What % of shares are gone? Are you happy with the sales so far, is it slow or on target?
Roughly 38% of the 9,600,000 shares have already been sold. |
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What % of shares are gone? Are you happy with the sales so far, is it slow or on target?
I am happy with the progress so far, never expected it to sell out within 24 hours, it is an extremely large amount of BTC. There will be lots more announcements happening almost every day from now until launch. Just having my first coffee of the day, when I have finished I shall check the percentages. |
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By the time we get to market the capital controls will no longer be enforced, the regulators are being made aware that they cannot regulate the protocol too.
Yes the power of the banking lobby, don't under estimate the power of the people that put the government into power either, they for some reason currently have a very sour taste in their mouth with regards to the traditional banks. All the politicians are now very concerned about gaining the support of the public following the fiasco.
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Your business plan is interesting but:
What incentive will a Cypriot have to deposit money with you when he can just deposit Euros into a real bank where deposits are insured up to 100,000 euros by the state? If he/she owns more than 100,000 euros, can just open multiple 100,000 accounts at several banks to benefit from the insurance.
Keep in mind that no Cypriot holding less than 100,000 euros lost any money so far in those bail-ins. Only those who held more than 100,000 lost money.
It would be more interesting to try and get customers for non-pegged deposits. Those might prove more attractive. Have your bitcoins linked directly to a debit/credit card for daily purchases. I can see the attraction of that but can't see the attraction of your pegged model. Sure, I can see some very wealthy people scared of bail-ins going down this path, but don't see many casual retail customers doing it. Those who know and like Bitcoin will just pick the Bitcoin deposit, not the peg and those who don't know about Bitcoin will just use a regular bank with deposit insurance on <100k euro accounts.
The first proposal was to take a percentage of peoples money whom had €1000+ in their account. It very nearly happened |
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This really is looking great, My first tin foil hat post looks so silly now  , But thank you for answering as I am now a proud owner of a few hundred shares,  There was always going to be one  I will be releasing more and more information over the coming weeks and months. |
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2. If you choose to leave the bitcoins with them then thereafter the amount of bitcoins in that address are adjusted so as to always have a value equivalent to the euros you deposited.
What? So they sell you bitcoins and hold the private key for you, so they can increase or decrease the amount if the value fluctuates. Potential to make A LOT of money when the value of BTC rises. Bankrupcy when Bitcoin fails. Interesting bet. Not sure why you would go for that as a customer, but hey... if they can find people that do - good for them. I wish them good luck. No we don't hold the only private key, this is detailed throughout the thread and in the prospectus. |
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I am all set..... well almost, still need to persuade the fiance to pack for me and polish my speech on the flight over.
Really looking forward to the event!
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I admire your tenacity to delve into any and all questions people throw your way. IMHO it shows the deterministic and motivated attitude which many bitcoiners possess and wish to share with the world. Bitcoin is a tangible movement driven by the intangible, I can't wait to follow Neo & Bee's success. I'm ready to pick up more shares. That is all. Off-topic PS : Your earlier statement regarding corporate accounts sent a thought through my mind. I see there are two main breweries in Cyprus, NEO and Leon, do you think there's room for another? It is Keo, we are Neo  Carlsberg has a large market share too, but I don't really drink so not the best positioned to comment, however the island is full of British Expats of which the majority like a beer or two. I guess you own a brewery? I want to answer every question in relation to the business, those that have been here to see me either in passing or for business matters, know I can talk for hours on the intricacies of the business. However whilst in Amsterdam my time will be even more tight, the same for when I return but I will make an hour or two a day in the evenings to answer questions in the thread and provide updates and related news/images etc. Maybe later you'll have some time to update first post of thread with FAQs I will get this done tomorrow evening. |
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I admire your tenacity to delve into any and all questions people throw your way. IMHO it shows the deterministic and motivated attitude which many bitcoiners possess and wish to share with the world. Bitcoin is a tangible movement driven by the intangible, I can't wait to follow Neo & Bee's success. I'm ready to pick up more shares. That is all. Off-topic PS : Your earlier statement regarding corporate accounts sent a thought through my mind. I see there are two main breweries in Cyprus, NEO and Leon, do you think there's room for another? It is Keo, we are Neo Carlsberg has a large market share too, but I don't really drink so not the best positioned to comment, however the island is full of British Expats of which the majority like a beer or two. I guess you own a brewery? I want to answer every question in relation to the business, those that have been here to see me either in passing or for business matters, know I can talk for hours on the intricacies of the business. However whilst in Amsterdam my time will be even more tight, the same for when I return but I will make an hour or two a day in the evenings to answer questions in the thread and provide updates and related news/images etc. |
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From what I read I think that buying Neo&Bee shares could be the chance of a lifetime!
I believe in what you're doing, congrats in making us move forward.
Thanks! |
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If the company is registered in Cyprus then that legal entity is based (resident) here.
Good! Thank you for answers! No problem. Your company can even accept Bee payments. |
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Are there any opportunities to have a legit corporate account at Neo&Bee?
For example, if I have a company registered in Cyprus, could I have a N&B account and be able to receive money from other countries using wire transfer? How legal would it be?
If the company is registered in Cyprus then that legal entity is based (resident) here. |
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however the Bitcoin that we top our customers wallets up with, is taken from our own reserves that we openly trade with.
