[IPVO] [Multiple Exchanges] Neo & Bee - LMB Holdings

[cryptocyprus]

You will have to wait for that level of detail until the legal reviews have been completed on all of our marketing materials relating to Neo pegged wallets. At no point has there ever been an indication that it would be impossible for the customer to get their BTC, surely the part that states 'even without Neo, the customer can get their Bitcoin' would have cleared that up....

[1715188947]

1715188947

[N_S]

Here's the TL;DR of this ex-trader topic:

"The people will have full access to their bitcoins."

"why?"

"Because that's the right thing to do"

"why?"

"Because it's not nice to keep peoples' money from them."

"why?"

"Because they worked for it and deserve it."

"why?"

"Because they need money in order to live."

"why?"

::puts gun in mouth::

[ex-trader]

I am a Cypriot and I work in the treasury department of a bank.

I can say that I am satisfied by the business case of the company and the answers given by Danny on the questions of the "balance sheet expert".

Mmmm, now I understand why Cyprus is in crisis................

[ffssixtynine]

You will have to wait for that level of detail until the legal reviews have been completed on all of our marketing materials relating to Neo pegged wallets. At no point has there ever been an indication that it would be impossible for the customer to get their BTC, surely the part that states 'even without Neo, the customer can get their Bitcoin' would have cleared that up....

That was the point about reading the prospectus that I made a few days earlier. However, detail detail, the devil is in the detail. There needs to be a compelling case for the accounts to be opened up. From memory, there are to be multi-sig accounts with Neo, user and a 3rd party lawyer having access. It's also not clear whether this is the case for all accounts although I presume so - multi-sig implies these exist on the blockchain and that Neo will adjust the balance on a daily basis. Presumptions aren't the same as knowing.

However, surely the government would impose restrictions on what the lawyer/neo sign for just as with regular banks? That's where I have queries as the benefit for locals must be that they can get the money and the government can't. Multisig is great but not so great if the gov can just pass arbitrary laws to prevent you accessing your money again by hampering the other signatories.

Good luck with the regulators. They could make or break Neo.

I'm also totally supportive of this, I was more trying to get across what ex-trader is getting at as I found his posts awkward and rather trolly in the way they were written (is that a word, trolly?). No offence ex-t. There are fair questions waiting to be answered even if they can't be answered today.

Also, have you guys all seen Coinkite's fee structure and offering? Thoughts?

Coinkite pricing: https://coinkite.com/faq/pricing

[Skoutz]

I am a Cypriot and I work in the treasury department of a bank.

I can say that I am satisfied by the business case of the company and the answers given by Danny on the questions of the "balance sheet expert".

Mmmm, now I understand why Cyprus is in crisis................

Mmmmmmmmmm, it's because we (and Italy, and Spain, and Portugal, and Greece etc.) do not have "balance sheet experts".

Please "balance sheet expert", lend us your brain for cloning!

[crumbs]

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Please "balance sheet expert", lend us your brain for cloning!

Judging by how badly you guys have blown it with banking, i'd suggest you hold off on cloning brains.

[well.attenuated]

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Please "balance sheet expert", lend us your brain for cloning!

Judging by how badly you guys have blown it with banking, i'd suggest you hold off on cloning brains.

This is actually pretty funny 

[ThickAsThieves]

Please don't turn this thread into another next 600-page monster of filler nonsense and bickering.

Let's stick to specific, relevant, questions and updates please. We're all adults here, I assume.

Hyperbolic commentary, greedy speculation, re-wordings of the same questions, and unsatisfiable expressions of discontent - all might be best left for another thread or forum.

Thanks!

[Stuartuk]

kingcrimson - to equate my post to the likes of the one just made by crumbs is an absurdity. Finally these questions are being discussed sensibly not least by ffsixty. Again, I want this to succeed, but is that more or less likely with a blind acceptance of everything the company proposes to take to market? Or do you investors need to start understanding the products you are backing and start thinking about real world scenarios, customer expectation, and make a positive and considered contribution to the dialogue on here with the company.

Every btc holder aware of the bigger picture of the impact of crypto currency must want this bank to work. Failure could set back btc, delay wider adoption, which helps no-one except the status quo. The major problem on here right now is the conflict between narrow minded neo investors focused on their own quick profit and others like ex-trader who see that a failure of neo could set back crypto currencies for years. Neobee has to succeed for everyones benifit while the super fans on here just want it to succeed for themselves and their own portfolio - that's why they are terrified of asking difficult questions. This helps nobody in the long run and might mean this bank, with good intent, brings products to the market that nobody wants.

[ffssixtynine]

Every btc holder aware of the bigger picture of the impact of crypto currency must want this bank to work. Failure could set back btc, delay wider adoption, which helps no-one except the status quo. The major problem on here right now is the conflict between narrow minded neo investors focused on their own quick profit and others like ex-trader who see that a failure of neo could set back crypto currencies for years. Neobee has to succeed for everyones benifit

To be fair I don't think that's true either. Neobee is another interesting experiment with Bitcoin but it's failure is unlikely to change anything. Success would but failure would really be down to why it failed. Lack of customers is not going to affect Bitcoin at all while losing customer money would be different but still of limited damage to the ecosystem in my view. Nothing like this is going to set it back years.

Bitcoin actually has 2-5 years of technical and regulatory changes/improvements before it's a world player in anything other than the commodity market in my view. An exception may be banking in selected countries, however - and this is where Neobee comes in. That is unless a Facebook or PayPal jump on board.

