mila
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April 15, 2012, 02:39:53 PM |
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Status update ?
I'm also waiting for the dev site to go live for some testing. ATM not known what the changes would be nor when it comes up.
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your ad here:
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Nefario
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April 15, 2012, 03:27:49 PM |
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dev.glbse.com will be up by the time I go to bed today, inter account transfer fees will be rolling out with the next GLBSE update at the end of the week.
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PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com
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marked
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April 15, 2012, 04:47:52 PM |
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I'm also waiting for the dev site to go live for some testing. ATM not known what the changes would be nor when it comes up.
I've seen it and played with "dev's dev" site a bit. I've given some feedback to nefario, mostly relating to layout and similar issues, some 18 hours or so ago. It looks much better, and has a couple of nice features. There were a few quick tests, as it was only up for half an hour or so, so some still remained at the time such as pass/fail notification on finalised motions. marked
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galambo
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April 17, 2012, 01:19:33 AM Last edit: April 17, 2012, 03:02:21 AM by galambo |
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I agree with what you have done.
Its a good idea to suspend the transfer of unregistered (restricted) securities to unaccredited investors, considering its against the Securities Exchange Act of 1933.
Also note that the service you are providing is not a stock exchange. Your service is a weird hybrid put together by someone with very little knowledge of how capital markets actually work.
A stock exchange only facilitates the matching of buyers and sellers. These parties are brokers, not the beneficial owner of the security.
The buyers and sellers arrange the transfer outside of the exchange, typically through a clearinghouse. The records of ownership are taken down by the issuer or a transfer agent. Each of these parties are seperate and distinct for some very good reasons.
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Nefario
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 17, 2012, 03:37:40 AM |
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I agree with what you have done.
Its a good idea to suspend the transfer of unregistered (restricted) securities to unaccredited investors, considering its against the Securities Exchange Act of 1933.
Also note that the service you are providing is not a stock exchange. Your service is a weird hybrid put together by someone with very little knowledge of how capital markets actually work.
A stock exchange only facilitates the matching of buyers and sellers. These parties are brokers, not the beneficial owner of the security.
The buyers and sellers arrange the transfer outside of the exchange, typically through a clearinghouse. The records of ownership are taken down by the issuer or a transfer agent. Each of these parties are seperate and distinct for some very good reasons.
GLBSE in not a U.S. exchange or company. The owners and managers of GLBSE are not American citizens nor do they live in the US. I agree that GLBSE is not a stock exchange, it's an asset exchange (where the assets may be shares, bonds, futures or some other form of security), but GLBSE users like to call it that so that's what we do. I wonder, should we change the name to Global Bitcoin Securities Exchange?
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PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com
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OgNasty
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April 17, 2012, 03:58:23 AM |
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I wonder, should we change the name to Global Bitcoin Securities Exchange?
If GBSE.bit isn't taken, YES!
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..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
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Raoul Duke
aka psy
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April 17, 2012, 04:08:33 AM |
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I wonder, should we change the name to Global Bitcoin Securities Exchange?
If GBSE.bit isn't taken, YES! Why would that be? AFAIK GLBSE means Global Bitcoin Stock Exchange. Same acronym, only switch Stock for Securities ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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Nefario
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 17, 2012, 05:01:12 AM |
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I wonder, should we change the name to Global Bitcoin Securities Exchange?
If GBSE.bit isn't taken, YES! I think it already is, was taken shortly after namecoin started I think Also the dot-bit.org site is down If the person who actually has the glbse.bit domain under their control reads this, PM me cause I want it. Am willing to pay BTC very high in the single digits :p But seriously contact me.
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PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com
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galambo
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 17, 2012, 05:06:15 AM |
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GLBSE in not a U.S. exchange or company. The owners and managers of GLBSE are not American citizens nor do they live in the US.
I agree that GLBSE is not a stock exchange, it's an asset exchange (where the assets may be shares, bonds, futures or some other form of security), but GLBSE users like to call it that so that's what we do.
I wonder, should we change the name to Global Bitcoin Securities Exchange?
