Quote from: 5grainsilver on July 06, 2011, 04:36:32 PM

GLBSE is not a real exchange. There is no volume. It is not regulated by any government organization. My expectation of receiving payout should my contract become profitable is pretty damn low. The site owner has a link where you can donate to him lol. That is not a professional exchange. What are the qualifications of the person running it? Who is running it? Where is it based? On the about me page it says the following:

"We Are The Market

Buy, sell, raise, lend, borrow, invest, the single market that does it all. Keep your bitcoin in one market, and instantly switch between different assets, currencies, shares, and bonds to take advantage of the largest bitcoin market.

* Issue shares to raise capital
* Pay dividends to shareholders
* Put resolutions to shareholders and get their vote
* Issue and sell bonds
* Borrow and lend to the market
* Make and recieve loan repayments
* Issue futures contracts
* Meta-trade on non listed companies (on other exchanges)
* And trade all of the above with other traders on the market

Start Trading Now!

The exchange is currently under testing, but is being used, you may use at your own risk but be warned,you could lose your shirt ;-)"

That says nothing, except that the person running it is building this as they go and have no idea what they are doing.

The fact that these are not the first questions people are asking when this site advertises, just shows how naive the bitcoin community is. Here are some more good questions:

Who holds my deposit? Who guarantees it? Are my funds used for operating expenses? (I bet they are) Are my funds held in a segregated account? In what currency? How is that account being managed to hedge against currency and bitcoin value changes?

You might not like what I am saying, but to completely write it off is ignorant. I have a LOT of experience in gambling, trading, and business. I've seen a lot of bubbles, I've seen people act CRAZY when they come into a lot of money or lose a lot in a short time. Be smart. Learn from the mistakes of others. People behave in repeating patterns, especially in crowds and markets. Have you studied the history of bubbles? Might be a good idea. If you are one of the ones that has come into a lot of money from this, be smart and diversify. Acknowledge that there is a real chance that bitcoins could go down the toilet and take some of that money and put it into a different type of investment or business. I'm sure the smart ones have already quietly done that.

OK enough good advice. I know most of you will completely write me off as an ignorant whatever you think I am. Most people have to learn the hard way, that is just how people are.

Neferio is running glbse.com .