The answer to the latter is detailed within the prospectus. We are going to be very clear to our customers we will also provide a link for them to see their BTC sat in the blockchain.

Our customers will transact in Bitcoin values with the equivalent in Euros displayed, just how almost every other business that accepts Bitcoin does.

We know where we stand with regards to Cypriot law (The most important one for ourselves) as with everything with this new technology  it is requiring legal definitions. So we are the ones lobbying for change.

Didn't see this question. As explained elsewhere we are to put it simply, we are an exchange, that offers a wallet service and a payment gateway.

The wallets for those that wish to peg their wallet to a euro value are going to see a fluctuating amount of BTC in their wallet.

We can run our own reports daily or hourly, never said otherwise. We will happily provide regular monthly updates from our own figures but all official accounts will be provided quarterly.  We are not exactly using a small or medium accountancy firm either. These guys have a very big influence on the regulators.

So to be clear our updates will be made at more regular intervals and our audited accounts less frequently.  I would be welcoming of any recommendations of an accountancy firm, that has the same impact and respect with the regulators, that you may be aware of here in Cyprus or even better if they operate on a global scale.

Thanks, as previously mentioned in the thread, due to our model a "run" during a decrease in the exchange rate would reduce our liabilities.

With regards to the legislation, we are now commencing the official lobbying process as previously detailed. Bitcoin is a protocol, that can be utilised in many ways, I do not need to explian that especially on here of all places. We are first and foremost providing access to using Bitcoin as a way to utilise the cryptographic elements to ensure the customer has control of their funds and they are not using it as a purely speculative asset.

Essentially we could have created our own alt, sold it locally in exchange for Euros, however Bitcoin can offer so much more globally than taking said option and it wouldn't be decentralised and still subjected to the current regulations you described above.

The volatility is something only volume will change and we are addressing this on a large scale not only ourselves but opening up other platforms to Bitcoin.

Thanks for the input, we are well aware of how the Bitcoin space operates, however all of our accounts are prepared by one of the big 4 accountancy companies (name will be released on Monday) this comes at a real world cost of both time and finance. Because we are operating a real structured business and not a mining farm with very few real business requirements we cannot just speed these processes up. We can run our own reports and provide trading updates however audited accounts cannot be prepared and released monthly. If it was viable, I would do it.

Thanks for your input;

1. All of the positions with the exception of two are filled, those other two will be filled within 14 days of my return from Amsterdam, we are just waiting for notice periods to be completed with existing employers before we make those announcements.

2. The software development has begun, All the dates in the timeline started from September, so the software development start was included in that month, to demonstrate it would/had been started. We are only opening with 2 branches in the capital Nicosia to enable us to test before scaling around the other densely populated areas of the island. The first branch will have a soft opening in January to ensure that any process and real-time issues are resolved before the opening of the second branch.

3. We have the only mass media specialist on the island working in connection with ourselves, our media campaigns are drawn across a 6 month period (Before we launch and following our initial launch). Everything is results orientated and not based on reach alone.

We have already begun the process with the trade magazines and newspapers, I was speaking with the Financial Mirror last night at an event, I have a meeting planned with the editor upon my return from Amsterdam. 24 hours prior I was speaking with the founder of StockWatch whom is now in love with Bitcoin, I too have meetings planned with them upon my return from Amsterdam because we are holding a conference at the University of Nicosia. Telia & Pavla BBDO have a specialist PR division within.

The most successful advertising campaign ever in Cyprus, was the Lidl launch teaser campaign. Different markets respond to things differently. I too love the idea of the airlines presence, Cyprus attracts vast amounts of visitors from around the world so it only makes sense to ensure these people know what Neo and Bee offer, whilst also providing an introduction to Bitcoin.

4. Because of our model, withdrawals during a downturn in the price reduces our liabilities, we are not operating on a fractional reserve basis. We do have other income revenue streams that will be online either before we launch or very shortly after launch. I will only provide information to the investors when we can determine realistic targets for each stream of revenue. There are many contributing factors to these offerings, using insurance as an example, our only viable option is to use a carrier because we are not big enough to offer our own direct insurance products. The different carrier options we have available are all very different in what they can offer and the variables in the contracts between ourselves and each carrier all differ. I will never provide misinformation to anyone, so when we have things determined closer to fact, only then will it be made public knowledge.

I can bring a heart monitor too, to provide evidence I am still alive.  
If you do go to the conference, please grab me (nicely) and say hi.

