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Author Topic: [was on GLBSE] LIF.x  (Read 20371 times)
LoupGaroux
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January 25, 2012, 01:04:36 AM
 #101

Gee, the guy took a flyer and has abandoned his Funds, has ripped everyone's money off, and is not communicating at all with anyone publicly or privately.

So placing a sell order is going to help, exactly how? The only thing that might accomplish is suckering some neophyte investor into thinking they have a bargain. They will buy it and find out it is so much bullshit. This is one of the major flaws of the GLBSE, that dead and/or abandoned and/or criminal issues stay up forever and there is no proactive process to remove the rip-offs. Calling Peter Lambert out in the venue that has the most exposure is a far better bet, at least it gets more people noticing that he is a scammer, and while I don't expect to get a bit-dime back from him in this manner, I might keep the awareness happening so that nobody will continue to invest in his crap, as happened for 5 weeks after the LIF.B rip-off.

Is that stupid? You be the judge, apparently you are comfortable with the issue staying open and future potential victims buying this worthless shit. Bully for you market genius boy. Should Peter come back and want proof of investment and loss, it can all be provided.

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January 25, 2012, 01:32:19 AM
 #102

Gee, the guy took a flyer and has abandoned his Funds, has ripped everyone's money off, and is not communicating at all with anyone publicly or privately.

So placing a sell order is going to help, exactly how? The only thing that might accomplish is suckering some neophyte investor into thinking they have a bargain. They will buy it and find out it is so much bullshit. This is one of the major flaws of the GLBSE, that dead and/or abandoned and/or criminal issues stay up forever and there is no proactive process to remove the rip-offs. Calling Peter Lambert out in the venue that has the most exposure is a far better bet, at least it gets more people noticing that he is a scammer, and while I don't expect to get a bit-dime back from him in this manner, I might keep the awareness happening so that nobody will continue to invest in his crap, as happened for 5 weeks after the LIF.B rip-off.

Is that stupid? You be the judge, apparently you are comfortable with the issue staying open and future potential victims buying this worthless shit. Bully for you market genius boy. Should Peter come back and want proof of investment and loss, it can all be provided.

Lou said it, thats why I gave up on GLBSE, I pray Ver 2 is better

Seriously, how freakin long was dishwara up there..  idiots were trading that shit months after it declared dead

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January 25, 2012, 11:23:08 PM
 #103

for the record, dishwara was not a scam, he bought back all the shares except just 1

Correction, a dead stock still able to be traded for no reason..

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LoupGaroux
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January 26, 2012, 05:13:02 AM
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That's encouraging-

Peter what say you to the other claims here, there and everywhere?

Are you going to be a man and make good on it or are you going to make off with the funds?

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Nefario
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January 26, 2012, 05:26:53 PM
 #105

for the record, dishwara was not a scam, he bought back all the shares except just 1

Correction, a dead stock still able to be traded for no reason..

Not anymore, I've removed a lot of the dead and scam shares from trading. They still show up on charts.glbse.com for the moment but should be removed when that site does an update.

I'm going to be removing all but traded and legitimate shares on GLBSE over the next couple of days. Really clear it up before the eventual move to GLBSE 2.0

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January 26, 2012, 11:27:56 PM
 #106

Hmmm. LIF.CX deleted. So now there's no way to get even 0.075 BTC for my 50 shares. :-(

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January 26, 2012, 11:35:57 PM
 #107

Hmmm. LIF.CX deleted. So now there's no way to get even 0.075 BTC for my 50 shares. :-(

I just went to go check but glbse seems to not be responding properly..  Won't load my portfolio, but from the sounds of it i'd be in the same boat.  I didn't sell any of my shares for that crap, I think i'd rather take a full loss than justify Peter's actions by selling the shares back to him at that price.  Eitherway though, I guess it is a moot point because he flew the coop anyways by the looks of it.  Ugh.

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January 26, 2012, 11:42:09 PM
 #108

And that, dear friends, is why any market that hopes to be taken seriously around here needs to have serious enough fees to get in that a criminal needs to think twice about doing a loot and scoot. If there was a 50 or 100 btc escrow balance against the asset creator's integrity, there would be value that could be liquidated to make the asset holders whole. And perhaps a piece of work like little Peter Rip-off Tail might think twice about losing hundreds of his own dollars to steal from others.