This make lots of money if BTC goes up, but will go bust if BTC falls. The price will significantly rise only because of their new customers btw. cryptocyprus, will the customers need be residents of Cyprus, or travelers/tourists/business people who are not residents but came to Cyprus will also be able to open accounts in your bank? To open a wallet with Neo initially you will need to be a Cypriot resident, we will be opening this up to EU customers once we have ensured no backlogs are created upon start up. Bee on the other hand will be open to everyone on the island including tourists, you will be able to purchase pre-paid Bee cards (top up with BTC) and or use your smartphone wallet through the POS terminals. The prepaid cards would reduce data roaming fees for existing Bitcoiners who are on their travels in Cyprus. |
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however the Bitcoin that we top our customers wallets up with, is taken from our own reserves that we openly trade with.
This make lots of money if BTC goes up, but will go bust if BTC falls. The price will significantly rise only because of their new customers btw. Not at all, we will be adding demand and displaying that Bitcoin can succeed in the wider world, if anyone wants to jump ship who holds large volumes then the price will also decrease. |
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however the Bitcoin that we top our customers wallets up with, is taken from our own reserves that we openly trade with.
So again I'll ask simple questions. How much reserves do you have? What price movement does this cover? You are doing nothing more than gambling with all customers money. You owe them all their money in a fixed amount of Euros via the 'pegging of exchange rates' and are holding all your assets in Bitcoins. This make lots of money if BTC goes up, but will go bust if BTC falls. This is not a sustainable or sensible business plan. Whilst Bitcoin has a use it will have value, we are adding to that usability on a large scale, we will hold our own reserves in Euro and Bitcoin. We do not use our customers money to trade with, we sell them Bitcoin to use and its associated benefits. EDIT - We have provided a demonstration as to what we could hold as a minimum by the time we open for business and the rate decreases from the top of the April bubble through a crash based on holdings as documented in the prospectus. |
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Deprived - the wording of the account contracts is being prepared as part of our regulatory proposals.
I wasn't asking for them now - or suggesting they should be ready yet. I was just saying that I'll be interested to read them whenever they're done. I wouldn't expect them to be completed until a lot nearer launch. Sorry if my comment was read as though I believed they should have already been published - that wasn't my intent. No I was just pointing it out, that we are already onto that part. All of our customer documentation will be in large print (even the boring parts) there will also be English & Russian translations of the documents which I will openly provide for everyone to see. Much of the text will be determined by the acceptance of our proposals to the regulators and their direct input on that particular matter. |
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I have a technical question, sorry if I miss something.
You say that customers will see their money denominated in bitcoins in the blockchain.
Okay.
As I get it, when the price falls, you'll increase the BTC amount in the customers' accounts by sending new bitcoins to their wallets.
But what you'll do when the price rises? Remove bitcoins from the wallets? But you can't do it without customers' parts of private keys.
This part will be addressed within the contract between ourselves and the third legal entity, if the customer hasn't performed a transaction in x amount of hours following a rebalancing of the accounts. |
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OK, so now you've confirmed that they will hold Bitcoins and you'll be showing them in the blockchain. As you say you're merely showing them what they're worth in euros. I get that now. Maybe this will get around regulation and lets assume for a minute that it does.
Here's the REAL problem.
You take 10m euros of deposits when it is 100:1, so buy 100,000 Bitcoins. You can then show them to the customers - everybody is happy etc.
Now the rate falls to 80:1, just the sort of movement that has happened regularly many times in recent months. If they want to have the same amount in Euros as you've promised to the customers , you need to show them that there are now 125,000 bitcoins owned by them in the blockchain, since 125,000 = 10m euros.
Where do these extra 25,000 bitcoins suddenly come from?
Please explain.
If you can buy €10m worth of Bitcoin without generating a cent of upwards movement, do you want a job? According to the clarkmoody calculator an order of €10m ($13,524,478.77) would create slippage of BTC47,301 however the Bitcoin that we top our customers wallets up with, is taken from our own reserves that we openly trade with. Deprived - the wording of the account contracts is being prepared as part of our regulatory proposals. |
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Not sure, but i might have just hit paydirt. I want to run a bank, but don't want to deal with the associated regulations. Here's my plan: 1. I open a storefront where people can buy tokens. 2. People are asked to start an account, with a wallet where their money is stored. 3. From the aforementioned wallet, the account holders may purchase my tokens. Or not. 4. Account holders may withdraw money from their account wallet at any time, and deposit money into the wallet at any time. 5. Similarly, they may invest in my tokens at any time, or divest from them at any time. 6. My tokens have but one quality -- their value, relative to fiat, goes up by ~5% a year. Can i do this  Sorry if OT. I think that might depend on where you live and what sorts of laws they currently have. The OP is in Cyprus, and they are operating under the Cyprus law which allows what they are doing. We are actually saying to the regulators is that we want you to recognize Bitcoin as money, we want regulations to be created for us to operate within, that are fitting for what we are doing. I will be providing details in relation to the exact process and the steps we are taking by Tuesday. In relation to creating a token, that would the have a central issuer, if people gave that token value for you to store and to use it as a medium of exchange you would be subjected to the Electronic Money Law, but because Bitcoin doesn't have a central issuer, the current electronic money law doesn't cater for it. |
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There is a big difference between holding bitcoins In a Euro denominated account and holding euros. Only for you, not for the customer. Most wallet services such as Blockchain.info will allow you to see your balance as USD equivalent. This does not mean they are holding USD deposits. They are clear however about the fact that your main balance is in bitcoins. The euro/usd amount is just there for convenience. That is something we are making very clear to our customers. |
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