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Author Topic: IF glbse dies tomorrow.... How will i know whom owns the percentage of my Biz  (Read 1889 times)
Shinobi
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October 23, 2011, 04:57:32 AM
 #21

This is wrong. What is considered public and private is not like you thnk it is. Even if you have a two-person company with 100 shares outstanding, turning around and soliciting purchasers is considered public offering and can only be done after registering with the SEC and complying with their disclosure requirements. Why? Precisely, in part, to avoid the fiasco that the OP is asking about. This is where the libertarian web-of-trust bullshit shows itself to be an infantile daydream. Regulation is a necessary "evil" and throwing out the baby with the bathwater, as Bitcoin zealots are so passionate to do, gets noone any closer to "fixing things".

As far as liability is concerned, those soliciting purchasers and issuing shares via the GLBSE (i.e the companies) are the ones who would be the target of the SEC, not the purchasers.

I'm registered in CA with a registered legal business. However the whole legal shares scenario went over my head. I think for now anybody that is invested in GLBSE will be considered as Investors and not partial owners until I get a proper business license for the allowance of selling ownerships. Good thing I'm still under BOE radar cosindering I only make under $500 in netprofits, shouldn't be long now until I get a proper LLC or S,P,ETC corp..... In fact I'll got to BOE on Monday and tell them what needs to be done!
You're registered so your allowed to have private investors. Legal issues only come in when you offer your company publicly. You need more than a special license to do that. GLBSE is a public exchange as far as I see unless one could legally argue otherwise.

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October 23, 2011, 06:37:57 AM
 #22

heres an idea, pretend the law does not exist and conduct business anonymously in freenet or tor or some other similar service thing.

i know that would not work for some things and types of business, and using a block chain type thing would be adding too much complication to a very simple matter.

heres what i suggest

a peer to peer system that allows you to input digital signatures. you put the signature of the company in your client that validates information it receives. all information sent out of the business has a incremental number that is included in the signed portion.

so heres what it would look like. i had googles public signature in my client, along with their ip address or other address locator "thing". they act like a bit torrent tracker and tell of other peers. to buy shares directly from the company you send a simple message to the server saying i want to buy some shares or bonds or whatever it is, how much, signed reply from business then you send the amount of crytocommodity you want.

the business then sends out a signed receipt publicly certifying that x bitcoin address has y shares. to sell your shares to someone else you sign their address and the amount of shares your selling with the key you bought it with. this is sent to the business, then they send out a new signed receipt. the last part does not need to happen instantly, the last part just helps keep the system tidy.

this system does not need long term decentralization in most situations, because if their server is taken down, then the business is probably dead and your shares would be worthless anyway.

Ehh I'd rather just keep being legal how I am. the more you look like your covering up to the BOE the more they gonna watch you. I have nothing to hide nor do I need any more anxiety to think about what might come to me or my biz if I start doing such anonymous techniques to just sell some shares.
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October 23, 2011, 07:40:36 AM
 #23

You can also move your business to another, friendlier, legislature. There are countries where you can create anonymous companies, the owner is determined by possession of shares (usually, physical possession of some written paper). You can take these, create a digital representation and notarize a statement like "whoever possesses this digital representation is the owner of this physical share". Digital representation might be a bitcoin wallet private key or a share in GLBSE. Or, for people who want to make sure you keep your word, you can send them the paper by mail.
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