Oh boy, I'm very much alive, and yes my Name is Danny and not Daniel, I have been at an event so apologies I couldn't post any earlier, yes 3 companies I have been officially a director of since the age of 20, a dissolved company does not constitute a failure in the slightest.

Edit, Øystein will be in Amsterdam with me, so anyone can meet him there and check his passport.

9500 BTC including the private round of 1.1m shares and the XBOND offering by the end of November.

I am going to be doing an AMA on Reddit for most of the day.

http://www.reddit.com/r/Bitcoin/comments/1mr91m/i_am_the_ceo_of_neo_the_bee_payment_network_in/

My daughter and my family.

The island is beautiful, the people are great and the sun is always shining, so I am never leaving for more than 2 weeks ever again (unless business requirements dictate otherwise)!

Yes my name is Danny and not Daniel, I have provided all the required documents to Ukyo to confirm my identity and TAT has had confirmations from our strategic partners that I am who I claim to be and have the existing partnerships in place.

I performed the market research but other statistical surveys in relation to the public perception of the traditional banks has been provided within the thread.

What do you want to know about me? My address is included on the holding companies website, it is also a registered address with companies house in the UK. The office address is included in the thread and the head office shall become our permanent location as of Monday when we take delivery.

I wish they were temporarily abolished because I want to share much more than is currently possible, but they are a necessity in business.

Yes because "Money" isn't moving in the eyes of the Central Bank from a Cypriot MFI to an overseas location.

Because to operate any account they will be subjected to AML/KYC and all reporting procedures that "everyone" is subjected too.

€5000 from existing Cypriot Monetary Financial Institutions overseas is currently implemented, until the Troika meeting in September when it shall be reviewed. The paper money we accept won't leave Cyprus, the 1's and 0's representing those Euro notes are accounted for elsewhere in the world (Currently subject of an NDA so apologies that I cannot provide more specific details). By design we have zero exposure to the existing Banking infrastructure here in Cyprus.

Irregardless of the above points http://www.ft.com/intl/cms/s/0/4cd86244-2039-11e3-b8c6-00144feab7de.html#axzz2fMgzKJN9

Yes it includes both the private round and the xbond offering.

http://www.sigmalive.com/news/local/65214

Interesting survey here in Cyprus,

The red shows no trust.
The blue very little trust.
The yellow little trust.

Sorry for the lack of posts today, it has been a hectic one with the recording of Let's Talk Bitcoin at the end of a busy day that has yielded great results, we have brought forward the task in promoting Bitcoin to the existing trading platforms that operate here in Cyprus, following a meeting with one of the largest platforms, the partners seemed very interested, this will bring great benefits to Bitcoin users who can access this platform. It will also provide us with more viable options to ease concerns surrounding a lack of platforms with enough liquidity to handle our demands.

As promised, a picture of the building that is the home of our offices and the flagship branch, to demonstrate just how "different" it is within the surrounding area (I only had time to take the picture whilst waiting for the traffic lights)



Another update on the progress of our offices, we take delivery of them on Monday.



This spreadsheet provides details that will enable you to input different parameters (The Blue Cells) to see the effects they will have on our reserves, we have omitted any parts in relation to options trading, so trades on the spreadsheet are very simple public and dark pool markets, even with a crude strategy with the figures that are a direct replica of the seven days when the price of Bitcoin took its fall following the April bubble we would be damaged, but still very much in business. The key figure to watch is "the next day BTC requirement" as this will indicate the amount of Bitcoin that will either be added to our reserves when balancing the customers wallet for the next day, or how many BTC we need to use from our reserves to top up the customers wallets.

www.lmb-holdings.com/opening_week_crash.ods

EDIT - The spreadsheet has been converted to USD intentionally.

I am just between meetings so have not had a chance to answer questions on here or Reddit, I have a spreadsheet to post publicly that is pre-programmed with the rates (From the crash starting at the top and ending at the bottom on the last day, just before the rise back up)from the April bubble and demonstrates the effect that they will have on our reserves etc, you can also modify the data to see any of the effects, of any scenario you desire, including trading the reserves.

Once I get back to my office, I will post this spreadsheet.

Sorry for the delay.

No it isn't a typo. This is a very long term venture, so waiting an extra period of time to fulfill this requirement is not of any concern to myself, whilst providing an additional benefit to investors, helping towards obtaining the required funds to start-up exactly how we initially planned.