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Topic: Gigamining / Teramining - page 79. (Read 216450 times)

vip
Activity: 1358
Merit: 1000
AKA: gigavps
October 10, 2012, 07:03:25 PM
gigavps, I checked "Share with issuers? Check this box if you wish to share the above information with issuers for assets you have bought." checkbox to let you know how many bonds I bought from your assets, I hope this to be enough to help you.

Hi johnlu,

I will notify everyone in this thread when I have received the list of asset holders and the BTC that was in GLBSE. Without the list of asset holders, it will be tough to do much of anything. I am also continuing to work with counsel to find a way forward without an exchange.

Best,
gigavps
sr. member
Activity: 471
Merit: 252
October 10, 2012, 06:57:13 PM
gigavps, I checked "Share with issuers? Check this box if you wish to share the above information with issuers for assets you have bought." checkbox to let you know how many bonds I bought from your assets, I hope this to be enough to help you.
hero member
Activity: 532
Merit: 500
October 10, 2012, 12:12:28 AM
Now what?

Quote
Update:we are currently unable to process account closures, and will inform our users when this service resumes.

surprise, surprise.  Roll Eyes
legendary
Activity: 2646
Merit: 1137
All paid signature campaigns should be banned.
October 10, 2012, 12:10:23 AM
Now what?

Quote
Update:we are currently unable to process account closures, and will inform our users when this service resumes.
hero member
Activity: 532
Merit: 500
October 09, 2012, 10:10:38 PM
Before anyone gives up personal information to a stranger and registered scammer, they should ask what legal authority BitcoinGlobal has in requesting this information:

Haven't seen that request, but if they're requesting personal information there's a few points they need to clear up first:

1.  If the information is for AML purposes then which AML supervisor are they registered with?  In the uK there's about 8 different supervisors, depending on the nature of your business (IF your business is one subject to the AML legislation).  The obvious one for them would be the FSA (which covers financial service providers) but there ARE others (e.g. casinos have the gambling/gaming commission).  If they're requesting information for AML purposes then they need to be registered with one of the designated supervisory bodies.

2.  If it's for AML purposes then a link please to their AML compliance policy.

3.  If not for AML purposes then what is this information going to be used for?  And how long will it be retained for?  This is information they're obligated to provide under the Data Protection Act.

4.  Irrespective of the answers above, link please to their DPA compliance policy/statement?

5.  Can GLBSE please confirm that they have professional indemnity insurance covering them against loss or misuse of clients' data.

6.  What is their intention in respect of anyone who refuses to provide the documents but requests their funds returned?  Will they just keep the money?  Report them as a suspected money launderer?  Turn their BTC over to the police?

As soon as I receive the request referred to in OP I'll be emailing requesting the above information (can't check my email right now - assume that's where it is).  If they refuse to answer the questions but persist in requesting the information then I will next send a formal request for my funds (providing my name/address but not giving any documents which would allow identity theft).


sr. member
Activity: 336
Merit: 250
October 09, 2012, 10:08:37 PM
You can now login and provide an email address for contact, a withdrawl bitcoin address, and a checkbox to share that information with the asset issuers. I'm assuming it will include such information as "how many shares you have" to the asset issuers.

I have complete the GLBSE AML forms to receive the gigamining coins back.

Did you have to provide all 3 forms of identification: photo ID, proof of address, and (the most amateurish) photo of you with hold up a piece of paper with your GLBSE username and date?

I've submitted all of the info requested.

Giga,

Are your bondholders also required to submit the identifcation details in order to receive the allocated bonds or will the list of this information be provided to you directly?

Thanks
I doubt anyone knows right now - technically if Nefario's going for full AML compliance it's likely to be the former.
legendary
Activity: 876
Merit: 1000
Etherscan.io
October 09, 2012, 10:06:00 PM
You can now login and provide an email address for contact, a withdrawl bitcoin address, and a checkbox to share that information with the asset issuers. I'm assuming it will include such information as "how many shares you have" to the asset issuers.

I have complete the GLBSE AML forms to receive the gigamining coins back.

Did you have to provide all 3 forms of identification: photo ID, proof of address, and (the most amateurish) photo of you with hold up a piece of paper with your GLBSE username and date?

I've submitted all of the info requested.

Giga,

Are your bondholders also required to submit the identifcation details in order to receive the allocated bonds or will the list of this information be provided to you directly?

