Ubitex: In-person Bitcoin exchange [EARLY BETA!] [STOCK AVAILABLE]

[cuddlefish]

Ubitex is early beta software. Please report any and all bugs in this thread.

Person A and Person B register Ubitex accounts. They enter their addresses (Or rough location). This will never ever be made public.

Person A puts in a sell order for 50 BTC at 1.5 USD each, with a Max Distance of 50 miles. Person A pays a 0.5 BTC listing fee to Ubitex.

Person B then puts in a buy order for 50 BTC at 1.5 USD each, with a Max Distance of 25 miles. (Person B does not pay a listing fee, as it is a buy order.)

If Person A and Person B's locations are less than 25 miles away, the moment Person B's order is processed, both Person A and Person B receive emails that their orders have been filled. They can then communicate through Ubitex with each other. They can then arrange a meeting to exchange the Bitcoins.

When the trade is completed, they can rate each other.

Ideas? Suggestions?

In the future Ubitex may allow the exchange of things other than Bitcoins.
http://ubitex.org
Development server: http://zode.ubitex.org

[1715689235]

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[Jered Kenna (TradeHill)]

I like the idea, could work pretty well.
I'd assume you could just put an ad on craigslist but I like this better and there shouldn't be any issues on the price.
I'd also like to see the option to add more locations to trade.
For example if I live in X city but work in Y and I go to Z every weekend to go fishing.
Maybe use zipcodes to keep it simple.

[Ian Maxwell]

Suggestion: when given an address or location, add a small random offset (like 2 miles) and store that instead. That way exact locations are safe even if your database is compromised.

[MoonShadow]

I'll be one of your first users.

[kiba]

They could geolocate drop points so that the buyers and sellers don't even have to meet.

[cuddlefish]

Suggestion: when given an address or location, add a small random offset (like 2 miles) and store that instead. That way exact locations are safe even if your database is compromised.

I'm using Google's geocoding API, so anything you can put into Google Maps will work here. Share what you're comfortable sharing, from zipcode down to apartment number.

[marcus_of_augustus]

Basic concept is sound. If the implementation is well-thought out it should have a lot of utility.

Kind of like a geographic co-located, OTC, trade exchange. Neat.

[Anonymous]

Very nice. You dont have to share your exact location which is helpful.

[cuddlefish]

Okay! We're making progress. I have a mockup and a lot of code done. We are set to release within the week!

[bitlotto]

Okay! We're making progress. I have a mockup and a lot of code done. We are set to release within the week!

Can't wait. This sounds like an interesting idea!

[malditonuke]

very interested

[cuddlefish]

The mockup can be found https://gomockingbird.com/mockingbird/#jl2r6mp/EW9ozb if anyone's interested.

Also, Bitcoin donations are greatly appreciated and will go towards hosting costs, etc. as we try to get off the ground. 161eFswCmjZvijEmiEdXVCKy8EXYfybZzx

Thanks for your patience!

[rebuilder]

This sounds good. Maybe the listing price should only be paid if the sell order is fulfilled? That would encourage new users to start using the service, especially when it's just taking off.

[FreeMoney]

This sounds good. Maybe the listing price should only be paid if the sell order is fulfilled? That would encourage new users to start using the service, especially when it's just taking off.

Yeah, a lot of people will be shooting in the dark at first so it won't be worth much until you get critical mass.

Like MtGox did in the beginning. Offer free service, get user base, charge fee, people keep coming because that's where all the people are.

[Keefe]

Hopefully I notice when it goes live, as I am interested in using this service.

[cuddlefish]

This sounds good. Maybe the listing price should only be paid if the sell order is fulfilled? That would encourage new users to start using the service, especially when it's just taking off.

Good idea, I'll probably do that. Thanks.

[cuddlefish]

Okay, things are getting formalized.

There are no listing fees. However, once a match has been found, the seller must pay 0.5 BTC in order to communicate with the buyer. This will be handled through MtGox's Merchant Interface. The buyer will not be notified until the seller has paid, and the buyer's order will remain un-filled.

Thoughts?

[MoonShadow]

good plan

[cuddlefish]

We're quite close! There'll probably be a demo in time for the SF meetup.

[cuddlefish]

Ubitex is now publically traded on the Global Bitcoin Stock Exchange. (http://glbse.com/)

1000 shares are currently available. As a shareholder, you get a portion of the profits that come from listing fees proportional to the number of shares you own.

Ubitex is launching officially on 5/7/11. A private beta for all shareholders will be available up to 3 days before the public launch.

Our ticker symbol is "UBX" (NOT "ubitex"!). The 1000 shares are available for just 1 BTC each. As Ubitex takes a 0.5 BTC profit for each trade made, your investment will most likely turn into profit within 1 month or less!

[Nefario]

Please bear in mind prices are not bitcoin fractional's that is it's not 1 for 1bitcoin but 100000000, all prices currently use 64bit integers, so the number 1, is actually 0.00000001 of a bitcoin(I think, it's thereabouts anyway).

We will continue working on the client to improve it's usability.

Please also keep in mind that this system is still under active development. That no orders sent to the server are encrypted (although they are signed), and that the systems security (both the programming of the system, and the actual machine setup) needs considerable work and testing(moreso testing really).

Long story short, use this system now at your own risk(for playing around it's not a problem but actually listing companies for more than small amounts of bitcoin is a little risky).

Please note that if there are any issue's I will do everything in my power to resolve them and attempt to keep this running as smoothly as possible.

Regards, nefario.

[cuddlefish]

The ticker symbol has *CHANGED* from "ubitex" to "UBX".

[Insuremeplz]

I want to buy some but I'm doing a pretty terrible job figuring out how the exchange works. I guess I'll stare at it some more tomorrow and hope my computer skills magically improve.

[demonofelru]

When trying to deposit it says unable to connect to host so I'm guessing problems with the server?

[cuddlefish]

When trying to deposit it says unable to connect to host so I'm guessing problems with the server?

Yes, looks like GLBSE problems.

[Anonymous]

I got me some UBX shares
 


thanks cuddlefish for using the platform.

[Anonymous]

I want to buy some but I'm doing a pretty terrible job figuring out how the exchange works. I guess I'll stare at it some more tomorrow and hope my computer skills magically improve.

Are you on windows ?

[demonofelru]

When trying to deposit it says unable to connect to host so I'm guessing problems with the server?

Yes, looks like GLBSE problems.

So you see problems too? I am hoping it's not just a problem because I using a virtual instance of windows.

[Nefario]

When trying to deposit it says unable to connect to host so I'm guessing problems with the server?

Yes, looks like GLBSE problems.

Server is down for the next hour or so, I'll keep you udated, I need to investigate an issue.

[demonofelru]

When trying to deposit it says unable to connect to host so I'm guessing problems with the server?

Yes, looks like GLBSE problems.

Server is down for the next hour or so, I'll keep you udated, I need to investigate an issue.

Ok thanks a lot for the info guess I'll go to sleep then and go at it in the morning.

[Insuremeplz]

I want to buy some but I'm doing a pretty terrible job figuring out how the exchange works. I guess I'll stare at it some more tomorrow and hope my computer skills magically improve.

Are you on windows ?

Yes. Is that prohibitive to using it?

[Nefario]

I want to buy some but I'm doing a pretty terrible job figuring out how the exchange works. I guess I'll stare at it some more tomorrow and hope my computer skills magically improve.

Are you on windows ?

Yes. Is that prohibitive to using it?

No, should work fine, I'm on windows and works fine for me.

[BitPorium]

I cant seem to register. Keep getting Server Error: Couldn't Connect to host. Hope you can get this fixed.

[cuddlefish]

I cant seem to register. Keep getting Server Error: Couldn't Connect to host. Hope you can get this fixed.

1. It's not my site.
2. http://bitcointalk.org/index.php?topic=6584.msg100223#msg100223

[Nefario]

I cant seem to register. Keep getting Server Error: Couldn't Connect to host. Hope you can get this fixed.

Yes the server is down, will let you know when it's back up. Should be soon.

[cuddlefish]

I cant seem to register. Keep getting Server Error: Couldn't Connect to host. Hope you can get this fixed.

Yes the server is down, will let you know when it's back up. Should be soon.

For late values of "soon", it seems.

[kseistrup]

The ticker symbol has *CHANGED* from "ubitex" to "UBX".

Both ubitex and UBX are listed at GLBSE.  What happens to those who chose the ‘ubitex’ asset?

Cheers,

[Nefario]

The ticker symbol has *CHANGED* from "ubitex" to "UBX".

Both ubitex and UBX are listed at GLBSE.  What happens to those who chose the ‘ubitex’ asset?

Cheers,

I will create a function called "swapasset" where you will be able to swap one kind of asset for another. But it will require the user to actually do that(or permit it) themselves.

With regards soon I'm working on it, had to run out and have just gotten back, better for the server to be down than to have problems show up.

[Nefario]

System update, for more details see here.
http://bitcointalk.org/index.php?topic=6500.msg100487#msg100487

System will be down for the next day or so (will be back up monday night).

nefario.

[Anonymous]

I want to buy some but I'm doing a pretty terrible job figuring out how the exchange works. I guess I'll stare at it some more tomorrow and hope my computer skills magically improve.

Are you on windows ?

Yes. Is that prohibitive to using it?

satoshi developed bitcoin on a windows machine...

[ScriptGadget]

satoshi developed bitcoin on a windows machine...

Nobody's perfect. 

I hope GLBSE will support Linux soon, I would love to buy UBX, but trusting a Windows machine just isn't an option for me. I keep the IE test laptop off the network and in a closet where it can't be a danger to itself or others.

[cuddlefish]

satoshi developed bitcoin on a windows machine...

Nobody's perfect. 

I hope GLBSE will support Linux soon, I would love to buy UBX, but trusting a Windows machine just isn't an option for me. I keep the IE test laptop off the network and in a closet where it can't be a danger to itself or others.

It supports Linux.

[demonofelru]

satoshi developed bitcoin on a windows machine...

Nobody's perfect. 

I hope GLBSE will support Linux soon, I would love to buy UBX, but trusting a Windows machine just isn't an option for me. I keep the IE test laptop off the network and in a closet where it can't be a danger to itself or others.

