GLBSE IPO Handling and Interaccount Transfers Discussion Thread.

[mila]

did any of you had a look at:
http://www.slcapex.com/

and asked the question if the second life capital exchange is regulated?

my opinion is similar to trading imaginary money for virtual stock and if you want to regulate that, please remember to take your meds.

[galambo]

did any of you had a look at:
http://www.slcapex.com/

and asked the question if the second life capital exchange is regulated?

my opinion is similar to trading imaginary money for virtual stock and if you want to regulate that, please remember to take your meds.

Theres quite a large section of this site devoted to this topic.

Article I: Capital Exchange Disclosure Statement

Capital Exchange (CapEx) is a fictional stock market simulation game operating for entertainment and educational purposes only, and currently exists solely in support of Second Life®, a feature-rich online 3-D virtual world including an "economy" and a "currency" ($Linden) operated and supported by Linden Research, Inc. Capital Exchange (http://www.SLCapEx.com) is not affiliated with Linden Research, Inc. For more information regarding Second Life® please visit (http://www.secondlife.com).

To be very clear, Capital Exchange is not a real-world stock exchange and does not offer opportunity for direct real-world investment or profit. Shares purchased on this stock exchange simulation game do not entitle you to any legal real-world rights to a listed virtual company. Please play accordingly!

CapEx operates within the Second Life® environment, and beyond its boundaries via our website which acts as a clearinghouse for the trading of CapEx-listed "Stocks" and "$Lindens". The underlying companies are fictitious and none of the companies offer "registered" investment quality securities for sale in any form whatsoever via our website. Lindens used to purchase virtual stock here are in essence being transferred to the ownership of the person you are buying the virtual shares from, and not Capital Exchange. All stock and shares purchased are for purely entertainment only, and not considered part/whole ownership in any legal entity or real life company.

The terms "profit" and "earnings" as used within the context of the CapEx.com website, and any claim of monetary value therein, relates solely and specifically to the valuation of $Lindens as specified in the Linden Lab Terms of Service, Section 1.4 (http://secondlife.com/corporate/tos.php).

The $Linden "currency" is a limited license right available for purchase or free distribution at Linden Lab's sole discretion, and is not redeemable for monetary value from Linden Labor from CapEx.com.

CapEx offers no direct opportunity for conversion of ($Lindens) to legal tender currencies including $US Dollars. Linden Lab does offer an Exchange, called LindeX™, for the trading of $Lindens. Please refer to the Linden Lab Terms of Service, Section 1.5 for information regarding LindeX™ transactions.

Notwithstanding the warnings herein, CapEx as designed and offered is a serious stock simulation game. The participants here “play for keeps” and their time and $Linden-based holdings represent a considerable investment in our community.

Your participation here is not without risk. You could lose some or all of your $Lindens invested here. Only invest here what you can afford to lose.

There are additional policies, rules and Terms of Service for participation as published and amended from time-to-time. Please review and fully understand them before playing.

Finally, the operators of CapEx.com make no representation of any kind regarding the accuracy, fitness for purpose, or use of the software residing at (http://www.SLCapEx.com). Your use of the software in any manner whatsoever shall constitute an understanding and acceptance of this Disclosure Statement in its entirety. The individuals who operate the software residing at (http://www.SLCapEx.com) offer no warranty and offer no remedies whatsoever for its use or consequence. You play this stock simulation game at your own risk.

http://www.slcapex.com/content/disclosure

This text is unfortunately legally meaningless, and contains far too many undefined terms to be taken seriously by anyone working in the legal profession.

Basically, this document attempts to say that these securities are a worthless component of a video game and only intended for entertainment.

It is, however, an acknowledgement that what they are doing is not legal, and more importantly an indication that the exchange and the value of the securities could disappear to the wind at any moment.

The outlook for a bitcoin based stock exchange is even darker. Bitcoin in no way resembles a video game, and its anonymous nature makes it impossible to guarantee to the courts that Nefario is not the sole issuer of these counterfeit securities.

For these reasons, and more, I recommend the immediate closure of GLBSE and any other issuers of counterfeit securities.

[Raoul Duke]

For these reasons, and more, I recommend the immediate closure of GLBSE and any other issuers of counterfeit securities.

And you are...?

[mila]

such as this guy.

maybe he's obnoxious and his expectations unrealistic but he's kinda polite contributor
(though off topic with regard to "IPO handling and interaccount transfers discussion)".

one day it might become an issue : )

[Meni Rosenfeld]

For these reasons, and more, I recommend the immediate closure of GLBSE and any other issuers of counterfeit securities.

To paraphrase Einstein: If GLBSE is illegal, then I would feel sorry for the dear law. GLBSE is correct.

[Stephen Gornick]

Was there ever a post that states the final details on how these are treated?

Here's what appears to be the last discussion as far as method and rates:

It would be a fee, % of the average (over 5 days) trade price of an asset.

This would mean assets that haven't traded pay no fee.

I agree with copumpkin, in that part of the fee for GLBSE trades is to pay for the market to match it, and if transferring then only 1/2 that fee would be applicable.

So if the trade fee is 0.5% then the transfer fee is 0.25%

To ensure there is no confusion regarding the transfer fee, any assets that have not traded will have no fee, neither will assets that have a trade volume of less than 20BTC a week(7 days).

The fee will be on the average trade price over 5 days(or less if the asset has not traded for 5 days).

[Bitcoin Oz]

For these reasons, and more, I recommend the immediate closure of GLBSE and any other issuers of counterfeit securities.

 

[mila]

Was there ever a post that states the final details on how these are treated?

not sure if it's summarized better than what you just did. I remember the same outcome (of a discussion) that if there is a new asset create and it did not trade yet, transfers are w/o fees. also I noticed that both parties pay fees (seller and buyer) (have to divide glbse ballance with 1.005 first to see how much i can spend) and when selling I pay fee as well.