Topic: . (Read 5431 times)

I'll certainly consider this, would be 1 or 2 weeks before it's added.

What I would also like to see would be insurance, allow share issuers to buy insurance, and shareholders to do the same.

Nefario, this would be fairly simple to implement from your end.  You could give each ticker a unique address that you control and the amount would be displayed via the blockexplorer link: http://blockexplorer.com/q/getreceivedbyaddress/ENTERADDRESSHERE

Taking it a step further, you could have a script that calculates the total amount of funds raised by the company via sales (minus buybacks) and give a % of funds bonded by the company using the blockexplorer number above as an image on the company asset page.  That would allow company owners to send funds to the bond at any time and have the bond % updated in real time.  It would all be automated and would require little ongoing effort on your part.

(http://blockexplorer.com/q/getreceivedbyaddress/ENTERADDRESSHERE) / (share sales - share buybacks) = Bonded %

Nobody liked my bonded by the GLBSE idea? 

You should re-read the thread. It is a month by month. 

@Bits..please halt on the attack a few more days.  At this point it is no longer helping me to help Shakaru or his debtors or myself.  I do appreciate the dedication you have put into it, and I believe the correct results were obtained, but please hold up for a few days.  You got a reaction already.  Thank you

@Nefario
+10
You are correct, he has absolutely nothing.  He has finally as of Thursday agreed to see me to work something out. We have a 110 BTC debt with him, along with other monetary items since we were his roommates when everything failed.

He has "promised", I know, , that he will meet with me.  I am hoping I can help him create a business/re-payment plan.  And yes, I am qualified.  If he chooses 1. Not to meet with me within the 2 days, or 2. Fails to come up with a reasonable repayment plan, I will be back to request further actions be taken here, because at that point I will have been forced to take further actions on my side, which will, unfortunately impact people here.  I am sorry in advance.  As they say, prepare for the worst, but hope for the best.

@teek..I do think think it will run, no idea on the results though.  I really hope for you something good comes out of it.  So IMHO, let it run and allow Shakaru to hang himself again.  Or not, hopefully.

+1

We were delayed. She has had 2 official workouts now.

semantics.  Any investment with shakaru's is a gamble already.  Since he can't pay off his debts yet owns this arbitrage bot, shouldn't the boy bot be sold off so his creditors can get paid, or is there some mystical limited liability floating around here?

There should be financial disclosure requirements for each share.  If they are going to release dividends each week then they should also release how much BTC or cash held by the listed company, the value of current assets, and the costs of doing business.

SDM/SDM.LEVA did not fail. Shakaru outright stole the IPO funds and spent it at the bar. There is no guarantee that he will not do the same here. I bet you 10BTC that the Bitarb stock will pay out less than 1BTC at the end of April. PM if you are interested in putting your money where your mouth is.

Shares are already issued and sold.  The one issue runs for the month of April, which starts tmrw.  I own a few of those shares and would like to see what happens with it.  If you want to bar him from issuing new assets / shares thats one thing, but freezing him out totally isn't going to help anyone get any money back, myself included.  As well I gotta say, I don't know much about Shakaru, only really dealt with him on one item, but had no problems with the transaction.

teek

AFAIK shakaru's current status is bankrupt, that is he's declared himself bankrupt and is in the process of dealing with his creditors. Normally a person in this situation would be unable to get loans or certainly sell shares (or be the director of a LTD. company) until they get themselves out of this situation.

I would think that a person would need to be in a situation of good standing to be able to make loans or issue shares and so on.

Does everyone else consider this to be a reasonable action to take?

 

In the trading forum, shakaru says he is still working on the website stuff so that will probably not be up until may. If I was an investor in this I would demand screenshots and daily statements of trades made, because as it stands now, shakaru can pretty much just take the money himself and say the bot lost it. Seeing how shakaru is a known thief, scammer and liar I think the odds of him doing something like that is pretty high.

1) The bot starts tomorrow and we should be able to follow on the website < ? > the performance.

2) It isn't explicitly stated what happens to the funds that shakuru has put in the bot - are they reinvested for next month (bitarb.may), only the profits (if any) are sent to the repayment fund, or all the funds returned in shakuru's shares are sent to the repayment fund.



marked

Nice to see you have such great trust in shakaru, seems like he really needs it at the moment, but unless you know for sure that the BTC is were it should be, I would not put much faith in his words. You should ask him what he did with the money from the last two IPOs he did, because he sure as hell did not do what he promised in the contract.

How do you know this? Have you seen a screenshot of the 100BTC in the Mt.Gox account? Because if you are just taking shakaru's word for it, I predict you will end up disappointed.

