBSE claims still come in.

For example, if you had 1000 shares outstanding, and 50 of them are unclaimed, you put 50 shares into the holding account.  The holding account will collect dividends.  Then in the future when you get a new file from Nefario with new claims in it, you ask the user to create a BTC-TC account.  Once they communicate their BTC-TC username, you transition shares and coin proportionally from the holding account to the users new BTC-TC account.

Please let us know if you see any glaring flaws in this plan.  It should make things fairly painless for the GLBSE issuers that want to continue operations.

[Deprived]

Just to add one suggestion to this.

GLBSE are only providing PARTIAL lists at the moment - so not all outstanding shares will be accounted for.  Here's how I propose you deal with this (this assumes you know how many shares were outstanding in total).

After doing everything described in burnside's post create a second account on btc.co yourself (pretty sure you can do this on same email account as your main one if you want).

Transfer to this a number of shares such that the outstanding shares on btc.co matches the number that was outstanding on GLBSE.

You can now issue dividends (including ones already piled up) and the portion of them due to shares so far unaccounted for will go this second account.  When you receive details of an additional shareholder you transfer them their shares from that second account and also transfer to them a portion of the funds held in that account equal to the proportion of shares in that account which were theres.

This allows you to resume normal business (dividending, issuing new shares etc) with very little overhead - whilst properly accounting for and segregating funds belonging to unclaimed shares.

Just a suggestion.

[BTC-TradingCo]

Just to add one suggestion to this.

GLBSE are only providing PARTIAL lists at the moment - so not all outstanding shares will be accounted for.  Here's how I propose you deal with this (this assumes you know how many shares were outstanding in total).

After doing everything described in burnside's post create a second account on btc.co yourself (pretty sure you can do this on same email account as your main one if you want).

Transfer to this a number of shares such that the outstanding shares on btc.co matches the number that was outstanding on GLBSE.

You can now issue dividends (including ones already piled up) and the portion of them due to shares so far unaccounted for will go this second account.  When you receive details of an additional shareholder you transfer them their shares from that second account and also transfer to them a portion of the funds held in that account equal to the proportion of shares in that account which were theres.

This allows you to resume normal business (dividending, issuing new shares etc) with very little overhead - whilst properly accounting for and segregating funds belonging to unclaimed shares.

Just a suggestion.

Thank you Deprived.  I created step 6 based on your input. 

[matthewh3]

I may be interested for my mining stock RSM.  We were on the GLBSE since v1.0 and I also have a fund on litecoinglobal.com but I haven't had my asset holders list yet.  Will you also be emailing asset issuers the full shareholders list like litecoinglobal.com do every twelve hours in case your exchange ever goes dark?

[burnside]

I may be interested for my mining stock RSM.  We were on the GLBSE since v1.0 and I also have a fund on litecoinglobal.com but I haven't had my asset holders list yet.  Will you also be emailing asset issuers the full shareholders list like litecoinglobal.com do every twelve hours in case your exchange ever goes dark?

BTC-TC functionally is equivalent to LTC-GLOBAL in most every way.

Cheers.

[matthewh3]

So everyone who made a claim at the GLBSE will receive their shares and everyone who didn't well their shares will be returned the company until claimed.  Or will every shareholder from the GLBSE have an account created and shares allocated?

[Deprived]

So everyone who made a claim at the GLBSE will receive their shares and everyone who didn't well their shares will be returned the company until claimed.  Or will every shareholder from the GLBSE have an account created and shares allocated?

The only investors who will get accounts made will be ones whose email address is in the list GLBSE sends.  The rest of the bonds would be in your asset-issuing account.  Point 6 of burnside's post explains how you should handle those so as to be able to run the copany normally whilst keeping their share of dividends safe for when they DO provide their details and and can be given their bonds/shares.

[burnside]

If you're worried about how the platform is going to work on btct.co, I would encourage you to create an account on litecoinglobal.com.  They run off the same code base.  I think most will agree that it's the easiest to use platform out there.

Cheers.

[BTC-TradingCo]

Step 2 Updated:

Step 2:

Setup a BTC-TC account and create your asset using the same ticker you used on GLBSE.  https://btct.co/create

It will charge you 5 BTC to create the asset.

After your asset has been created, browse to it in the market, double check everything, and unlock it for voting to begin.

[matthewh3]

I've listed my exGLBSE asset - https://btct.co/security/RSM