If you have the dependencies it should work? Come on Windows isn't my favorite OS either but it's not THAT bad I'm of the belief it is actually inherently more secure then OS X or Linux.   I know a lot of people think it BS but I believe Security through obscurity.

[ScriptGadget]

Ah, I see it now. I misunderstood "If you're using Windows you can get started by going here" on the homepage.

Thanks for the tip. I'll grab some shares when the exchange opens on Monday.

[ScriptGadget]

If you have the dependencies it should work? Come on Windows isn't my favorite OS either but it's not THAT bad I'm of the belief it is actually inherently more secure then OS X or Linux.   I know a lot of people think it BS but I believe Security through obscurity.

Yeah, Cuddlefish set me straight. I missed the link for the python script. Great idea.

As for Windows. It's just not an option for me, myself. I haven't used anything but Linux for anything that mattered in over ten years now and I've had no security issues. YMMV. I do have a Windows Vista machine here for testing and Windows 7 machine at my day job which they gave me simply because they wanted a document edited in native docx with no formatting changes. I kid you not.

I also have a Mac Pro at work and a Mac Book here at home. My little Ubuntu/Asus laptop outperforms both Apple and Microsoft  for boot time, availability (in both senses) of apps, and ease of use. I'm sure some of that is just familiarity, I know everything going on my laptop down to the kernel drivers and BIOS. (I do embedded Linux work for a living). But I used to be a Windows developer too, and I left that camp after getting sick of chasing Redmond's tail. I still do some cross platform development when I have to, but I stick to Linux as my home machine. I've never regretted it.

On the other hand... the Linux audio subsystem sucks golfballs through a brick. I'm just sayin'

Sorry that's about 75% off topic.

Yay UBX!

[cuddlefish]

Logo!

[Anonymous]

The logo is full of win.

[Bit_Happy]

They could geolocate drop points so that the buyers and sellers don't even have to meet.

I'm trying to understand, how does the cash get exchanged if they don't meet?

[kiba]

I'm trying to understand, how does the cash get exchanged if they don't meet?

You pick up the cash dropped there.

[HostFat]

I hope that you will support also Kilometre

[cuddlefish]

I hope that you will support also Kilometre

Why? Imperial units make a lot more sense, since we're hosted out of the US. it's not that hard to convert.



No, don't worry, we'll support both.

[Bit_Happy]

I'm trying to understand, how does the cash get exchanged if they don't meet?

You pick up the cash dropped there.

OK, what protects the cash while I'm on the way to the location, and the Bitcoin buyer has made the drop?

[PLATO]

I'm crossposting this, from here, because it's pertinent:

bitcoinex - I'm not as pissed at you as most people in this thread are. There was a $4.15 trade on 'gox this morning, personally that seems pretty inflated to me.Exchanges are the obvious weak points in the bitcoin economy, a motivated entity could take down all the exchanges if they devoted enough effort.

Instead of squabbling let's integrate some of the cool stuff that the Cypherpunkd podcast talks about, and create a much less centralized exchange network.

Is there open source exchange software, for users who want to create their own exchanges? Does it work well? Is there a way to sync it with the web of trust, so users can have some measure of confidence in new exchanges?

Users should have good ways to contribute to local exchange and trade if they're unwilling to meet face to face - e.g. they can mail or receive cashiers' checks or money orders.

We can extend the OTC web of trust (or rather, import it) into the physical realm for such transactions. The 'Black and Yellow pages' mentioned in one of those podcasts seemed to embody this idea (note that it's not fully implemented yet)

There was something else called Open Transactions that seemed to be a standard for online transactions, including but not limited to Bitcoins - I haven't looked into that yet.

I don't know if bitcoinex is being a dick or if he is trying to help Bitcoin or both, but this at least should drive some great discussion!

[MoonShadow]

I'm trying to understand, how does the cash get exchanged if they don't meet?

You pick up the cash dropped there.

OK, what protects the cash while I'm on the way to the location, and the Bitcoin buyer has made the drop?

The usual idea is that the cash is either hidden, or simply placed into a public locker with two keys.

[Bit_Happy]

The usual idea is that the cash is either hidden, or simply placed into a public locker with two keys.

OK, thanks for the answers. 
Coinpal had a nice run for a while, I just read that thread earlier today; Would be nice to live in a world where that could continue.

[cuddlefish]

143 shares are taken! Congratulations to those who've gotten in already. There's still time!

[marcus_of_augustus]

I don't think you need to tout, you've got a good idea ... just run with it.

[DotNemesis]

DO NOT BUY UBITEX SHARES!

The evaluation for the business is crazy! there is no earnings for the company yet and it doesn't even exists! its just an idea.

This is a text book example in investment what product not to buy the only way you can win is to be the one to pop the bubble (then everything goes downhill).

[kiba]

I'll buy when I see two exchange nodes pop up on a map.

[Bit_Happy]

... its just an idea...

Bitcoins was "just an idea" when you could easily buy them for less than 1 cent each.
Most people here are adults, thanks for trying to save us. 

[DotNemesis]

... its just an idea...

Bitcoins was "just an idea" when you could easily buy them for less than 1 cent each.
Most people here are adults, thanks for trying to save us. 

If your one to think a business like ubitex has complete potential to gain ground like Bit Coin then fine.
Others may find it irrational or maybe insane to invest in an idea which has no execution which anyone can copy.

If you look at OP's Post you will find that he will have to get the into website/IT system set up and get enough customers within range of each other for this to be a successful business.

Not only that, but GLBSE is not a registered exchange and anyone at this moment can report them to the proper authorities.
Note that financial crimes are very serious. Note that unlike Bit Coin, GLBSE has a physical server in which its business is conduct and a centralized staff.
It can be taken down any moment.

[cuddlefish]

I'll buy when I see two exchange nodes pop up on a map.

'Tis on.
Edit: Oh, but you can see those earlier if you hold stock, there'll be a private beta on the 4th.

[cuddlefish]

Oh, also: anyone holding shares, please PM me to be added to #ubitex-shareholders on IRC.

[marcus_of_augustus]

... its just an idea...

Bitcoins was "just an idea" when you could easily buy them for less than 1 cent each.
Most people here are adults, thanks for trying to save us. 

If your one to think a business like ubitex has complete potential to gain ground like Bit Coin then fine.
Others may find it irrational or maybe insane to invest in an idea which has no execution which anyone can copy.

If you look at OP's Post you will find that he will have to get the into website/IT system set up and get enough customers within range of each other for this to be a successful business.

Not only that, but GLBSE is not a registered exchange and anyone at this moment can report them to the proper authorities.
Note that financial crimes are very serious. Note that unlike Bit Coin, GLBSE has a physical server in which its business is conduct and a centralized staff.
It can be taken down any moment.

Yes, financial crimes are very serious .... so why is that the registered, regulated exchanges are still harbouring the criminals who threatened to destroy the global financial system if they were not 'bailed out' to the tune of hundreds of billions of dollars of tax-payer money?

I'm sorry, but if the current system is FUBAR and criminals are running amok anyway what's the harm in trying something new and bringing in some competition at least?

[Bit_Happy]

...
If your one to think...

Some of your points are certainly valid.
I reacted to this "DO NOT BUY UBITEX SHARES!".
That approach is a bit extreme, especially for your first post, IMO.
Welcome to Bitcoin. 

[DotNemesis]

Yes, financial crimes are very serious .... so why is that the registered, regulated exchanges are still harbouring the criminals who threatened to destroy the global financial system if they were not 'bailed out' to the tune of hundreds of billions of dollars of tax-payer money?

I'm sorry, but if the current system is FUBAR and criminals are running amok anyway what's the harm in trying something new and bringing in some competition at least?

Hey look i'm not saying how the financial system is perfect or where your going with this.

There are some very serious risks in investing with UBITEX and GLBSE in general and even a more broader sense the Bit Coin Economy looks like its turning into a bubble economy (Inflated values without equity).

You are free to do what you would like but many people here are real investors.

[cuddlefish]

[quote author=DotNemesis link=topic=6584.msg101690#msg101690 date=1304229318

Hey look i'm not saying how the financial system is perfect or where your going with this.

There are some very serious risks in investing with UBITEX and GLBSE in general and even a more broader sense the Bit Coin Economy looks like its turning into a bubble economy (Inflated values without equity).

You are free to do what you would like but many people here are real investors.
[/quote]

Yes, financial crimes are very serious .... so why is that the registered, regulated exchanges are still harbouring the criminals who threatened to destroy the global financial system if they were not 'bailed out' to the tune of hundreds of billions of dollars of tax-payer money?

I'm sorry, but if the current system is FUBAR and criminals are running amok anyway what's the harm in trying something new and bringing in some competition at least?

Offtopic? In *my* thread?

[DotNemesis]

...
If your one to think...

Some of your points are certainly valid.
I reacted to this "DO NOT BUY UBITEX SHARES!".
That approach is a bit extreme, especially for your first post, IMO.
Welcome to Bitcoin. 

thanks a lot bro!

[cuddlefish]

I've written a business plan.

[cypherdoc]

I've written a business plan.

hey cuddle, i'm a non hacker.  do u seriously expect me to be able to download that github black mkt program?  i'm a macOSX user on my macbook pro but i have windows 7 running with VMWare if i have to.
i want to invest in Ubitex.  whats the easiest way to get shares now?  you can email me if u want at idoc@lazer.pro

[LightRider]

This will never ever be made public.

Famous last words of the soon to be hacked.

[cuddlefish]

I've written a business plan.

hey cuddle, i'm a non hacker.  do u seriously expect me to be able to download that github black mkt program?  i'm a macOSX user on my macbook pro but i have windows 7 running with VMWare if i have to.
i want to invest in Ubitex.  whats the easiest way to get shares now?  you can email me if u want at idoc@lazer.pro

If you're not technically inclined, it's probably best to wait until Monday, when it's officially re-opened.

[cuddlefish]

This will never ever be made public.

Famous last words of the soon to be hacked.

Indeed, and the utmost precautions will be taken to secure your data.

However, it is *strongly* recommended to not give your exact location. Instead, give a cross-street.

