Did GLBSE ever verify the identity of Pirate40 ?
Why would we verify pirate40? He never listed listed anything on GLBSE. How are we supposed to verify people who don't even use our platform?
Topic: Got off the phone with the Guy from the S.E.C - page 6. (Read 28540 times)
Did GLBSE ever verify the identity of Pirate40 ?
Why would we verify pirate40? He never listed listed anything on GLBSE. How are we supposed to verify people who don't even use our platform?
There are two issues here
1) Taxes, which only really becomes an issue when amounts involved become significant.
2) Money laundering, which IS an issue, and is one we're working on, it becomes more of an issue as amounts grows.
1) Taxes, which only really becomes an issue when amounts involved become significant.
2) Money laundering, which IS an issue, and is one we're working on, it becomes more of an issue as amounts grows.
It is great you have plans in place for these things, but one how would you be responsible for taxes. Yes if you convert bitcoin to cash then you should report that as income depending on how you acquired it but if it stays in bitcoins how can it be taxed? Then they would have to start taxing all internet currencies, from games to bitcoins. So I think your good there.
Two I think your too far from the source to be accused of money laundering cause only exchanges have to comply with those codes. You accept bitcoins and pay out bitcoins, there is no transfer of bitcoins to cash or cash to bitcoins. So I think your ok.
But plan B is always good!
http://www.youtube.com/watch?v=QPlMmwOq7U8&feature=related
someone's making money on the intertubes, we can't have that ... send lawyers, guns and money!
Thank god GLBSE can always come back as an Open Transactions server and all these parasites will have to find real jobs.
someone's making money on the intertubes, we can't have that ... send lawyers, guns and money!
Thank god GLBSE can always come back as an Open Transactions server and all these parasites will have to find real jobs.
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.
Nefario.
Nefario.
This statement will come back at you.
Did GLBSE ever verify the identity of Pirate40 ?
Your selling these securities and allowing an IPO, like SecondMarket.com, but they are regulated which in essence is verifying people.
Nefario,
I think that you forgot you are the sole issuer and custodian for counterfeit, unregistered securities. I think that would be a problem for you.
I think that you forgot you are the sole issuer and custodian for counterfeit, unregistered securities. I think that would be a problem for you.
The SEC will come down hard on you, 5m is not a small amount of money.
At the end of the day, they need to blame someone for this mess and if they can't find Pirate + they will likely try and shut you do down.
I like GLBSE, and it allows for some great Bitcoin projects to raise money and make awesome products for us.
Is there a backup plan? Has the corporate owner under the Ltd. been contacted yet?
-Charlie
I hope this doesn't bring down GLBSE...
...GLBSE would fall under the new croudsourcing legislation that's come out.
...
The JOBS act is not effective until January 1, 2013.
Yeah but thats just making official what already exists.
I hope this doesn't bring down GLBSE...
...GLBSE would fall under the new croudsourcing legislation that's come out.
...
The JOBS act is not effective until January 1, 2013.
Dude, this is Britain!
People knock politely.
It's not knocking politely. It's more like being crushed by a steam roller in slow motion.
Pretty much everybody here that has told you that what you are doing is a terrible idea has been involved in this process in their past. Maybe it will become real to you when you realize it may be too late.
There are two issues here
1) Taxes, which only really becomes an issue when amounts involved become significant.
2) Money laundering, which IS an issue, and is one we're working on, it becomes more of an issue as amounts grows.
1) Taxes, which only really becomes an issue when amounts involved become significant.
2) Money laundering, which IS an issue, and is one we're working on, it becomes more of an issue as amounts grows.
It is great you have plans in place for these things, but one how would you be responsible for taxes. Yes if you convert bitcoin to cash then you should report that as income depending on how you acquired it but if it stays in bitcoins how can it be taxed? Then they would have to start taxing all internet currencies, from games to bitcoins. So I think your good there.
Two I think your too far from the source to be accused of money laundering cause only exchanges have to comply with those codes. You accept bitcoins and pay out bitcoins, there is no transfer of bitcoins to cash or cash to bitcoins. So I think your ok.
But plan B is always good!
No, we as a business are liable for taxes on profits we make, even if those are in bitcoins.
Most people don't consider lawyers to be policemen.
The US Attorneys are the chief federal law enforcement officers in their jurisdictions.
http://www.justice.gov/usao/
I'm trying to keep it simple for Nefario by pointing out the people that kick down doors and carry guns. He still doesn't want to understand the seriousness of his actions.
