glbse btc stock market?

[tom10122]

Is it legit and legal?

[Kluge]

It is legit, legal gray area (not just for GLBSE, but for you in determining what you're supposed to do for tax reporting), but just about everything involving Bitcoins is currently a legal gray area for tax purposes. AFAIK, nobody's even sure if a Bitcoin's even a commodity or a currency, and that probably changes with jurisdiction. GLBSE is hosted on a US domain and serves US customers, which may or may not be a problem in the future -- Nefario's a far better person to speak on this (as in, don't take what I'm saying as truth), since he's probably actually looked into the potential legal problems.

[tom10122]

thanks, so its bassicaly in the same boat as bitcoins 

[matthewh3]

Yeah it's legit and the only tax you should pay in the UK on your profits are Capital Gains tax which you don't pay a penny on with your first £10,000 of gains.

[gbr]

What would happen to the stocks if GLBSE hypothetically went down? Would there be any way to claim ownership?

[tom10122]

Ill look into it  gonna mine some more first y'no save up some