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Topic: Got off the phone with the Guy from the S.E.C - page 10. (Read 28547 times)

legendary
Activity: 1036
Merit: 1002
September 24, 2012, 03:27:48 PM
#29
(...) He did not say the exchange was going to be closed cause he could not disclose that information (...)

Now, elaborating on that bit might be useful. Is some zealot mixing up Mt. Gox in this?

This would be very annoying and counterproductive IMO. Undecided Not looking forward to another regulation war, I hope they don't try that.
hero member
Activity: 560
Merit: 500
Ad astra.
September 24, 2012, 03:21:34 PM
#28
GLBSE is based in the UK and is subject to regulation by the  Financial Services Authority (FSA), we are in the process of becoming a registered company that meets all conditions to carry on business.

We have not been contacted by the SEC and are not subject to SEC regulation.

Nefario.

I'm not so sure that is true Sad

Why would it not be?
hero member
Activity: 756
Merit: 522
September 24, 2012, 03:19:26 PM
#27
OP cannot even right a few paragraphs of text in correct English and with internal consistency. Not much of a source.

However, if Pirate is going to jail that is very bad news indeed Sad

You mean write, right?
Ps. Since we're leaving things here...
legendary
Activity: 980
Merit: 1040
September 24, 2012, 03:11:50 PM
#26
They don't have to acknowledge bitcoin as a currency, just that it has value.

Exactly. It wouldnt be any different than if this was a swindle with foreign currency (which is also not legal tender anywhere), stocks,  gold or cat food. Then again, I dont know how much the SEC has to say about cat food, but possibly they do have some authority when it comes to trading future contracts or whatever.
hero member
Activity: 588
Merit: 500
firstbits.com/1kznfw
September 24, 2012, 03:07:41 PM
#25
Two problems with this... I would love to see how they can clawback BTC (And what is the value of that BTC?)... but more importantly, I would love them to formally acknowledge that BTC is a legitimate currency.

They don't have to acknowledge bitcoin as a currency, just that it has value. The government only recognizes it's own currency and by all accounts by law in the united states if you have a debt to settle you must allow for it to be settled in federal reserve notes (e.g. even if a farmer owes you a bushel of apples by contract you must allow for him to pay you consideration in dollars. Annoying, no?). So the way the government will do the clawback is, after determining the identities of the pirate payees through various means (including public record of your IP address on your bitcoin transactions and contacting your ISP), they will assign some arbitrary US dollar amount to what you owe and say "you must pay this to the court." If you don't pay it, then they'll garnish your wages.

If you're out of the country, then they'll probably be shit out of luck, but you never know. If they can dox you, they might issue a bench warrant.
hero member
Activity: 952
Merit: 1009
September 24, 2012, 03:04:18 PM
#24
I bet Goat is reeeeeal afraid now sitting on his boat in the middle of a flooded rice field watching for the Hueys to arrive.
legendary
Activity: 980
Merit: 1040
September 24, 2012, 02:56:32 PM
#23
He asked tons of questions about PPT operators,

Best news all day.

legendary
Activity: 1260
Merit: 1000
September 24, 2012, 02:56:18 PM
#22
However, if Pirate is going to jail that is very bad news indeed Sad

It's really bad news for people who received any kind of payout from pirate during the whole operation. Google clawback. Welcome to the underside of the bus.

Two problems with this... I would love to see how they can clawback BTC (And what is the value of that BTC?)... but more importantly, I would love them to formally acknowledge that BTC is a legitimate currency.

That's the problem with any legal action by any state government.  The minute they enforce any monetary rules on Bitcoin, they legitimize it and that opens up so many doors and cans of worms that they will avoid that at all possible costs.  Right now, it's imaginary nerd money, no different than WoW gold or the like, and that's just fine as far as they are concerned.  If the SEC weighs in and imposes sanctions, well then, it becomes something much more than imaginary nerd money.
legendary
Activity: 1400
Merit: 1005
September 24, 2012, 02:39:50 PM
#21

I made the comment in that thread that this is not related. Theymos decided in our shareholder meeting on Friday night/Saturday morning to sell his stake. He doesn't want to be a part of the process of GLBSE becoming legitimate.
Alright, fair enough.  Wink
hero member
Activity: 602
Merit: 513
GLBSE Support [email protected]
September 24, 2012, 02:37:37 PM
#20

