Bitcoin Forum
December 10, 2016, 05:05:17 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1] 2 »  All
  Print  
Author Topic: GLBSE new TOS and share transfer services suspended  (Read 2205 times)
glbse
Newbie
*
Offline Offline

Activity: 27


GLBSE Support


View Profile WWW
April 08, 2012, 03:59:48 AM
 #1

Due to abuse, we are suspending the asset/share transfer service on GLBSE.

Users will still be able to transfer bitcoin between accounts instantly and freely.

Over recent days it has become clear that a number of the users of the
GLBSE are either not aware of, or haven't read, the exchange's Terms Of
Service.

To combat this problem we are providing official notice of the existence
of our TOS, which can be found here .

We have also cleaned them up and formalized them a bit in an effort to
make them clearer and easier for our users to understand. No substantive
changes have been made from the previous version.

In the near future we will also be requiring existing and new users to
perform a one-time acknowledgment and acceptance of these TOS during the
login and account sign-up process. This will be repeated at any point
that our TOS change in the future to ensure that all users maintain
awareness of our policies.



GLBSE is a Bitcoin denominated capital market. Further details can be
found at www.glbse.com.

Email support@glbse.com with any inquiries.

Quote

1. The Global Bitcoin Stock Exchange (GLBSE), BitcoinGlobal, its employees and owners, hereafter referred to as "the Exchange", assume no responsibility or liability for any actions by any government, government body, or government agency, against any person, individual, group, organisation, or company, hereafter referred to as "the Users", as a result of using, trading, listing, or issuing assets on this exchange.

2. The Exchange assumes no responsibility or liability for any fraud committed on this exchange, but will do its best to prevent its occurrence.

3. The Exchange assumes no responsibility for the terms of assets that are traded or listed on the Exchange, or for the actions of any of the Users issuing assets that are traded or listed on the Exchange.

4. It is not the Exchange's responsibility to ensure that those trading, listing, or issuing assets on the Exchange are operating according to any kind of rules, regulations, laws, or standards those trading, listing, or issuing assets on the Exchange are subject to in any jurisdiction, beyond these terms of service.

5. The Users of the Exchange take full responsibility for their own actions, and any consequences resulting from those actions. It is the Users' own responsibility to determine the risks involved in depositing funds with the Exchange, creating assets, executing trades, or any other activity or action related to the use of the Exchange, or any of its current services.

6. The Exchange is currently beta release software, and as such the Exchange assumes no responsibility or liability for any losses that may be incurred if the Exchange is taken offline to deal with any problems that may arise. The Exchange makes no guarantees as to the correct functioning of its services until it is removed from beta release, although the Exchange will do its best to ensure it is functioning correctly. The Users use the Exchange at their own risk.

7. The Exchange will make its best effort to ensure that all data on the Exchange is properly backed up in the event of a system failure, or any other event. However the Exchange makes no guarantees. The Exchange is a best effort service and will remain so until it moves beyond the beta stage of development.

8. The Exchange may at its discretion ask asset creators to provide proof of identity, address, phone number, or any other information as deemed appropriate. Said information will be held securely offline and not shared with any third party.

9. The Exchange reserves the right to suspend trading of any asset, or suspend access to an asset creator's account, for failure of an asset creator to provide requested information, or in the event of suspected fraud.

10. By using the Exchange, and any of its current services, the Users agree to these terms of service.

11. These terms of service are subject to change without notice.

April 8th, 2012






Trade Shares, Bonds and more.

GLobal Bitcoin Stock Exchange (GLBSE)

Get bitcoin capital for your project or organisation

For support/help/ or questions email: support@glbse.com
1481389517
Hero Member
*
Offline Offline

Posts: 1481389517

View Profile Personal Message (Offline)

Ignore
1481389517
Reply with quote  #2

1481389517
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481389517
Hero Member
*
Offline Offline

Posts: 1481389517

View Profile Personal Message (Offline)

Ignore
1481389517
Reply with quote  #2

1481389517
Report to moderator
1481389517
Hero Member
*
Offline Offline

Posts: 1481389517

View Profile Personal Message (Offline)

Ignore
1481389517
Reply with quote  #2

1481389517
Report to moderator
1481389517
Hero Member
*
Offline Offline

Posts: 1481389517

View Profile Personal Message (Offline)

Ignore
1481389517
Reply with quote  #2

1481389517
Report to moderator
BurtW
Legendary
*
Offline Offline

Activity: 1792

All paid signature campaigns should be banned.


View Profile WWW
April 08, 2012, 05:23:34 AM
 #2

Quote
Due to abuse, we are suspending the asset/share transfer service on GLBSE.]Due to abuse, we are suspending the asset/share transfer service on GLBSE.

