BitPonzi: GLBSE pyramid scheme!

[julz]

Your exchange your rules.. but it strikes me that you're making a gift for whatever competitors come along and setup an exchange that feels more 'business-like'.

GLBSE is just a platform, with the exception of cheating people we take no position on whats traded.

The issuer is upfront on exactly what this is, a Ponzi scheme, if people decide to buy it then they are gambling, and the risk as a result is theirs.

Nefario.

Yeah I got that already..  your reply is just the tl;dr version of your terms and conditions.

The point of my post was about whether you had any concerns about the types of assets you admit affecting the perception of your business, and likely (IMO) effects on growth.

I think you'll do well from the die-hard libertarian quarter - not so much from the general investor/business community.
Your chosen position is entirely consistent with commonly perceived ideals of deregulation and decentralization in the bitcoin community.

It worries me that operations such as yours will deter many from the general uptake of bitcoin - not just your own business.

If it worries a guy like me - it'll positively send some others packing. Hopefully I'm wrong however and the majority of the world will jump into this wild west with open wallets and reckless abandon!

[1713902403]

1713902403

[1713902403]

1713902403

[ctoon6]

I don't think this is legal. and why?

[Nefario]

Your exchange your rules.. but it strikes me that you're making a gift for whatever competitors come along and setup an exchange that feels more 'business-like'.

GLBSE is just a platform, with the exception of cheating people we take no position on whats traded.

The issuer is upfront on exactly what this is, a Ponzi scheme, if people decide to buy it then they are gambling, and the risk as a result is theirs.

Nefario.

Yeah I got that already..  your reply is just the tl;dr version of your terms and conditions.

The point of my post was about whether you had any concerns about the types of assets you admit affecting the perception of your business, and likely (IMO) effects on growth.

I think you'll do well from the die-hard libertarian quarter - not so much from the general investor/business community.
Your chosen position is entirely consistent with commonly perceived ideals of deregulation and decentralization in the bitcoin community.

It worries me that operations such as yours will deter many from the general uptake of bitcoin - not just your own business.

If it worries a guy like me - it'll positively send some others packing. Hopefully I'm wrong however and the majority of the world will jump into this wild west with open wallets and reckless abandon!

What I would recommend you do is begin a rating service that investigates each asset on GLBSE and gives it a safety rating. This is something thats needed and allows regular investors to choose more wisely.

[julz]

What I would recommend you do is begin a rating service that investigates each asset on GLBSE and gives it a safety rating. This is something thats needed and allows regular investors to choose more wisely.

Spoken like a true laissez faire economist!

Despite my protestations above - I do have some respect for this approach.
It's the pragmatist in me that thinks  - without such a system in place already - the damage is being done.

I hope if/when some 3rd parties offer rating services - you are able to integrate their ratings directly into your interfaces.

[lemonginger]

I think this might be interesting with a 99% payback. As it is, with 10% lopped off for the owner, it becomes untenable incredibly quickly.

Though not as quickly as Sukrim thinks it will. (Hint, you don't need 10 times the volume in week 2 to make a profit for a week 1 investor)

[Sukrim]

I wonder though why suddenly a LOT of trades are happening at 3 times inflated prices... http://charts.glbse.com/markets/BitPonzi/trades.html

[erek]

did anyone make a decent return on this BitPonzi?

[Nefario]

Apart from cuddlefish?

Also is it over?

[Nefario]

I'm happy to announce that for the web client, bitcoin history now shows which asset has paid a dividends.

All the history pages (bitcoin,asset,market) now show 15 entries instead of the default 5.

Please clear your browser cache and reload the webclient to use.

Nefario.

[erek]

anyone makin good profit on this venture?

[LightRider]

Has anyone heard from cuddlefish lately?

[Meatpile]

As silly and sleezy as this is... I do like the fact that glbse allows anything and everything to exist.

Lets just hope it doesn't scare away any real company attempts.

[Nefario]

As silly and sleezy as this is... I do like the fact that glbse allows anything and everything to exist.

Lets just hope it doesn't scare away any real company attempts.

Thank you, I take this as a compliment.

LightRider, cuddlefish has a habbit of disappearing for a while and then coming back, it's normal for him, at least that's been my experience.

Nefario.

[Meatpile]

Now how long until we have a publicly traded meth lab?!

Those would be interesting accounting reports to read.

July 28, 2011: Debit: Dead hooker removal and cleanup from shed c.  $76.54

[Phinnaeus Gage]

Now how long until we have a publicly traded meth lab?!

Those would be interesting accounting reports to read.

July 28, 2011: Debit: Dead hooker removal and cleanup from shed c.  $76.54

September 4, 2011: Credit: 10% Rebate for Shed Converted to Man Cave    $456.78