Quote from: Entropy-uc on June 29, 2013, 02:35:25 AM

Quote from: burnside on June 29, 2013, 02:33:09 AM

Quote from: Entropy-uc on June 29, 2013, 02:22:44 AM

Quote from: Factory on June 29, 2013, 02:15:07 AM

Quote from: Entropy-uc on June 29, 2013, 02:09:01 AM

It's going to be a long painful death for holders of this mess.

Did you honestly expect anything less?

I expected burnside to examine the self dealing built into the stock, which guarantees loses for everyone but the owner of VMC and reject the listing.

Since that didn't happen, people are going to learn the expensive way.

Sometimes I wish I was the only gatekeeper. It's better though that I am not, I was wrong on so many different things back in the GLBSE days that I when I setup btct.co I knew I needed to get other people involved somehow. I really hope they're right on this one.

Well I appreciate that you care. And the idea of peer review is a good one.

But some things, like the extreme conflict of interest in this case, just shouldn't be allowed at all. It really pains me how badly naive newbs are fleeced by this community. It is going to cost us all in terms of slowing the adoption of bitcoin.

I agree 100%. I hold the exchanges, specifically their owners, responsible. This get rich quick method of opening a "company" and then listing it on an exchange is going to hurt bitcoin investing in the long run.

The first time I read the description of AMC I was extremely disappointed that exchanges would even allow such a concoction to be listed. Shame on the exchanges. The ridiculous business model and rules, especially that AMC and VMC are owned by the same entity, should have been an instant no-go for the exchange. Burnside/Ukyo/whoeverelse, please tell me how you can possibly read the description of AMC and allow such a thing to exist on your exchange.

Exchanges: enjoy your fee's now, because this method of doing business will hurt you in the long run. However, if you gain the reputation as a diligent exchange that does not allow these type of "securities" you will gain the respect and confidence of investors. Please do not use the "investor ignorance is not our fault" copout. Its your responsibility to disallow these types of schemes from being listed in the first place. You are a pseudo accessory by allowing it to be listed.