Topic: Be careful of low rep GLBSE issuers. (Read 3198 times)

https://bitcointalksearch.org/topic/glbse-bitsplit-not-only-a-mining-project-103874

Here is another one to avoid. Its pretty much structured like a pyramid scheme.

I guess being a newbie and listing a security is only one red flag to look at and I usually wait a month or two to see how the asset is progressing. Buying in to IPO's on glbse seems fraught with danger and Ive seen a lot crash and burn.

On the other hand I have recently added a new red flag to my list and that is a security issuer hiding behind trusted forum members to manage their asset which makes it seem more legitimate than it really is. This happened with bitdaytrade,bitcoinrebate and ZIP.A which used that method and they turned out badly.

ZIP.A actually paid out dividends for awhile but it turns out it was operating similarly to a ponzi scheme the whole time.

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A stolen porn website operator speaking about trust, this is a good one. What is next, a BTC exchange? Oh wait...

There's always the Web of Trust. Post count isn't such a big deal, as some here have intimated. Actual trading rep, on the other hand....

Edit: And serious kudos to LoupGaroux above for a coherent & valid argument.

And before you invest your BTC to a contract, that promises you 110% of what ever PPS and solemnly swears to pay you a awesome income of N Mh/s, until the end of time (perpetual), read this:  https://bitcointalksearch.org/topic/weekly-loss-of-n-guaranteed-enjoy-perpetual-loss-with-fixed-mhs-mining-turds-98517

I think we have to be careful of every single new security listed on GLBSE under IPOs but thanks for the effort to copypast them here.

https://glbse.com/asset/view/TIMESHAREAFRICA and https://glbse.com/asset/view/MMM  are two more securities to be careful of.

Condemning someone for participation seems a little misguided. Perhaps a better way to phrase it would be "don't equate post count or time here to legitimacy".

Beware of highly respected members of this board even more than noobs. History shows that this board affords a lot of respect to high profile scammers. The larger the scam the higher "respect" and "fucking respect" their operators have commanded at the time right before those scams unravelling.

Ah, thanks Nefario.

Slight adjustment to give the point a +1, it's is what it is.
After all we are dealing with real assets and not some pixel based goods.


Oh noes bite me ... yes posting random crap to up my count.

Dude check out my forum post I hit the same wall you did, look what I did to clear it. I was even called a scamer!  Just do stuff to prove your here for good, and to profit and to help others profit!

I agree with you. I am not refering to myself because I am really a newcomer here. But look at the guy who is runing vircurex and cryptostocks and only have 33 posts so far. I understand the concerns about me because I done nothing yet to the community. I am just working my way through earning some reputatation without the talent cryptostocks has.

It's in reference to Patrick from Bitcoinica on an irc chat demanding he gets some "fucking respect", kind of a bitcoin pop culture/meme thing now.

But one could also hypothesize that a scammer might intentionally gain high post counts in order to convince users of his legitimacy. It all really depends on how much value we put on post counts. I would advocate none or very little, because many users with high post counts contribute very little, and many with low post counts contribute quite a bit. In the end, it comes down to personal judgement. No one single metric can judge whether or not a user is a scammer, post count included.

That would be pretty weird if having a low post count caused people to be scammers. Although I could see having a high post count keeping someone honest at the margin, not wanting to tarnish a reputation. So there could be some causation going on.

I am ok with imposing higher standards on those with lower post counts. Sure it won't discourage those who want to game the system, but you increase the transactions costs associated with fraud by forcing them to either verify their identity, or to invest a lot in the community. Either way, it disincentivises fraud. Also, 1MM dollars. If you are going to scam, don't make it so obvious. Even Giga only has 40k shares, and he is damned reliable.

This is why the thread title says "low reputation"  not "low post count". You can import reputation from other places such as Ebay if you can prove you own the account. The main thing to look for is transparency.

Who are you quoting? No one except you has used that term in this thread.

Nice wellcome. I will not judge the community about your behavior.

I concur with advising caution, but post count is not necessarily indicative of validity. Correlation does not imply causation.

I was mostly referencing their possible scam listing also https://bitcointalksearch.org/topic/glbse-vhrl-vendors-high-risk-loan-up-to-3-interest-weekly-100800

Sorry if I dont give them "fucking respect".

First off, don't make yourself look like an ass by attacking somebody's command of the English language. Most of the the world's population does not speak it, and it is the height of narrow minded arrogance to assume otherwise.

Then, with respect to new securities, and the new identities that list them- true, every buyer should make informed choices in his or her investment. Part of that due diligence is finding standards to judge investments by, and having a forum reputation, and a documented history of your thoughts is valuable background. Just as studying the security in question is critical.