[cypherdoc]

I've written a business plan.

hey cuddle, i'm a non hacker.  do u seriously expect me to be able to download that github black mkt program?  i'm a macOSX user on my macbook pro but i have windows 7 running with VMWare if i have to.
i want to invest in Ubitex.  whats the easiest way to get shares now?  you can email me if u want at idoc@lazer.pro

If you're not technically inclined, it's probably best to wait until Monday, when it's officially re-opened.

you've already sold some shares right?  why can't i get some now?

[cuddlefish]

I've written a business plan.

hey cuddle, i'm a non hacker.  do u seriously expect me to be able to download that github black mkt program?  i'm a macOSX user on my macbook pro but i have windows 7 running with VMWare if i have to.
i want to invest in Ubitex.  whats the easiest way to get shares now?  you can email me if u want at idoc@lazer.pro

If you're not technically inclined, it's probably best to wait until Monday, when it's officially re-opened.

you've already sold some shares right?  why can't i get some now?

Okay then.
Click here.
Set that up, then click here.

Then do "python blackmarket.py BUY (number of shares) UBX 100000000"
Okay?

[cypherdoc]

I've written a business plan.

hey cuddle, i'm a non hacker.  do u seriously expect me to be able to download that github black mkt program?  i'm a macOSX user on my macbook pro but i have windows 7 running with VMWare if i have to.
i want to invest in Ubitex.  whats the easiest way to get shares now?  you can email me if u want at idoc@lazer.pro

If you're not technically inclined, it's probably best to wait until Monday, when it's officially re-opened.

you've already sold some shares right?  why can't i get some now?

Okay then.
Click here.
Set that up, then click here.

Then do "python blackmarket.py BUY (number of shares) UBX 100000000"
Okay?

Coddle me Cuddle:  downloaded first link but get file extension i've never seen before https://gitorious.org/black-market/black-market-client/archive-tarball/master.  doing this in Win 7 via VMWare on Macbook.  doesn't install like apps i'm used to.  be patient and walk me thru this...

[cuddlefish]

Coddle me Cuddle:  downloaded first link but get file extension i've never seen before https://gitorious.org/black-market/black-market-client/archive-tarball/master.  doing this in Win 7 via VMWare on Macbook.  doesn't install like apps i'm used to.  be patient and walk me thru this...

If you're using Windows, just do this.

[LightRider]

This will never ever be made public.

Famous last words of the soon to be hacked.

Indeed, and the utmost precautions will be taken to secure your data.

However, it is *strongly* recommended to not give your exact location. Instead, give a cross-street.

That being said, I'm totally in on this! Just bought me 1 share!

[cypherdoc]

Coddle me Cuddle:  downloaded first link but get file extension i've never seen before https://gitorious.org/black-market/black-market-client/archive-tarball/master.  doing this in Win 7 via VMWare on Macbook.  doesn't install like apps i'm used to.  be patient and walk me thru this...

If you're using Windows, just do this.

i've got Python 2.7 folder installed in Win 7.  from here not sure what to do.  instructions seem to indicate using terminal commands.  can't get further than this.  is there no GUI interface for newbies?

[LightRider]

This will never ever be made public.

Famous last words of the soon to be hacked.

...or worse, litigated.

An interesting thought occurs. A global database of black market bitcoin sellers who trade in person...and the CIA is now in play in the bitcoin scene...and major institutions are taking note and shutting us down/dosing us...interesting developments.

What a great resource such a database would be to those who would love to put the hurt on subversive individuals.

Probably nothing to worry about though, especially since I'm an investor now.

tl;dr BUY BUY BUY!

[kseistrup]

i've got Python 2.7 folder installed in Win 7.  from here not sure what to do.  instructions seem to indicate using terminal commands.

Open a command terminal (it's either ‘cmd’ or ‘command’ these days, as a Linux user I'm unsure which), then navigate to the black-market-client folder and try:

Code:

C:\> python blackmarket.py help

Do the same for “register”, “deposit” and “buy” (instead of “help”) as per the instructions.

Cheers,

[cypherdoc]

Coddle me Cuddle:  downloaded first link but get file extension i've never seen before https://gitorious.org/black-market/black-market-client/archive-tarball/master.  doing this in Win 7 via VMWare on Macbook.  doesn't install like apps i'm used to.  be patient and walk me thru this...

If you're using Windows, just do this.

Cuddle:  just let me send u btc directly and u can buy shares for me.  ur instructions r not detailed enough for a non tech guy.

[cypherdoc]

Nefario, would u be willing to Skype me thru setting up the client for Ubitex?

[cloud]

can you have support for mtgox usd when you launch?

[cuddlefish]

can you have support for mtgox usd when you launch?

Good point, I'll add that.

[cuddlefish]

Aaand we're sold out!

[cypherdoc]

Aaand we're sold out!

WAY TO GO!  Good luck guys.

[ScriptGadget]

I'm glad I didn't wait until Monday!

[dishwara]

Where is ur site? or how to access u.
I mean i read you running a stock exchange, can you give me the address?
i know u sold out everything. I just saw this post.

[cuddlefish]

Where is ur site? or how to access u.
I mean i read you running a stock exchange, can you give me the address?
i know u sold out everything. I just saw this post.

No, I'm not running a stock exchange, Nefario is. http://glbse.com

[cuddlefish]

Okay, the poll has spoken. Your location (lat+long) will be encrypted with 2048-bit RSA + Blowfish.

[Nefario]

Okay, the poll has spoken. Your location (lat+long) will be encrypted with 2048-bit RSA + Blowfish.

Blowfish? why not twofish, serpent or AES?

[cuddlefish]

Okay, the poll has spoken. Your location (lat+long) will be encrypted with 2048-bit RSA + Blowfish.

Blowfish? why not twofish, serpent or AES?

Because it's a commonly-used algorithm. Also:

algoSess - one of 'ARC2', 'Blowfish', 'CAST', 'DES3', 'IDEA', 'RC5', (default 'Blowfish')

You got a better one in that list?

[Nefario]

Okay, the poll has spoken. Your location (lat+long) will be encrypted with 2048-bit RSA + Blowfish.

Blowfish? why not twofish, serpent or AES?

Because it's a commonly-used algorithm. Also:

algoSess - one of 'ARC2', 'Blowfish', 'CAST', 'DES3', 'IDEA', 'RC5', (default 'Blowfish')

You got a better one in that list?

Blowfish is ok, I was just wondering why you hadn't chosen a newer cypher.

[cloud]

I fully support the use of Blowfish.

I do not support the usage of AES at all and sees it's popularity as absurd. Besides the rumours of a NSA backdoor, it is basically a very weak cipher that is mostly broken and will probably be fully broken in the coming years.

I would rather use Blowfish than AES and as such I applaud the owners of Ubitex for choosing Blowfish instead of AES like everyone else.

[cuddlefish]

I fully support the use of Blowfish.

I do not support the usage of AES at all and sees it's popularity as absurd. Besides the rumours of a NSA backdoor, it is basically a very weak cipher that is mostly broken and will probably be fully broken in the coming years.

I would rather use Blowfish than AES and as such I applaud the owners of Ubitex for choosing Blowfish instead of AES like everyone else.

Yes, that too. The longer a cipher stays unbroken, the better it is IMHO.

[cuddlefish]

Our server is up... Ubitex
But Ubitex itself is not. Hold on to your hats, though, since we're entering private beta on the 4th.

[LightRider]

Looking forward to it!

[Nefario]

glbse.com stock market is launching in about 4 hours (a little later than planned).

[PLATO]

I posted some pertinent comments about decentralized cash exchangers here, feedback appreciated

[cuddlefish]

I've brought OpenID logins online. You can log in. You can't do anything special if you're logged in, though

[dishwara]

I saw your website, ubitex.org. Most pages says 500 internal server error.
Its ok, you just building.
But one thing makes me sad.
Even though i am going to marry my girl friend who is a polish girl, i don't know polish.
Please at least make home page polish + English.


oops the site in Latin. my bad.

[Anonymous]

I saw your website, ubitex.org. Most pages says 500 internal server error.
Its ok, you just building.
But one thing makes me sad.
Even though i am going to marry my girl friend who is a polish girl, i don't know polish.
Please at least make home page polish + English.

google translate ?

[kseistrup]

I've brought OpenID logins online.

I logged in via OpenID and was then asked to provide username and email address.

Suggestion:  In many cases OpenID will provide the nickname/username and email address.  If it does, those values could (should?) be prefilled in the text widgets so that the user ideally only has to press return (with the option of editing the information first, of course).

Cheers,

[konstancja]

I saw your website, ubitex.org. Most pages says 500 internal server error.
Its ok, you just building.
But one thing makes me sad.
Even though i am going to marry my girl friend who is a polish girl, i don't know polish.
Please at least make home page polish + English.

google translate ?

Im polish and I may help to translate site on polish,if needed

Edit;
That's not polish leanguage on site-latin as i saw...
Cant help about that.

[Nefario]

glbse.com Stck exchange is up and running, and issues please pm or email me (my email is the contact on glbse.com)

UBX is listed.

[cuddlefish]

I saw your website, ubitex.org. Most pages says 500 internal server error.
Its ok, you just building.
But one thing makes me sad.
Even though i am going to marry my girl friend who is a polish girl, i don't know polish.
Please at least make home page polish + English.

google translate ?

Im polish and I may help to translate site on polish,if needed

Edit;
That's not polish leanguage on site-latin as i saw...
Cant help about that.

That's not Latin.

[kseistrup]

That's not Latin.

However, its predecessor is… 

Cheers,

[ScriptGadget]

I used to believe that too, but Wikipedia is wrong on this one. It was widely believed in typesetting and graphic design communities that the Lorem Ipsum text was fake Latin. Its wide use comes from an old typography book's examples and it contains unusual words, but it turns out it comes from "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC.

[kseistrup]

[It] turns out it comes from "de Finibus Bonorum et Malorum" (The Extremes of Good and Evil) by Cicero, written in 45 BC.

That's exactly the source of the text I referred to above (English translation).

Cheers,

[cuddlefish]

Okay, Ubitex.org now actually, you know, goes to the homepage
You should register and claim your desired username (Just for vanity purposes, all login is through OpenID)

[MoonShadow]

still broken for me.

