I stood up at the Conference after nefario gave his talk about the wonders of GLBSE and told him point blank that:
a) Not having lawyers is ridiculous and he needed to get some ASAP.
b) Publicly stating that he would actively avoid regulation by moving the company around was probably illegal. (Even more so considering he thought there was no regulation that covered GLBSE and so he could just move the company when such regulation appeared, when in fact regulations DO already exist covering what he does)
After his talk a few of us had a chance to talk to him directly and he didn't have any answers for very pointed questions. One gentleman asked him directly how he could keep his relationship with his investments if GLBSE closed: No clear answer.
Basically, Synopsis? It was illegal, and he didn't know it until the government came and said, "Oh hi! You're a criminal". Thus came the end of GLBSE.
a) Not having lawyers is ridiculous and he needed to get some ASAP.
b) Publicly stating that he would actively avoid regulation by moving the company around was probably illegal. (Even more so considering he thought there was no regulation that covered GLBSE and so he could just move the company when such regulation appeared, when in fact regulations DO already exist covering what he does)
After his talk a few of us had a chance to talk to him directly and he didn't have any answers for very pointed questions. One gentleman asked him directly how he could keep his relationship with his investments if GLBSE closed: No clear answer.
Basically, Synopsis? It was illegal, and he didn't know it until the government came and said, "Oh hi! You're a criminal". Thus came the end of GLBSE.
so all this is your fault ?
hahaha, for stating the obvious? No. I don't think so. I wasn't the only one who immediately realized the whole thing was a terrible cluster-fuck waiting to happen. Durring the presentation nefario didn't even know many finance terms that someone who does finance would consider second nature. Maybe it was nerves, but he was blanking on some pretty basic concepts. There were quite a number of very wide eyes you could see instantly putting the pieces together.
So basically conference=suicide.
