The Bitcoin Securities investigation is being handled by the Division of Enforcement.
This article and the activities it mentions occurred within the Trading and Markets division (as is says in the first line as if you bothered to read it).
Topic: Got off the phone with the Guy from the S.E.C (Read 28522 times)
Maybe this is why nothing seems to be happening on the SEC front:
http://www.techdirt.com/articles/20121113/16501921036/sec-porn-surfing-down-waste-up-stunning-disregard-basic-computer-security.shtml
http://www.techdirt.com/articles/20121113/16501921036/sec-porn-surfing-down-waste-up-stunning-disregard-basic-computer-security.shtml
Kissed and made up sure, and intersango team is advising GLBSE (well the Nefario part) on how to act in (or create) this mess.
They are an awesome team. They will truly go down in btc history as legends.
They are an awesome team. They will truly go down in btc history as legends.
Kissed and made up sure, and intersango team is advising GLBSE (well the Nefario part) on how to act in (or create) this mess.
They are an awesome team. They will truly go down in btc history as legends.
They are an awesome team. They will truly go down in btc history as legends.
I think they should bring back miserydearia to complete the awesomeness.
They might as well add Atlas to the team to head the unremorsefullness department.
Kissed and made up sure, and intersango team is advising GLBSE (well the Nefario part) on how to act in (or create) this mess.
They are an awesome team. They will truly go down in btc history as legends.
They are an awesome team. They will truly go down in btc history as legends.
I think they should bring back miserydearia to complete the awesomeness.
Maybe that is his "plan", close GLBSE, open a complient business.
who would trust nefario now if he would open a new business?
The same people who still believe pirate is going to pay, are still using Intersango and keep falling for obvious scams.
Isn't Nefario an Intersango employee even?
He got fired for incompetence (from Intersango!!).
And no, I am not kidding...
Seriously?!? You don't know how hard I just laughed :-)
What would be a reason to be fired for incompetence from Intersango? To mention or to even think about solving a problem?
Yes, he was trying to solve problems for them on this forum (that was his job, PR), however he tried to solve the problems in the same way he is trying to solve the GLBSE stuff. It was just fail...
But they kissed and made up, then all four of them orchestrated the London conference.
I just thought of something after penning the above. We all know Josh with BFL attented, but does anybody know if Nasser G. was there?
~Bruno~
Maybe that is his "plan", close GLBSE, open a complient business.
who would trust nefario now if he would open a new business?
The same people who still believe pirate is going to pay, are still using Intersango and keep falling for obvious scams.
Isn't Nefario an Intersango employee even?
He got fired for incompetence (from Intersango!!).
And no, I am not kidding...
Seriously?!? You don't know how hard I just laughed :-)
What would be a reason to be fired for incompetence from Intersango? To mention or to even think about solving a problem?
He got fired for incompetence (from Intersango!!).
And no, I am not kidding...
Well this pretty much says it all.
Maybe that is his "plan", close GLBSE, open a complient business.
who would trust nefario now if he would open a new business?
The same people who still believe pirate is going to pay, are still using Intersango and keep falling for obvious scams.
Isn't Nefario an Intersango employee even?
Maybe that is his "plan", close GLBSE, open a complient business.
who would trust nefario now if he would open a new business?
The same people who still believe pirate is going to pay, are still using Intersango and keep falling for obvious scams.
Only thing I know about is some banks in some countrys won't process payments to and from them for whatever strange reason.
Search the forum for Bitcoinica. The three guys who are running Intersango are now involved in a lawsuit because they fucked up on all fronts with Bitcoinica. They were also involved in the organisation of the latest Bitcoin conference (like Nefario from GLBSE, who had not turned to the dark side at that point), which is why lots of people did not go. I wouldn't touch any of their businesses with a ten-foot pole.
Ah, so no problem for me, I'm from the Netherlands and use euro's.
Only thing I know about is some banks in some countrys won't process payments to and from them for whatever strange reason.
[/quote]
Intersago announced that it will be stopping BTC/USD trading on 10/14/2012.
