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Author Topic: Why trust GLBSE?  (Read 1719 times)
URSAY
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July 29, 2012, 03:50:54 PM
 #1

This is not an attack.  I am a happy user.  However, something stops me from using the site more...

Why do you trust Nefario?  Why do you trust GLBSE security?

Thanks for the feedback...
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waltmarkers
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July 29, 2012, 04:26:22 PM
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The general risk and counterparty risk can be lessened by a few things.

1. Don't leave BTC at GLBSE. - Buy what you want and withdraw your dividends.
2. Use 2 factor auth. Seriously, turn it on.

3. GLBSE could release shareholder account info to issuers along with a selected BTC address for the shareholder, which would let any share continue to pay dividends in the event GLBSE is no more.

4. GLBSE could sign statements for each shareholder on demand, giving each user similar security.

Any "theft" of a security can be rolled back, and with limited depth of market, it's hard for a hacker to liquidate a large position.
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July 29, 2012, 04:48:32 PM
 #3

Becuase Nefario is one sexy and trustworthy biatch.  Cool
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July 29, 2012, 07:43:53 PM
 #4

The general risk and counterparty risk can be lessened by a few things.

There are external risks as well.

Even though it appears there was sufficient precious metals held to back all the Liberty Dollar bills that were issued, people who held liberty dollars have not had access to the metal backing those funds ever since the FBI raided and confiscated the bullion in 2007.  
 - http://www.indianapolismonthly.com/features/Story.aspx?ID=1725808

GLBSE solely holds the information that would allow the asset issuer to continue paying dividends or would allow the proceeds from liquidation, if that occurs, to the shareholders as well.  

That information, if it were somehow be made known to the issuer in the event of a raid against GLBSE, would allow the issuer to broker share trading separately or to help make it possible to move the shares to another exchange.

I've seen some discussion addressing this situation but I don't know if there was any workable outcome either proposed or in place.

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July 29, 2012, 08:07:31 PM
 #5

Even though it appears there was sufficient precious metals held to back all the Liberty Dollar bills that were issued, those that held liberty dollars have not had access to the metal backing those funds ever since the FBI raided and confiscated the bullion in 2007.  
 - http://www.indianapolismonthly.com/features/Story.aspx?ID=1725808

GLBSE solely holds the information that would allow the asset issuer to continue paying dividends or would allow the proceeds from liquidation, if that occurs, to the shareholders as well.  

This is exactly why I created Shire Silver, and why I continue to hope that someone develops a distributed shareholding system akin to bitcoins itself. I'd love to work on it, but I'm not quite up to speed on the tech & security yet.

Shire Silver, a better bullion that fits in your wallet. Get some, now accepting bitcoin!
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August 07, 2012, 04:10:37 PM
 #6

Why do you trust Nefario?  Why do you trust GLBSE security?

GLBSE is probably starting to generate some decent cash flow. Thus, Nefario has a financial interest in appropriately operating the exchange because he will make mo money!

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August 07, 2012, 06:26:03 PM
 #7

Why do you trust Nefario?  Why do you trust GLBSE security?

GLBSE is probably starting to generate some decent cash flow. Thus, Nefario has a financial interest in appropriately operating the exchange because he will make mo money!

Im inclined to agree with this, although I applied the same reasoning to bitcoinica.

As mentioned above however, there are other risks besides Nefario trying to run off with the money. Considering the amount of money being transferred at GLSBE, I have to say the website still looks frighteningly amateurish. Looks can deceive of course, lets hope they do..

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August 07, 2012, 06:39:47 PM
 #8

How much money is there really to run with?
When a new asset is created and is sold there is money, but the moment the asset creator redraws hit money there isn't anymore.
The only money there is to run with is the balance in the accounts.
So it looks like there is a lot, but in reality there is a lot less.
All the fees I've paid added together are more worth than my current balance.

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URSAY
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August 07, 2012, 06:57:11 PM
 #9

Nefario would you care to comment on this topic?   Wink
sunnankar
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August 07, 2012, 08:34:54 PM
 #10

So it looks like there is a lot, but in reality there is a lot less.
All the fees I've paid added together are more worth than my current balance.

No kidding. The capital is largely stored in the listed assets and not in the BTC balances. Nefario has a lot more to gain by increasing the quality of the service than by running off with meager BTC balances. The site is probably just now starting to cover most of its costs and provide enough cash flow for some development.

I do not think GLBSE is comparable to Bitcoinica because Bitcoinica was a flawed market maker while GLBSE does not take on that role at all.

BitcoinINV
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August 08, 2012, 12:12:12 AM
 #11

Yup its like this why take a peice of the pie and leave the party, when you can take the whole pie and dance the night away!

URSAY
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October 29, 2012, 03:31:02 PM
 #12

Nefario didn't care to comment then and I'm sure he doesn't care to comment now.  Too elite for open discussion???  Reminds me of many other Bitcoin service providers in high positions.   Undecided

It's no wonder we are seeing a down market trend.  Trust is at an all time low.
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October 29, 2012, 09:21:34 PM
 #13

Nefario didn't care to comment then and I'm sure he doesn't care to comment now.  Too elite for open discussion???  Reminds me of many other Bitcoin service providers in high positions.   Undecided

It's no wonder we are seeing a down market trend.  Trust is at an all time low.

You backed the wrong horse, you got burned. Next time back the right horse.

My Credentials  | THE BTC Stock Exchange | I have my very own anthology! | Use bitcointa.lk, it's like this one but better.
URSAY
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November 01, 2012, 05:33:55 PM
 #14

Nefario didn't care to comment then and I'm sure he doesn't care to comment now.  Too elite for open discussion???  Reminds me of many other Bitcoin service providers in high positions.   Undecided

It's no wonder we are seeing a down market trend.  Trust is at an all time low.

You backed the wrong horse, you got burned. Next time back the right horse.

Your wrong.  You know nothing about my business with GLBSE.  Next time don't assume so much.
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