Maybe using the existing GLBSE functionality could work too.  Sub accounts on the tickers could be created: one to speculate that the company AAA will fail in a certain time period (AAA.fail) and another to speculate that AAA will survive (AAA.win).  Every month or 3 months AAA.fail and AAA.win could have an IPO of a specific number of shares.  They both start out as 1BTC to 1 share for each ticker.  The contracts would say that the money from the .fail and .win sub accounts will be pooled together and if AAA becomes insolvent in that time period then the people that own AAA.fail receive a payout from the pooled money.  If AAA is still solvent after that time period then AAA.win receives the payout from the pooled money.  The asset creator could charge a percentage of the payout for management fees.

Have the contracts that a company becomes insolvent expire after a certain amount of time, maybe each month or every quarter.  For example, say I own shares of AAA on GLBSE but I am afraid it may become insolvent.  I go to the prediction market and buy a contract that says AAA will become insolvent which expires in 3 months and if it becomes insolvent then the contract holder is paid x amount of BTC.  On the other side of the trade is someone that believes that AAA will not become insolvent by the time the contract expires.  The buyer of the contract pays the seller a premium.  If AAA does not become insolvent by the expiration of the contract, the contract becomes invalid and the seller of the contract profits by the premium.  If AAA does become insolvent before the expiration then the seller of the contract is required to give the buyer of the contract a certain amount of money as stated in the contract.

If the market is liquid enough the buyers and sellers could sell or buy back their interest anytime to other people.

Verifying asset issuer identity has nothing to do with whether a share is going to float or crash.

How does everybody else feel about this?

How about doing several IPOs taking the money and using if at the bar instead of buying mining equipment. Should that not be enough for a life time ban?

Regarding the re-payment. He has paid back 1% of what he owes and it has been almost a full month. This is only for the people who bought mining contracts. Nothing has been repaid to the shareholders who he blatantly ripped off. Shakaru also owes a lot of money outside this forum. He should never be allowed to do business on the exchange again.

regarding ratings: i think assets should be rated by independent agencies, it seems to be a totally separate business. but it might be useful to fetch info from them and to show on the asset's page.

I was under the impression that shakaru has repaid or is in the process or repaying his debts?

I've locked the account, but if he's doing this then I see no reason to keep it locked.

I've locked his account, he's got 4 assets on GLBSE.

Ah so we're talking about a prediction market, this idea has worth.
How would people who predict that an asset is good cashout?

The following should be added to the scam list:
SDM
SDM.LEVA
Possibly also BITARB.APR and anything else shakaru is involved in.

For the SDM shares he did the IPO, took the money and spent it on drinks at the bar. He did not buy any mining equipment for the money. He might very well have done the same with this new BITARB.APR offering.

All SDM/SDM.LEVA shareholders should make a claim in the other shakaru thread.

For more info see here: https://bitcointalksearch.org/topic/shades-minoco-shakaru-collections-debt-65989

Perhaps the GLBSE could allow companies to put up money to be bonded, similar to how companies are "bonded and insured" to protect against losses.  In the event the company disappears, the money in the bond would be distributed to shareholders.  

The bond could be rated as a % of total funds raised, to keep the massive companies from raising 1,000 BTC and appearing "bonded" by putting up 1 BTC.

My offline business is required to carry a very large bond, and it tends to discourage 'fly by night' companies from getting licensed and bonded to provide bad work.

Someone talked about this before and I suggested that people not vote but instead speculate with money.  It would be basically a bet on if the company defaults and/or goes under.  People that own shares or are customers of the company and are taking risk by using the company can hedge that the company will fail.  Meanwhile, speculators can take the other side of the bet that the company will stay solvent in the time period set by the contract.  With enough volume, companies that meet many of the solvency tests would be indicating in the price of this bet.

As I mentioned before, GLBSE won't actually BE ABLE to rate these (we don't have the time or resources, or indeed the understanding).

What I'm proposing is that GLBSE build and run a rating system (but we don't do the actual rating)

Who should?

I don't think it should be like a public vote, we're not a democracy here. If users are just allowed to vote for the one they think is good it just becomes a popularity contest, which doesn't help anyone(and certainly doesn't make share ratings better either).

I do think however that the community should be involved, so what we might do is have a board of raters, several people who are allowed to rate assets. I think it would be fair to have GLBSE shareholders (that is, all shareholders on GLBSE itself, not shareholders of the GLBSE asset) should be able to vote for who they want to be a rater.

How they rate assets I have no idea, I think we'll need some sort of auditing. How would we implement this, I don't know.

Assets should be rated by the GLBSE community, whether they are shareholders of the asset or not (some sort of controls could be put in place, must be an active member for 90 days and have a certain number of assets, etc).  That should assist in pointing out the Ponzi schemes.  A third party rating system didn't work for Madoff, and they had a lot more educated and wealthy people behind that 3rd party.

