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.
The sad thing about this is that we should not expect Bitcoin community members to suffer potentially severe punishment by a government in order to protect integrity.
We cannot realistically expect the average person to defy government coercion at great cost.
Nefario is not the big issue here. GLBSE, as a centralized record of ownership of unregulated securities open to scrutiny by the government, is where we all made the mistake.