What abuse specifically?  I see nothing in the TOS related to transfer of shares between users.  How can there be abuse when there is no rules stated in the TOS?

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!
Kluge
Donator
Legendary
*
Offline Offline

Activity: 1218


Michael, send me some coins before I hitman you


View Profile
April 08, 2012, 05:31:51 AM
 #3

Quote
Due to abuse, we are suspending the asset/share transfer service on GLBSE.]Due to abuse, we are suspending the asset/share transfer service on GLBSE.

What abuse specifically?  I see nothing in the TOS related to transfer of shares between users.  How can there be abuse when there is no rules stated in the TOS?
I'm curious, too. What abuse has taken place to disallow people like Giga from offering pre-IPO shares for bulk purchasers? Or is that the reason this rule was implemented?

Don't mix your coins someone said isn't legal
glbse
Newbie
*
Offline Offline

Activity: 27


GLBSE Support


View Profile WWW
April 08, 2012, 05:41:23 AM
 #4

The ability to transfer assets between accounts was intended for users with multiple accounts to be able to freely move their assets between them. Users have been taking advantage of this function to avoid trade fees. Obviously that is not sustainable for us as an exchange platform provider, and required us to make this change.

Trade Shares, Bonds and more.

GLobal Bitcoin Stock Exchange (GLBSE)

Get bitcoin capital for your project or organisation

For support/help/ or questions email: support@glbse.com
BurtW
Legendary
*
Offline Offline

Activity: 1792

All paid signature campaigns should be banned.


View Profile WWW
April 08, 2012, 05:52:35 AM
 #5

The ability to transfer assets between accounts was intended for users with multiple accounts to be able to freely move their assets between them. Users have been taking advantage of this function to avoid trade fees. Obviously that is not sustainable for us as an exchange platform provider, and required us to make this change.
Well this is NOT spelled out in your TOS.  The pre-sale has already happened.  No one knew it was abuse.  You and Giga get together and work this thing out pronto before it becomes another long drawn out clusterfuck like the Goat episode.  There is a lot of money at stake here.  A lot of people have already paid for shares.

If the issues it that you did not get your cut then I suggest you work out an agreement for Giga to pay you some BTC to cover what you would have made on the sales.  Then put what is allowed and what is not allowed in your TOS.  You cannot change things mid stream like this.

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!
BurtW
Legendary
*
Offline Offline

Activity: 1792

All paid signature campaigns should be banned.


View Profile WWW
April 08, 2012, 05:57:31 AM
 #6

ANOTHER SUGGESTION:  Before the IPO put all the BTC that has been collected pre IPO into an account an BUY the shares (paying the rake to GLBSE) then allow him to distribute them post fees to the proper buyers.

There are a lot of ways to handle this.

Like I said work something out before this whole thing goes down the toilet.

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!
Bigpiggy01
Hero Member
*****
Offline Offline

Activity: 616



View Profile
April 08, 2012, 06:42:11 AM
 #7

Ummm I don't see any mention of fees at all in the above TOS so what rake is there to be paid? Normally fees etc would be specified in TOS wouldn't they?

copumpkin
Donator
Sr. Member
*
Offline Offline

Activity: 266


I'm actually a pineapple


View Profile
April 08, 2012, 07:29:41 AM
 #8

This sounds stupid to me. It's somewhat akin to you claiming ownership over our paper share certificates and preventing us from exchanging them in person. You can't kill the OTC market, and it's disappointing to even see you try. MtGox does not attempt to police it, and if anything facilitates it by creating MtGox codes for both fiat and bitcoin quantities (even though this sometimes means lost fees for them).

I appreciate that you'd have liked to see your fees attached to gigavps's 10k btc, but the shares are his to sell however he wants, and doing this is short-sighted and detrimental to glbse. If anything, the move seems like an excellent way to kill any kind of good will people had towards you.
glbse
Newbie
*
Offline Offline

Activity: 27


GLBSE Support


View Profile WWW
April 08, 2012, 07:59:55 AM
 #9

There are some valid points being raised here.

We are currently discussing it, but Nefario isn't available at the moment so don't expect an immediate response.

If you have any other comments please don't hesitate to make them.

Trade Shares, Bonds and more.

GLobal Bitcoin Stock Exchange (GLBSE)

Get bitcoin capital for your project or organisation

For support/help/ or questions email: support@glbse.com
PatrickHarnett
Hero Member
*****
Offline Offline

Activity: 518



View Profile
April 08, 2012, 08:11:18 AM
 #10

Sounds like a second exchange will be created if this is too big a problem.