Thanks
vip
Activity: 1358
Merit: 1000
AKA: gigavps
October 09, 2012, 09:43:58 PM
You can now login and provide an email address for contact, a withdrawl bitcoin address, and a checkbox to share that information with the asset issuers. I'm assuming it will include such information as "how many shares you have" to the asset issuers.

I have complete the GLBSE AML forms to receive the gigamining coins back.

Did you have to provide all 3 forms of identification: photo ID, proof of address, and (the most amateurish) photo of you with hold up a piece of paper with your GLBSE username and date?

I've submitted all of the info requested.
hero member
Activity: 532
Merit: 500
October 09, 2012, 09:40:18 PM
You can now login and provide an email address for contact, a withdrawl bitcoin address, and a checkbox to share that information with the asset issuers. I'm assuming it will include such information as "how many shares you have" to the asset issuers.

I have complete the GLBSE AML forms to receive the gigamining coins back.

Did you have to provide all 3 forms of identification: photo ID, proof of address, and (the most amateurish) photo of you with hold up a piece of paper with your GLBSE username and date?
vip
Activity: 1358
Merit: 1000
AKA: gigavps
October 09, 2012, 09:34:46 PM
You can now login and provide an email address for contact, a withdrawl bitcoin address, and a checkbox to share that information with the asset issuers. I'm assuming it will include such information as "how many shares you have" to the asset issuers.

I have complete the GLBSE AML forms to receive the gigamining coins back.
sr. member
Activity: 411
Merit: 250
October 09, 2012, 09:33:13 PM
You can now login and provide an email address for contact, a withdrawl bitcoin address, and a checkbox to share that information with the asset issuers. I'm assuming it will include such information as "how many shares you have" to the asset issuers.
legendary
Activity: 1190
Merit: 1000
www.bitcointrading.com
October 09, 2012, 08:14:30 PM
Looks like day two is over and there is still nothing from GLBSE. I guess we will keep patiently waiting for Nefario to deliver what he has said he would. I still don't understand why the GLBSE application can't be brought back up with trading/transfering disabled.

Yea, it would be so easy for them to do things the right way.
legendary
Activity: 966
Merit: 1003
October 09, 2012, 05:47:11 PM
Looks like day twofive is over and there is still nothing from GLBSE. I guess we will keep patiently waiting for Nefario to deliver what he has said he would. I still don't understand why the GLBSE application can't be brought back up with trading/transfering disabled.

ftfy
vip
Activity: 1358
Merit: 1000
AKA: gigavps
October 09, 2012, 05:42:13 PM
Looks like day two is over and there is still nothing from GLBSE. I guess we will keep patiently waiting for Nefario to deliver what he has said he would. I still don't understand why the GLBSE application can't be brought back up with trading/transfering disabled.
full member
Activity: 231
Merit: 100
October 09, 2012, 05:15:09 PM
What I want to know is where were all these legal aids when all these bitcoin securities started up?  If you guys knew all this before why not put it out there?  So now do all of us bond holders need to pony up some dough for lawyers?   Would have been nice to know some of this before buying into these, I guess I can say it is partly my fault for not looking into all the angles but it is just strange that all these legal aids have come crawling out of the woodwork....

just my 2 bit cents.

Naelr

Stop being so dramatic, there is nothing to be done now. I don't know why you would trust someone online, with so much a lawyer would be necessary. If you have a issue with anyone it should be Nefario, he's the one who just put the trading value to zero. A issuer can only do what they know is honest. If they wanted to be jerk's they could just repurchase the share's for next to nothing.


I am not being dramatic, I am simply saying that that everyone wants to be an armchair quarterback now that it might be possible that lawyers might be involved. 
legendary
Activity: 1190
Merit: 1000
www.bitcointrading.com
October 09, 2012, 05:03:00 PM
Change the structure of gigamining.  Instead of it being described as a bond, have people lease the hardware indefinitely.  People transfer leases all the time.

I believe that's how Sony "sells" their PS3s as well. Just a perpetual transferable lease. It makes sense for the mining companies to take this path when and if legal issues arise.

