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.