That and some hardcore proof of identity to open an investment opportunity, rather than just the ability to post a badly mangled script. The owners of the exchange should have proof of who is offering these assets, and should have the ability to turn that proof over to authorities for action if the asset turns out to be a fraud. Honest business owners should not have a problem with this, criminal douche bags would. Who would you prefer to have starting companies on your exchange?

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brendio
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January 27, 2012, 09:30:24 AM
 #109

If there was a 50 or 100 btc escrow balance against the asset creator's integrity, there would be value that could be liquidated to make the asset holders whole.

I think this would have some collateral damage on honest entrepreneurs also. I was thinking of listing the Bitcoin Investment Bank, but not that the fee is 20 BTC, I'm not so sure. That's a huge dint in the profits of a hobby business.

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January 27, 2012, 09:41:56 AM
 #110

I have sent my 8 LIF.CX shares to peter. I can confirm he sent me the 4 BTC.

thank you peter and good luck



This to me is what makes this a scam, not the loss of 90% of the funds. The lack of disclosure and private deals with influential shareholders. The contract states that all shareholders have the same rights, and yet some holders get their funds back in full, and other have to take a 90% haircut.

If Peter comes out with full disclosure and financials showing how 90% of the funds was lost, then it is not a scam. We all invested knowing our capital was at risk, and invested on the basis of Peter's "strategy". It is now apparent that Peter's strategy involved a lot of risk. That Peter's strategy failed does not make him a scammer. If I were to list an asset calling for investors for my strategy, and that strategy was to go to the casino and place it all on red, and I subsequently lose all shareholders funds, I wouldn't be a scammer, if I show how we lost the money and fulfilled the contract with my shareholders. If I post saying we've lost all the money and then disappear, I am a scammer.

Until I see financials, I am not prepared to accept a bid selling my shares at a loss and Peter should have a scammer tag. Alternatively, Peter can send 24 BTC to 1M4nFtisF8LrbyXbur2DHHo997LBnqLQtK and I will transfer him my 48 LIF.CX holding. But I don't think that's how this should be handled.

Nefario
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January 27, 2012, 11:50:16 AM
 #111

Hmmm. LIF.CX deleted. So now there's no way to get even 0.075 BTC for my 50 shares. :-(

Not deleted, frozen. Everyone who has frozen shares will not be able to trade them. What the asset issuer can then do is make dividend payments until restitution is made.

Assets/shares that are not to be bought by new shareholders should not be traded publicly.

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Nefario
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January 27, 2012, 11:53:32 AM
 #112

And that, dear friends, is why any market that hopes to be taken seriously around here needs to have serious enough fees to get in that a criminal needs to think twice about doing a loot and scoot. If there was a 50 or 100 btc escrow balance against the asset creator's integrity, there would be value that could be liquidated to make the asset holders whole. And perhaps a piece of work like little Peter Rip-off Tail might think twice about losing hundreds of his own dollars to steal from others.

That and some hardcore proof of identity to open an investment opportunity, rather than just the ability to post a badly mangled script. The owners of the exchange should have proof of who is offering these assets, and should have the ability to turn that proof over to authorities for action if the asset turns out to be a fraud. Honest business owners should not have a problem with this, criminal douche bags would. Who would you prefer to have starting companies on your exchange?

This above, exactly. We tried to do go the anonymous route based on reputation, hasn't played out too well as you can see.

All of the above points mentioned by LoupGaroux will be a core part of GLBSE2.0 along with more anti-fraud protections.

Nefario.

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January 27, 2012, 11:56:39 AM
 #113

I have sent my 8 LIF.CX shares to peter. I can confirm he sent me the 4 BTC.

thank you peter and good luck



This to me is what makes this a scam, not the loss of 90% of the funds. The lack of disclosure and private deals with influential shareholders. The contract states that all shareholders have the same rights, and yet some holders get their funds back in full, and other have to take a 90% haircut.

If Peter comes out with full disclosure and financials showing how 90% of the funds was lost, then it is not a scam. We all invested knowing our capital was at risk, and invested on the basis of Peter's "strategy". It is now apparent that Peter's strategy involved a lot of risk. That Peter's strategy failed does not make him a scammer. If I were to list an asset calling for investors for my strategy, and that strategy was to go to the casino and place it all on red, and I subsequently lose all shareholders funds, I wouldn't be a scammer, if I show how we lost the money and fulfilled the contract with my shareholders. If I post saying we've lost all the money and then disappear, I am a scammer.

