Oh we have had a debate sorry I missed it,

Just to make some points (some are repeated from a long time ago),

A "run" on withdrawals would serve only to reduce our liabilities unlike a traditional bank.
We will have both options and futures trading available to us prior to launch (with substantial volume)
We will also be basing our business model on the additional services we shall be offering, ie insurance, international remittance (there are more but I will provide more detail when we have more solid progress).

Yes substantial losses in the value over a long period of time would not be of benefit to anyone neither ourselves or anyone that holds Bitcoin as a store of value, however if we fail our customers can still obtain their own Bitcoin. For these recurring losses to happen it would also pretty much mean an end for Bitcoin too (if they were to happen at this point in time), something I don't foresee happening anytime soon. For everyone who likes doomsday scenarios, if you think your going to wake up tomorrow with Bitcoin valued at 0, it just isn't going to happen because of the fact that if two people agree on a value then it will always be worth something.

We are offering pegged wallets to provide stability so commerce can take place, yes Bitcoin can also be used as a medium of exchange (with its cryptographic security remaining intact) and not just a store of value amongst many other potential uses also.

Amsterdam Update

The conference has been great so far, I have made some really good contacts and had some interesting discussions, whilst being on the receiving end of some good proposals.

The regulation panel was great, it brought a few laughs from the crowd too (Asking the Police if Silkroad had helped remove violence from drug dealing on the street, was a great question).

My speech was also recorded, as soon as I can get a link to the hosted video, it will be posted here, I received a good reception and some great questions.

Neo & Bee update will be happening later today it is currently 5:45am here in Amsterdam, once I have tied a few loose ends up today, I will present the updates in one long post, this will also detail our path to regulation.

I am just awaiting an update from TAT in relation to the transfers from BTCT.

Once he is online, I shall be in a position to give more information.

It should be!

Only more hassle because the majority of those already within the Bitcoin community care more about Bitcoin itself and its potential on so many different levels.

I wouldn't want that to change either.

I receive daily calls from VC's and I can sell any remaining stake to them if required to do so following the IPVO.

I am stood waiting for my luggage in the Amsterdam Airport, once I get to my hotel, I will be answering any questions that I have missed and catching up with my emails.

I have polished my presentation whilst flying and really looking forward to spending the next few days surrounded by Bitcoiners.

Manage a private shareholder list until either a new exchange opens or can be made (maybe even pull some strings with contacts at cySEC and launch our own platform).


Try my hardest to be with my daughter.


We already have a dead mans switch in place to ensure that there is not a single point of failure.

That is the plan, myself and TAT are just working out the logistics as I type this. We are fortunate enough to already have the underlying asset elsewhere and another pass through on Havelock so migration is much easier for ourselves.

Thought about it, however right now we have enough work on with Neo & Bee.

Maybe in the future, but not right now.

This is most certainly not the case, I can assure everyone that this will be handled in the correct and most seamless manner possible.

I am just out at the moment making sure progress can continue to be made locally whilst I am in Amsterdam, so on my phone at this given point in time, so I haven't even had a chance to check the BTCT thread for any announcements that have been made by burnside. Due to timezones myself and TAT will be making an announcement once he is online. We have already considered such a scenario and made plans but it still needs Tat's agreement before I make any announcement on the matter.

More than 100% of total liabilities in our own reserves wouldn't happen because during any falls we would continue our trading to ensure that we had sufficient Bitcoin to cover the adjustments required. The depth of the market is also a very important factor, its all well and good having a BTC/EUR rate of €1000 if it would only take 10BTC to drop it down to €500.

We need to raise a minimum of 9500BTC by 30th November we are already in excess of 8500BTC so we are satisfied with current progress, we also have some big announcements to make, the asks below the offer price of 0.003 are more than likely people that were hoping to flip the shares.

In a nut shell I am still extremely positive that we can sell out the full 9,600,000 public offering. 

Thanks, but I would just be too busy.

My opinion is that, if you are starting any business, or asking for any investment there should be no such thing as a hard question. There is only two types of question you can ever receive, good questions and questions that make no logical sense that they are impossible to answer correctly.

We are paying many of our expenses in BTC, mostly at the partners request.


1. To do it personally, you can see the amount of the asks @ 0.003BTC/share and we will provide regular updates ourselves.

2. I have already had lots of offers, that I can return to should the need arise, but I want to give the Bitcoin community the chance first and foremost.

3. Once I return from Amsterdam, shortly after an announcement will be made in relation to the executive team. (I have been trying really hard to not us the words "2 Weeks")

4. Offices, we take delivery tomorrow! The branch 3d walkthroughs will be completed in 15 days from tomorrow. We take delivery of the branch on the 23rd November to commence the interior renovations.

Yes our lowest paid employees are administrative assistants, however you are not far from my salary.


Who else participates in the 40%?
[/quote]

A percentage has been negotiated with some members of the executive management, to attract the best people away from their existing roles at a sustainable salary, I have used my own holdings to achieve this. These holdings will not be made available on the public market by the members of executive management.

I will have 0 in bonuses and it will always remain like that. I personally hold the majority of the 40% and that will be where any benefits of being successful will eventually be generated from.

I have decided that my salary will never be anymore than 4x the lowest paid permanent employee, I am not driven by greed, the financial benefits for myself will be realized through the results of the business over a long period of time.

I will be keeping everyone up to date with our progress and thank you for investing.

No, but they were 2 hours away from it becoming a reality, irregardless of the "insurance", the church had also offered up their assets to stop the €1k+ deposits being haircut. Please remember that what is reported in the global media and what is actually happening/happened locally is generally vastly different.

They still have to complete the restructuring of the credit-unions, which is going to cause another mess.

Thanks, if you have any questions, I will answer them

This scenario has already been answered several times, and your vision of what we are offering is incorrect.

Those in Laiki who had 100k lost 100% of everything above 100k, those in the Bank of Cyprus lost 47.5% of everything over 100k.

Do you think the Central Banks can actually cover every insured deposit?