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Author Topic: Ubitex: In-person Bitcoin exchange [EARLY BETA!] [STOCK AVAILABLE]  (Read 34167 times)
Ben Walsh (beamer)
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January 22, 2012, 02:36:30 PM
 #261

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.

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Nefario
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January 22, 2012, 05:27:34 PM
 #262

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

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Ben Walsh (beamer)
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January 22, 2012, 06:15:07 PM
 #263

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.

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Nefario
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January 22, 2012, 09:32:48 PM
 #264

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.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
LightRider
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January 23, 2012, 12:57:25 AM
 #265

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...


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senbonzakura
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January 23, 2012, 01:07:41 AM
 #266

hmm wasnt aware he was 14, I wanted to buy the shares but at that time I just bought DISHWARA only.
Nefario
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January 23, 2012, 09:19:56 AM
 #267

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.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
Technomage
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January 23, 2012, 12:40:04 PM
 #268

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.

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Bitcoin Oz
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January 24, 2012, 02:14:19 PM
 #269

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 Smiley.

Nefario
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January 24, 2012, 10:02:24 PM
 #270

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

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?

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
vuce
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January 24, 2012, 10:05:19 PM
 #271

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

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
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January 25, 2012, 09:23:03 AM
 #272

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.

PGP key id at pgp.mit.edu 0xA68F4B7C

To get help and support for GLBSE please email support@glbse.com
Ben Walsh (beamer)
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January 25, 2012, 10:50:11 AM
 #273

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.

BTC Difficulty Avg Change Google Gadget - http://bit.ly/nWZLkr
How many Bitcoins can I expect to mine ? - http://bitcoindetailedcalculator.appspot.com
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