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Author Topic: Gigamining / Teramining  (Read 201722 times)
Puppet
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October 05, 2012, 11:06:39 AM
 #961

Out of curiosity, what's the contingency plan if GLBSE gets taken
down by the government of whatever backwater they hail from ?

Hi znort987,

I am going to wait until we hear from Nefario on Saturday before deciding a course of action.

Best,
gigavps

If there is any truth in the rumor that this is SEC related, and if even if there is not,  you may want to lawyer up if you havent already. That goes for all issuers of assets on GLBSE, but particularly US residents and non anonymous ones like yourself. Selling of unregistered securities is a felony, and its hard to see how GLBSE bonds would not be considered unregistered securities, if even this is:
http://invest-faq.com/articles/warn-unreg-secur.html

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October 05, 2012, 11:29:49 AM
 #962

Out of curiosity, what's the contingency plan if GLBSE gets taken
down by the government of whatever backwater they hail from ?

Hi znort987,

I am going to wait until we hear from Nefario on Saturday before deciding a course of action.

Best,
gigavps

If there is any truth in the rumor that this is SEC related, and if even if there is not,  you may want to lawyer up if you havent already. That goes for all issuers of assets on GLBSE, but particularly US residents and non anonymous ones like yourself. Selling of unregistered securities is a felony, and its hard to see how GLBSE bonds would not be considered unregistered securities, if even this is:
http://invest-faq.com/articles/warn-unreg-secur.html


All dollar denominated.  The link you gave does not address the issue of non-dollar denominated "securities".

Has anyone ever found an example where the SEC was involved in a case where the sale of the "security" was not in dollars?  That would be interesting.  Have they ever busted someone for selling securities in pesos for example?

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
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October 05, 2012, 11:37:07 AM
 #963

If there is any truth in the rumor that this is SEC related, and if even if there is not,  you may want to lawyer up if you havent already. That goes for all issuers of assets on GLBSE, but particularly US residents and non anonymous ones like yourself. Selling of unregistered securities is a felony, and its hard to see how GLBSE bonds would not be considered unregistered securities, if even this is:
http://invest-faq.com/articles/warn-unreg-secur.html

Hi Puppet,

If what you are saying were true, it would mean that the US Government would need to recognize Bitcoin as money.

Best,
gigavps
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October 05, 2012, 11:41:58 AM
 #964

IANAL, so this is the first thing you should ask him, but I dont see where it says the security has to be denominated in dollars, or even in a currency:


 The term ‘‘security’’ means any note, stock, treasury
stock, security future, security-based swap, bond, debenture,
evidence of indebtedness, certificate of interest or participation
in any profit-sharing agreement, collateral-trust certificate,
preorganization certificate or subscription, transferable share,
investment contract, voting-trust certificate, certificate of de-
posit for a security, fractional undivided interest in oil, gas, or
other mineral rights, any put, call, straddle, option, or privilege
on any security, certificate of deposit, or group or index of secu-
rities (including any interest therein or based on the value
thereof), or any put, call, straddle, option, or privilege entered
into on a national securities exchange relating to foreign cur-
rency, or, in general, any interest or instrument commonly
known as a ‘‘security’’, or any certificate of interest or partici-
pation in, temporary or interim certificate for, receipt for, guar-
antee of, or warrant or right to subscribe to or purchase, any
of the foregoing

http://www.sec.gov/about/laws/sa33.pdf
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October 05, 2012, 11:59:07 AM
 #965

As for the definition of selling, from that same document:

(3) The term ‘‘sale’’ or ‘‘sell’’ shall include every contract of
sale or disposition of a security or interest in a security, for
value
. The term ‘‘offer to sell’’, ‘‘offer for sale’’, or ‘‘offer’’ shall
include every attempt or offer to dispose of, or solicitation of
an offer to buy, a security or interest in a security, for value.

Again, no mention of legal tender. It has to have value, and its hard to claim bitcoins have none.
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October 05, 2012, 12:07:00 PM
 #966

Doubtful that the SEC would get involved with a UK exchange...
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October 05, 2012, 12:40:53 PM
 #967

Doubtful that the SEC would get involved with a UK exchange...
But they could have called their "buddies" in the corresponding TLA in the UK and had them look into it (FSA I believe).

Our family was terrorized by Homeland Security.  Read all about it here:  http://www.jmwagner.com/ and http://www.burtw.com/  Any donations to help us recover from the $300,000 in legal fees and forced donations to the Federal Asset Forfeiture slush fund are greatly appreciated!
johnlu
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October 05, 2012, 02:24:42 PM
 #968

The site was open at markets, just went back and it was there - cached, only the two imgs are not loading if u didnt closed the browser you can try the BACK button.

Thanks for this comment, it worked for me.

Donations: 1JohnLujsKQfwG9GMGv2RNvLrZCZZRYarw
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October 05, 2012, 02:50:15 PM
 #969

Doubtful that the SEC would get involved with a UK exchange...

