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Hero MemberActivity: 868Merit: 1000 Re: GLBSE is offline We will update our users on Saturday. October 05, 2012, 06:59:50 PM #222 Quote from: Korbman on October 05, 2012, 04:51:57 PM Quote from: repentance on October 05, 2012, 04:25:24 PM ...those who hold equity have not only a right but a positive duty to be aware of what is happening with GLBSE as they are jointly and severally liable for its actions.



Precisely, and unfortunately Nefario seems have severely mishandled the situation.



I do think this all could have been handled a bit better, but I also understand the situation he's in. Imagine if you were in his shoes. You're there with a handful of other members, managing them, new IPOs, finances, scam accusations, renovations to the site and existing infrastructure, and all the while working with legal and governmental agencies to establish real world legitimacy.

That's an extremely stressful and overwhelming scenario, and it doesn't help when it's your first time running a fast growing business and you're learning along the way.



Hopefully tomorrow we see some good news.





Precisely, and unfortunately Nefario seems have severely mishandled the situation.I do think this all could have been handled a bit better, but I also understand the situation he's in. Imagine if you were in his shoes. You're there with a handful of other members, managing them, new IPOs, finances, scam accusations, renovations to the site and existing infrastructure, and all the while working with legal and governmental agencies to establish real world legitimacy.That's an extremely stressful and overwhelming scenario, and it doesn't help when it's your first time running a fast growing business and you're learning along the way.Hopefully tomorrow we see some good news.

This is why ventures need proper business plans and growth needs to happen in a controlled manner - and why so many ventures fail because of their own initial success. All of the things you listed should not be happening at one time and one person should not be responsible for managing them all. Businesses are extremely vulnerable during growth and that vulnerability needs to be planned for. That applies in the conventional world just as much as in the Bitcoin world. What is slightly different is that in the Bitcoin world we're often seeing start-ups quickly become responsible for large amounts of other people's funds - because the primary "product" being demanded and offered is financial services. This means the consequences of failure during expansion often involve the loss of other people's funds and not just those of the principals.



And yes, not just your first but every business you run has a learning curve - that's no excuse for failing to do your homework and due diligence both prior to launch and on an ongoing basis, though. This is why ventures need proper business plans and growth needs to happen in a controlled manner - and why so many ventures fail because of their own initial success. All of the things you listed should not be happening at one time and one person should not be responsible for managing them all. Businesses are extremely vulnerable during growth and that vulnerability needs to be planned for. That applies in the conventional world just as much as in the Bitcoin world. What is slightly different is that in the Bitcoin world we're often seeing start-ups quickly become responsible for large amounts of other people's funds - because the primary "product" being demanded and offered is financial services. This means the consequences of failure during expansion often involve the loss of other people's funds and not just those of the principals.And yes, not just your first but every business you run has a learning curve - that's no excuse for failing to do your homework and due diligence both prior to launch and on an ongoing basis, though. All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.

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NewbieActivity: 49Merit: 0 Re: GLBSE is offline We will update our users on Saturday. October 05, 2012, 07:23:12 PM #224 I dont want to bash Nefario, but if it is true that he hasn't talked to a lawyer yet, that is def. not a positive sign.

Although the community might be split and many might prefer to keep the status quo of GLBSE (anonymity,...)

in my opinion the next step is to professionalize it. This means probably that Nefario has to delegate certain

responsibilities (finance, marketing & PR, Legal,...).



Interesting could be a look how governments around the world regulated similar businesses in 2nd Live (L$)

Under these circumstances I personally would not invest @the moment in GLBSE...

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Hero MemberActivity: 868Merit: 1000 Re: GLBSE is offline We will update our users on Saturday. October 05, 2012, 07:26:21 PM #225 GLBSE is going to be damaged by this no matter what the reason for it being taken offline. That damage will probably be irreparable if Saturday's "update" doesn't include full and frank disclosure of the nature of the problem which took it offline. Let's hope that the update isn't "more info in a few day" or something similar. All I can say is that this is Bitcoin. I don't believe it until I see six confirmations.

