Quote from: stochastic on October 11, 2012, 01:28:51 AM

Quote from: theymos on October 11, 2012, 01:20:25 AM

Quote from: stochastic on October 11, 2012, 01:06:20 AM

No you are wrong

Quote from: Murray N. Rothbard

[Corporations] are free associations of individuals pooling their capital. On the purely free market, such individuals would simply announce to their creditors that their liability is limited to the capital specifically invested in the corporation, and that beyond this their personal funds are not liable for debts, as they would be under a partnership arrangement. It then rests with the sellers and lenders to this corporation to decide whether or not they will transact business with it. If they do, then they proceed at their own risk.

Your liability contract is not with the other partners/members of BitcoinGlobal, your liability contract was with the users of GLBSE. Since you made no contract saying you have limited liability you have unlimited liability, full liability for the debt. You might have a ~2.5% stake, then you can be held liable for 2.5% of the debt BitcoinGlobal owes to its users if Nefario's payback plan fails.

I guess I disagree with Rothbard. It doesn't make sense to me for someone to be liable for something he didn't personally do unless this state of affairs is changed through contracts. Why should one certain type of contract have the implicit meaning that one side of the contract takes some liability from the other side?

Of course you will disagree with Rothbard when your head is on the chopping block. You may agree with him when you are shouting for another person's head.

You started a company, took users funds, kept records in a database. You and the rest of the partners appointed a CEO, Treasurer, and Accountant to oversee those funds and database. Their actions are an extension of your decision.

You are a free person that individually decided to join into this partnership. You freely decided who would do what in your company. It doesn't matter who voted for what. You already agreed that your partnership would follow the decisions of a vote. No one forced you to join this association.

People knew that GLBSE is controlled by BitcoinGlobal, thus BitcoinGlobal is responsible for all debt of GLBSE. Since there is no written agreement between BitcoinGlobal/GLBSE and its users about limited liability, that means BitcoinGlobal partners have unlimited liability.

You can say how unfair it is, but you got yourself into this situation by creating/joining BitcoinGlobal.

This is my understanding of the situation now. Which is why I hope Nefario pays back the coins. Because it will take me a long time to pay back 500 coins.