Maybe that is his "plan", close GLBSE, open a complient business.
who would trust nefario now if he would open a new business?
The same people who still believe pirate is going to pay, are still using Intersango and keep falling for obvious scams.
Only thing I know about is some banks in some countrys won't process payments to and from them for whatever strange reason.
Maybe that is his "plan", close GLBSE, open a complient business.
Very possible, though I'd assume that plan recently and suddenly changed. Not so long ago, Nef was pushing a tiered system onto lenders."I don't want people using GLBSE as their personal piggy bank for personal loans so outside the pinkslip market I want to limit bond issuers for lending (i.e. borrow to lend to someone else) to a number of players who adhere to some principles and reach some standards.
I want to have a block of solid bond issuers who then get that money dispersed to the bitconomy in the most efficient way.
Standards I have in mind are additional verification(get a background /credit check), who have GAAP accounting, reporting, and who agree to publish data of people who default on their loans to a central credit website."
Independent audits would satisfy the requirements for most smaller operations. Outside that, Nef would need to ensure he complies with Accredited Investor & AML laws, which'd be a pain in the ass. "Rebooting" may've been the ideal solution, but I think this's been handled so poorly, it's pretty much out of the question. The far-reaching other requirements, I think, imply he may not have had regulatory risk in mind when he wrote that.
Maybe that is his "plan", close GLBSE, open a complient business.
who would trust nefario now if he would open a new business?
The same people who still believe pirate is going to pay, are still using Intersango and keep falling for obvious scams.
Maybe that is his "plan", close GLBSE, open a complient business.
who would trust nefario now if he would open a new business?
I hope this doesn't bring down GLBSE...
It will be fine, for several reasons, to a large extent a lot of whats traded on GLBSE would fall under the new croudsourcing legislation that's come out.
That takes care of Americans who've used GLBSE to raise BTC for projects. I would say the only worry would be to people who've run scam assets.
GLBSE itself is based in the UK, and comes under FSA regulation which is something we're working on.
-1
I just found this thread and started a reading. This is my ever -1.
Full Disclosure: I have no idea what a -1 does, but believe I used it correctly.
~Bruno~
Thanks for bumping Nef's post, I missed it before. Of course its nonsense to think that GLBSE would fall under the crowdsourcing act. Just a quick glance:
http://thomas.loc.gov/cgi-bin/query/D?c112:4:./temp/~c112y9xMho::
Shows GLBSE complies with almost none of the requirements.
It is however at first glance potentially viable to make something like GLBSE that is lawful under this act.
I gotta wonder, did Pirate shut down before or after he learned the SEC was investigating him? He's obviously known for some time now.
I would assume he got a visit and they sat down and had a long conversation. That is how it usually works.
I'd imagine this has already happened for two reasons:
1) Pirate hasn't posted for a long time.
2) This guy doesn't seem to care much for the SEC's typical policy of maintaining confidentiality of an investigation and seems to be talking to random victims of the scheme. It suggests the case is in a high state of development.
http://www.sec.gov/news/press/2012/2012-112.htm
Bitcoin would be small stuff for Philip after his previous case.
Small stuff monetarily to be sure. However, as far as sending a message and making good publicity it would be larger than his previous case, which was a mostly local to New York Long Island ponzi.Bitcoin would be small stuff for Philip after his previous case.
I was thinking about something like that along the same lines. Thanks for phrasing it better than I would have.
~Bruno~
I hope this doesn't bring down GLBSE...
It will be fine, for several reasons, to a large extent a lot of whats traded on GLBSE would fall under the new croudsourcing legislation that's come out.
That takes care of Americans who've used GLBSE to raise BTC for projects. I would say the only worry would be to people who've run scam assets.
GLBSE itself is based in the UK, and comes under FSA regulation which is something we're working on.
-1
I just found this thread and started a reading. This is my ever -1.
Full Disclosure: I have no idea what a -1 does, but believe I used it correctly.
~Bruno~
closed investigation he told me that from the start, he won't tell you anything.
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