They might not go after the exchange itself, and leave that to British authorities, but why wouldnt they go after Americans selling unregistered securities (to other Americans) ?
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October 06, 2012, 12:35:06 AM
 #970

so what's the post-GLBSE plan?
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October 06, 2012, 12:37:12 AM
 #971

To all Gigaminers:

According to Theymos' post, GLBSE is closing down. I have personally spoken with Nefario and he has stated that Gigamining coins and the list of asset holders would be available on Monday.

Once I receive the list and coins, I will work to make a script to keep coupon payments going. As for anything beyond this, it will be difficult to continue without Gigaminers being able to buy and sell when they choose.

As far as the future is concerned, we can consider everything on hold until I can further assess the situation.

Best,
gigavps
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October 06, 2012, 01:22:49 AM
 #972

To all Gigaminers:

According to Theymos' post, GLBSE is closing down. I have personally spoken with Nefario and he has stated that Gigamining coins and the list of asset holders would be available on Monday.

Once I receive the list and coins, I will work to make a script to keep paying coupon payments going. As for anything beyond this, it will be difficult to continue without Gigaminers being able to buy and sell when they choose.

As far as the future is concerned, we can consider everything on hold until I can further assess the situation.

Best,
gigavps

At the end of the day, there are always ways to sell shares privately, though I'd be shocked if another exchange didn't quickly come into being within the coming weeks to fill the gap.

SysRun
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October 06, 2012, 02:54:34 AM
 #973

bounty time. lets get the next share based system up and rolling!

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markm
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October 06, 2012, 03:08:53 AM
 #974

bounty time. lets get the next share based system up and rolling!

Consider adding to this bounty: https://bitcointalk.org/index.php?topic=105506.0

-MarkM-

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October 06, 2012, 03:14:14 AM
 #975

To all Gigaminers:

According to Theymos' post, GLBSE is closing down. I have personally spoken with Nefario and he has stated that Gigamining coins and the list of asset holders would be available on Monday.

Once I receive the list and coins, I will work to make a script to keep coupon payments going. As for anything beyond this, it will be difficult to continue without Gigaminers being able to buy and sell when they choose.

As far as the future is concerned, we can consider everything on hold until I can further assess the situation.

Best,
gigavps
Time to look into OT then, I suppose.

ianspain
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October 06, 2012, 11:53:37 AM
 #976

To all Gigaminers:

According to Theymos' post, GLBSE is closing down. I have personally spoken with Nefario and he has stated that Gigamining coins and the list of asset holders would be available on Monday.

Once I receive the list and coins, I will work to make a script to keep coupon payments going. As for anything beyond this, it will be difficult to continue without Gigaminers being able to buy and sell when they choose.

As far as the future is concerned, we can consider everything on hold until I can further assess the situation.

Best,
gigavps

Hi Gigaminning, how will you match assets holders with btc addresses???

BlockChain Capital
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October 06, 2012, 12:10:22 PM
 #977

Hi Gigaminning, how will you match assets holders with btc addresses???

Hi ianspain,

I have been able to sleep on this news and I am even more troubled by his actions today than yesterday. Unfortunately, we must trust that nefario knows best in this situation and can give me the asset holder list and coins. I trusted him and lent my credibility to GLBSE and he has let everyone down and won't even give us the courtesy of telling us why.

As for comments about listing on another exchange, I will not be trusting another third party to handle Gigamining. Going forward, I will be the only one handling coupon payments. This also means that Teramining, as a concept, is dead. The main feature of Gigamining/Teramining was for parties to be able to buy and sell them at will.

I will fulfill my contractual obligations, if/when GLBSE hands over the necessary information.

Best,
gigavps

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October 06, 2012, 12:16:43 PM
 #978

So are you not launching Teramining after all?

Also, is there any issue with regard to legal implications for yourself? I'd lawyer up after everything that's been said...
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October 06, 2012, 12:19:25 PM
 #979

So are you not launching Teramining after all?

Also, is there any issue with regard to legal implications for yourself? I'd lawyer up after everything that's been said...

There may not be a Gigamining for all we know. At this point, I have lost all control because of Nefario's actions.
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October 06, 2012, 01:28:39 PM
 #980

I'm confused. I was suspecting this since my previous post in this topic (where I asked if you could operate after GLBSE failure)

I understand the answer as yes (conditionally, but this conditions are fulfilled).

I understand why you cant imagine to work with other operator and trust it, but, can't you use smart contracts decentralized exchange?

Would you do that and continue plans with terminating if exchange like that sugested in
https://bitcointalk.org/index.php?topic=112728.msg1219438#msg1219438 would be available.

I don't want to press, but I would feel cheated if you take an effort to start teramining just because GLBSE closed.
Of course only if last data from GLBSE will get rescued somehow.





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