You dont lease a PS3 with the aim of making money.
And I fear just relabeling it wont really help. I came across this, granted, for Arizona, but I suspect it will similar all over:

I. Defining a Security.
 The first step in deciding whether the securities statutes apply is to determine whether the transaction at issue actually involves a “security”. Arizona broadly defines a security as any:

[N]ote, stock, treasury stock, bond, commodity investment contract, commodity option, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, viatical or life settlement investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, real property investment contract or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.[7]

The definition for each of these securities is either listed in the Act under A.R.S. Section 44-1801 or provided by judicial interpretations and tests.[8] In determining whether a certain instrument is a security, a court will consider the substance rather than the form of the instrument.[9] “Essentially, if the purchaser will be a passive owner―relying on someone else’s efforts or conduct in order to make money on the investment―the instrument is probably a security.”[10]

http://www.mitchell-attorneys.com/legal-articles/securities-registration-and-exemption/


What I want to know is where were all these legal aids when all these bitcoin securities started up?  If you guys knew all this before why not put it out there?  So now do all of us bond holders need to pony up some dough for lawyers?   Would have been nice to know some of this before buying into these, I guess I can say it is partly my fault for not looking into all the angles but it is just strange that all these legal aids have come crawling out of the woodwork....

just my 2 bit cents.

Naelr

No shit!  A week ago it was *buy shares now!  clear upgrade path!* and now it's like *well, you didn't call your lawyer, how stupid are you*
legendary
Activity: 980
Merit: 1040
October 09, 2012, 02:46:08 AM

What I want to know is where were all these legal aids when all these bitcoin securities started up?  If you guys knew all this before why not put it out there?  So now do all of us bond holders need to pony up some dough for lawyers?   Would have been nice to know some of this before buying into these, I guess I can say it is partly my fault for not looking into all the angles but it is just strange that all these legal aids have come crawling out of the woodwork....

just my 2 bit cents.

Naelr

It was brought up several times, but too many people, including Nefario, thought (and some still think) that because it relates to bitcoins, somehow laws dont apply to it. The "bitcoin isnt money" fallacy,  failing to understand the issue is the security itself, not the means with which its purchased or traded against (ie bitcoin) .

But the question would be best directed towards asset issuers, as they are the ones taking on the biggest legal risk. Most of these laws exist to protect investors, and if this were to come for court, I wouldnt be surprised that on top of any fines,  asset holders had to be fully reimbursed by the issuers - even if rolling back all trades will likely be an administrative nightmare.

Anyway, it may not come to that, all things considered, GLBSE is small potatoes and the SEC/FSA is not likely interested in going to court with each and every asset issuer over this (they may go after Nefario though), and they may be content with some reasonable settlement as long as going forward,  the law is no longer broken.  But if you as an investor, feel that you are not compensated fairly, you probably stand a good chance in court, or at least you will have serious stick to threaten asset issuers with to come to a reasonable settlement in case the SEC does nothing.
sr. member
Activity: 470
Merit: 250
October 09, 2012, 02:04:28 AM
What I want to know is where were all these legal aids when all these bitcoin securities started up?  If you guys knew all this before why not put it out there?

It was out there. For example, here is a thread from 2011:
https://bitcointalksearch.org/topic/a-few-questions-about-glbse-46486
legendary
Activity: 980
Merit: 1040
October 09, 2012, 01:34:38 AM
Unfortunately, as I have to keep repeating over and over, the law that defines securities doesnt even mention "money", let alone legal tender, it mentions value, and its hard to argue bitcoin has no value.
hero member
Activity: 686
Merit: 500
Wat
October 08, 2012, 10:48:20 PM
Change the structure of gigamining.  Instead of it being described as a bond, have people lease the hardware indefinitely.  People transfer leases all the time.

I believe that's how Sony "sells" their PS3s as well. Just a perpetual transferable lease. It makes sense for the mining companies to take this path when and if legal issues arise.

You dont lease a PS3 with the aim of making money.
And I fear just relabeling it wont really help. I came across this, granted, for Arizona, but I suspect it will similar all over:

I. Defining a Security.
 The first step in deciding whether the securities statutes apply is to determine whether the transaction at issue actually involves a “security”. Arizona broadly defines a security as any:

[N]ote, stock, treasury stock, bond, commodity investment contract, commodity option, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, viatical or life settlement investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, real property investment contract or, in general, any interest or instrument commonly known as a “security”, or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.[7]

The definition for each of these securities is either listed in the Act under A.R.S. Section 44-1801 or provided by judicial interpretations and tests.[8] In determining whether a certain instrument is a security, a court will consider the substance rather than the form of the instrument.[9] “Essentially, if the purchaser will be a passive owner―relying on someone else’s efforts or conduct in order to make money on the investment―the instrument is probably a security.”[10]

http://www.mitchell-attorneys.com/legal-articles/securities-registration-and-exemption/


You arent making money you are making bitcoins. Its not your problem if someone later sells the bitcoin for money.
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