Topic: [was on GLBSE] LIF.x - page 7. (Read 22459 times)

Beyond just the last four pages... Peter Lambert, the person behind the LIF Funds, killed LIF.B last December by doing a bullshit after the fact announcement after he dumped all of his shares at full price, that the fund would not longer be operated. The shares for the Fund continued to be traded actively, but every one of them was based on nothing.

Short answer- you got screwed by Peter Lambert, as has every one of us who invested in his scam.

just noticed my LIF.B shares crashed.  

could somebody point me to what happened on 2011-12-08 ?

has somebody saved any data on this fund?

https://bitcointalksearch.org/topic/glbse-20-open-for-testing-60489

Is there another thread for this? I have some things I'd like to discuss, but don't want to get off-topic.

Not trying to hijack this thread, but just to let users know that GLBSE 2.0 is open for testing.

http://dev.glbse.com

I'll try to get in contact with Peter Lambert and see what the story is.

Nefario.

No funds should be sent outside of GLBSE, as there is no (easy) way to verify who owns the shares. Any buyback should be done on GLBSE and should be equally available to all holders, not just the squeaky wheels on here.

BUMP!

I like how people ignorant of the situation are still buying shares, but IMHO the demand here is more important than cutting losses, since this situation is even affecting the proposed idea of a decentralized stock exchange. Maybe we need to devise a different way of doing business altogether. The blunder of LIF, at least to me, shows that even a WoT won't cut it. Maybe the trusted entity itself should comprise multiple identities with distributed authority. More information about these situations would help us develop such a model.

Does anyone have physical access to Peter Lambert here? Maybe we can cover the costs if anyone is willing to meet him personally.

Agreed. Everything aside, I don't understand why this is happening so summarily. I think Peter could even have handed down the fund to some other party instead of liquidating so hastily, in which case more could be recovered. I have around 1000 shares of LIF.*, so this is a small scale disaster for me.

I didn't invest because I knew Peter was a brilliant investor, I did because I wanted to invest on GLBSE, and LIF would do it for me. I can understand bad trading decisions, but I don't get how a fund can fail outside given limits.

With current information, it looks as if Peter somehow decided to gamble with our money, regardless of which fund they came from, and lost. In which case it is no more in the gray area and becomes a scam/theft/whatever. I would expect someone like him to come clean immediately and try to remedy the situation in a more apt manner. I still hope that the reason he's doing what he's doing is because he's in shock and getting bad advice. Treating your shareholders like this is what you should be trying to avoid, not old posts on a forum (which I'm sure are backed up anyway).

When the dividends of LIF.CX were dwindling during major volatility, I actually felt MORE confident, in that Peter was being conservative with the BTC and not risking too much at once.  Slow and steady wins the race type of idea..  The fact there is a dividend at all means that the original BTC in the fund is safe, we can do better next week, etc etc..  Well next week came alright.. 
 

How the hell do you lose everything and not keep some in case of major loses?  Isnt this like investing 101 ?

Or keeping 50 percent of the shares sold in BTC to buy back shares for instances exactly like this ?

Sounds like someone was Zhoutougned! and playing with other peoples money like a rookie, lost all their money and a lot of your own causing your abandonment  of bitcoin mostly because your pissed off.

You hurt the whole GLBSE community and bitcoin as a whole, and for the record, there is MILLIONS of better
ways to go public with "Im getting out of the biz"

Deleting your posts is highly suspicious and closing your LIF website intentionally screams you are "washing your hands" of the situation.

Peter, maybe you lost a lot of money trading. But why are you trying to cover up your tracks by deleting posts and taking down your websites? Surely you could have done this in a more graceful, transparent manner. You have always been very responsive in PMs with me before, and this new behavior does not seem fitting.

Please consider publishing a final statement of accounts for all your funds, no matter how little their balances. And please sign this statement with your PGP key (this one, for example) to prove your identity. This is the least you could do for your customers and share-holders who once trusted in you.

Not actually, no you didn't just announce it as a scam. You announced that you were getting out of the "biz" and that most of the investments you made were scams because you were not able to liquidate the way you wanted.

Offering now to perhaps, maybe buy some of these now worthless assets back, if you maybe somehow manage to gin together a couple of bitcoins is tantamount to admitting you are a scammer.

Your balance sheets indicated as late as yesterday that the funds controlled thousands of bitcoins when last reported. This was after your claimed sell-off. You have indicated that you were intimately involved in researching every asset, and went so far as publishing a blog detailing your studies (which has since been taken down, interestingly!) Yet you expect us to believe that you just tired of the business and somehow got hoodwinked on 97% of the value of what you claimed?

Lies.

I wonder if you ever even invested in a single share of anything, because the activity histories of the assets on the GLBSE do not match up with your claim of a massive sell off at a loss. I suspect you took a lot of investment in, sat on it and have cashed it out, while trying to cover your theft with this lame nonsense about scammers and ghost bids. I suspect you are behind the USGOLD fraud and the GLBSE fraud shares, and became the mouthpiece of outrage and shock when they had grabbed all you thought you could get.

I call for you to carry a scammer tag until you make good on the losses your dismal management of the LIF Funds generated. What you have stolen from me personally amounts to 45.5 btc when I subtract the liquidation value from the price you were pumping up until minutes before your FUD tease and announcement.

Until 45.5 btc is received at 1yh7GAp2bmGPLbjtkuZR26NCgn5QsnwcN I will continue to call out your theft and criminal activities and demand that you carry a scammer tag. I encourage all other victims of your fraud to keep you in the public's eye.

I trust that the physical address you listed in your investment offering materials will also serve for service of legal documents.

OK, look, I am sorry we lost money. I am trying what I can to get some more bitcoins to buy back the shares. (Shakaru owes me some bitcoin, but I really dont know if he is ever going to pay that back, he had some difficulties the past few months).

If you are not satisfied with the price I offered to buy back shares, then put up a sell offer and if I get some bitcoins I will try to buy them back, I can't guarantee how long that will take.

At least I did not just announce that it was all a scam and run away with the hundreds of bitcoins that were left.

Perhaps LIF.CX was Peter's Bitcoinica account and he got Zhoutonged.

I don't understand how the LIF.CX fund can go from paying a reasonable dividend one week, and then the following week have lost 90+% of it's value - assuming the current bid orders are Peter's.

@Peter - I would really like an explanation on that.

@Peter - Could you please confirm which of the LIF, LIF.A, LIF.B and LIF.CX bids are yours ?

Im a couple hours from there....   

This is sounding shameful, the lack of thought or care put into "getting out of the bitcoin biz"

Peter Lambert
1703 Park Ave,
Lansing,
Michigan, 48910
+1 (517) 505-0884
[email protected]

Perhaps we should pay him a visit to ensure he does not run away with honest investors' money.

*sighs*

I have a dirty feeling the more I read..