I assure you that you will find the same laws WRT unregistered securities in the United Kingdom. London regulations are actually much more strict than those of Washington DC. Have you registered with the FSA? ![](https://ip.bitcointalk.org/?u=http%3A%2F%2Ffsahandbook.info%2FFSA%2Fimages%2Fcontent%2F2501.png&t=665&c=1NgZePWuJbeq1Q)
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Nefario
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 17, 2012, 05:09:13 AM |
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Bitcoin is not a regulated area in the UK.
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PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com
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Meni Rosenfeld
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April 17, 2012, 05:16:05 AM |
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Also note that the service you are providing is not a stock exchange. Your service is a weird hybrid put together by someone with very little knowledge of how capital markets actually work.
A stock exchange only facilitates the matching of buyers and sellers. These parties are brokers, not the beneficial owner of the security.
The buyers and sellers arrange the transfer outside of the exchange, typically through a clearinghouse. The records of ownership are taken down by the issuer or a transfer agent. Each of these parties are seperate and distinct for some very good reasons.
It may or may not be factually true that Nefario has "very little knowledge of how capital markets actually work". This has no relevance on whether GLBSE (or the ecosystem GLBSE is a part of) should be an exact copy of traditional markets. There's no problem with providing a service that serves multiple functions. In the future, assets in the Bitcoin world will be based on a decentralized blockchain like Bitcoin itself; issuing, transferring and even atomic Bitcoin-asset trades will be done on this blockchain. Matching buyers and sellers can also be done on a p2p network if there is no problem with fake orders. There will be separate services that allow continuous trades and guaranteed orders. But right now the Bitcoin market is too small for a separation of powers with multiple competing offerings for each function.
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PatrickHarnett
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April 17, 2012, 05:18:35 AM |
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1st argument is in box 1 - not carrying out a business. BTC is not recognised as currency or security, so trading with them exempts GLBSE.
I've dealt with tax officials on the definition of "carry on a business" with respect to value added taxes, and the intention is basically to create taxable income. GLBSE is not aiming to create taxable income in the UK (or probably anywhere else).
(the S could be for "stuff")
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Nefario
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 17, 2012, 05:22:37 AM |
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GLBSomethingE
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PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com
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galambo
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
April 17, 2012, 05:31:57 AM Last edit: April 17, 2012, 05:44:43 AM by galambo |
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1st argument is in box 1 - not carrying out a business. BTC is not recognised as currency or security, so trading with them exempts GLBSE.
I've dealt with tax officials on the definition of "carry on a business" with respect to value added taxes, and the intention is basically to create taxable income. GLBSE is not aiming to create taxable income in the UK (or probably anywhere else).
(the S could be for "stuff")
What this service does is not bitcoin, or any way related to bitcoin, other than that bitcoin is the chosen currency. If instead you chose to accept kilograms of soil to act as a clearinghouse for unregistered securities, do you think it would really matter to FSA? http://www.fsa.gov.uk/smallfirms/your_firm_type/financial/pdf/ucis_factsheet.pdf
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jamesg
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April 17, 2012, 12:08:07 PM |
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1st argument is in box 1 - not carrying out a business. BTC is not recognised as currency or security, so trading with them exempts GLBSE.
I've dealt with tax officials on the definition of "carry on a business" with respect to value added taxes, and the intention is basically to create taxable income. GLBSE is not aiming to create taxable income in the UK (or probably anywhere else).
(the S could be for "stuff")
What this service does is not bitcoin, or any way related to bitcoin, other than that bitcoin is the chosen currency. If instead you chose to accept kilograms of soil to act as a clearinghouse for unregistered securities, do you think it would really matter to FSA? http://www.fsa.gov.uk/smallfirms/your_firm_type/financial/pdf/ucis_factsheet.pdfNefario, The regulators are smelling blood in the water. Time to move your server to tonga. Or even better, to a .onion address. Or both. Iceland is probably a good choice.
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Nefario
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April 17, 2012, 01:20:39 PM |
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Although we don't have a hot swap system ready and waiting GLBSE is prepared for the unlikely event of the server being shut down, we would be offline for a maximum of 3 days.