I'm not saying that GLBSE rate them, and I agree that Nefario should NOT be the one doing the rating. I simply think that having a rating system would be a good idea and those items I listed would at least be a starting point. I did also combine a suggesting for a GLBSE feature I'd like to see added.

I don't think it is a good idea.  If a contract crashes and GLBSE says it is investment grade then it will be GLBSE that may be held responsible by investors.  Also, how could GLBSE take money for listing a contract on the exchange and then rate them as below investment grade?

I say a third party should do it and it should not be centralized but instead allow individuals to rate the assets themselves.

Awesome idea.

some of the things I'd like to see implemented into this rating are:
does the asset have a clear definition of what goes into dividends (x% profits from mining/arb bot/other, x% to growth, x% to CEO, etc)
does the asset have a clear definition of when dividends get paid
paid last x dividends on time
does the asset have an open book to allow open audits (mining asset with statistics site, investment co that publishes last months trades, etc)
clear definition of what happens to assets if/when the company goes offline (hardware sold and funds dispersed, existing capital distributed, shares/bonds purchased back by company, etc)
contingency plan on file with GLBSE in case asset creator gets hit by a bus/meteor/alien abduction
has other online verification (facebook, ebay, otc, linked-in, etc)
has meatspace verification (photo with ID and shoe on head, verified physical address, etc)

Most of this is usually covered by the contract, or on the assets forum post, but having it more standardized would be great. If GLBSE doesn't yet hold contingency plans, then this would be a great new addition I think.

Would you guys like me to add a rating system for assets?

Ala mood, S&P etc.

How/who would rate them because even if I build it, I won't have the time to do the actual rating, I'm struggling with getting everything else done as it is.

Idea's welcome.

How about OTF? http://www.offthefed.com/

Was it a scam as well? Ineptitude?

Is SATOSHISDAEMON.horse  really available?  Seems the race time has come and passed.

PureMining is missing.

marked

You are Moody, Fitch, Standard Poor .

MU please.

Or we can wait for some time to be whitelisted.

Want to konw how this going.
You are a serious investor on GLBSE, bro.

I would like to have S² Capital Management (GLBSE ticker "SS") to the list of good GLBSE assets.

I'll check it out. Yup, gave it to a person that is his size.

0.36871108 BTC

Did LIF.M send out dividends? If not, that's all from IBB. I'm not gonna purchase till mid April.

Shame to see this happen.  I'll probably buy a share of IBB later forth to compensate for the lost of one lif.m share I had.

you can freeze it? didn't know that, nice, go ahead!

Thanks for this

I'll freeze that asset then.

you can add MAXKEISER.bitcoinfilm to the "don't buy section".
there will be no more dividend payments, share is "inactive"

I would like to request GEM be added to the 'good' list.

I have not nor am I going anywhere and in fact will be doing more with the GEM fund very soon

I've frozen all the scam and abandoned assets, they have been removed from the GLBSE assets page and if there we're traded recently will be removed from the GLBSE charts page when that system updates.

Please keep this list updated regarding dead/scam assets.

Nefario.

All the assets in red are going to be frozen (not deleted) and can at some future point be migrated to GLBSE2.0 by their owners at no cost.

this leaves the door open for bidding pond and Oz

Nefario.

This is how we're planning on doing things, viewing verification will be made as easy as possible, while at the same time giving users the option of investing in something more anonymous if they wish to take the risk.

Nefario.

Could you add BID to the abandoned, scam list.

GLBSE was indeed a scam at first, it was then taken over by Nefario and the investors behind the GLBSE, and the shares have been converted into real shares of the GLBSE company.

I'm guessing it will be similar to how it works now where anyone can create something, however on top of that they will have optional verification, and it is upon the buyers to insist that sellers be verified.

I really hope they're going to verify ownership of websites (like "upload xiwgfzrg8fetur835.txt to your domain and put your jshrcg895589fnh8 in it"), e-mail addresses and maybe even the physical address.

GLBSE 2.0 is beta testing and he claims he'll remove all the scam/questionable/dead assets when they move to the new site

Oz.AUD is technically still valid. There's an illegal character in the contract, so the xml doesn't display properly, but if you choose 'view source', you can see the content of the contract.

Oz is a place holder, because previously you needed to own the head asset before you could issue sub-assets.

JLP was a mistake stock I accidentally made when first trying out the GLBSE. It has no real contract that means anything, nor any real contact info. I'd edit it if I could, and possibly use it in the future, but for now, it's a dead stock.

add TyGrr to the good peoples list please. ;p

Did Nefario take over the GLBSE  asset? We should add it as well, if so.

.