Nefario - page 88. | Bitcointalksearch.org

psilan

sr. member

Activity: 364

Merit: 250

Quote from: firefop on October 05, 2012, 11:19:23 PM

Quote from: psilan on October 05, 2012, 11:12:35 PM

So why do people want to hide their identities?

Because if 'the feds' are targeting an exchange, the next step is to go after the users of the exchange, I'd encourage everyone to just take the loss and move on... as that's the only sane thing to do.

What's wrong with using an exchange?

HorseRider

donator

Activity: 1120

Merit: 1001

Quote

GLBSE has been closed

I'm sorry to inform all our users that GLBSE is no longer able to continue operating, and has now closed.

Q: What does this mean if I'm an issuer?

We will do everything in our power to make the process of moving off GLBSE as smooth as possible, we are currently working on a simple, safe, and easy to use method that will allow you to continue your relationship with your asset holders

Q:I'm a GLBSE user, what about my assets and my bitcoin?

You will be able to get back your bitcoin, and if you want to reveal your username, email, and a bitcoin address to accept payments with, you can continue your relationship with the issuer of any assets you hold.

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

Quoted from GLBSE.com
It must be put up by Nefario.

No ID, AML, KYC requirements.

What does the last paragraph mean?

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

Quote from: AngryCatfish on October 06, 2012, 12:03:34 AM

What a fuster cluck. Will you need to ID to get your confirmation number to get assets from individual issuers?

I hope you can see what assets you are holding so you now which to contact.

I had several accounts for different purposes.

AngryCatfish

member

Activity: 104

Merit: 10

What a fuster cluck. Will you need to ID to get your confirmation number to get assets from individual issuers?

HorseRider

donator

Activity: 1120

Merit: 1001

Quote

"We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order."

Nefario put this up on glbse.com

What does it mean? what does he want from theymos?

theymos

administrator

Activity: 5222

Merit: 13032

Quote from: repentance on October 05, 2012, 11:25:09 PM

Could you clarify this a bit please theymos. How did he have access to the user deposits? If he was "borrowing" them without authorisation, that's straight up embezzlement regardless of whether he intended to return them at a later time. When did the shareholders become aware that he was spending user deposits and how did you become aware of his intention to replace them with money from BitcoinGlobal? I'm confused about whether the shareholders effectively authorised him taking a "loan" from the business post hoc by agreeing that he would pay back the misappropriated funds from BG money.

I hate to say it, but if you send Nefario user funds knowing full well that he has already misappropriated funds, you're laying yourself wide open to liability. His access to funds needs to be blocked and a way of returning user deposits worked out which doesn't involve Nefario.

Nefario has always held onto most of the user funds so he could top up the hot wallet when necessary. Exactly what funds I should hold was never clearly-defined. I ended up holding all BitcoinGlobal cash on hand plus some of the user funds for when Nefario was away and the hot wallet needed to be refilled.

I assume he's spending user deposits. Maybe he's using his own money, but I don't think he has enough to cover lawyer fees. He said in the meeting that he wants BitcoinGlobal to pay for the lawyer.

repentance

hero member

Activity: 868

Merit: 1000

Quote from: Shadow383 on October 05, 2012, 10:18:20 PM

Quote from: Atlas on October 05, 2012, 10:13:49 PM

Nefario was a family man. He has a wife. Possibly kids.

Him chickening out in the face of the government is expected. We should of known.

Tell us then, what would you do in the face of potential serious convictions over a bitcoin enterprise?

Shrug?

gmaxwell

staff

Activity: 4284

Merit: 8808

Quote from: kiba on October 05, 2012, 07:26:31 PM

GLBSE should have been a black market operation, no offense. The fact that the founder is known and visible and that the exchange is centralized is a big red flag.

Thats no magic bullet. It may be protective against "omg regulators exist; PANIC!" ... but it greatly increases exposure to "Hm. Think I'll just take everyone's funds."

"securely anonymous" identity is cheap... and it must be cheap if anonymity is to be functionally available for people... so an operator of such a venue could just open up a second supposedly independently run clone and when people start to trust the second a bit they just pop the first and vanish with the funds. People then switch to the second, and they quitely spin up a third. etc.

The better advice is don't skirt laws when you're not pre-prepaired to deal with the consequences; and don't put your funds with obvious centralization targets which aren't at least making comforting sounds about their legal status. (I've cautioned people about various webwallets which offer secondary services like "mixing" and gambling frontends as risk factors— asset seizure for these other things will give you a bad day none the less).

axus

full member

Activity: 129

Merit: 100

STOP U GUYS THERE'S A COMPANY AT STEAK!!!

Quote from: Kluge on October 05, 2012, 09:13:05 PM

When Nefario blackmailed me & the IceHill team by saying he'd unlock our securities if we allowed a swap option, he kept writing "equity steak." I've never forgiven him for repeatedly writing "steak" -- if nothing else, he needs a scammer tag for that.

inb4 "oh, look who's talking!"