[cuddlefish]

still broken for me.

The links aren't working. Registration is.

[MoonShadow]

still broken for me.

The links aren't working. Registration is.

I can't seem to do that either.

[cuddlefish]

still broken for me.

The links aren't working. Registration is.

I can't seem to do that either.

Paste your OpenID in the box on the upper right of the homepage.

[cuddlefish]

Now if you're logged in, you can view your orders!
(Although... you can't create orders. Sooo...)

[PabloW]

I want to buy, how can I do it? I have to register on GLBSE or something?

[Nefario]

I want to buy, how can I do it? I have to register on GLBSE or something?

I'm not sure anyone is selling their shares, but you can put up a buy order on the system, if the price is good enough I think someone will sell.

Yes you would need to register on glbse.com (install the client and run register).

[kiba]

I'm not sure anyone is selling their shares, but you can put up a buy order on the system, if the price is good enough I think someone will sell.

Is it anything like how mtgox works?

[dishwara]

I'm not sure anyone is selling their shares, but you can put up a buy order on the system, if the price is good enough I think someone will sell.

Is it anything like how mtgox works?

you can try www.bitcoinmarket.com

[Nefario]

I'm not sure anyone is selling their shares, but you can put up a buy order on the system, if the price is good enough I think someone will sell.

Is it anything like how mtgox works?

It's just like mtgox, but for you to be able to buy something someone has to be selling.

Right now, anyone who has UBX shares isn't selling them (last time I checked), however if the price is right pretty much anyone would sell. What I mean for that is that if you want someone to sell UBX shares, you need to offer a high enough price.

[dishwara]

I'm not sure anyone is selling their shares, but you can put up a buy order on the system, if the price is good enough I think someone will sell.

Is it anything like how mtgox works?

Ubitex is same as mtgox, buying , selling bitcoins. But Ubitex still not operational, building site.
If u want to buy shares of Ubitex, thats already sold out.
He raised money by shares to built ubitex exchange through GLBSE.com

[kiba]

Ubitex is same as mtgox, buying , selling bitcoins. But Ubitex still not operational, building site.
If u want to buy shares of Ubitex, thats already sold out.
He raised money by shares to built ubitex exchange through GLBSE.com

I meant GLBSE.

[dishwara]

Ubitex is same as mtgox, buying , selling bitcoins. But Ubitex still not operational, building site.
If u want to buy shares of Ubitex, thats already sold out.
He raised money by shares to built ubitex exchange through GLBSE.com

I meant GLBSE.

GLBSE is different than mtgox & ubitex.
GLBSE is share trading with bitcoins, while ubitex exchanges bitcoin with other currency.
you can buy ubitex itself in glbse, but not vice versa.
I understand this way only. Some one correct me if wrong.

[Nefario]

Ubitex is same as mtgox, buying , selling bitcoins. But Ubitex still not operational, building site.
If u want to buy shares of Ubitex, thats already sold out.
He raised money by shares to built ubitex exchange through GLBSE.com

I meant GLBSE.

GLBSE is different than mtgox & ubitex.
GLBSE is share trading with bitcoins, while ubitex exchanges bitcoin with other currency.
you can buy ubitex itself in glbse, but not vice versa.
I understand this way only. Some one correct me if wrong.

There is not a big difference between selling bitcoins for other currency and selling bitcoins for other goods, services or even shares. So in this way it's really much the same as mtgox.

The only difference is with mtgox, you are limited to exchanging bitcoin for currency(specifically USD) and nothing else. On GLBSE you can trade bitcoin for whatever is listed.

An exchange/or market is a market, they all work pretty much the same, the only difference being whats traded there.

[Nefario]

Also a fraud warning.

The share MHNGZ is attempting to pose as shares issued by Ubitex.

THEY ARE NOT THE SAME ACCOUNT DO NOT BUY!

See here for more details.

http://bitcointalk.org/index.php?topic=7285.msg106934#msg106934

[cuddlefish]

Log in. Log in now. There's only 1 dead link left to fix...

[kseistrup]

Someone still has to explain why there now seems to be a total of 1250 shares in UBX when the IPO prospect said there would be 1110 shares.  Where did the extra 140 shares come from?

Cheers,

[dishwara]

I see 404 file not found in create order page.

[Nefario]

Someone still has to explain why there now seems to be a total of 1250 shares in UBX when the IPO prospect said there would be 1110 shares.  Where did the extra 140 shares come from?

Cheers,

I think I replied to this in another thread(can't remember), essentially it was an accounting error when switching the share contract. This was caused primarily by the system being used earlier than I had planned. 140 were created out of nowhere, and someone had already bought them before we could bring them off the market.

Remember GLBSE is Beta software, I'll do my best but can't guarantee no mistakes until I take off the beta tag.

[kseistrup]

Where did the extra 140 shares come from?

I think I replied to this in another thread(can't remember)

You sent me a PM out of context, and I wasn't aware that it was an answer to my question.

Thanks for the explanation.

Cheers,

[cuddlefish]

I'm sorry for the lack of private beta. Due to unexpected delays, the private beta will be skipped, and a public beta will launch on the fourth. My bad.

[cypherdoc]

I'm sorry for the lack of private beta. Due to unexpected delays, the private beta will be skipped, and a public beta will launch on the forth. My bad.

forth?  what the heck does that mean?

[MoonShadow]

I'm sorry for the lack of private beta. Due to unexpected delays, the private beta will be skipped, and a public beta will launch on the forth. My bad.

forth?  what the heck does that mean?

Usually it means "away", as in 'Go forth, young man."

[Anonymous]

I'm sorry for the lack of private beta. Due to unexpected delays, the private beta will be skipped, and a public beta will launch on the forth. My bad.

Dont feel too bad things happen .

I think  its partly because you had to help people setup glbse that youre behind so I hope people dont give you a hard time.

[Nefario]

Also I wouldn't worry about it because, well things are hard to estimate, just ask the GLBSE investors about how many slips in timing I've made.

It will be a lucky day for you to actualy meet a time target. It's just hard to estimate how long something you've probably never done before will take.

[cypherdoc]

I'm sorry for the lack of private beta. Due to unexpected delays, the private beta will be skipped, and a public beta will launch on the forth. My bad.

Dont feel too bad things happen .

I think  its partly because you had to help people setup glbse that youre behind so I hope people dont give you a hard time.

maybe he should hire lulzplzkthx to help him with those people.  after all, they just contribute money.  lulzplzkthx did such a good job on the ad.

[cuddlefish]

Alright! We're launching the beta in a few hours. Hold onto your hats, people!

[LightRider]

Alright! We're launching the beta in a few hours. Hold onto your hats, people!

I am very excite!

[cuddlefish]

Things working on the dev server: Order creation, and rating backend.

[cuddlefish]

Oh, this post is pure SEO, ignore it
Ubitex is a decentralized Bitcoin exchange

[dishwara]

Is ubitex.org online?
I tried with my openid & as usual it shows when i click create an order "404: File Not Found".
Removed cookies, temp files....

[cuddlefish]

Yes. There was a nasty bug in the order creation that delayed launch a little. However, we are now in beta!

KNOWN BUG LIST!
1. No notifications when orders change status
2. No ratings or closing orders (fixed tomorrow)
3. 8 decimals of precision are great, but we should kill the trailing zeroes
4. You can't edit your orders or cancel them
5. You can sell USD for USD or BTC for BTC.

Also, it is free to post orders (intentionally!)

ALSO! PLEASE REPORT *ANY* BUGS ANNOYANCES, ETC IN HERE! IF YOU WANT THEM TO GET FIXED, I HAVE TO KNOW ABOUT THEM!

[cypherdoc]

list of initial suggestions:
1.  add kilometers to pulldown box distance
2.  the captcha box is distracting and potentially confusing to novices if its not needed under normal trafficking pattersn.  i entered an order and expected to have to enter a captcha but didn't need to.
3.  consider option to view "Sellers Not Near You" if you're desperate enough to consider exchanging via internet or mail, etc.  For someone like me who doesn't appear to have anyone using btc near me, the search process may seem hopeless and i might give up real fast.  i suppose i could enter 1000 mi into the box but even that wouldn't catch New York and i'm on the Pacific Coast.  my point is you want ALL available sell orders to show up and be an option for ALL buyers to maximize matching.
4.  after pressing "confirm" button, nothing appears to happen so if i keep pushing it if i don't think the order has gone thru, i generate multiple repeating orders.  after one click user should be taken to a "confirmed" or "order executed" window.
5. in the Home screen the introductory paragraph states one can enter zip code, cross street or city to indicate location but nowhere in order screen is that possible. program appears to pick up my ip address automatically (which is good too) but it should also give user option of entering location mode.
6.  Home screen states "If you're buying Bitcoins" should instead say "if you're looking to trade Bitcoins or fiat currencies".
7.  Options for all other currencies besides US dollars.

thats it for now.

[cypherdoc]

My submission for the contest of Home Page.  oh wait....

Ubitex is the worlds first distributed and anonymous Bitcoin exchange.  For a small fee, Ubitex initially matches you up with other buyers or sellers of Bitcoin from all over the world.  It is then left up to you to execute the final transaction in your own private anonymous way either face to face, via mail, or by Internet.  It's fast, its easy, and its inexpensive.  You're free to trade any foreign currency for Bitcoin and fraud is virtually eliminated.


Other means of trading Bitcoins for cash, like online currency exchangers, require depositing money into an account on the Internet via wire, ACH, check, or money order.  These methods are time consuming, relatively costly, require personal identification, provide an audit trail, and could even be subject to various forms of fraud, embezzlement, hacking, or government seizure.  In addition, non access to your funds for an undefined period of time is a major problem for accounts stored on internet sites from what is called hostile "denial of service" attacks where the currency exchange is purposely "bombarded" with so many incoming calls that it can't answer your particular request. 

If that weren't enough, currency exchanges limit large account holders from withdrawing more than $1000 per day tying your money up needlessly. At the same time, these online currency trading accounts do not favor trading in small amounts.

Why subject yourself to these types of inconveniences, stresses or insecurities?

