The Largest Bitcoin Scam of Them All?

[buttcoin1]

GLBSE?

http://www.efwhyeye.com/?p=252

[Raoul Duke]

Yup, that sums it up 

[Bitcoin Swami]

If the company is open about its operations I don't see a problem with the GLBSE.  

I mine and payout every day to my shareholders so I"m not holding anything extra.   All of the finances are right there on a spreadsheet.

There are alot of shady companies on there but I think it will get better with time. The glbse is something that can help grow bitcoin its an awesome idea.

The fact that you get paid dividends from the earnings of the company blows the "ponzi scheme" argument out the water. 

[nhodges]

You can't blame the exchange itself for the bad practices and naivete of the corporations that operate within it. Just like the real SE, some companies are solid, some companies are obviously a bad choice to invest in. GLBSE is a valuable and needed service.

Several other points to be made about the post, but chiefly, IBB actually requires drivers license + passport, which some people are finding ridiculous, but that's what it takes to get a loan from them.

[memvola]

GLBSE?

http://www.efwhyeye.com/?p=252

Meh, the article doesn't make much sense. For instance, how does a claim that IBB is prone to being scammed makes IBB a scam? And how does that mean that GLBSE is a scam? And how is it a ponzi scheme? That's three steps that don't follow. Pretty retarded.

If you don't know what you are investing in, don't invest in it. That's the only thing that is pure and simple. Everything else is pretty complicated. If you need someone to baby sit you, do not invest in anything. There are enough people losing their shirts on regulated markets. Forex is not a scam, nor a ponzi scheme, but many clueless people are mislead by the advertisements to lose their money in it. I don't claim that investing in a particular company on GLBSE is safe. There will be scammers, there will be failed companies, it's all part of the deal. It doesn't make GLBSE more or less of what it claims to be.

[bitstarter]

Responded further to him below.... ...

[cbeast]

Nice , stupid article  by a user named buttcoin!   anyone listening to him? lol

GLBSE looks interesting. I'll take a better look at it when I have time.

[buttcoin1]

You can't blame the exchange itself for the bad practices and naivete of the corporations that operate within it. Just like the real SE, some companies are solid, some companies are obviously a bad choice to invest in. GLBSE is a valuable and needed service.

Really? It's not the Exchanges role to vet 'companies' that have nothing to offer other than scamming people? Bit Ponzi just slipped under the radar huh?

[bitplane]

BitPonzi isn't dishonest about what it does, I don't see anything wrong with people running gambling / pyramid schemes so long as they're honest about what they're doing.

[nhodges]

You can't blame the exchange itself for the bad practices and naivete of the corporations that operate within it. Just like the real SE, some companies are solid, some companies are obviously a bad choice to invest in. GLBSE is a valuable and needed service.

Really? It's not the Exchanges role to vet 'companies' that have nothing to offer other than scamming people? Bit Ponzi just slipped under the radar huh?

Yes it is, but no one is perfect, not even the SEC. In a capitalist marketplace it's caveat emptor; do your own due diligence. See: Enron.

I am not a current holder of any contracts on GLBSE, but I do see value in Nefario's tool, and have also been watching the Lambert funds closely. For Bitcoin to grow to something real, it needs a securities marketplace.

[teflone]

I currently have invested in all LIF funds, BMMO, and SMM, and IBB of course..

Making coin on all of them, I dont see the issue, its obvious to me the OP has no clue, and is a bitcoin hater.

[teek]

It's gotta start somewhere.. not everything is a scam.  Block Miners for instance, GLBSE: BMMO, is a not a scam.  It may not be a multi-million dollar outfit, but I suspect as we will stick to our word, nothing less nothing more, that other people will as well.  The bad apples will be weeded out more or less.  If you want to see an example of this in action look at pinksheet penny stocks that have reverse merged into shells.  They haven't passed much higher of a criteria than what GLBSE provides.  Hell, all it took them was money to get a listing and it's all legal!

Find a penny stock website that 404's,  if you had a bitcoin for everyone one of those, you'd be rich.   Let's look at GLBSE in 12 months time, I think it's going to be interesting if it is still around.  Happy to be involved now.

teek

[BitVapes]

I agree with what others in this thread have said, there will always be bad apples in every market.  There are  many bogus companies whose penny stocks are traded for USD, even large corporations listed on the major stock exchanges are later revealed to be total frauds.

I wouldn't be interested in listing my company on the GLBSE, but that's because I have no need to sell shares, but other companies should have every right to be able to.  Crypto-anarchy FTW

[tvbcof]

Nice , stupid article  by a user named buttcoin!   anyone listening to him? lol

No kidding.  Next thing you know, he'll be accusing Bruce Wagner of having a record of fraud or something.  What a waste of time to listen to such people.

[johnj]

Nice , stupid article  by a user named buttcoin!   anyone listening to him? lol

No kidding.  Next thing you know, he'll be accusing Bruce Wagner of having a record of fraud or something.  What a waste of time to listen to such people.

Even a broken clock is right twice a day

[tvbcof]

Nice , stupid article  by a user named buttcoin!   anyone listening to him? lol

No kidding.  Next thing you know, he'll be accusing Bruce Wagner of having a record of fraud or something.  What a waste of time to listen to such people.

To the guy who PM'd me...er...'thanks'.  Don't worry about being a dick.  I certainly don't.  And I employ sarcasm liberally...

[Nagle]

there will always be bad apples in every market. 

Yes, but when most of them are bad, there might be a problem.

[Xenland]

To the person who wrote that article about glbse here is my response:
Yeah my prices are 20% inflated so wut?

lol more then half of my stuff is still cheaper then popular sites like amazon and newegg



I payed all but a few investors off this month. That is sooner then expect!

[FlipPro]

Lots of FUD in this hit piece.

[Gabi]

This remember me EVE online

The various investments were never scam, never! Well unless the guy take all the money and disappear.

And here it seems the same.... everyone "omg nono it's not a scam, you idiot", until of course they disappear with the bitcoins...