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LegendaryActivity: 2352Merit: 1064Bitcoin is antisemitic Re: GLBSE is offline We will update our users on Saturday. October 05, 2012, 07:49:22 PM #226 Quote from: Martin666 on October 05, 2012, 07:23:12 PM I dont want to bash Nefario



I am tempted to do it, since i remember that he was confident about being beyond the law due to the nature of BTC, and so there was no risk of what is now probably happened. Now we discover that he did not ask a lawyer at the time. Talking 'bout very lax way of doing. In fact, why care? It's just our monies. I am tempted to do it, since i remember that he was confident about being beyond the law due to the nature of BTC, and so there was no risk of what is now probably happened. Now we discover that he did not ask a lawyer at the time. Talking 'bout very lax way of doing. In fact, why care? It's just our monies.

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LegendaryActivity: 2040Merit: 1062aka tonikt Re: GLBSE is offline We will update our users on Saturday. October 05, 2012, 07:56:19 PM #228

Call ma a troll again (and don't forget to add me to your ignore list), but I just must say it: I told you so! So the 12th page summary is: GLBSE was a scum and Nefario is going to jail... hmm...Call ma a troll again (and don't forget to add me to your ignore list), but I just must say it: I told you so! Check out gocoin - my original project of full bitcoin node & cold wallet written in Go.

PGP fingerprint: AB9E A551 E262 A87A 13BB 9059 1BE7 B545 CDF3 FD0E PGP fingerprint: AB9E A551 E262 A87A 13BB 9059 1BE7 B545 CDF3 FD0E

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LegendaryActivity: 980Merit: 1008 Re: GLBSE is offline We will update our users on Saturday. October 05, 2012, 08:04:30 PM #233

http://www.youtube.com/watch?v=L4iPCpmv678



It... scares me. He seems like a nice enough guy, I dont doubt his good intentions, but he is clearly in way over his head. Getting nervous to talk for like 10 people and he doesnt even know for sure what arbitrage is..?



I also think he is quite wrong thinking GLBSE operates in a legal vacuum. IANAL, particularly not a UK one specializing in finance, but what little Ive read so far suggests he is 100% wrong. Even if he's not, its incredibly dumb not having gotten legal advice yet to make sure.



This wont end well I fear :/ I just watched Nefario's talk here:It... scares me. He seems like a nice enough guy, I dont doubt his good intentions, but he is clearly in way over his head. Getting nervous to talk for like 10 people and he doesnt even know for sure what arbitrage is..?I also think he is quite wrong thinking GLBSE operates in a legal vacuum. IANAL, particularly not a UK one specializing in finance, but what little Ive read so far suggests he is 100% wrong. Even if he's not, its incredibly dumb not having gotten legal advice yet to make sure.This wont end well I fear :/

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Sr. MemberActivity: 394Merit: 250 Re: GLBSE is offline We will update our users on Saturday. October 05, 2012, 08:18:35 PM #236 Quote from: Puppet on October 05, 2012, 08:04:30 PM

http://www.youtube.com/watch?v=L4iPCpmv678



It... scares me. He seems like a nice enough guy, I dont doubt his good intentions, but he is clearly in way over his head. Getting nervous to talk for like 10 people and he doesnt even know for sure what arbitrage is..?



I also think he is quite wrong thinking GLBSE operates in a legal vacuum. IANAL, particularly not a UK one specializing in finance, but what little Ive read so far suggests he is 100% wrong. Even if he's not, its incredibly dumb not having gotten legal advice yet to make sure.



