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Author Topic: glbse.com sure seems "user mean" so far  (Read 2045 times)
myrkul
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July 22, 2011, 03:38:19 PM
 #21

So isn't there any danger running afoul with the SEC for selling 'securities' tied to your company when going public through GBSE without registering with them?

Everything's denominated in Bitcoins. As far as the US Government's concerned, we're playing 'Monopoly'. Also, and this may just be the Agorist in me talking... Who cares?

Seriously this has already been discussed on the glbse forums here.

https://glbse.com/forum/viewtopic.php?f=15&t=78

tl;dr: Technically, you might be breaking the law. Practically, there's no way to prove it.

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July 22, 2011, 04:23:18 PM
 #22

So isn't there any danger running afoul with the SEC for selling 'securities' tied to your company when going public through GBSE without registering with them?

Everything's denominated in Bitcoins. As far as the US Government's concerned, we're playing 'Monopoly'. Also, and this may just be the Agorist in me talking... Who cares?

The IRS might care if my business is audited and they investigate where these funds that my business raised through GBLSE have come from.  Of if my business is sued by an shareholder/bondholder for any number of reasons and it comes to light with the SEC that my business made an offering of securities without registering, and without due diligence on the residency/citizenship of each investor.  If you are offering securities to investors outside the US, I'm sure that you would need to respect the securities laws of the country where that investor is from as well.


I really like the idea behind GBLSE and being able to raise capital easily through debt or equity offerings, but after reading through the link provided on the GBLSE forum I wouldn't feel comfortable putting my business at risk.




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July 22, 2011, 07:20:59 PM
 #23

I don't think anyone is encouraging you to not pay your taxes on whatever transactions you make.  Maybe I'm not seeing the problem, but wouldn't that keep you safe?

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July 22, 2011, 10:09:33 PM
 #24

I don't think anyone is encouraging you to not pay your taxes on whatever transactions you make.  Maybe I'm not seeing the problem, but wouldn't that keep you safe?

My point was that it is more than monopoly money that is being transacted, and that the IRS and the SEC will care about it.  Taxes should be paid on transactions just as you said, but from the forum on the GBSE website, it sounds like offering securities to US investors without SEC registration is against the law.  Offering securities to non-US investors is likely regulated as well in whatever foreign jurisdiction the particular investor resides.

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July 23, 2011, 01:11:25 AM
 #25

I don't think anyone is encouraging you to not pay your taxes on whatever transactions you make.  Maybe I'm not seeing the problem, but wouldn't that keep you safe?

My point was that it is more than monopoly money that is being transacted, and that the IRS and the SEC will care about it.  Taxes should be paid on transactions just as you said, but from the forum on the GBSE website, it sounds like offering securities to US investors without SEC registration is against the law.  Offering securities to non-US investors is likely regulated as well in whatever foreign jurisdiction the particular investor resides.

myrkul: You're wrong, as the thread on the forum mentions, having as part of the terms of acceptance to purchase the share being that you are not an American citizen covers it from the legal side.
 
The SEC will care about it eventually, currently we're too small for it to take notice. That doesn't give us a free hand, but it does give us time to prepare.

With regards legality it IS illegal offer securities to U.S. citizens if you are based in the U.S., as was discussed in the GLBSE forum thread, this is covered by having terms and conditions of acceptance before being allowed to purchase. Stating that by buying this share you accept the terms and conditions, one of which is that you (as the buyer) are not an American citizen.

Doing so will keep you in the clear, so you'll have nothing to worry about.

As for other the stock market agencies and rules of other countries, the SEC doesn't care about those.

Nefario.

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myrkul
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July 23, 2011, 01:28:25 AM
 #26

I don't think anyone is encouraging you to not pay your taxes on whatever transactions you make.  Maybe I'm not seeing the problem, but wouldn't that keep you safe?

My point was that it is more than monopoly money that is being transacted, and that the IRS and the SEC will care about it.  Taxes should be paid on transactions just as you said, but from the forum on the GBSE website, it sounds like offering securities to US investors without SEC registration is against the law.  Offering securities to non-US investors is likely regulated as well in whatever foreign jurisdiction the particular investor resides.

myrkul: You're wrong, as the thread on the forum mentions, having as part of the terms of acceptance to purchase the share being that you are not an American citizen covers it from the legal side.

I don't remember mentioning anything about that, but, OK. Either way, I could care less what the SEC thinks, or the other regulatory bodies. GLBSE is exactly what the Bitcoin market needs.

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Nefario
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July 23, 2011, 01:36:03 AM
 #27

Thanks, also we've just had 3 more share/assets listed.

Two by IBB and a bond.

Nefario.

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July 25, 2011, 12:23:18 PM
 #28


Current web UI doesn't allow me to transfer bitcoin to a created account.

I still get a pop-up with "[object Object]      <Ok>" when I click the "Get Deposit Address" on the current version of FireFox running on Mac OSX.

Also annoying, I still can't post in the correct forum due to newbie (cursing the hours spent lurking) status.

-#tew
Nefario
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July 25, 2011, 03:19:41 PM
 #29


Current web UI doesn't allow me to transfer bitcoin to a created account.

I still get a pop-up with "[object Object]      <Ok>" when I click the "Get Deposit Address" on the current version of FireFox running on Mac OSX.

Also annoying, I still can't post in the correct forum due to newbie (cursing the hours spent lurking) status.

-#tew


Hey tew, hmmm.

I don't have a mac to check this out on, and there has been others also on mac some time ago that had similar problems.

Do you get the [object object] error for any other function, like say Bitcoin history or market history.

The only advice I can give ATM is to give Googles Chrome a shot.

Let me know if this worked or not and we'll see where we go from there.
Nefario.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
NumberTew
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July 26, 2011, 01:04:46 PM
 #30

Thanks for taking the time to help me with this.

Yes, I still get the problem in Google Chrome (the browser, haven't tried running the Chrome OS in a VM yet), as well as FireFox.

It also occurs with Market History and Bitcoin History.

I'd post the screenshot, but i cannot seem to attach an image to this message - "Additional Options" doesn't show that as an option.
Is there a simple way to directly attach or send an image without a link to an external web site (apart from email)?

 -#tew
Nefario
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July 26, 2011, 02:18:34 PM
 #31

Thanks for taking the time to help me with this.

Yes, I still get the problem in Google Chrome (the browser, haven't tried running the Chrome OS in a VM yet), as well as FireFox.

It also occurs with Market History and Bitcoin History.

I'd post the screenshot, but i cannot seem to attach an image to this message - "Additional Options" doesn't show that as an option.
Is there a simple way to directly attach or send an image without a link to an external web site (apart from email)?

 -#tew

I don't think so, you'll have to use an external image service like imgur.com

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
Nefario
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July 28, 2011, 12:14:54 PM
 #32

We've now got an SSL Auth signed cert, no more nasty warnings  Cheesy

PGP key id at pgp.mit.edu 0xA68F4B7C

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Smalleyster
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July 28, 2011, 12:27:29 PM
 #33

We've now got an SSL Auth signed cert, no more nasty warnings  Cheesy

Very good!

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July 28, 2011, 04:55:45 PM
 #34

We've now got an SSL Auth signed cert, no more nasty warnings  Cheesy

Nice!

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