Scammer tag for PsychoticBoy

[Deprived]

On top they voted to liquidate early. The risk and decision to liquidate were taken voluntarily, now deal with your loss.

Well this is the really amusing thing about it.

Shareholders did NOT vote to liquidate lol.

From the thread:

"
Question:    At which Exchange should PGM continue?
Cryptostocks    3 (11.1%)
BTCT.co    4 (14.8%)
MPex    0 (0%)
Bitfunder    9 (33.3%)
Don't continue, Buyback my shares!    11 (40.7%)
Votes Total: 27"

59.93% of votes were NOT to close.  He closed it with only 40.7% voting to do so.

That's because he did the inexcusable fuckup of asking two questions in one vote -

1.  Should PGM continue?
2.  If PGM continues, at which exchange should it do so?

That the MAJORITY of investors who wanted to continue didn't agree on an exchange isn't the same as counting a bunch of them as voting to close.

And that's aside from fact that votes was tallied based on number of people voting - not number of shares.

And having failed at basic commonsense and math he then immediately closed and sent back funds without waiting to see if anyone noticed the rather interesting voting process used.  And shockingly none of the investors appear to even have noticed that there wasn't a majority in favour of closure.

[MPOE-PR]

That the MAJORITY of investors who wanted to continue didn't agree on an exchange isn't the same as counting a bunch of them as voting to close.

Strike one.

And that's aside from fact that votes was tallied based on number of people voting - not number of shares.

Strike two. Especially considering plenty of people probably voted with 0 shares.

And having failed at basic commonsense and math he then immediately closed and sent back funds without waiting to see if anyone noticed the rather interesting voting process used.

Strike three.

This is not just an instance of scummy sometime in the distant past. This is scummy in continued form.

And shockingly none of the investors appear to even have noticed that there wasn't a majority in favour of closure.

People of GLBSE.

[Jurek]

But he is the major shareholder, he dosn't have to care what others want. He got the money, now bye bye.

[repentance]

But he is the major shareholder, he dosn't have to care what others want. He got the money, now bye bye.

And this is the problem with the cargo cult mentality which permeates the Bitcoin eco-system.  There are no constraints on operators voting on issues where they have a clear conflict of interest so they repeatedly take actions which disadvantage other share-holders and justify it on the basis of owning the majority of shares.

[deeplink]

But he is the major shareholder, he dosn't have to care what others want. He got the money, now bye bye.

And this is the problem with the cargo cult mentality which permeates the Bitcoin eco-system.  There are no constraints on operators voting on issues where they have a clear conflict of interest so they repeatedly take actions which disadvantage other share-holders and justify it on the basis of owning the majority of shares.

Definitely, but I think conflict of interest is only part of the problem. Many companies and contracts are vague and open to interpretation. The problem is that there is no way of arbitrage when a dispute arises. Without repercussions it's about who can generate the biggest smokescreen and about who knows who. The investors generally loose, because the operators hold the levers and have their money.

[deeplink]

Hey investment retards, thanks for making it possible for yet another scam to occur. Now go invest more to suck a dick again.

Well I guess that's another way to put it.

[MPOE-PR]

The problem is that there is no way of arbitrage when a dispute arises.

This may solve that.

[Monster Tent]

The problem is that there is no way of arbitrage when a dispute arises.

This may solve that.

Fail.

[repentance]

Definitely, but I think conflict of interest is only part of the problem. Many companies and contracts are vague and open to interpretation. The problem is that there is no way of arbitrage when a dispute arises.

Sure there are ways (formal and informal) to have disputes arbitrated, it's just that 1) the amounts involved are utterly trivial so it's not worth the time and expense and 2) many Bitcoiners value their financial privacy more highly than they value whatever amount is at stake.

[MPOE-PR]

Fail.

Whatever do you mean?