I made the comment in that thread that this is not related. Theymos decided in our shareholder meeting on Friday night/Saturday morning to sell his stake. He doesn't want to be a part of the process of GLBSE becoming legitimate.
hero member
Activity: 588
Merit: 500
firstbits.com/1kznfw
September 24, 2012, 02:34:08 PM
#19
It's really bad news for people who received any kind of payout from pirate during the whole operation. Google clawback. Welcome to the underside of the bus.
Everyone who was a part of that operation should have known better.  It can't come as a surprise to *anyone* that the legality of BS&T was dubious at best.  Since the beginning.  If you are a part of an illegal operation, you should be prepared for the consequences, and don't expect to keep any "profit".

You're preaching to the choir. Malevolent has one of my many prescient warnings (and really my last public appeal to logic on the matter) as his forum signature. And you're right, if pirate was involved in any additional illegal activities, such as laundering, etc, welcome to the second set of wheels on that bus. Good luck in not ending up in Gitmo.

legendary
Activity: 1437
Merit: 1002
https://bitmynt.no
September 24, 2012, 02:20:31 PM
#18
However, if Pirate is going to jail that is very bad news indeed Sad
It's really bad news for people who received any kind of payout from pirate during the whole operation. Google clawback. Welcome to the underside of the bus.
Everyone who was a part of that operation should have known better.  It can't come as a surprise to *anyone* that the legality of BS&T was dubious at best.  Since the beginning.  If you are a part of an illegal operation, you should be prepared for the consequences, and don't expect to keep any "profit".
legendary
Activity: 1400
Merit: 1005
sr. member
Activity: 476
Merit: 250
September 24, 2012, 02:18:26 PM
#16
He is scammer, thief garbage. 

You're being pretty hard on garbage there. At least garbage is honest.

All of this, down to involving the SEC (who will now be all over this board), is a result of people allowing their obsessive acquisitiveness (greed) to overtake common sense. I watched the Pirate drama unfold and only rejoined this board when it fell apart.

I sometimes wonder if this board has a large share of dumb smart people or smart dumb people.
hero member
Activity: 602
Merit: 513
GLBSE Support [email protected]
September 24, 2012, 02:17:44 PM
#15
GLBSE is based in the UK and is subject to regulation by the  Financial Services Authority (FSA), we are in the process of becoming a registered company that meets all conditions to carry on business.

We have not been contacted by the SEC and are not subject to SEC regulation.

Nefario.
hero member
Activity: 588
Merit: 500
firstbits.com/1kznfw
September 24, 2012, 02:05:35 PM
#13
However, if Pirate is going to jail that is very bad news indeed Sad

It's really bad news for people who received any kind of payout from pirate during the whole operation. Google clawback. Welcome to the underside of the bus.
donator
Activity: 1218
Merit: 1080
Gerald Davis
September 24, 2012, 02:04:19 PM
#12
OP cannot even right a few paragraphs of text in correct English and with internal consistency. Not much of a source.

However, if Pirate is going to jail that is very bad news indeed Sad

Why?  You think he was just going to pay everyone in full tomorrow except oops he is going to jail so he can't.

He wasn't ever going to pay anything.  Either he can't be (because he stupidly lost it) or he wasn't because he figured he got away with your cash.

He is scammer, thief garbage.  We aren't talking a couple GPUs here but millions of dollars.
legendary
Activity: 1274
Merit: 1004
September 24, 2012, 02:03:27 PM
#11
OP cannot even right a few paragraphs of text in correct English and with internal consistency. Not much of a source.

However, if Pirate is going to jail that is very bad news indeed Sad
I'd say that's excellent news.
hero member
Activity: 588
Merit: 500
firstbits.com/1kznfw
September 24, 2012, 02:02:40 PM
#10
On to butterfly labs, I told him the situation with them and he told me to file complaints with the FTC and my state attorney gen...
advice for butterfly labs, expect a call lol.

Lol, sounds like he said "I don't care, go on a government goose chase." Are people really this inexperienced with bureaucracy? I can see the AG enthralled with your story of how website members ordered computer equipment that was promised in 4-6 weeks, and it actually took 9-11 weeks to arrive instead. I'm sure they'll have a whole team on it in hours.
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