Dude, this is Britain!
People knock politely.
Most people don't consider lawyers to be policemen.
The US Attorneys are the chief federal law enforcement officers in their jurisdictions.
http://www.justice.gov/usao/
I'm trying to keep it simple for Nefario by pointing out the people that kick down doors and carry guns. He still doesn't want to understand the seriousness of his actions.
It is not illegal for people to pool their money together. If 10 people got together and bought a cow its no business of the SEC the same as its no business if 10 people get together and buy a GPU and mine bitcoins with it. GLBSE is just a glorified spreadsheet tracking who owns what. It doesnt use USD or any countries official money.
Most people don't consider lawyers to be policemen.
The US Attorneys are the chief federal law enforcement officers in their jurisdictions.
http://www.justice.gov/usao/
I'm trying to keep it simple for Nefario by pointing out the people that kick down doors and carry guns. He still doesn't want to understand the seriousness of his actions.
Please tell me the GLBSE makes multiple off site backups, somewhat frequently.
I know you are working toward going "legit", but worst case and they decide to gank the domain and hit the host, GLBSE will just pop up elsewhere right?
Many would be interested considering the counter party risk involved. You have the only ledger of members in an offering and the holdings of each.
Without you, issuers would have absolutely no way of honouring their commitments.
I know you are working toward going "legit", but worst case and they decide to gank the domain and hit the host, GLBSE will just pop up elsewhere right?
Many would be interested considering the counter party risk involved. You have the only ledger of members in an offering and the holdings of each.
Without you, issuers would have absolutely no way of honouring their commitments.
Yes we've got frequent offsite backups, you've need to read our threads on our disaster plans, from government action to me being hit by a bus.
Nefario,
I think that you forgot you are the sole issuer and custodian for counterfeit, unregistered securities. I think that would be a problem for you.
I think that you forgot you are the sole issuer and custodian for counterfeit, unregistered securities. I think that would be a problem for you.
Quote
With due respect, they'll almost certainly pass any information they gather about GLSBE on to their UK counterparts.
I would expect them to, and this is not a problem for us.
Quote
If there's any chance that US citizens are laundering money or evading taxes through your service, you're a potential target of both US investigators and those in the UK.
There are two issues here
1) Taxes, which only really becomes an issue when amounts involved become significant.
2) Money laundering, which IS an issue, and is one we're working on, it becomes more of an issue as amounts grows.
Most people don't consider lawyers to be policemen.
The US Attorneys are the chief federal law enforcement officers in their jurisdictions.
http://www.justice.gov/usao/
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.
We have not been contacted by the SEC and are not subject to SEC regulation.
Nefario.
With due respect, they'll almost certainly pass any information they gather about GLSBE on to their UK counterparts. And there's a very good chance that they'll look at whether GLSBE has broken any US laws (you don't have to be based in the US in order to break US laws). Never take the attitude of "she'll be right mate" once you're on the radar of a financial regulator or financial intelligence service of any nation because there are so many mutual aid agreements between nations that your head would spin. If there's any chance that US citizens are laundering money or evading taxes through your service, you're a potential target of both US investigators and those in the UK.
Well looking quickly, the SEC does investigate and prosecute ponzi schemes. I thought that would be the FBI's department (fraud).
The SEC is responsible for civil litigation of securities fraud.
The following organizations are responsible for criminal enforcement of fraud :
Department of Justice Federal Bureau of Investigation
United States Postal Inspection Services
Internal Revenue Service Criminal Investigation Division
United States Secret Service
You forgot the US Attorney's Office. They've been extremely prominent in past ponzi prosecutions.
Most people don't consider lawyers to be policemen.
He doesn't want to be a part of the process of GLBSE becoming legitimate.
I don't think posts implying that GLBSE has not been legitimate in the past are going to be helpful to any investigation of its activity. The DoJ has a long reach and where your business is based is often less material to their powers than whether you are conducting business with people in the US (see online poker debacle). A number of countries have laws which make it illegal to offer unregulated securities to people who don't qualify as "sophisticated investors". You may or may not be in the clear, but don't assume that you are purely on the basis of location.
Get legal advice now. Even if you're cleared of any wrong-doing, the cost of complying with investigations by financial regulators can be devastating.
For those who might have other skeletons in the closet, here's another suggestion that may or may not be worth considering: Run like a bastard!
dearest OP,
get a life douchebag
get a life douchebag
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