Let's take the aforementioned BLUECHIP as an example. I wonder how many potential investors actually read through all the fine print to see that the issuer of that security has mandated both a sell price and a buy price. So it is not a market commodity at all, but just means for this issuer to sell the unsubstantiated claim that he will buy what he considers to be blue chip investments, pay some vague dividends and require you to sell back any shares at one half the purchase price. With a desired market cap of $1.1 million US dollars. To support that effort the issuer has created a free blogspot website, and done nothing further to improve it, created a free Google spreadsheet, and done nothing to populate it, and created a blog and a Twitter account, and done nothing with them.

Gee, I don't really think that it is attacking newbies to suggest that potential investors might want to take a couple of extra minutes to think about sending Mr. BLUECHIP a half million bucks of pure profit in return for his talents at using free web tools. Talking about the markets, all markets associated with bitcoin in fact, is valuable for all. Looking very critically at a new class of "investments" that seem to pop up like mushrooms when the value of bitcoin grows, and are offered using the time honored techniques and tools of proven scammers is just good manners, and adds credibility to the markets.

I also need to apologize for my spelling and my grammar. I am coming from a country where English is not the first language neither second. I will be never be able to speak as native speakers do, sorry for that. How about you? What other languages do you speak with the same skill as your own? I do not want to be personal but you need to take into account that not everyone so lucky to born with a so useful language. Or maybe you also had to learn English as second language, then you are simply better then me on this field.

I don't really understand how people expect investments when they have no clear cut plans. If your on the forum why not tell people what your doing so you can get a little free advertising? If there is a security up that I have never seen or never read about you get nothing lol.

It isn't personal it is business.

Its also a red flag that people cannot spell properly and use incorrect grammar.

I understand. I apologize for my butthurt. I just don't like seeing people getting disrespect without being proven guilty of something. 

Its the way things are done especially in  the lending section of the forum. https://bitcointalksearch.org/topic/--97214 explains what people need to do to ensure they get a loan from the lenders. Its got nothing to do with government regulation. In some respects free market standards are a lot higher than government ones. They need to be because there is no safety net.

Issuing a security on glbse is no different than asking for a loan on the forum.

It is always up to you where you put your money. Do 50 posts on this forum is not so difficult to make. A guy with 50 posts and a guy with 10 posts has the same credibility. None. You always have to do your homework before investing in something. If a newcomer sounds interesting and you are okey to risk, put some coins there and wait. If you prefer low risk let the others find it out for you. I encourage everyone to be carefull because this is the wild west of doing bussiness in the 21st century. Do not throw your money mindless, unless you got plenty and just playing around.

I'll admit I feel threatened because I am new here and I don't like the stigma attached to it.

As for GLBSE in its early days, I feel the buyers of scammer, junk stocks knew what they were getting into.

What you guys want is everybody to be in line and every financial opportunity guaranteed. That can't happen in a free society.

GLBSE used to have no verification at all. It turns out a lot of the listings were scammers.

Go figure.

Here's my final word on this: Why does it bother you guys so much if somebody is soliciting capital for a project and their price for investment includes privacy? Aren't most investors under Caveat Emptor from the beginning?

I just don't think it's fair that you guys think you can set the standard for how everybody does business. Government ID isn't the end-all and be-all of reputation. Everybody has their standards and they don't have to be yours. I think we should treat people as the intelligent beings they are. If they are dumb enough to go bust here, then they will eventually learn to stop going bust. I don't think we need everyone playing Mommy and Daddy here. We're grown men.

 Someone raising thousands of bitcoins should expect some discovery by potential investors. An IPO is different than a simple OTC trade.

Deal with what? I don't need you guys.  

I make gentlemen's agreements all the time without having to go through a strip search.

You need to verify your reputation whether on this forum or outside it. One guy posted his photo ID and his business registration because he didnt have much rep. If you try to list a security on glbse with under 10 posts questions will be asked. Deal with it.

Depends on your country. My point is you guys take yourselves too seriously. Relax.

Casual business is different from offering a security for people to invest in.

You guys are going to see a huge influx of new members in the coming months and they are going to outnumber the Bitcoin veterans 10:1. You won't be able to demand they prove themselves then.

They'll do casual business with each other without your help or approval.

says the guy who registered 10 days ago

The point is not that everybody ought to use this forum when dealing in bitcoin but that there should be people around who a least have talked to the person if no other means of validation exist. There are plenty of ways to provide proof of legitimacy outside this forum in the bitcoin world for those who seek it.

No but the vast majority of scammers have under 50 posts which was the point I was making.

Do you really think all Bitcoiners go on this forum? 

Make sure you do your due diligence on new GLBSE securities as there are a few now listing where the forum members have under 20 posts. If you wouldn't loan coins on the forum to someone with under 50 posts why would you buy shares or bonds off them ?

As an example why is someone with under 10 posts trying to raise 100 000 btc ? https://glbse.com/asset/view/BLUECHIP 

If you just go by the asset page it says nothing about their community reputation so maybe this is something GLBSE needs to change, perhaps by enforcing an asset issuer to link to their forum profile.