IF glbse dies tomorrow.... How will i know whom owns the percentage of my Biz

[Xenland]

Serious question?

What happens if my 20% of ownership dies tomorrow becuase of GLBSE being shut down for w/e reason.... wtf do I do? there is no way to know whom my current partial owners are... I'm getting a tid-bit worried.....

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[Shinobi]

GLBSE is in violation of US SEC laws, and you are in violation of selling securities without registration of them. If you are in the US, you'd best pretend that such sales of ahares never occurred.

[FreeMoney]

GLBSE is in violation of US SEC laws, and you are in violation of selling securities without registration of them. If you are in the US, you'd best pretend that such sales of ahares never occurred.

Lol, follow the law and defraud people. USA NUMBER ONE!

[Xenland]

I sold a share of my international business not my USA one... duh....

[I.Goldstein]

The burden of the proof is going to be on your shareholders. No proof, no dividends. It would of been in good practice for you to collect their information; however, that just isn't the case.

[I.Goldstein]

where is that site located, is it the usa?

The US courts have claims over any *.com territory. So in the eyes of the US government, yes, it's located in the USA.

[I.Goldstein]

but if the website is not being hosted in the usa, and the company is not in the usa, and the invester is not in the usa, why should anyone give a fuck?

Because the government likes to receive taxes.

[Xenland]

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!

[Xenland]

I think were all missing the point..... If glbse dies.. there is no proof to show for that they were my partial owners/investors. there is no messaging system on GLBSE

[I.Goldstein]

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.

[crawdaddy]

GLBSE is in violation of US SEC laws, and you are in violation of selling securities without registration of them. If you are in the US, you'd best pretend that such sales of ahares never occurred.

I say END THE STATE!!!  F Amerkia!!!!

[TiagoTiago]

We need somthing like Bitcoin but for shares, with a public, shared blockchain showing a mostly irrevocable chain of ownership of "shares"...

[I.Goldstein]

We need somthing like Bitcoin but for shares, with a public, shared blockchain showing a mostly irrevocable chain of ownership of "shares"...

That would be so incredibly easy to make. All you have to do is alter the Bitcoin source code. You just remove the generation function, let the issuer dictate the denomination and so forth and issue all the original shares to his address. The company can then send its shares around its blockchain as it dictates with nodes of its choosing.

A special client can then be made to manage shares from their respective blockchains.

[I.Goldstein]

Alternatively, you could use merged mining to allow any node to handle transactions from all blockchains at once, along with Bitcoin. This would allow this securities exchange to be completely decentralized. The incentive to transact shares would have to come from indirect means though.

Well, you could reward miners with shares of your company... That would be very interesting.

[Xenland]

Or just use Bitcoins to represent shares or ownership would work too no coding involved.

[I.Goldstein]

Or just use Bitcoins to represent shares or ownership would work too no coding involved.

Hah, genius. You can write messages in the blockchain and that includes pgp-signed contracts. The technology is already here, folks. We just need a new Bitcoin client to take advantage of this.

[Jalum]

ITT people get legal advice from a 17 year old.

[Xenland]

ITT people get legal advice from a 17 year old.

Whoms getting advice from whom?

[ctoon6]

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.

[BitcoinMint.US]

Interesting topic.  I've wondered this myself.