Enter Ubitex!  If you're buying or selling Bitcoins in both small or large amounts all you have to do is enter your zip code, cross street, or city and Ubitex will match you up with people looking to do the same.  It is both safe, easy, inexpensive, and secure.  If you're looking to buy or sell Bitcoins, Ubitex leads the way.

Try us out now!

.

[cuddlefish]

5. in the Home screen the introductory paragraph states one can enter zip code, cross street or city to indicate location but nowhere in order screen is that possible. program appears to pick up my ip address automatically (which is good too) but it should also give user option of entering location mode.

See that text box? It's editable

[cypherdoc]

i'm selling shares of UBX at GLBSE(http://glbse.com)

[Ryland R. Taylor-Almanza]

Someone start living in Ventura, California! I want to turn my cash to Bitcoins without going through the bank!

[marcus_of_augustus]

i'm selling shares of UBX at GLBSE(http://glbse.com)

Wow, the website is that good eh?

[cuddlefish]

Order cancelling: implemented.

[cuddlefish]

Added Euros and GBP as possible currencies. Stupid americo-centric me...

EDIT: NOK and CAD added.

[cypherdoc]

i'm selling shares of UBX at GLBSE(http://glbse.com)

Wow, the website is that good eh?

sure it is.  look at the bargain prices i'm selling at!

[cuddlefish]

Hey, guys. I've started a blog about features and new developments in Ubitex: check it out at http://blog.ubitex.org. Thanks!

[cuddlefish]

Uh-oh. We're getting hit with a (small) DDoS. Updates as required.

On an upnote, next update is on-track to go public Friday.

[hazek]

I'm sorry, but if the current system is FUBAR and criminals are running amok anyway what's the harm in trying something new and bringing in some competition at least?

Problem is those criminals have thugs in blue costumes that carry out their "laws" and will send them after you if you should dare to threaten their monopoly on theft and fraud.

[hazek]

Last night I was thinking about exactly the kind of a service you are trying to build here cuddle. And I stumbled upon IMO a very important question dealing with the state trying to fight back and outlawing Bitcoins.

Say it happens, which I think at one point it will. Or maybe not even that but those selling Bitcoins start tax evading on a very large scale and the state wants to catch these evaders. So they send government thugs to pose as buyers and when you meet with you(a seller) locally they arrest you. So my question was how do we figure out a way to prevent this from happening. How could we still make the local transaction happen but where both parties identities would be protected? Is there even a way?

I immediately thought about how people sell and buy drugs these days which are obviously illegal according to the state. Are we going to see gangs occupy street corners where cars pull up to buy Bitcoins in the same fashion someone would buy drugs? How can both parties be protected from the state tyranny?

[hazek]

Btw Cuddle "sellers near me" shows me the same page as the "home" page.

[cuddlefish]

Btw Cuddle "sellers near me" shows me the same page as the "home" page.

You're not logged in.

[hazek]

Well sir, I know of no way to log in. You really should put some sort of a guide up there because it's not as straightforward as you might think

[kseistrup]

Well sir, I know of no way to log in. You really should put some sort of a guide up there because it's not as straightforward as you might think

You have to use OpenID to log in: ring in your OpenID in the text field, then press the “Login with OpenID” button.  That's all there's to it.

Cheers,

[cuddlefish]

Well sir, I know of no way to log in. You really should put some sort of a guide up there because it's not as straightforward as you might think

There will be a fancy-schmancy Login page soon, with Twitter, Facebook, and OpenID login (so Google, Steam, Yahoo, Wordpress.com, LiveJournal......)

For now, just use OpenID.

[hazek]

Well there you go, I did not know what OpenID was before just now. Ty, I'll manage now.

[cuddlefish]

Also, we are currently either REALLY popular or being DDoS'd.

102,428 page views today o.O

[Anonymous]

http://openid.anonymity.com/

http://openid.anonymity.com/1PuDA4ap

Its easy. 

[cypherdoc]

well everyone, i just sold 3 UBX shares at 12.5 BTC!!!!  12.5 times initial offering price!!!!!

[cuddlefish]

Oh, by the way, there is a HUGE update Saturday. Voting, kilometers, notifications... it'll be amazing.

[kseistrup]

well everyone, i just sold 3 UBX shares at 12.5 BTC!!!!  12.5 times initial offering price!!!!!

Perhaps someone couldn't figure out how many zeroes to put there, hæhæ… 

Cheers,

[cuddlefish]

I just pushed a MAJOR update. Among other things:
Prefix media URLs (Youtube, Google Maps, nearly anything) with "embed:" to embed them in your message.
Email notifications when new messages are sent!
Far better geo-location!

Test out the new site

[cuddlefish]

Oh, I'm sorry, forgot to mention one thing: I cleared the order database. Sorry to anyone who lost their orders.

[cuddlefish]

Hey guys. Just fixed a big bug in Ubitex that had gone unnoticed.

To speed up the discovery of bugs, I'm announcing a bug bounty! 0.10 BTC for each previously unknown bug found.

[kseistrup]

To speed up the discovery of bugs, I'm announcing a bug bounty! 0.10 BTC for each previously unknown bug found.

Do you have a bug tracker — or at the very least an updated list of known bugs — so that we don't waste our time submitting duplicate bug reports?

Cheers,

[42kang]

Read through the thread but can't find a link to UBITEX...

[sandos]

Read through the thread but can't find a link to UBITEX...

http://www.ubitex.org/

[jibjabz]

Hey guys. Just fixed a big bug in Ubitex that had gone unnoticed.

To speed up the discovery of bugs, I'm announcing a bug bounty! 0.10 BTC for each previously unknown bug found.

Tried to cancel a order in Chrome (logged-in, of course). Clicked the button to confirm "yes, I want to cancel" and I was taken to page with just a text menu, the openid box, and "500: Internal Server Error".

The order was not cancelled.

(14JEd5us61waVCuH77EerT69SC5PH2u3TR if this qualifies)

[42kang]

Will their be an Australian dollar exchange? EVER? ANYWHERE!?!?!?

[42kang]

It automatically put my coordinates about 1000km down the coast. How does the locating work?

[radracer]

so the transaction i put up is now listed as "filled" but all this means is i now have a message from a user on the opposite side of the continent asking where i am (how does the system coordinate locations, why could this user even see my order?  i assume they just put in a huge travel distance?)  the user is also confused and is trying to buy BTC from me when my order was also to buy BTC.   my options now are "close this transaction positively" or "close this transaction negatively"  but what i really need is a "cancel" or "close neutrally" button (there should also be an easy way to relist if i do this.)   i notice there is a "cancel" button on the "my orders" screen but i am wary of using it because its not clear what will happen to the communication between me and the other user if the order itself disappears...

if understand the way the system is set up that this point, once you "fill" an order (which is the only way to contact the other party?) it is removed from the listings and this process i'm now stuck in begins.  so only one potential buyer/seller can be communicating with the person who created the order at once? 

[cuddlefish]

so the transaction i put up is now listed as "filled" but all this means is i now have a message from a user on the opposite side of the continent asking where i am (how does the system coordinate locations, why could this user even see my order?  i assume they just put in a huge travel distance?)  the user is also confused and is trying to buy BTC from me when my order was also to buy BTC.   my options now are "close this transaction positively" or "close this transaction negatively"  but what i really need is a "cancel" or "close neutrally" button (there should also be an easy way to relist if i do this.)   i notice there is a "cancel" button on the "my orders" screen but i am wary of using it because its not clear what will happen to the communication between me and the other user if the order itself disappears...

if understand the way the system is set up that this point, once you "fill" an order (which is the only way to contact the other party?) it is removed from the listings and this process i'm now stuck in begins.  so only one potential buyer/seller can be communicating with the person who created the order at once? 

Yes. 'Filled' is perhaps the wrong word to use.

The Lifetime of an Order:

1. New. Just created. Will begin showing up in listings.
2. Filled. A buyer has selected your order. At this point the order is locked to the two of you.
3. Closed. You have both closed the order.

I'd like to get some ideas for new terminology: "Seller" and "Filled" don't quite mean what they actually do.

[speeder]

Add BRL to list of currencies!!!



Or even allow me to translate it or something...

[cuddlefish]

Add BRL to list of currencies!!!



Or even allow me to translate it or something...

Added!

[radracer]

also if your sig link is gonna be to this thread you really need to put the ubitex.org link in the first post...

[radracer]

so i decided to just cancel the order and i got this error page http://i54.tinypic.com/2cr7ex0.jpg

source of the error page: http://paste.pocoo.org/show/391221/

logged in again and tried again - same result...


edit: if this counts as finding a bug... 13tdTUTdY1NMAbjb1BLAPnwtZQiwgVTv6Q

[cuddlefish]

so i decided to just cancel the order and i got this error page

source of the error page: http://paste.pocoo.org/show/391221/

logged in again and tried again - same result...


edit: if this counts as finding a bug... 13tdTUTdY1NMAbjb1BLAPnwtZQiwgVTv6Q

We're currently setting up our development server. When it's up, I'll ask you to test it there.

[cuddlefish]

http://zode.ubitex.org is our development server. Hop on there to reproduce your bugs.

[radracer]

i was able to create an order and then cancel it on the dev server without a problem, so maybe the issue arises with an order that is "filled" and the two parties have initiated communication...  so i created another order and i will wait until someone on the dev server fills it and then try to cancel it and see what happens...

[cuddlefish]

Okay! Just pushed the new login screen to the dev server. (http://zode.ubitex.org). Try it out!

[Nefario]

Google login works fine.
Any way to use something like google maps to input your location, I'm using a proxy and it probably thinks I'm in Germany.

[elmom]

Doesn't really matter how I login, it errors on me. But the distance parameter was saved apparently.

EDIT: Thought I was replying to the debug thread. So never mind.

[cuddlefish]

Google login works fine.
Any way to use something like google maps to input your location, I'm using a proxy and it probably thinks I'm in Germany.

Location field's editable.

[cypherdoc]

Cuddlefish, did u hear the extensive discussion about Ubitex by Hiro White and Mike Gogulsky on Agorist Radio podcast?  Congratulations!  You are now on everybody's radar.

