Topic: GLBSE IPO Handling and Interaccount Transfers Discussion Thread. (Read 5795 times)

Was there ever a post that states the final details on how these are treated?

 

It would be a fee, % of the average (over 5 days) trade price of an asset.

This would mean assets that haven't traded pay no fee.

I agree with copumpkin, in that part of the fee for GLBSE trades is to pay for the market to match it, and if transferring then only 1/2 that fee would be applicable.

So if the trade fee is 0.5% then the transfer fee is 0.25%

To ensure there is no confusion regarding the transfer fee, any assets that have not traded will have no fee, neither will assets that have a trade volume of less than 20BTC a week(7 days).

The fee will be on the average trade price over 5 days(or less if the asset has not traded for 5 days).

For these reasons, and more, I recommend the immediate closure of GLBSE and any other issuers of counterfeit securities.

such as this guy.

For these reasons, and more, I recommend the immediate closure of GLBSE and any other issuers of counterfeit securities.

did any of you had a look at:
http://www.slcapex.com/

and asked the question if the second life capital exchange is regulated?

my opinion is similar to trading imaginary money for virtual stock and if you want to regulate that, please remember to take your meds.

Article I: Capital Exchange Disclosure Statement

Capital Exchange (CapEx) is a fictional stock market simulation game operating for entertainment and educational purposes only, and currently exists solely in support of Second Life®, a feature-rich online 3-D virtual world including an "economy" and a "currency" ($Linden) operated and supported by Linden Research, Inc. Capital Exchange (http://www.SLCapEx.com) is not affiliated with Linden Research, Inc. For more information regarding Second Life® please visit (http://www.secondlife.com).

To be very clear, Capital Exchange is not a real-world stock exchange and does not offer opportunity for direct real-world investment or profit. Shares purchased on this stock exchange simulation game do not entitle you to any legal real-world rights to a listed virtual company. Please play accordingly!

CapEx operates within the Second Life® environment, and beyond its boundaries via our website which acts as a clearinghouse for the trading of CapEx-listed "Stocks" and "$Lindens". The underlying companies are fictitious and none of the companies offer "registered" investment quality securities for sale in any form whatsoever via our website. Lindens used to purchase virtual stock here are in essence being transferred to the ownership of the person you are buying the virtual shares from, and not Capital Exchange. All stock and shares purchased are for purely entertainment only, and not considered part/whole ownership in any legal entity or real life company.

The terms "profit" and "earnings" as used within the context of the CapEx.com website, and any claim of monetary value therein, relates solely and specifically to the valuation of $Lindens as specified in the Linden Lab Terms of Service, Section 1.4 (http://secondlife.com/corporate/tos.php).

The $Linden "currency" is a limited license right available for purchase or free distribution at Linden Lab's sole discretion, and is not redeemable for monetary value from Linden Labor from CapEx.com.

CapEx offers no direct opportunity for conversion of ($Lindens) to legal tender currencies including $US Dollars. Linden Lab does offer an Exchange, called LindeX™, for the trading of $Lindens. Please refer to the Linden Lab Terms of Service, Section 1.5 for information regarding LindeX™ transactions.

Notwithstanding the warnings herein, CapEx as designed and offered is a serious stock simulation game. The participants here “play for keeps” and their time and $Linden-based holdings represent a considerable investment in our community.

Your participation here is not without risk. You could lose some or all of your $Lindens invested here. Only invest here what you can afford to lose.

There are additional policies, rules and Terms of Service for participation as published and amended from time-to-time. Please review and fully understand them before playing.

Finally, the operators of CapEx.com make no representation of any kind regarding the accuracy, fitness for purpose, or use of the software residing at (http://www.SLCapEx.com). Your use of the software in any manner whatsoever shall constitute an understanding and acceptance of this Disclosure Statement in its entirety. The individuals who operate the software residing at (http://www.SLCapEx.com) offer no warranty and offer no remedies whatsoever for its use or consequence. You play this stock simulation game at your own risk.

Bitcoin is not a regulated area in the UK.

So on receipt of information that what you are doing is not legal, your announcement is that upon presentation of an interim injunction by FSA your intent is to flee to another jurisdiction and continue to operate?

That must make the holders of "unlimited duration bonds," and other assets for which GLBSE is the nominal custodian, feel very secure.

Although we don't have a hot swap system ready and waiting GLBSE is prepared for the unlikely event of the  server being shut down, we would be offline for a maximum of 3 days.

I can assure you that the FSA sees bitcoin as monopoly money and simply doesn't care.

Just because I happen to live in the UK doesn't mean that this is where GLBSE is operating from. The fact is it would be very difficult for any country to shut down GLBSE (being as we have no bank accounts to be frozen or physical assets to seize).

Although we don't have a hot swap system ready and waiting GLBSE is prepared for the unlikely event of the  server being shut down, we would be offline for a maximum of 3 days.

I can assure you that the FSA sees bitcoin as monopoly money and simply doesn't care.

Just because I happen to live in the UK doesn't mean that this is where GLBSE is operating from. The fact is it would be very difficult for any country to shut down GLBSE (being as we have no bank accounts to be frozen or physical assets to seize).

Unlike the U.S. the British government (if they could ever care) would find it very difficult to prosecute a British citizen for running a virtual stock exchange, not even based in the UK, priced in (what they classify as) imaginary money.

We're not out there on the streets pushing for 20 year old single mothers to invest their life savings. We offer this service as is, and don't even advertise it, it's almost exclusively used by members of this forum.

This doesn't even start to become an issue until the volume of trade on GLBSE starts going into the millions, when the tax man starts to take an interest.

But as was mentioned we could always move to Tor if we wanted to, for the time being GLBSE is fine.

Nefario,

The regulators are smelling blood in the water.

Time to move your server to tonga.

Or even better, to a .onion address.

Or both.

1st argument is in box 1 - not carrying out a business.  BTC is not recognised as currency or security, so trading with them exempts GLBSE.

I've dealt with tax officials on the definition of "carry on a business" with respect to value added taxes, and the intention is basically to create taxable income.  GLBSE is not aiming to create taxable income in the UK (or probably anywhere else).

(the S could be for "stuff")

Also note that the service you are providing is not a stock exchange. Your service is a weird hybrid put together by someone with very little knowledge of how capital markets actually work.

A stock exchange only facilitates the matching of buyers and sellers. These parties are brokers, not the beneficial owner of the security.

The buyers and sellers arrange the transfer outside of the exchange, typically through a clearinghouse. The records of ownership are taken down by the issuer or a transfer agent. Each of these parties are seperate and distinct for some very good reasons.

GLBSE in not a U.S. exchange or company.
The owners and managers of GLBSE are not American citizens nor do they live in the US.


I agree that GLBSE is not a stock exchange, it's an asset exchange (where the assets may be shares, bonds, futures or some other form of security), but GLBSE users like to call it that so that's what we do.

I wonder, should we change the name to Global Bitcoin Securities Exchange?