My question is by owning shares in them should you have unlimited liability if the operator goes rogue?
There seems to be some illusion that owning shares in one of them in particular is a different animal than all the rest when there is no actual difference being that the operator controls the day to day operations and the shareholders have very little power to change anything. What can you do when they effectively steal the company and cause massive losses to its customers
Are you supposed to be treated like a leper because you invested in any of these companies which for all intents and purposes are exactly the same ?
If this is the case we are going to have to rethink shareholder agreements in the bitcoin world. Because if an operator issues a security which makes the buyer liable for massive losses that is unacceptable.
There seems to be some illusion that owning shares in one of them in particular is a different animal than all the rest when there is no actual difference being that the operator controls the day to day operations and the shareholders have very little power to change anything. What can you do when they effectively steal the company and cause massive losses to its customers
Are you supposed to be treated like a leper because you invested in any of these companies which for all intents and purposes are exactly the same ?
If this is the case we are going to have to rethink shareholder agreements in the bitcoin world. Because if an operator issues a security which makes the buyer liable for massive losses that is unacceptable.
Naturally I speak for myself and my company, but this is the same sort of thought process I had back when GLBSE was still around and people had securities on it. When things started to take a turn for the worse with them, I started to really reconsider the direction of my company.
That's why I went legit, in the full sense of the word. I registered my company in the state of Vermont and all normal Federal organizations, as well as the IRS. I spoke with lawyers and drafted up legal documents that tie my Fund with my company. And yes, they are in fact LEGAL and BINDING.
Nothing. Sue them?
Nothing. Call the police?
Nothing. And that's the lesson.
Nothing. Call the police?
Nothing. And that's the lesson.
I should spend thousands of dollars on a lawsuit because I bought a few shares ? Surely there is a better solution.
That said, it would be very unwise for me to "go rogue". In that event, I could (more than likely, would) be sued by any investor. Stipulations within my contracts require me to cover the costs associated with the return of the investors money in this event as well.
Part of why I did this was to stand out from the rest...I didn't want to be just another "Mining Fund". I'd like to think formalizing and legalizing the process has helped.