Until I see financials, I am not prepared to accept a bid selling my shares at a loss and Peter should have a scammer tag. Alternatively, Peter can send 24 BTC to 1M4nFtisF8LrbyXbur2DHHo997LBnqLQtK and I will transfer him my 48 LIF.CX holding. But I don't think that's how this should be handled.

I would not advise to agreeing to do deals outside the infrastructure of GLBSE. It leaves no record and no accountability.

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January 27, 2012, 03:11:07 PM
 #114

Not deleted, frozen. Everyone who has frozen shares will not be able to trade them. What the asset issuer can then do is make dividend payments until restitution is made.

So, if no restitution is made, and the issuer doesn't respond, this means we won't be able to even sell into his buy orders?
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January 27, 2012, 03:27:57 PM
 #115

Not deleted, frozen. Everyone who has frozen shares will not be able to trade them. What the asset issuer can then do is make dividend payments until restitution is made.

So, if no restitution is made, and the issuer doesn't respond, this means we won't be able to even sell into his buy orders?


I understand he is trying to protect some people from buying worthless shit but this is something that worries me. Some guy just doing whatever he thinks is best with other peoples money:(

I would really like to read your policy on when you freeze stocks and why... This was out of no where...

This is a pretty obvious 'use case' for freezing the asset from being traded. If peter wants to 'buy' them at whatever the reduced buy offer supposedly was then all he has to do is pay out didvdend to all outstanding shares @ reduced price * outstanding shares

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January 27, 2012, 03:30:18 PM
 #116

And that, dear friends, is why any market that hopes to be taken seriously around here needs to have serious enough fees to get in that a criminal needs to think twice about doing a loot and scoot. If there was a 50 or 100 btc escrow balance against the asset creator's integrity, there would be value that could be liquidated to make the asset holders whole. And perhaps a piece of work like little Peter Rip-off Tail might think twice about losing hundreds of his own dollars to steal from others.

That and some hardcore proof of identity to open an investment opportunity, rather than just the ability to post a badly mangled script. The owners of the exchange should have proof of who is offering these assets, and should have the ability to turn that proof over to authorities for action if the asset turns out to be a fraud. Honest business owners should not have a problem with this, criminal douche bags would. Who would you prefer to have starting companies on your exchange?

Think of this as a business opportunity. I posted about looking for founding partners in a share brokers firm to operate on glbse. If you really care about scumbags taking new users to the cleaners its a chance to kick some ass and take some names. I am totally surprised glbse has no brokerage firms setup yet.

I think companies that are listed by this form would sell for a premium if they were vetted properly.

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January 27, 2012, 03:51:19 PM
 #117

You know, Im pretty sure Peter is just trying to judge where he currently stands in regards to his ability to have the funds perform to the best of his promised performance. We have worked with each other multiple time and I have no doubt he will do the right thing. I currently hold mutliple shares of his various funds and feel quite comfortable while they are frozen. If peter wanted to run, he could have done so a long time ago.
Give him some time to get things in order and Im sure that the LIF funds will rise again.

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January 27, 2012, 03:54:16 PM
 #118

You know, Im pretty sure Peter is just trying to judge where he currently stands in regards to his ability to have the funds perform to the best of his promised performance. We have worked with each other multiple time and I have no doubt he will do the right thing. I currently hold mutliple shares of his various funds and feel quite comfortable while they are frozen. If peter wanted to run, he could have done so a long time ago.
Give him some time to get things in order and Im sure that the LIF funds will rise again.
Is this why you haven't sent me some fundage yet?

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January 27, 2012, 06:49:35 PM
 #119

Wow, I am glad you can read sunshine and hope into the words "I am getting out of the bitcoin biz" and seeing that he does nothing to address the issues he has created.

If it was his intention to ride the storm out and come back stronger, he sure picked a weird way to do it by announcing that he was dumping everything, there was no recovery available and that everyone was hosed. But hey, that doesn't mean he won't come back, claim it was all a dream sequence and start over again.

Especially if he can find another crop of patsies to fleece.

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January 27, 2012, 10:48:27 PM
 #120

yeah... Peter please just say somebody hit you on the head with a $5 wrench and come back  Grin 

it will take us a while to shut up. Also more people might join the party.

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