I agree with what others in this thread have said, there will always be bad apples in every market.  There are  many bogus companies whose penny stocks are traded for USD, even large corporations listed on the major stock exchanges are later revealed to be total frauds.

I wouldn't be interested in listing my company on the GLBSE, but that's because I have no need to sell shares, but other companies should have every right to be able to.  Crypto-anarchy FTW