[cuddlefish]

Cuddlefish, did u hear the extensive discussion about Ubitex by Hiro White and Mike Gogulsky on Agorist Radio podcast?  Congratulations!  You are now on everybody's radar.

Whoa, cool!

[cuddlefish]

ALSO! Huge update!

[smartazz]

Trying to get sneaky with bitp.it?

Code:

<script type="text/javascript" src="http://api.bitp.it/bitp.it.js"></script>
<script type="text/javascript">
 bitpit({clientId: "1007"});
</script>

[kseistrup]

I've seen this on several sites, I guess I'll have to block DNS for api.bitp.it…

[cuddlefish]

I've seen this on several sites, I guess I'll have to block DNS for api.bitp.it…

Removed.

[cuddlefish]

s

[sandos]

Thats just awful. Would it ever even do any good? I cant imagine the JS hasrates to be any good...

[darbsllim]

Awesome project!

Not sure if it's been discussed, but you should at fbconnect and fb like buttons - good way to get the work out, and as more mainstream users start coming online, fbconnect will be valuable for that extra social growth and friend sharing.

[cuddlefish]

All shareholders, come into #ubitex-shareholders NOW.

We're diversifying.

[mithrandi]

* #ubitex-shareholders: Cannot join channel (+i) - you must be invited

[cuddlefish]

* #ubitex-shareholders: Cannot join channel (+i) - you must be invited

Come into IRC and wait for a bit.

[cuddlefish]

It is highly sensitive info, so we're a bit more security-focused than usual.

[Nefario]

Dividend payment is now functional, you can now use it to pay dividends to your shareholders.

bmc.py pay ASSET AMOUNT

Asset for you should be UBX, and the amount is the total amount, it will be taken from your account split across all shares (that you don't own) and paid to the shareholders.

Any problems just pm me.

Also we'll have a web interface available to use by June 6th.

Nefario.

[cuddlefish]

To do another capital raise before we announce our latest project (hint: see my latest posts)... 500 shares available at 7.5 BTC each. get 'em while they're hot!

[cypherdoc]

To do another capital raise before we announce our latest project (hint: see my latest posts)... 500 shares available at 7.5 BTC each. get 'em while they're hot!

why are they selling at 5 BTC then?

[cuddlefish]

To do another capital raise before we announce our latest project (hint: see my latest posts)... 500 shares available at 7.5 BTC each. get 'em while they're hot!

why are they selling at 5 BTC then?

Intentional. Wasn't enough interest at 7.5.

[cuddlefish]

Issuing the new shares at this early stage was a mistake. I regret the error, and have told Nefario to remove 900 (750 + 150) shares from my account (so those who have bought the new shares will still have them.)

On a brighter note, Ubitex Music now has several artists and is on track to launch sometime this month.

[cypherdoc]

Issuing the new shares at this early stage was a mistake. I regret the error, and have told Nefario to remove 900 (750 + 150) shares from my account (so those who have bought the new shares will still have them.)

On a brighter note, Ubitex Music now has several artists and is on track to launch sometime this month.

Thank you Cuddlefish, you made the right choice.  Please update the Finance Sheet as well.  If the share cancellation goes thru as stated, i can say w/o reservation that my confidence has been restored.

[Nefario]

Yes I'll be adding functionality to remove assets that have been issued, but only those that are in the issuers account. This will be around Monday/Tuesday.

[cuddlefish]

Okay. I've just pushed the 'Pretty Fonts' update to zode. Check it out, tell me if you like it in the thread poll.

[cuddlefish]

Shareholder update:

THE most requested feature is coming to development on Monday, production deployment  on Friday.

Filler choice, and...

UNIQUE ORDER URLs!

When you create an order, now you get a unique link that you can tweet, Facebook, post in the forums, blog about, submit to reddit or witcoin....

When someone clicks that order, they can see the public comments about it, and if they're logged in they can request to fill the order, or comment and get more detail from the seller.

This will bring MUCH more attention to Ubitex. Instead of just saying that you've posted an order, you can now discuss the order, clear up misunderstandings, etcetera, all before you lock down the order to your chosen filler.

[cuddlefish]

Oh, and I've put Operation Fabulous ads on ubitex.org just to get the shareholders a bit of return in the short-term.

[Anonymous]

Keep up the great work cuddle . 

[cuddlefish]

Keep up the great work cuddle . 

Thanks.

[Ben Walsh (beamer)]

I am interested in investing in UBX stock.

At the current 14 BTC / share, with 2000 shares issued, the company is now valued at 28000 BTC.

Where can I find investor information ? Company development plans ? Financial statements ? Dividend announcements / dividend plans ?

[Nefario]

Good news cuddlefish
http://forum.bitcoin.org/index.php?topic=13055.0

[cuddlefish]

Good news cuddlefish
http://forum.bitcoin.org/index.php?topic=13055.0

Done.

[Nefario]

Good news cuddlefish
http://forum.bitcoin.org/index.php?topic=13055.0

Done.

Worked ok?

[LightRider]

Keep it up Cuddlefish! Looking forward to the increased functionality so that I can take better advantage of hot local bitcoin currency exchange action going on!

Actually, there is no such local action going on. But there will be! Probably.

Also, I think the My Orders page should also list the location of the order, for those of us who might be out of town for long periods of time. Might be useful to some.

[cuddlefish]

I added a UserVoice widget to all pages. Should be great for getting feedback.

[Ben Walsh (beamer)]

So I'm now a shareholder.

Someone earlier in the thread mentioned a "Finance Sheet". Where can I get access to that ?

[cuddlefish]

So I'm now a shareholder.

Someone earlier in the thread mentioned a "Finance Sheet". Where can I get access to that ?

http://tinyurl.com/ubitex-finances.

[cuddlefish]

Oh, my order was filled!

Let you know how this goes...

[Ben Walsh (beamer)]

I would like to make a request, as a shareholder ... could you please add dates to the Finance Sheet ?

[cuddlefish]

I would like to make a request, as a shareholder ... could you please add dates to the Finance Sheet ?

I will do that in the future.

[cuddlefish]

Hey guys, just a quick thing:
Ubitex made its first revenue today!

0.03 BTC, through Operation Fabulous.

Not much, but it is symbolic.

Filler choice is COMING! Really!
The programmer working on it has been a bit slow, but he is making progress. It should be ready for testing by the weekend.

[cuddlefish]

Okay, I'm implementing order choice myself.

It'll be done TONIGHT. You've waited long enough.

[cuddlefish]

Commenting on unfilled orders is now in zode. Now just for filler request support... be done by 11 PM pacific time (<1 hour!!!!!)

[LightRider]

Thanks cuddlefish! Can't wait for my cut of that .03!

[cuddlefish]

I'm going to bed now. Everything except the final choice is done

[cuddlefish]

I just finished seller choice (functionaility, not cosmetics) and pushed to zode.

[Ben Walsh (beamer)]

With regard to the last entry, can you maintain a USD balance on the Finance Sheet as well as the BTC one please.

I fully understand the reasoning behind buying and selling Bitcoins, given so many of the operating costs of the company are in USD.

However, personally, I would rather, as a Bitcoin company, we take the risk of maintaining the strength of the Bitcoin - if every Bitcoin company sold all their Bitcoins tomorrow, then the supply would flood the demand, crashing the currency completely.

[Ben Walsh (beamer)]

Spelling and style corrections ...

     On the My Profile page ...

          Recieve should be Receive

          Btc should be BTC - that form of capitalisation appears to have become the standard throughout the forums and other businesses/sites.

Suggestions ...

     The Location entry on the My Profile page needs improvement.

          At the moment the defaulted location is in longitude, latitude format. This is not particularly useful to users.

          At the moment I appear to be able to type anything in the text box and save my profile. There is no feedback to the user what the entered value has been
          interpreted as.

               Display a world map with a pin identifying the current value for location and let them choose from that. Then once they have chosen record internally as
               longitude, latitude.

          Expand the "Btc addr:" text box to display the complete address rather than just the first part of the value the user has entered.

     Add as many additional social network interaction links to the Get Social section of the Discuss the Order page as possible.

          We need to get the order book bursting with orders as soon as possible. Without the critical mass the site / business will not take off. I think that section is a
          very good way of easily allowing users to promote their orders but it needs expansion. Research the http://www.addthis.com widgets and identify whether
          that is the most useful and swift way of achieving the aims of the "Get Social" section.

[cuddlefish]

Spelling and style corrections ...

     On the My Profile page ...

          Recieve should be Receive

          Btc should be BTC - that form of capitalisation appears to have become the standard throughout the forums and other businesses/sites.

Suggestions ...

     The Location entry on the My Profile page needs improvement.

          At the moment the defaulted location is in longitude, latitude format. This is not particularly useful to users.

          At the moment I appear to be able to type anything in the text box and save my profile. There is no feedback to the user what the entered value has been
          interpreted as.

               Display a world map with a pin identifying the current value for location and let them choose from that. Then once they have chosen record internally as
               longitude, latitude.

          Expand the "Btc addr:" text box to display the complete address rather than just the first part of the value the user has entered.

     Add as many additional social network interaction links to the Get Social section of the Discuss the Order page as possible.

          We need to get the order book bursting with orders as soon as possible. Without the critical mass the site / business will not take off. I think that section is a
          very good way of easily allowing users to promote their orders but it needs expansion. Research the http://www.addthis.com widgets and identify whether
          that is the most useful and swift way of achieving the aims of the "Get Social" section.

I actually got a User Experience guy to look over the site... expect changes.

For one thing... public order book on a map.

[Ben Walsh (beamer)]

No probs :O)

I've been developing software for 10+ years. Lots of software test experience.

If you would like me to assess anything else before making it live just PM me.

I might accept payment in UBX shares ;O)

Spelling and style corrections ...

     On the My Profile page ...

          Recieve should be Receive

          Btc should be BTC - that form of capitalisation appears to have become the standard throughout the forums and other businesses/sites.

Suggestions ...

     The Location entry on the My Profile page needs improvement.

          At the moment the defaulted location is in longitude, latitude format. This is not particularly useful to users.

          At the moment I appear to be able to type anything in the text box and save my profile. There is no feedback to the user what the entered value has been
          interpreted as.

