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Topic: A BTC stock exchange for high-risk, unverified securities? - page 2. (Read 6152 times)

donator
Activity: 448
Merit: 250
It's clear to me that there are those that had/have no problems at all, but that doesn't make it less of an issue to me.
Sorry.

Quote
I am, however, still waiting for my IPO to launch (and show up in the market). I had my contract, financials, description, and other docs (as well as fee) submitted and paid by August 25th...so 3 weeks ago Sad
So the expected launch date you have provided was supposed to be 3 weeks ago?


legendary
Activity: 1064
Merit: 1001
Not for long.

Also there are several on GLBSE at the moment that would only need a little help in reaching that status.



Most on GLBSE are already that status imo. No offence to you.

Not exactly, getting into the white catagory would mean you need:
1) A revenue generating business
2) Provide accounts
3) Get verified (minimum photo and address verification)

The majority of GLBSE assets do not meet these standards.

You can start by streamlining the address verification.
Some members (myself included) have to chase you for weeks to get that part done.

I didn't have any trouble getting verified. I submitted all my information and had my phone and address verified within 2 weeks...all while substantial changes took place on GLBSE and everyone was busy. Given the circumstances I'd say that's pretty good.

I am, however, still waiting for my IPO to launch (and show up in the market). I had my contract, financials, description, and other docs (as well as fee) submitted and paid by August 25th...so 3 weeks ago Sad
donator
Activity: 448
Merit: 250
Not for long.

Also there are several on GLBSE at the moment that would only need a little help in reaching that status.



Most on GLBSE are already that status imo. No offence to you.

Not exactly, getting into the white catagory would mean you need:
1) A revenue generating business
2) Provide accounts
3) Get verified (minimum photo and address verification)

The majority of GLBSE assets do not meet these standards.

You can start by streamlining the address verification.
Some members (myself included) have to chase you for weeks to get that part done.

hero member
Activity: 602
Merit: 513
GLBSE Support [email protected]
Not for long.

Also there are several on GLBSE at the moment that would only need a little help in reaching that status.



Most on GLBSE are already that status imo. No offence to you.

Not exactly, getting into the white catagory would mean you need:
1) A revenue generating business
2) Provide accounts
3) Get verified (minimum photo and address verification)

The majority of GLBSE assets do not meet these standards.
legendary
Activity: 1414
Merit: 1000
HODL OR DIE
Not for long.

Also there are several on GLBSE at the moment that would only need a little help in reaching that status.



Most on GLBSE are already that status imo. No offence to you.
hero member
Activity: 602
Merit: 513
GLBSE Support [email protected]
Yeah, will be working with issuers to get them into white, and then eventually blue.
hero member
Activity: 518
Merit: 500

I'm thinking of tier names right now. Tier 1 would be GLBSEBlue for "bluechip" shares, Tier 3 being GLBSEPink for pink sheets (and all the risk, none of the requirements).

Anyone have a good name for Tier 2 middle tier?


How about GLBSEWhite?

Since you have to get some verificaton to get out of the bottom tier, it would be like whitelisting the assets?

Looks like my suggestion wins!

Market on GLBSE now split into Pink, White, and Blue.

Well, "split", since everything is still in Pink, White and Blue are empty.
donator
Activity: 588
Merit: 500
Theymos: Look at August new membership. Think how much money people lost on crap "assets". Add these two.

We should all move to a romanian exchange run by a porn website operator like you.

https://bitcointalksearch.org/topic/m.1121264
hero member
Activity: 756
Merit: 522
Theymos: Look at August new membership. Think how much money people lost on crap "assets". Add these two.
newbie
Activity: 15
Merit: 0
one look at the various levels of pink sheets OTC
OTCBB and GXG markets is full of pump and dump penny stocks

and theyers lots of hooops to jump through on a laot of those sections to be listed
these guys just manage to pay off enough people[massive listing fee, anointed brokers paid ot consult and given wholesale access to IPO etc etc] and are letter of the law legit [but not SEC]yet rip off millions $$$ from poor dumb "investors"

i welcome any effort a nice guy like you who wants ot protect investors BUT how hard will you have to work to be even more effective than the toothless SEC? i would say it's hard to watch but at the end of the day spend your time and money protecting GLBSE's ass not the investors.
i am beyond angry at the people who enabled pirate40 through their blind greed and idiocy and have the temerity to whine about it. not you.
legendary
Activity: 1064
Merit: 1001
I'll be adding tags in the next couple of days for things like bonds, mining etc. to shorten the assets page.

But what I actually had in mind was having 3 different markets (or 3 different market pages) with differing requirements to get into each of them.

The (C) market could be unverified, no accounting records etc. and considered very risky, it would also have the lowest starting fees and maybe a limit on the amount that can be raised.

(B) market would be where most of the good assets currently stand, verified to the current level, but I think providing monthly accounting statements, they'd need to have a running business as well (compared to funds to get a project started). So it would only be a little more effort (I think mostly for the accounting side) for some existing assets to get into this category.

