Topic: TYGRR.* assets on GLBSE delisted. - page 13. (Read 33293 times)

UK equivelent of the SEC

GLBSE issuers cannot honor their contracts without the assistance of GLBSE. They do no know who the asset holders are, and so cannot pay them.

this could work,

but what stops the issuer to simply say "operation closed" (of course: if he has a buyback clause this wouldnt work, but without it seems to be a good way for easy money)?

But thats not fair to me and other asset holders! We agree,it's not fair to holders of this asset, to other issers, asset holders and GLBSE itself. Delisting is a last measure when trying to deal with problematic asset issuers who are actively trying to damage GLBSE. We have a responsibility to all asset issuers and asset holders on GLBSE, if any one person is doing something that puts everyone else at risk, including GLBSE operators then they have to leave. This is a market we all share, for it to work we must all play nice.

This would only work if either every single holder of his securities is honest or the community trusts him and GLBSE enough to believe that anyone who claims Goat refused to honor a claim code must be lying. I don't think either of these things are true. Do you?

(He actually could do a two-phase redemption. But considering he has no way to contact all his asset holders to arrange such a thing, the fact that it's technically possible doesn't help much.)

GLBSE issuers cannot honor their contracts without the assistance of GLBSE. They do no know who the asset holders are, and so cannot pay them.

you are right.
even if glbse delist his asset the issuer still has to honor his contract.
its just not easy to see if he really does.

Goat, would you please re-list the assets in a different exchange? Cryptostocks seems like a perfect drop-in replacement. I know it would be hard to match accounts, but claim codes are already anonymous, and this might pave the way to move shares between exchanges, so maybe Cryptostocks would even help with the process?

A notice on GLBSE. I wondered why I never saw it  

I assume this is directed at me so I will ask, how am I "actively trying to damage GLBSE" ?  

Honestly my fight to keep my assets from forced sale was to protect GLBSE. I was trying to make it clear that GLBSE would not just steal assets. Clearly I was wrong :/

Just clearing the order book without suspending trading would have been helpful too...

that's why before publishing such message there usually will be a suspension of trading for half or one day in the traditional exchange.

Where did I say, that the exit strategy will be set in stone because the issuer says so? He still has to stay by his contract (so nobody gets shares stolen, no profit for the issuer by saying shareholder have to do as he says). But he could buyback shares according to contract or make arrangements with another exchange (for example.)

Still better than Nefario just hitting a Killswitch

what i dont like about this is:
 - whoever sees that message first (this includes bond issuer) has the opportunity to sell all at a (relative) high price
 - if someone does not want to sell his assets they are stolen

this could even be used to scam people.

open a ponzi like asset
wait for glbse to close it
profit for bond issuer because he decided his exit strategy is "people: sell all of your shares"

i dont think there should be any way a market place can delist an asset EXCEPT no one (except issuer) holds shares.

that's why before publishing such message there usually will be a suspension of trading for half or one day in the traditional exchange.

what i dont like about this is:
 - whoever sees that message first (this includes bond issuer) has the opportunity to sell all at a (relative) high price

Thank you.
Cryptostocks might be small at the moment, but it seems to improve quite fast and in a good direction.  A Developer Log for example is a good thing. Although the biggest hurdle of leaving the uncertain status to become legitimate, is likely still to come.

I personally have no problem that GLBSE delists some assets. IMO, they even have to delist some assets.

I only have a problem with they way this was handled. This seems really unprofessional.

A Professional solution would have been (could still be) (IMO, of course):

• Notify Goat that his assets will be delisted, give him one week time to work out a exit strategy.
• After that week make a public notification or a user notification on GLBSE, with a link to a thread where Goat has a chance to present his exit strategy
• Give him at least 3 Weeks Time for his exit

Why has this to be done so suddenly?
This precedent that any asset could be kicked of immediately, if the issuer just pissed you off enough may give some people a uneasy feeling.

So we should do nothing then?

I tend to avoid commenting on emotion loaded threads such as this, because hardly ever anything good comes from it. Nevertheless, as Cryptostocks was refered to several times, it's time to speak up.

Our concept is to have as little regulation as necessary on security listings, other than legality of the business model (drugs, weapons, etc. or for obvious reasons not allowed). It shouldn't be the Exchange's responsibility to judge financial viability of securities. It's the investor's right and obligation to do so, it's the investors decision in what he wants to invest it, it's the investors decision on whom to trust and whom not to trust. A verification system with various levels is available for each and every security issuer to choose from. If you don't want to be verified, then don't, but this is transparent to the community. Going forward we'll put in a rating system that highlights if or not a security is currently in violation of its contract terms, i.e. its not to be considered a buying or selling recommendation but merely another indicator to consider in the investor's decision making process.

The "no interest" is in respect to "take all securities that get bumped of GLBSE". Before we mass migrate securities, I'ld like to get a better understanding on why they are being delisted. If it is only about ToS and verification, then those securities are more than welcome, if it is about proven ponzi schemes and frauds, then needless to say that Cryptostocks doesn't want them either.
As I mentioned above, in general anyone is welcome to list a security. If you need a new home for your security, contact me and I am sure we (Cryptostocks, GLBSE and the security issuer) can work out a workable solution in the interest of the shareholders.

But thats not fair to me and other asset holders! We agree,it's not fair to holders of this asset, to other issers [sic], asset holders and GLBSE itself. Delisting is a last measure when trying to deal with problematic asset issuers who are actively trying to damage GLBSE. We have a responsibility to all asset issuers and asset holders on GLBSE, if any one person is doing something that puts everyone else at risk, including GLBSE operators then they have to leave. This is a market we all share, for it to work we must all play nice.