               Display a world map with a pin identifying the current value for location and let them choose from that. Then once they have chosen record internally as
               longitude, latitude.

          Expand the "Btc addr:" text box to display the complete address rather than just the first part of the value the user has entered.

     Add as many additional social network interaction links to the Get Social section of the Discuss the Order page as possible.

          We need to get the order book bursting with orders as soon as possible. Without the critical mass the site / business will not take off. I think that section is a
          very good way of easily allowing users to promote their orders but it needs expansion. Research the http://www.addthis.com widgets and identify whether
          that is the most useful and swift way of achieving the aims of the "Get Social" section.

I actually got a User Experience guy to look over the site... expect changes.

For one thing... public order book on a map.

[Ben Walsh (beamer)]

I am looking at making further investment in UBX. Some company performance information will be helpful ...

     Where can I see the statistics on user base growth over time, usage figures over time, etc ... ?

     What are your thoughts on changing the listing fee to a % of the BTC being sold rather than the flat 0.5 BTC on the Ubitex site ?
          Looking at the order books of the various exchange sites, I suspect such a high relative charge is dissuading users from utilising the site.

     What are your short, medium and long term plans for marketing and development of the Ubitex site ?

     What are your short, medium and long term plans for Ubitex Music ?

     Where can we view latest development version of the Ubitex Music Client ?

     What other projects are in the pipeline for Ubitex ?

     When can we expect the next dividend payment on the UBX shares ?

Please communicate the link(s) / content via a "mock" motion on GLBSE, if you prefer not to post such commercially sensitive info in public.

Also, the Finance Sheet needs fixing - the balance column is incorrect from cell D13 down.

[Ben Walsh (beamer)]

The Finance Sheet is still missing dates for the transactions too.

[cuddlefish]

I am looking at making further investment in UBX. Some company performance information will be helpful ...

     Where can I see the statistics on user base growth over time, usage figures over time, etc ... ?

     What are your thoughts on changing the listing fee to a % of the BTC being sold rather than the flat 0.5 BTC on the Ubitex site ?
          Looking at the order books of the various exchange sites, I suspect such a high relative charge is dissuading users from utilising the site.

     What are your short, medium and long term plans for marketing and development of the Ubitex site ?

     What are your short, medium and long term plans for Ubitex Music ?

     Where can we view latest development version of the Ubitex Music Client ?

     What other projects are in the pipeline for Ubitex ?

     When can we expect the next dividend payment on the UBX shares ?

Please communicate the link(s) / content via a "mock" motion on GLBSE, if you prefer not to post such commercially sensitive info in public.

Also, the Finance Sheet needs fixing - the balance column is incorrect from cell D13 down.

We are currently still running in 0-fee mode. With the deployment of escrows we will take 0.05% (identical to ClearCoin).

Oh, and the seeeecret feature.

Come on IRC, #ubitex-shareholders on Freenode. We'll talk there.

[LightRider]

I am looking at making further investment in UBX. Some company performance information will be helpful ...

     Where can I see the statistics on user base growth over time, usage figures over time, etc ... ?

     What are your thoughts on changing the listing fee to a % of the BTC being sold rather than the flat 0.5 BTC on the Ubitex site ?
          Looking at the order books of the various exchange sites, I suspect such a high relative charge is dissuading users from utilising the site.

     What are your short, medium and long term plans for marketing and development of the Ubitex site ?

     What are your short, medium and long term plans for Ubitex Music ?

     Where can we view latest development version of the Ubitex Music Client ?

     What other projects are in the pipeline for Ubitex ?

     When can we expect the next dividend payment on the UBX shares ?

Please communicate the link(s) / content via a "mock" motion on GLBSE, if you prefer not to post such commercially sensitive info in public.

Also, the Finance Sheet needs fixing - the balance column is incorrect from cell D13 down.

We are currently still running in 0-fee mode. With the deployment of escrows we will take 0.05% (identical to ClearCoin).

Oh, and the seeeecret feature.

Come on IRC, #ubitex-shareholders on Freenode. We'll talk there.

The latest news on Clearcoin is that Gavin's shutting it down for an unknown length of time. We can totally raise the rates now that we've crushed our competition!

[shellbunner]

Interesting concept. Good luck!
I didn't find this thread until it was too late to buy shares of UBX.
I don't have bitcoins unfortunately.
I have cash, and I am sending some towards my dwolla.com account to purchase bitcoins for whatever.
How else can I possibly invest in this?
And what else are you planning on rolling out? Or is that still under wraps?
Thank you.

[Anonymous]

Interesting concept. Good luck!
I didn't find this thread until it was too late to buy shares of UBX.
I don't have bitcoins unfortunately.
I have cash, and I am sending some towards my dwolla.com account to purchase bitcoins for whatever.
How else can I possibly invest in this?
And what else are you planning on rolling out? Or is that still under wraps?
Thank you.

Youll have to wait till someone is selling their shares. 

[ScriptGadget]

Youll have to wait till someone is selling their shares. 

Looks like there are some shares for sale for the moment.

bids --:-- [[2, 150000000], [1, 100000000]]
asks --:-- [[2, 650000000], [2, 699999999], [10, 700000000], [79, 700000000], [1, 799000000], [2, 799000000]]

[cuddlefish]

Oh, and I'm currently re-doing the CSS: see it at zode.ubitex.org.

escrow! SEEECRET FEEAAAAATURE! new design! Ordermap!

[Ben Walsh (beamer)]

Cuddlefish ...

Latest trade occurred at 1 BTC / share - a significant drop.

I think some improved "investor relations" is required - how about a monthly financial update and business review. I think such communication is essential particularly as a non-dividend paying share.

[Ben Walsh (beamer)]

Cuddlefish ...

I'll give you a tip as well ... get researching the textcoin.co.uk threads and get marketing on / working with the textcoin.co.uk site ASAP - there is a significant synergy between the two companies which could be significantly profitable for both.

[cuddlefish]

My sole computer recently failed. I'm writing this from my phone, waiting for the replacement to arrive. Should be here in 1-2 weeks.

Until then, I can't talk much on forums or IRC, nor can I work on the site.

Sincere apologies.

[Nefario]

My sole computer recently failed. I'm writing this from my phone, waiting for the replacement to arrive. Should be here in 1-2 weeks.

Until then, I can't talk much on forums or IRC, nor can I work on the site.

Sincere apologies.

Dude go to an internet Cafe.

[boonies4u]

My sole computer recently failed. I'm writing this from my phone, waiting for the replacement to arrive. Should be here in 1-2 weeks.

Until then, I can't talk much on forums or IRC, nor can I work on the site.

Sincere apologies.

Dude go to an internet Cafe.

Those things aren't as common as you may think... Nearly all the "Internet Cafe's" in my town are strictly for video poker. There may be one, and I'm not even sure if they have their own computers they lease out to public.

[LightRider]

I recommend that our lead developer NOT go to a public internet access network and work on sensitive beta code and transact company BTC on it. I trust he's taking appropriate measures.

[Anonymous]

My sole computer recently failed. I'm writing this from my phone, waiting for the replacement to arrive. Should be here in 1-2 weeks.

Until then, I can't talk much on forums or IRC, nor can I work on the site.

Sincere apologies.

The public libraries have computers here.

[leeloulee]

I love the idea it will be craigslist for btc!

[cypherdoc]

So .... anybody heard anything from cuddlefish in the last month?

yes.  i heard from him 2d ago:

Waiting for replacement computer to arrive. Just got back from camping without internet. Looking at redoing 2 weeks of work and somehow covering loss of about 40 zcoin) . (stupidly not backed up often enough.) I will work to earn whatever is needed to replace it. I am honestly acting in good faith. Hopefully (replacmnt will come this week when I can continur work.

My apologies,
cuddlefish

[Nefario]

At least he's not dead.

[LightRider]

It is great to finally hear from him and learn what was going on. Looking forward to the future of Ubitex.

[boonies4u]

So .... anybody heard anything from cuddlefish in the last month?

yes.  i heard from him 2d ago:

Waiting for replacement computer to arrive. Just got back from camping without internet. Looking at redoing 2 weeks of work and somehow covering loss of about 40 zcoin) . (stupidly not backed up often enough.) I will work to earn whatever is needed to replace it. I am honestly acting in good faith. Hopefully (replacmnt will come this week when I can continur work.

My apologies,
cuddlefish

Glad to hear that he didn't just go off and disappear on us. Glad to hear from you aswell, cypherdoc.

[Ben Walsh (beamer)]

Seconded. The lack of communication with investors was really starting to spook me. Hopefully we can expect a lot more info on what's happening from now on.

It would be great to see some figures on usage and revenue, now the site has been operating for a while - I'm in the mood for a little more investing ;O)

Aren't we nearing a dividend payout ? The contract states quarterly. Certainly looking forward to it.

So .... anybody heard anything from cuddlefish in the last month?

yes.  i heard from him 2d ago:

Waiting for replacement computer to arrive. Just got back from camping without internet. Looking at redoing 2 weeks of work and somehow covering loss of about 40 zcoin) . (stupidly not backed up often enough.) I will work to earn whatever is needed to replace it. I am honestly acting in good faith. Hopefully (replacmnt will come this week when I can continur work.

My apologies,
cuddlefish

Glad to hear that he didn't just go off and disappear on us. Glad to hear from you aswell, cypherdoc.

[boonies4u]

Seconded. The lack of communication with investors was really starting to spook me. Hopefully we can expect a lot more info on what's happening from now on.

It would be great to see some figures on usage and revenue, now the site has been operating for a while - I'm in the mood for a little more investing ;O)

Aren't we nearing a dividend payout ? The contract states quarterly. Certainly looking forward to it.

So .... anybody heard anything from cuddlefish in the last month?

yes.  i heard from him 2d ago:

Waiting for replacement computer to arrive. Just got back from camping without internet. Looking at redoing 2 weeks of work and somehow covering loss of about 40 zcoin) . (stupidly not backed up often enough.) I will work to earn whatever is needed to replace it. I am honestly acting in good faith. Hopefully (replacmnt will come this week when I can continur work.