It's common for people to over emphasise aspects of Bitcoin or Bitcoin businesses. It's really very incomplete as a system, brilliant though it is. No one company is going to break Bitcoin at this point (Mt Gox have tried, twice!), although a successful one could make it.

Tat: crumbs is here now. All we need is Ice and the downhill slope will be complete. Why these guys haven't been banned for making the securities section near useless I can't fathom. It's a forum admin fail when a tiny number of trolls are allowed to repeatedly trash threads.

[pedrog]

So, Bitfunder is shutting down, what's the plan?

[bittymitty]

Transfer to Havelock?  Can we have another free transfer period?

[pedrog]

Transfer to Havelock?  Can we have another free transfer period?

Havelock is a passthrough.

[gannicus]

Transfer to Havelock?  Can we have another free transfer period?

I really hope so.

[Stuartuk]

To be fair I don't think that's true either...... losing customer money would be different but still of limited damage to the ecosystem in my view. Nothing like this is going to set it back years.

That would be nice, we could all rest easy, but it's a very naive view. If this bank gains regulatory approval it will make the mainstream news across the globe in no other way that previous btc progress has. If that bank then went on to fail and tens of thousands of Cypriots lost their savings the shockwaves would reverberate around the finance ministries and regulatory bodies of every nation. That will be the end of BTC banking unless thereafter carried out under the strict regulation that traditional high street banking sector operates under. In other words, the only way to spend BTC in the shops will be via an hsbc or bank of america network. That would open the portal to taxation of BTC savings and the taxation of high street spending of btc. It would give regulators all the excuse they need to exert heavy control over the currency. I'm sure that's another thing you won't agree with but that is THE priority of any government in the face of a mass adoption virtual currency.

Neobee could even be a setup to create the financial crisis that legitimises the legislative attack on crypto currencies. That's why this is a big deal.

[snowdropfore]

Transfer to Havelock?  Can we have another free transfer period?

i hope so.

[ffssixtynine]

That would be nice, we could all rest easy, but it's a very naive view. If this bank gains regulatory approval it will make the mainstream news across the globe in no other way that previous btc progress has.

I don't think it would at all. It may make some financial news in a few places and it may be mentioned when Bitcoin is discussed heavily, but that's it. I think you (and others) see this as bigger than it is. At this point anyway.

It's a far bigger deal for regulators than it is for anyone else. It will only really make the news radar in Cyprus unless it's very successful vs other banks.

If that bank then went on to fail and tens of thousands of Cypriots lost their savings the shockwaves would reverberate around the finance ministries and regulatory bodies of every nation. That will be the end of BTC banking unless thereafter carried out under the strict

If it got so big as to have tens of thousands of customers and then it failed, it's either fraud, gross mismanagement or Bitcoin itself failed.

In other words, the only way to spend BTC in the shops will be via an hsbc or bank of america network. That would open the portal to taxation of BTC savings and the taxation of high street spending of btc. It would give regulators all the excuse they need to exert heavy control over the currency. I'm sure that's another thing you won't agree with but that is THE priority of any government in the face of a mass adoption virtual currency.

I'm afraid I think that will happen anyway. Tax is tax and it's going to get you one way or another. Quite rightly too.

If you're talking about the gov taking your money when big banks take a haircut, well that's where Neobee gets interesting but I've already said that I'm unsure if they could really stop that unless only one sig was needed to withdraw money. Even then, that transaction is traceable and you'll get the bill.

I said earlier that there is a real temptation to make everything BTC amazing or awful or the most important thing or the currency that kills fiat or it's the thing that banks are shit scared of. It isn't all that at all. It's a new type of financial instrument looking to find its place.

It is not the danger to the entire world of finance some of you guys think it is, only to certain companies. It can be made into a real positive for stable banks in the West. Bitcoin has some big limitations which are also its strengths. In fact it could be real boon to a lot of the financial industry and international business. It's much more of an issue for regulators, I accept that.

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Neobee could even be a setup to create the financial crisis that legitimises the legislative attack on crypto currencies. That's why this is a big deal.

Oh, noes!  There ain't no foolin' Stuartuk!

Who would have thought a good little girl like you could destroy my beautiful wickedness!

[KSV]

yeah looks like BF is shutting down - whats the next plan of action? xfer all shares to you? migrate to another exchange?

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

[freedomno1]

yeah looks like BF is shutting down - whats the next plan of action? xfer all shares to you? migrate to another exchange?

https://bitcointalk.org/index.php?topic=130117.msg3482565#msg3482565

Possibly a migration to havelock the fact they are registered as a Panamanian company and got the licenses bodes well for the move
I also remember their e-mail said an exchange was being made for Neobee holders so that is an option

For the intermin the most viable move is a share transfer to havelock and then an export to Neobee when the investor site is finished for the shareholders who want direct shares in my opinion, but lets wait for the official response.

Investor Relations Website

We are currently developing our investor relations website, this will become a portal for all news releases, it will also offer a wide range of content surrounding Neo, Bee and all future subsidiaries. Monthly company performance data will also be released through this website. We will offer direct share management through this website allowing investors to hold shares directly with ourselves.

Direct Share Purchase

We will also implement a direct share purchase option allowing investors to buy and hold shares with ourselves, shares will only be available at the IPVO price of 0.003 BTC/Share. We will allow the transfer of these shares into any trading platform that supports Neo & Bee.