Topic: GLBSE is offline We will update our users on Saturday. - page 13. (Read 51544 times)

Not on here they don't.  A few hundred posts is apparently too many to read to become informed.  Given the relatively short life-span of most things Bitcoin, I guess there's no need to develop a long attention span.

MPOE.ETF made a whopping 1200% in its 5 month history.


There's no such things as "transactions between now you and future you". Sorry.

As I' only able to remember the last 3 posts I read, it makes absolutely no sense to read the whole thread.

Wait, what was the discussion about?


Kidding. Most people in such long threads are in there from a very early stage, so no need to read it all over and over again.

me too

Basically the thread title and the last page.  Hardly ever even the OP.

YES!

When a thread like this gets to be 14 pages long (or more), does anyone actually read EVERY post or do people just read the last few and feel the need to chime in?

Ok, so he was just going to register in the UK...

I guess 80 % of the bitcoin businesses are not registered in real life, though
once it becomes a success it could already be too late.

As I already said it is time to move on, and make Bitcoin more professional...

Then we might have The Big Bitcoiners Crackdown on the newspapers' covers soon?

I'm happy I pulled out the little amount I had on there after seeing his talk at the conference on youtube. I mean ... "Hey, I run a stock exchange but I haven't even consulted a law firm to see what regulations apply to my activity" and that on a major public venue ... 

I hope he pulls true and starts looking at things more professionally.

Isn't GLBSE registered in the UK as a Ltd. ?

There is no corporate veil.  The business has no legally separate identity from those who hold equity in it.

If jurisdiction considers it to be fraud, they also could lift the corporate veil... (http://en.wikipedia.org/wiki/Piercing_the_corporate_veil)
than it would get ugly...

anyway, everything is just speculation now. We will see...

Yes... Or maybe the settlement is shut down and refund all monies invested in the exchange. Good luck with that.  All the pirate pass-thru funds.  Maybe he can avoid jail, but this could mean financial ruin for all involved.

This seems to be SOP for Bitcoin ventures.  They start with $5 and a website and hope to hell that they fly under the radar.  If you can't afford to consult lawyers and accountants before launching your venture, then you probably shouldn't be trusted with other people's money.  Styling yourself CEO or holding "shareholder meetings" is just irresponsible wankery if you haven't set up your venture legitimately and you're just hoping that various regulations don't apply to you because...Bitcoin.

In future, when people start claiming that some law or regulation doesn't apply to them because...Bitcoin, it might be prudent to ask them to demonstrate that they've obtained a written legal opinion supporting that claim.  We've got far too many people who "just want to create" running ventures without ensuring that they engage someone with relevant experience to ensure that their vulnerability to legal and regulatory issues is minimised.  Ignoring practical realities in favour of idealism is a recipe for disaster when it's other people's funds you're putting at risk.  It's reckless at best and criminally negligent at worst.


You'd need to see the case law, but these kinds of violations are often dealt with at an administrative level - ie, you're fined and either agree to either shut down or become compliant.  Of course I doubt that the operators of GLBSE have the same kind of reserves to pay fines as large financial institutions.


I doubt anything listed on GBLSE would be classed as a "tradeable security" under the Corporations Act 2001.

Market manipulation
From Wikipedia, the free encyclopedia

Market manipulation is a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a security, commodity or currency.[1] Market manipulation is prohibited in the United States under Section 9(a)(2)[2][3] of the Securities Exchange Act of 1934, and in Australia under Section s 1041A of the Corporations Act 2001. The Act defines market manipulation as transactions which create an artificial price or maintain an artificial price for a tradeable security.

Does this seem familar to you ?
http://en.wikipedia.org/wiki/Market_manipulation

How is that you aren't already dead of asphyxia? 

I'll hold my breath, just like I did for Pirate.