Also, it is common in an IPO for there to be several shareholders of the asset and only a portion are sold at IPO time.  If GLBSE attempts to halt that activity then the operators are commercially naive (stupid) and it falls outside of the TOS as it is prior to being on that particular exchange.

On a related note, I discussed with James a stake in his operation back in January, but due to circumstances, was not able to invest (We were talking $10k-$20k at the time).  If you think a simple exchange like GLBSE wants to retroactively reach into those arrangements, you're dreaming.  I'm quite happy to run a bulletin board trading service for a Giga issue if required (I'll wear my professional company secretary hat (ACIS) for that), and do it for free.
mila
Sr. Member
****
Offline Offline

Activity: 462



View Profile
April 08, 2012, 08:35:23 AM
 #11

issuer already paid fees for creating the IPO
and there will be secondary market trading with fees
and some of the shares will also make it in the initial offer
 I don't fully understand this move to cancel transfers & even the ipo/7 seems no longer be linked from main page / menu

your ad here:
PatrickHarnett
Hero Member
*****
Offline Offline

Activity: 518



View Profile
April 08, 2012, 08:41:45 AM
 #12

Due to abuse, we are suspending the asset/share transfer service on GLBSE.


So, I have several hundred bitcoin in different shares in GLBSE, and now I can't trade them for some unspecified time due to some unclear reason.  Are you trying to kill your exchange?

Please explain what you are actually doing i.e. suspending trading indefinitely? That is what you've said.
glbse
Newbie
*
Offline Offline

Activity: 27


GLBSE Support


View Profile WWW
April 08, 2012, 08:44:54 AM
 #13

Due to abuse, we are suspending the asset/share transfer service on GLBSE.


So, I have several hundred bitcoin in different shares in GLBSE, and now I can't trade them for some unspecified time due to some unclear reason.  Are you trying to kill your exchange?

Please explain what you are actually doing i.e. suspending trading indefinitely? That is what you've said.

That shouldn't be happening.

The only difference in function is that you can't directly transfer shares between accounts. Regular trading should still be possible.

Trade Shares, Bonds and more.

GLobal Bitcoin Stock Exchange (GLBSE)

Get bitcoin capital for your project or organisation

For support/help/ or questions email: support@glbse.com
DeaDTerra
Donator
Legendary
*
Offline Offline

Activity: 1064



View Profile
April 08, 2012, 08:45:47 AM
 #14

Due to abuse, we are suspending the asset/share transfer service on GLBSE.


So, I have several hundred bitcoin in different shares in GLBSE, and now I can't trade them for some unspecified time due to some unclear reason.  Are you trying to kill your exchange?

Please explain what you are actually doing i.e. suspending trading indefinitely? That is what you've said.
They are not suspending the trading on GLBSE only the manual sending.
//DeaDTerra
PatrickHarnett
Hero Member
*****
Offline Offline

Activity: 518



View Profile
April 08, 2012, 08:50:06 AM
 #15

The OP was not clear on that point.
stochastic
Hero Member
*****
Offline Offline

Activity: 532


View Profile
April 08, 2012, 09:18:58 AM
 #16

GLBSE should just charge a fee to transfer shares or bitcoins between accounts.  Problem solved.

Introducing constraints to the economy only serves to limit what can be economical.
occulta
Full Member
***
Offline Offline

Activity: 187



View Profile
April 08, 2012, 09:21:58 AM
 #17

I hope this doesnt mean a reversal in the bonds ive already paid for, and a future increase on the agreed pre-sale price for them.

GPG KeyID: F5A703CC74E46E5D
glbse
Newbie
*
Offline Offline

Activity: 27


GLBSE Support


View Profile WWW
April 08, 2012, 09:22:53 AM
 #18

There are discussions about this issue taking place in a few threads and I'd like to consolidate it all into here:  https://bitcointalk.org/index.php?topic=75890.0

Thanks.

Trade Shares, Bonds and more.

GLobal Bitcoin Stock Exchange (GLBSE)

Get bitcoin capital for your project or organisation

For support/help/ or questions email: support@glbse.com
mila
Sr. Member
****
Offline Offline

Activity: 462



View Profile
April 08, 2012, 09:24:21 AM
 #19

I hope this doesnt mean a reversal in the bonds ive already paid for, and a future increase on the agreed pre-sale price for them.

in worst case price increase would be .5 % of fees
(this is how I understood the transfer stop drama)

without transfers between accounts this becomes pita

your ad here:
jamesg
VIP
Legendary
*
Offline Offline

Activity: 1330


AKA: gigavps


View Profile
April 08, 2012, 11:10:25 AM
 #20

I will work with GLBSE to pay whatever fee is necessary.

Pre-sales were my idea to help sales along.
Pages: [1] 2 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!