I can assure you that the FSA sees bitcoin as monopoly money and simply doesn't care.
Just because I happen to live in the UK doesn't mean that this is where GLBSE is operating from. The fact is it would be very difficult for any country to shut down GLBSE (being as we have no bank accounts to be frozen or physical assets to seize).
Unlike the U.S. the British government (if they could ever care) would find it very difficult to prosecute a British citizen for running a virtual stock exchange, not even based in the UK, priced in (what they classify as) imaginary money.
We're not out there on the streets pushing for 20 year old single mothers to invest their life savings. We offer this service as is, and don't even advertise it, it's almost exclusively used by members of this forum.
This doesn't even start to become an issue until the volume of trade on GLBSE starts going into the millions, when the tax man starts to take an interest.
But as was mentioned we could always move to Tor if we wanted to, for the time being GLBSE is fine.
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PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com
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silverbox
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April 17, 2012, 03:58:12 PM |
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Although we don't have a hot swap system ready and waiting GLBSE is prepared for the unlikely event of the server being shut down, we would be offline for a maximum of 3 days.
I can assure you that the FSA sees bitcoin as monopoly money and simply doesn't care.
Just because I happen to live in the UK doesn't mean that this is where GLBSE is operating from. The fact is it would be very difficult for any country to shut down GLBSE (being as we have no bank accounts to be frozen or physical assets to seize).
Unlike the U.S. the British government (if they could ever care) would find it very difficult to prosecute a British citizen for running a virtual stock exchange, not even based in the UK, priced in (what they classify as) imaginary money.
We're not out there on the streets pushing for 20 year old single mothers to invest their life savings. We offer this service as is, and don't even advertise it, it's almost exclusively used by members of this forum.
This doesn't even start to become an issue until the volume of trade on GLBSE starts going into the millions, when the tax man starts to take an interest.
But as was mentioned we could always move to Tor if we wanted to, for the time being GLBSE is fine.
Awesome post.. A virtual exchange priced in imaginary money.. Your busted!!! NOT ![Wink](https://bitcointalk.org/Smileys/default/wink.gif)
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galambo
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April 17, 2012, 10:19:19 PM |
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Although we don't have a hot swap system ready and waiting GLBSE is prepared for the unlikely event of the server being shut down, we would be offline for a maximum of 3 days.
I can assure you that the FSA sees bitcoin as monopoly money and simply doesn't care.
Just because I happen to live in the UK doesn't mean that this is where GLBSE is operating from. The fact is it would be very difficult for any country to shut down GLBSE (being as we have no bank accounts to be frozen or physical assets to seize).
So on receipt of information that what you are doing is not legal, your announcement is that upon presentation of an interim injunction by FSA your intent is to flee to another jurisdiction and continue to operate? That must make the holders of "unlimited duration bonds," and other assets for which GLBSE is the nominal custodian, feel very secure.
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stochastic
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April 18, 2012, 12:06:22 AM |
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Although we don't have a hot swap system ready and waiting GLBSE is prepared for the unlikely event of the server being shut down, we would be offline for a maximum of 3 days.
I can assure you that the FSA sees bitcoin as monopoly money and simply doesn't care.
Just because I happen to live in the UK doesn't mean that this is where GLBSE is operating from. The fact is it would be very difficult for any country to shut down GLBSE (being as we have no bank accounts to be frozen or physical assets to seize).
So on receipt of information that what you are doing is not legal, your announcement is that upon presentation of an interim injunction by FSA your intent is to flee to another jurisdiction and continue to operate? That must make the holders of "unlimited duration bonds," and other assets for which GLBSE is the nominal custodian, feel very secure. You must be new here and already trolling with 10 posts. What do you want nefario to say. "Sure I will spend millions of dollars on being regulated for a small virtual security exchange."
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Introducing constraints to the economy only serves to limit what can be economical.
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camem
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April 18, 2012, 06:26:58 PM |
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Bitcoin is not a regulated area in the UK.
Sold. (literally)
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