(ETA: Fwiw, Nefario's been pretty helpful with me in solving problems since then)

repentance

hero member

Activity: 868

Merit: 1000

Quote from: theymos on October 05, 2012, 08:27:05 PM

He didn't inform me. He illegally spent GLBSE user deposits with the expectation that he would replace this money from the BitcoinGlobal treasury later. Which he's unfortunately correct about -- I can't withhold the money from him when this means that there won't be enough money for GLBSE users.

But GLBSE doesn't have a lot of money (only about 600 BTC IIRC). If he continues paying for stuff, this money will run out.

Could you clarify this a bit please theymos. How did he have access to the user deposits? If he was "borrowing" them without authorisation, that's straight up embezzlement regardless of whether he intended to return them at a later time. When did the shareholders become aware that he was spending user deposits and how did you become aware of his intention to replace them with money from BitcoinGlobal? I'm confused about whether the shareholders effectively authorised him taking a "loan" from the business post hoc by agreeing that he would pay back the misappropriated funds from BG money.

I hate to say it, but if you send Nefario user funds knowing full well that he has already misappropriated funds, you're laying yourself wide open to liability. His access to funds needs to be blocked and a way of returning user deposits worked out which doesn't involve Nefario.

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

Quote from: theymos on October 05, 2012, 10:54:14 PM

Quote from: Stephen Gornick on October 05, 2012, 10:50:53 PM

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

What nonsense. I hold a very small percentage of user funds. 600-800 BTC. He can't even start paying back users without that? And I already said I'd send that part to him. He hasn't given me an address yet.

I wouldnt call it voting so much as pointless agreement since it wouldnt have changed the outcome.

firefop

sr. member

Activity: 420

Merit: 250

Quote from: psilan on October 05, 2012, 11:12:35 PM

So why do people want to hide their identities?

Because if 'the feds' are targeting an exchange, the next step is to go after the users of the exchange, I'd encourage everyone to just take the loss and move on... as that's the only sane thing to do.

keystroke

hero member

Activity: 900

Merit: 1014

advocate of a cryptographic attack on the globe

Quote from: psilan on October 05, 2012, 11:12:35 PM

So why do people want to hide their identities?

They value their privacy.

Edit: And what firefop said below

psilan

sr. member

Activity: 364

Merit: 250

So why do people want to hide their identities?

PandaMiner

sr. member

Activity: 322

Merit: 250

Quote from: nedbert9 on October 05, 2012, 09:17:30 PM

Can we finally wake up and realize it's not safe to hold unregulated capital markets in centralized Web services operated by anonymous and quite possibly Nefarious individuals?

Literally in this case! Cheesy

Bitcoin Oz

hero member

Activity: 686

Merit: 500

Wat

Quote from: MrTeal on October 05, 2012, 10:03:48 PM

This is terrible news even for the users who comply with the AML requirements. They might be able to get their deposits back, but without a platform to trade on the majority of securities on GLBSE will be worthless. Some of the bigger ones like ASICMINER and Giga might be able to get set up well enough that an investor that wants out can sell their shares for something approaching their previous value, but I would bet the majority will either just disappear or will honor shares but they'll become essentially worthless.

Perhaps they can create a basic trading platform for them.

jasinlee

hero member

Activity: 742

Merit: 500

Its as easy as 0, 1, 1, 2, 3

Quote from: theymos on October 05, 2012, 10:54:14 PM

Quote from: Stephen Gornick on October 05, 2012, 10:50:53 PM

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

What nonsense. I hold a very small percentage of user funds. 600-800 BTC. He can't even start paying back users without that? And I already said I'd send that part to him. He hasn't given me an address yet.

I wouldnt send him anything, it will just go into his lawyers pocket.

bitcool

legendary

Activity: 1441

Merit: 1000

Live and enjoy experiments

Quote from: aura.flux on October 05, 2012, 10:23:51 PM

Does anything good ever happen to bitcoin?

Wikileak donation?

Fighting oppressive regimes around the world = good

Aiding greed and fraud = bad

BorderBits

sr. member

Activity: 275

Merit: 250

Quote from: Atlas on October 05, 2012, 10:20:49 PM

Quote from: Shadow383 on October 05, 2012, 10:18:20 PM

Quote from: Atlas on October 05, 2012, 10:13:49 PM

Nefario was a family man. He has a wife. Possibly kids.

Him chickening out in the face of the government is expected. We should of known.

Tell us then, what would you do in the face of potential serious convictions over a bitcoin enterprise?

Stand up for my shareholders and clients until ~~I am forcibly imprisoned. I can wait in prison. I never fear it.~~ my parents threaten to take away my internet.

Fixed.

theymos

administrator

Activity: 5222

Merit: 13032

Quote from: Stephen Gornick on October 05, 2012, 10:50:53 PM

We will begin retuning bitcoin once we have recieved all coins from the GLBSE treasurer that manages the GLBSE cash reserves. BitcoinGlobal (GLBSE's partent company) shareholders and board voted for them to be returned immediately, we are awaiting compliance with this order.

What nonsense. I hold a very small percentage of user funds. 600-800 BTC. He can't even start paying back users without that? And I already said I'd send that part to him. He hasn't given me an address yet.

Topic: Nefario - page 88. (Read 198716 times)