This wont end well I fear :/

I just watched Nefario's talk here:It... scares me. He seems like a nice enough guy, I dont doubt his good intentions, but he is clearly in way over his head. Getting nervous to talk for like 10 people and he doesnt even know for sure what arbitrage is..?I also think he is quite wrong thinking GLBSE operates in a legal vacuum. IANAL, particularly not a UK one specializing in finance, but what little Ive read so far suggests he is 100% wrong. Even if he's not, its incredibly dumb not having gotten legal advice yet to make sure.This wont end well I fear :/



Oh man this bit is GREAT!



"When things go wrong you find out about how things actually work as opposed to how you thought they worked."



http://www.youtube.com/watch?v=L4iPCpmv678&t=1m40s Oh man this bit is GREAT!"When things go wrong you find out about how things actually work as opposed to how you thought they worked."

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NewbieActivity: 49Merit: 0 Re: GLBSE is offline We will update our users on Saturday. October 05, 2012, 08:19:22 PM #237

"we can move that anywhere almost instantly"

"if we do have problems, we can move the important stuff out off the jurisdiction, that decides that is going to crack down"





Q: Are you experiencing some problems from governments from I don't know ways like Interpol

or anything either questions asked like which you dont like.



A: Nefario: I have had zero interest or problems with governments our largest problem has been from fraud

particularly with assets that take to be from enormous issuers.



Q: Ok, But what do you have some lawyers like very good lawyers or are you thinking about moving your

company to some nice like Carribean Islands or something because i am not saying that governemnts will be

interested in you like tomorrow or this month but i feel one day maybe in a few months they will so unless

you have a plan and you cannot tell us or you just have some ideas that you could tell us ok i m save i have

five passports you have no problems I would like to hear what is your plan ?



A: Nefario: so, Ok firstly we can move *** data which is all the important part of ***, the database of accounts and transactions

we can move out anywhere very, very quick. Its backed up in several places encrypted and than the capital on

the market is in bitcoin, so we can move that anywhere almost instantly.

so if we do have problems we can move the important stuff out off the jurisdiction that decides that is going to crack down

Secondly i haven t been really taking to lawyers i kind of just went into this, but I have been talking to other people,

and i will be getting a lawyer very soon.

A: You should !

Q: Yes

A: You must

Q: I m convinced of this now. I m tryin to put this off.

as I hate lawyers.



(Interview with Nefario, Bitcoin conference 2012 London, 25min19sec,



He seems to be really passionate about GLBSE and bitcoin, but it looks to me that he made the second before the first step...







When you watch the interview in London with Nefario you get the impression he wants to "smart out" the government."we can move that anywhere almost instantly""if we do have problems, we can move the important stuff out off the jurisdiction, that decides that is going to crack down"Q: Are you experiencing some problems from governments from I don't know ways like Interpolor anything either questions asked like which you dont like.A: Nefario: I have had zero interest or problems with governments our largest problem has been from fraudparticularly with assets that take to be from enormous issuers.Q: Ok, But what do you have some lawyers like very good lawyers or are you thinking about moving yourcompany to some nice like Carribean Islands or something because i am not saying that governemnts will beinterested in you like tomorrow or this month but i feel one day maybe in a few months they will so unlessyou have a plan and you cannot tell us or you just have some ideas that you could tell us ok i m save i havefive passports you have no problems I would like to hear what is your plan ?A: Nefario: so, Ok firstly we can move *** data which is all the important part of ***, the database of accounts and transactionswe can move out anywhere very, very quick. Its backed up in several places encrypted and than the capital onthe market is in bitcoin, so we can move that anywhere almost instantly.so if we do have problems we can move the important stuff out off the jurisdiction that decides that is going to crack downSecondly i haven t been really taking to lawyers i kind of just went into this, but I have been talking to other people,and i will be getting a lawyer very soon.A: You should !Q: YesA: You mustQ: I m convinced of this now. I m tryin to put this off.as I hate lawyers.(Interview with Nefario, Bitcoin conference 2012 London, 25min19sec, http://www.youtube.com/watch?v=vmPD_YSQ--k&t=25m18s He seems to be really passionate about GLBSE and bitcoin, but it looks to me that he made the second before the first step...