My obligation was with GLBSE. What happens if I pay back 50% and then GLBSE relists my assets like nothing happened? Then I'm really screwed as I owe them all again...
Why would glbse relist your assets ?
Wasn't your obligation to your asset holders not GLBSE?
What about
GLBSE's Nefario's obligation,
theyhe acts as the middle man, an asset issuer can't even get any data about who holds the asset. Apparently
GLBSENefario gets to fuck the issuers, then fuck the shareholders all while sitting in the middle with no liability, here's your secret code list, everything is all roses now. If
GLBSENefario is going to act like this, then
theyhe need to get out from the middle of the shareholder-asset issuer relationship. The asset issuer needs to know the usernames, withdraw addresses, number of shares owned of the shareholders. Otherwise
GLBSENefario DOES HAVE AN OBLIGATION TO THE SHAREHOLDERS AND THE ISSUERS. One that is greater then, oh well
weI quit, here's your secret code list.
The real risk is created when he exercises his complete authority with the appearance of whim or perfidy. The fact that he singles out individuals for delisting/freezing/etc. based on various "legal" reasons exposes him to liability for all the other scams traded on his exchange. By policing a few, he must police them all.
In addition, by acting arbitrarily, he exposes himself to accusations of wrongful conduct as his actions injure various parties.
Nefario has already admitted that he has permitted illicit activity up to this point and is only remediating his profitable criminal complicity at this time in order to gain government recognition as a trading entity. The smartest move at this point would be to close GLBSE completely, responsibly settle accounts, and then establish a new exchange with stricter controls necessary for compliance.
However, he is in a situation where he wants to eat his cake and have it as well. This will cause difficulty.
Nefario - I would read this one a couple times. You really can't run an exchange like your own sandbox. You have an obligation to all parties involved regardless of what you TOS says in principle. You are scaring customers from your exchange. Now they are worried their asset issuers will piss you off and then BAM!, gone.