(A) market would have even higher levels of verification than now(background and credit checks), would also require a treasurer to approve the use of funds, provide GAAP accounts and be audited by an external source.

This way an asset could start off in the C market and as they grow (if they're successful) they will be moved to B market and then eventually A market, each step up raising the levels of capital they have access to.

We still wouldn't allow assets that would make GLBSE a target for government regulators/police (i.e. drugs, prostitution).

I actually like this idea a lot, as it has a lot of roots in the actual stock exchanges. As it is right now, wading through the various sketchy securities on GLBSE is tiresome as I look toward actual investments and ideas.

Not to mention bad timing for me as I try to get my IPO off the ground! Tongue
legendary
Activity: 2940
Merit: 1090
People who don't want to go through verification can simply run their own issues on their own server, even from home behind i2p or Tor if they want to. The main thing preventing that so far has been lack of free open source software to do it. That is being remedied rapidly.

-MarkM-

EDIT: In fact, the default setting for Open Transactions servers is that anyone can issue an asset. So basically even if you don't want to run one yourself to issue your assets on, chances are you will be able to find one with that setting and issue as many assets as you wish as often as you wish...

-MarkM-


And I as a customer am free to totally avoid anything like that  Smiley


And I as a server operator am free to turn off the ability of users to issue assets, which is what I have done on my server. Smiley

-MarkM-
full member
Activity: 126
Merit: 100
hero member
Activity: 686
Merit: 500
Wat
Quote
Why would the C market have a cap on funding?

A cap on the amount any one person or group could raise, why shouldn't it? C market is for smaller unproven projects from people with little or no track record.

They shouldn't be able to raise millions of USD worth of bitcoin for a massive project that they have almost no experience for, that is a recipe for disaster, for larger projects or funds you need to have a track record and your level of responsibility grows. If the C market isn't enough for someone to raise the capital they need then they need to qualify for the B market. It's not unreasonable and not a huge step up.


What if the investors and the issuer have a price of privacy and low visibility? What if no party sees any benefit in reaching B status?



People will provide transparency because the market demands it not because there are regulations forcing them to do it.
hero member
Activity: 686
Merit: 500
Wat
People who don't want to go through verification can simply run their own issues on their own server, even from home behind i2p or Tor if they want to. The main thing preventing that so far has been lack of free open source software to do it. That is being remedied rapidly.

-MarkM-

EDIT: In fact, the default setting for Open Transactions servers is that anyone can issue an asset. So basically even if you don't want to run one yourself to issue your assets on, chances are you will be able to find one with that setting and issue as many assets as you wish as often as you wish...

-MarkM-


And I as a customer am free to totally avoid anything like that  Smiley
hero member
Activity: 602
Merit: 513
GLBSE Support [email protected]
I'll cut out my idealism then. I am now even more sold on the GLBSE.

Governments have a lot of power and our only real protection is cryptography, so governments have created laws to try to remove this protection, threat of imprisonment if we don't give them the password or key.

I don't know the US legislation but in the UK it's RIPPA(or RIPA not sure).

So the only alternative is to split the data from the key, and keep them in different locations/jurisdictions. Sure you could get the other person but it's a lot more work.
newbie
Activity: 28
Merit: 0
I'll cut out my idealism then. I am now even more sold on the GLBSE.
hero member
Activity: 518
Merit: 500

I'm thinking of tier names right now. Tier 1 would be GLBSEBlue for "bluechip" shares, Tier 3 being GLBSEPink for pink sheets (and all the risk, none of the requirements).

Anyone have a good name for Tier 2 middle tier?


How about GLBSEWhite?

Since you have to get some verificaton to get out of the bottom tier, it would be like whitelisting the assets?
hero member
Activity: 602
Merit: 513
GLBSE Support [email protected]
GLBSE will release information given enough legal force. You want us to trust the GLBSE and that is reasonable depending on the clientèle you want.

We ran an anonymous market exchange for nearly a year, it was a total failure in the practical, ideological and economic sense. It made almost no money, no one "investing" made any profit or return because the vast majority of assets were scams, most of the rest were failures, with a few late arrivals being successful (when we added verification).

Also you're argument about being forced to release information is moot. We're implementing a separation of powers for verification data we hold. Similar to our disaster plan if I get killed.

One party holds the data encrypted while the other has the key, with only one party being publicly known (me) and the other in a very different jurisdiction.


legendary
Activity: 2940
Merit: 1090
People who don't want to go through verification can simply run their own issues on their own server, even from home behind i2p or Tor if they want to. The main thing preventing that so far has been lack of free open source software to do it. That is being remedied rapidly.

-MarkM-

EDIT: In fact, the default setting for Open Transactions servers is that anyone can issue an asset. So basically even if you don't want to run one yourself to issue your assets on, chances are you will be able to find one with that setting and issue as many assets as you wish as often as you wish...

-MarkM-
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