Our marketing explicitly states that when a customer uses a branch or other point of exchange, they are exchanging their Euro for Bitcoin, we are educating the population on Bitcoin from the outset. I am still struggling to see the part where it becomes apparent that we are hiding this from the customer, we are merely allowing customers to use Bitcoin without any of the technical and security related hurdles. We will always be in a position to top up their wallets on a decrease in the rates of Bitcoin. Our local rate will be extremely close to the public market rate, whilst our reserves will be traded constantly and our additional income streams will add to our own reserves, our additional income will surpass the income derived through gains we achieve through the increased rate of Bitcoin, so any increase will become a bonus.

If the rate drops to $1 (Highly unlikely), we will buy every single Bitcoin available and use it all in Cyprus for our customers. If this decrease is due to a technical flaw, it will be resolved within hours as per the previous fork that occurred.

On a less repetitive note, I will be releasing the information and a further update later today, as promised in the previous update.

There is not a single Microsoft product in our business (With exception to one VM running Windows for the Oracle Devs), all of our desktops are running Ubuntu, we got a good deal with Oracle, we already have clients and are providing our services 4 months ahead of schedule, I did wonder how long it would take to get the Oracle vs Open Source debate in full flow.

I cannot wait to announce the biggest brand we have so far, for the Bee network.Our lawyers and KPMG are actively dealing with the Central Bank establishing the framework for us to operate within and our customer facing websites are ready, just waiting for the University (It was a bank holiday yesterday)to give the .com.cy domains the go ahead.

As for burning capital, we are already under budget on many things (so far) the fortunate thing we have going in our favour is we are one of a handful of businesses spending money in Cyprus, this alone buys good deals.

Those that invested really early and I mean extremely early, invested with much more risk.

Even with hindsight I wouldn't do a thing differently if the scenarios were exactly the same as they were at the time when the IPVO was planned and executed.

We shall not be listing on CryptoStocks, if NEOBEE was to become available there, it would be TAT's decision to open a PT.

BitFunder and Havelock

We have our first customers actively using our services 4 months early. But yes everything else is still on target.

I can assure you the brand is the biggest that will accept Bitcoin.

I want to reach out to Max Keiser to invite him to broadcast from the flagship branch. I will see if we can make that a possibility.

I have a meeting on Tuesday, so I will know the exact details, times etc then. I will ensure I let you know the details.

The 3D renderings are just that, the tenders are going out for the contractors to complete the renovations to the interior of the building, we are still discussing some minor (non-structural) changes.

We will be making more announcements early next week, with an updated prospectus being made ready for the end of next week. We have much more happening on the ground here and I look forward to releasing that information in the near future.

I will be releasing a large update for everyone within 24/48 hours including images, team member profiles and general updates on different avenues that we have been investigating in relation to the management of shares etc.

Things are extremely busy on the ground here, hence a lower level of activity within the thread.

We are holding one in Nicosia and another in Limassol if you inbox me a contact email address for your friend I will ensure that the organisers send them an invite.

We are just awaiting the University of Cyprus to grant us permission for neo.com.cy and bee.com.cy

The university controls the ccTLD and they want extra steps to be taken for the 3 letter domains.

We will see how the market progresses, we will be running simulations regardless of the actual market movements to test our solutions in the not so distant future!  

We are now planning two conferences to introduce Neo & Bee to merchants here in Cyprus, 200 individual merchants are going to be represented at each of these events across November 13th & 14th. Once all the official documentation and promotional material has been signed off, I will provide it for everyone to see.

The initial designs for the branches will be provided for everyone on Tuesday.

I have only just returned to Cyprus following 4 days in the UK on business matters, so apologies for a lack of responses on my part.

I will only take the VC route once we have finished making our announcements that we believe will drive investment in NEOBEE. These announcements are not far away and following catching up with several parties today and tomorrow, I shall have further announcements to make in relation to the management of shares.

We are very much concerned with being legal, we are investigating every avenue available to us, including the direct handling of shares, other existing platforms, speaking with our legal team (one that doesn't try and fit us into an existing regulatory box) in relation to our own regulated exchange. All the discussions and plans we made prior to these announcements by the platforms, are being reviewed because we do not want the same problems in 4 weeks time.

Whenever there are problems, there is always an opportunity, if the perfect solution is viable, then yes we will always pursue that.
Right now there is nothing more than talk of a decentralized securities exchange, we do not have the resources or time to develop such a project as we are working to strict deadlines for the launch of Neo & Bee.

The above are all great points, in relation to the regulators always being behind technology, that is true and the reason why we have provided the knowledgebase to the regulators on Bitcoin, to ensure they know what it is and how it works without having to look it up themselves.

Any business that is stepping into a potentially regulated area, must approach the regulators with a clear plan of their operations and detail exactly how they are going to do everything and literally say this is how/why we should/shouldn't be regulated. Then negotiations will occur to ensure that the regulators are happy with everything before granting any licenses that are required.

My point on things taking time in the real world was due to the fact that everything needs careful planning and the foundations need to be solid, before any visible progress can take place.

A failure to plan, is planning to fail.

It has been considered from the outset and things are progressing as fast as the business world outside of Bitcoin operates.

No one wants a smooth long term solution that isn't just a band aid more than me. I would much rather spend my time (I assume all those invested would too) building and running the business without additional time being demanded from my days with having to problem solve on this front too.

This is the reason why we have 4 people working as I type on finding/creating the long term sustainable solution. So we can cater for everyone regardless of their geographical location.

The reasoning behind using a platform and not direct handling of shares for ourselves is down to the man hours required to operate on such a basis, we are operating in the real world, we have multiple aspects of the business that need constant oversight and attention, for myself to assign someone for the task is achievable however it comes at a cost to the business, we as a business do not specialize in the trading of shares or have a platform capable of doing so (at the moment) so the best solution is to operate using the platforms available to us. Do things need to change surrounding these platforms? YES they do, whilst we are investigating the matter in great detail we cannot provide a solution overnight.

Apologies for a lack of updates, I have been extremely busy on the ground.

I spoke yesterday at a conference and the video shall be made available upon receipt of the footage.

In relation to a solution for the issues now faced with BitFunder for US based investors, we are working hard to find a long term solution for investors around the world including those in the US. We do not want to make a statement, manage a migration and then be in the same position within another 4 weeks. We do have plans that were in place prior to the announcements, however I am going to ensure it is sustainable for the long term.

We are not going to be seeing a decentralized currency exchange for quite some time and I personally believe the currency markets will happen before a securities exchange. The idea is a good one in theory but in reality I believe that outside of the tech bubble most of us operate within, investors and the general public will not change behaviours at a rate some believe they will. Centralized exchanges are here for the long term. This is just my opinion on that particular matter.

I am now awake, just waiting for TAT's return so we can make official announcements.

We had discussed contingency plans and have our own ideas that can again move Bitcoin onto another level of legitimacy.