Topic: GLBSE is offline We will update our users on Saturday. - page 18. (Read 51544 times)

Thing is, with the way capitalism and free market is supposed to work in an ideal world is that if you have capital, you can invest in other project to help them grow. Maybe I'm naive, but I think investing is a noble thing to do. You don't build by staying on the sidelines and criticizing others, either you invest yourself, either you invest a part of your money.

People relinquish control of their money everyday, by putting it at the bank so it can lend it, or investing it, or simply buying things that in return, give value to the business who sell the item. I mean, if the only goal of Bitcoin is keep 100% control of what you have, I don't know what you're going to develop, but it's certainly not going to be an economy.

Alright, where's the successor of GLBSE?

Alright, where's the successor of GLBSE?

Thing is, with the way capitalism and free market is supposed to work in an ideal world is that if you have capital, you can invest in other project to help them grow. Maybe I'm naive, but I think investing is a noble thing to do. You don't build by staying on the sidelines and criticizing others, either you invest yourself, either you invest a part of your money.

People relinquish control of their money everyday, by putting it at the bank so it can lend it, or investing it, or simply buying things that in return, give value to the business who sell the item. I mean, if the only goal of Bitcoin is keep 100% control of what you have, I don't know what you're going to develop, but it's certainly not going to be an economy.


I am one of the people who defended pirate business. I don't remember mocking anybody, but I remember being irritated by how critics of pirate were acting. Some critics were a joy to discuss with, other critics were completely immature and childish and those irritated me. I was one of the first guys saying that Vandroiy made a bad move with his 5000 BTC bet, and I went personally congratulate him on IRC when he won.

I don't see why I should apologize. I used my own money to invest, and I've expressed my opinion on a topic. I've assumed all the risks and consequences and I'm certainly not going to work for free for people who insult me.



Damn...I'm busted! 

I have not looked too much into it either as I have no time right now, but for what I know contracts cannot be changed by vote.  A problem would be the contracts not being fulfilled, but as can be seen on centralized exchanges contracts are not being followed all the time.  A surety, arbitration, and credit rating markets would be needed to back up any open transaction assets.

I'm not so sold on open transactions.  There's no rules to what can be traded.  There needs to be some reasonably thought out rules or it'll just be more of the same.  Even seemingly "open transactions" like the postal service had to establish rules for the content of their mail.  (transactions)  The ease with which evil proliferates in an anonymous open system can be astounding.

(please correct me if any of my impressions of how open transactions would actually function are incorrect, I admittedly have not yet finished researching it.)

Cheers.

Atlas is not gonna like that.

What I do like about litecoinglobal is that the asset operators has up-to-date information on their asset holders.  If an exchange shuts down (for any period of time) then the operator can list their asset on another exchange if necessary.

But it looks like Open Transactions is the future.

If you are not putting your bitcoins up for sale (for USD, shoes, a wank) then your bitcoins have no value.  If no one is willing to use bitcoins to purchase things, then no one will offer to take them for their other assets.  If no one wants bitcoins then they are worthless.

Hoarding will destroy the value of Bitcoin... assume for a second that everybody just hoards their coins... then there is really no use for Bitcoin and therefore no value

We need an economy to accept Bitcoin for it to retain/gain value

Disagree.  In order to hoard you need to obtain them in the first place.  Mine, buy, or trade something of value.

Next, anyone who hoards is still going to wish to (or need to) adjust their position from time to time.

Sufficient number of people hoarding will dry up supply changing the price-point (upward.)

I have a fair amount of Bitcoin.  Are you saying that for the good of the solution I should blow them all tonight on some stupid gambling site or getting people to diddle themselves while I watch on a web-cam?  Or that I should trust them to the tender mercies of some named something like 'pirate' or 'nefarious'?  Sorry...I'll rely on other suckers to do those honors.  I'll tuck my BTC into bed and wake them up when I have a compelling reason to do so.

Hoarding will destroy the value of Bitcoin... assume for a second that everybody just hoards their coins... then there is really no use for Bitcoin and therefore no value

We need an economy to accept Bitcoin for it to retain/gain value

I am really surprised with all the sh*t that's been going on lately that BTC is still valued above $12

i guess we have all the pot smokers on Silk Road to thank for that

Easier said than done. Many people have quite a bit of money tied up here, and even though the page states not to worry about their coins there's still quite a bit of uncertainty that has a lot of people second guessing themselves. Historically, if someone says "Don't Panic" it's usually the time when panicking is a good option.

I hate to say it, but you're probably right. The reason I went to GLBSE in the first place was not only for it's attractiveness, ease of use (compared to other exchanges), and popularity, but also because you could work on your business / IPO without the red tape found under normal, real world, government regulated exchanges. To bring in the FSA and UK laws means that, sure, there won't be any more scams (or at least harder to spot), but there would be increased fees and a lot more time and BS to wade through.

Makes me wonder if it's a better option to drop $350 and work with MPEx or figure out some feasible way to work with LitecoinGlobal....

Damn straight. Real world economies would have a little less trouble these days if the ultra-wealthy of the world actually moved that money around rather than sit on it.

I agree with others that the lack of advance notice and the vagueness of the announcement suggests legal issues.  I suspect that if GLBSE comes back online in the near future, those legal issues will be reflected in how it operates from now on and that people probably aren't going to like any changes Nefario makes to keep the service operating.

Maybe I'm naive, but I think investing is a noble thing to do.