My apologies,
cuddlefish

Glad to hear that he didn't just go off and disappear on us. Glad to hear from you aswell, cypherdoc.

I doubt we would be getting any dividends. Just a quarterly report. Not saying that we wouldn't be receiving them, just this quarter seems to be mostly on establishing and developing. Hopefully we hear from him soon.

[Ben Walsh (beamer)]

What's the latest on this entry in the finances ? ...

     bitcoin2cc   2x$200 visa NEVER DELIVERED, contacted support no response

They still seem to be operating, as the website is functioning and available.
Doesn't seem to be any significant number of posts suggesting a scam.

Also not clear on the $600 that was delivered by them through earlier purchases - I assume this has been banked somewhere ?

Smart move in trading the BTC/USD if so ... maybe now would be the time to buy BTC unless their is a specific reason to keep that much USD available.

[LightRider]

So still no word yet on cuddlefish's return anywhere as far as I can tell. I hate to say it but I am becoming dubious of his recent claims and am starting to wonder exactly what is happening with this guy. Anyone heard anything new lately?

[Ben Walsh (beamer)]

Anyone know what's happened to cuddlefish ?

I believe he did worked with Nefario, so I am assuming he isn't one of the many GLBSE asset scammers.

[Nefario]

I don't think he was a scammer, just lost interest. people need to remember that he was a 14 year old.

[Ben Walsh (beamer)]

I really disagree with that position.

Following on from that, will GLBSE be introducing a minimum age for asset issuers ? If so, what age verification will GLBSE be performing ?

I am all for youth opportunity but you shouldn't be able to "just lose interest" when other people have invested their hard earned money.

Further, this company has a significant cash reserve. What steps will GLBSE be taking to ensure investors get back the most they can of their money ?

A robust reaction by GLBSE to this behaviour is required.

I don't think he was a scammer, just lost interest. people need to remember that he was a 14 year old.

[Nefario]

I really disagree with that position.

Following on from that, will GLBSE be introducing a minimum age for asset issuers ? If so, what age verification will GLBSE be performing ?

I am all for youth opportunity but you shouldn't be able to "just lose interest" when other people have invested their hard earned money.

Further, this company has a significant cash reserve. What steps will GLBSE be taking to ensure investors get back the most they can of their money ?

A robust reaction by GLBSE to this behaviour is required.

I don't think he was a scammer, just lost interest. people need to remember that he was a 14 year old.

Sorry Ben, let me clarify that comment.

I wasn't saying it was OK, just that this was probably the reason. The kid did actually develop the website and it worked, wasn't hugely popular but it did work. But yeah just to be clear I'm not saying it's ok, just that this was the reason.


On your second point I 'll just expand a little. Anyone will be allowed to create asset's and put them up for sale on the exchange in the future.

What GLBSE will be doing is adding a system of verification. This will allow asset issuers to verify to GLBSE and everyone else if they wish who they are, where they live, their age and other details. This means we'll be checking passports, proof of address, telephone, credit cards etc. and will then give that issuer a verification rating (the more verification they do the better their rating), and this will be shown with the share all over the site.

This will help investors in deciding on whether to invest in a share or not. We'll have a number of other functions on the site that will help prevent scams. In the event of a scam or the share issuer taking the money and running, we'll be making their identity available to the shareholders, and they will be able to sue that person.

On your third point of the cash reserve, cuddlefishes real life identity is known, AFAIK he has pretty much stayed off line (or out of the bitcoin world) since this event and refused contact attempts. I would suggest as shareholders working out what is owed by him and contact his parents, inform them of what he has done, and make dialogue through them and hopefully come to a satisfactory result. On failing to get anything from the parents talk to layers(hire one as a group) and su his parents, if the amount is relatively small (a few thousands of USD worth or the equivalent bitcoin amount) small claims court may be better. If needed I will provide all records for cuddlefishes account from GLBSE.

I've personally attempted to contact cuddlefish with no success, there isn't anything outside GLBSE (i.e. more than freezing his account) that GLBSE can do. We've always been very upfront on us not doing any verification of any shares or issuers on GLBSE, it's a part of our terms, GLBSE has been a totally free market, with everything that implies.

What are we doing to address this?

We want to keep GLBSE as free a market as possible but are introducing a whole host of measures to provide easily accessed information for shareholders to make decisions with, prevent scams and provide a target for shareholders if such events happen.

Nefario.

[LightRider]

I only ever invested 1 bitcoin at the initial offering. I would feel weird calling up his parents and asking for my "digital p2p pseudonymous currency"/7 dollars back. But for those who lost much more, I am sympathetic to your situation and would be helpful in any way I could be. Still hoping that the guy comes back and explains what's been going on. I don't think he was an outright thief.

Hopefully we can avoid any...incidents...

[senbonzakura]

hmm wasnt aware he was 14, I wanted to buy the shares but at that time I just bought DISHWARA only.

[Nefario]

I only ever invested 1 bitcoin at the initial offering. I would feel weird calling up his parents and asking for my "digital p2p pseudonymous currency"/7 dollars back. But for those who lost much more, I am sympathetic to your situation and would be helpful in any way I could be. Still hoping that the guy comes back and explains what's been going on. I don't think he was an outright thief.

Hopefully we can avoid any...incidents...

Don't go to the parents alone, get together, work out what all shareholders are owed and find one person to represent the shareholders get in contact.

[Technomage]

I think the idea behind Ubitex is brilliant. Someone should definitely do this or is there a service like this nowadays? I would definitely use a service like this if there was one.

[Bitcoin Oz]

I really disagree with that position.

Following on from that, will GLBSE be introducing a minimum age for asset issuers ? If so, what age verification will GLBSE be performing ?

I am all for youth opportunity but you shouldn't be able to "just lose interest" when other people have invested their hard earned money.

Further, this company has a significant cash reserve. What steps will GLBSE be taking to ensure investors get back the most they can of their money ?

A robust reaction by GLBSE to this behaviour is required.

I don't think he was a scammer, just lost interest. people need to remember that he was a 14 year old.

Sorry Ben, let me clarify that comment.

I wasn't saying it was OK, just that this was probably the reason. The kid did actually develop the website and it worked, wasn't hugely popular but it did work. But yeah just to be clear I'm not saying it's ok, just that this was the reason.


On your second point I 'll just expand a little. Anyone will be allowed to create asset's and put them up for sale on the exchange in the future.

What GLBSE will be doing is adding a system of verification. This will allow asset issuers to verify to GLBSE and everyone else if they wish who they are, where they live, their age and other details. This means we'll be checking passports, proof of address, telephone, credit cards etc. and will then give that issuer a verification rating (the more verification they do the better their rating), and this will be shown with the share all over the site.

This will help investors in deciding on whether to invest in a share or not. We'll have a number of other functions on the site that will help prevent scams. In the event of a scam or the share issuer taking the money and running, we'll be making their identity available to the shareholders, and they will be able to sue that person.

On your third point of the cash reserve, cuddlefishes real life identity is known, AFAIK he has pretty much stayed off line (or out of the bitcoin world) since this event and refused contact attempts. I would suggest as shareholders working out what is owed by him and contact his parents, inform them of what he has done, and make dialogue through them and hopefully come to a satisfactory result. On failing to get anything from the parents talk to layers(hire one as a group) and su his parents, if the amount is relatively small (a few thousands of USD worth or the equivalent bitcoin amount) small claims court may be better. If needed I will provide all records for cuddlefishes account from GLBSE.

I've personally attempted to contact cuddlefish with no success, there isn't anything outside GLBSE (i.e. more than freezing his account) that GLBSE can do. We've always been very upfront on us not doing any verification of any shares or issuers on GLBSE, it's a part of our terms, GLBSE has been a totally free market, with everything that implies.

What are we doing to address this?

We want to keep GLBSE as free a market as possible but are introducing a whole host of measures to provide easily accessed information for shareholders to make decisions with, prevent scams and provide a target for shareholders if such events happen.

Nefario.

What about a shareholder takeover of the site ?  I think that is what people would be happy with .

[Nefario]

What about a shareholder takeover of the site ?  I think that is what people would be happy with .

A takeover of the ubitex site?

I think that would be very very fair, although without the cooperation of cuddlefish I don't see how it's going to happen, he has control of the servers and the domain name. Although this is what we could go to his parents to ask for. Is the site even up and running?

[vuce]

What about a shareholder takeover of the site ?  I think that is what people would be happy with .

A takeover of the ubitex site?

I think that would be very very fair, although without the cooperation of cuddlefish I don't see how it's going to happen, he has control of the servers and the domain name. Although this is what we could go to his parents to ask for. Is the site even up and running?

nope, not anymore.

[Nefario]

DO NOT BUY UBITEX SHARES!

The evaluation for the business is crazy! there is no earnings for the company yet and it doesn't even exists! its just an idea.

This is a text book example in investment what product not to buy the only way you can win is to be the one to pop the bubble (then everything goes downhill).

hmmm

On these forums people say that sort of thing about almost every share. Intersango's bank was having technical issues and they couldn't make bank payouts and people were crying scam from the rooftops.

[Ben Walsh (beamer)]

To be blunt Nefario ... a far greater than reasonable number of companies listed on GLBSE have gone belly up with the CEO vanishing with all the invested money. That is of the ones that looked reasonable to begin with and discounts those that were obviously scams from the beginning.

The "poster child" LIF shares were the final straw for many existing or potential investors.

UBX was lauded as a "poster child" too and has ended equally badly.

Early adopters have collectively lost massive amounts. They would be your best form of advertising.

Frankly, the success rate needs to be better than those listed on the mainstream fiat currency stock exchanges, to offset the inherent risk that the Bitcoin currency itself has. I am starting to wonder if that is ever going to be possible, as I don't think the implied ROI can be achieved long term by any business.

DO NOT BUY UBITEX SHARES!

The evaluation for the business is crazy! there is no earnings for the company yet and it doesn't even exists! its just an idea.

This is a text book example in investment what product not to buy the only way you can win is to be the one to pop the bubble (then everything goes downhill).

hmmm

On these forums people say that sort of thing about almost every share. Intersango's bank was having technical issues and they couldn't make bank payouts and people were crying scam from the rooftops.