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

[halfawake]

This definitely looks promising.  I don't know how many people would be interested in bitcoin in Cyprus on their own, but given the government confiscations of money in bank accounts there, I would expect you'd have a lot of demand for it.

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[cryptocyprus]

This definitely looks promising.  I don't know how many people would be interested in bitcoin in Cyprus on their own, but given the government confiscations of money in bank accounts there, I would expect you'd have a lot of demand for it.

Yes, there is lots of demand for a solution to the problem that people have just experienced, but Bitcoin needs to be simple and the common shortfalls of Bitcoin needed to be addressed, so we have done just that to ensure the use of Bitcoin here has a good chance of taking off on a scale previously only dreamed about.

[Skoutz]

What is the total amount that will be raised?

[stenkross]

What is the total amount that will be raised?

According to the latest prospectus the IPVO will raise BTC24,600
But it says that the launch will require BTC13,856. So I'd guess that's a minimum that needs to be raised.

[HeRetiK]

This project sounds very interesting, but I'm still not sure what to think. To be honest it sounds pretty crazy, but then again it might be just crazy enough to work. I do have a problem with the aspect of centralization though. If this takes off, it will bring quite some volume to the market, but it might also become a single point of failure, not unlike the legacy banking system. If this project goes awry and non-Bitcoiners lose money (i.e. your Fiat clients) the media is going to have a field day. Bitcoin should still be considered a highly speculative investment, therefore bringing "civilians" into the mix that are just looking for a safe place to store their Fiat seems pretty risky. Banks using high risk assets for saving accounts is partially what caused this financial mess in the first place. In other words, please make sure to have proper contingency plans and exit strategies prepared to avoid financial damages to your clients and reputational damage to Bitcoin. Nonetheless it's great to see a fresh, bold project apart from the regular mining operation or gambling site. Especially one that aims to propagate the mainstream use of Bitcoin.


2 questions:

a) I'm not sure whether I understood your course of action correctly.

   Step 1: Buy up Bitcoins on the free market (ie. other exchanges) which will serve as your backing
   Step 2:  Keep the Bitcoins in the local market (ie. Neo) and trade them at local prices
   Step 3: Buy / Sell Bitcoins on the free market to make your Bitcoin holdings correspond to the Fiat your clients have deposited (at a much smaller Volume then Step 1)
   Step 4: Profit / Loss depending largely on the difference between the Fiat holdings of your clients and the Bitcoin backing required.

Is this correct or did I miss something?


b) What figures are you basing your estimated numbers of accounts on (eg. 3100 accounts in February)? Your expected reach in advertising, number of current account holders of traditional banks, number of people closing accounts with traditional banks... ?


Sorry in case any of this has been answered before. I very much appreciate your transparency and responsiveness so far.

[N_S]

^^ good post

[cryptocyprus]

Great post and questions HeRetik!

This project sounds very interesting, but I'm still not sure what to think. To be honest it sounds pretty crazy, but then again it might be just crazy enough to work. I do have a problem with the aspect of centralization though. If this takes off, it will bring quite some volume to the market, but it might also become a single point of failure, not unlike the legacy banking system. If this project goes awry and non-Bitcoiners lose money (i.e. your Fiat clients) the media is going to have a field day. Bitcoin should still be considered a highly speculative investment, therefore bringing "civilians" into the mix that are just looking for a safe place to store their Fiat seems pretty risky. Banks using high risk assets for saving accounts is partially what caused this financial mess in the first place. In other words, please make sure to have proper contingency plans and exit strategies prepared to avoid financial damages to your clients and reputational damage to Bitcoin. Nonetheless it's great to see a fresh, bold project apart from the regular mining operation or gambling site. Especially one that aims to propagate the mainstream use of Bitcoin.

100% agree that we shouldn't become a single point of failure, that is why we want others to follow in our footsteps once we have shown that Bitcoin can be adopted en-mass.

We are using multiple signature addresses to ensure that if we as a business fail, the depositor can gain access to their Bitcoin through a separate legal entity. This step by step process will be provided on account opening and available online, to ensure that the customer is well aware that they could get their Bitcoin out of their wallets if we were to go out of business.

Bitcoin will always be highly speculative and extremely volatile until it attracts more users and has many more real world applications, the volatility will only be addressed through volume, something we will be contributing towards. As our customer base grows naturally retained deposits shall follow suit, the more Bitcoin we hold for our customers, the more we will know what is happening to a larger percentage of the coins available. (For demonstrations sake and ignoring slippage; if we had a customer deposit €1m into a 12 month time-based deposit account, at the current price on Bitstamp $125.64 that would equate to BTC10640.7195, we would know that those 10640.7195 Bitcoin cannot be dumped onto the public markets to influence the price negatively for a minimum of 12 months, but that would only happen if we needed to liquidate those coins, to cover the withdrawal.)

It is still early for Bitcoin, however it will always be "early" if the big steps towards mass-adoption are never taken.


2 questions:

a) I'm not sure whether I understood your course of action correctly.

   Step 1: Buy up Bitcoins on the free market (ie. other exchanges) which will serve as your backing

We will not acquire all of our coins on the free markets, doing so could mean that we are initially buying off the back of our own hype, so we will also be purchasing them away from the exchanges. We are also in talks with the owners of trading platforms, that operate out of Cyprus (for tax reasons) to ensure they integrate Bitcoin on their platforms, we are also proposing that the board members of the companies, that own these platforms partake in our lobbying efforts.

   Step 2:  Keep the Bitcoins in the local market (ie. Neo) and trade them at local prices

That is what Bee is for, to create somewhat of a closed loop economy, thus ensuring the maximum number of Bitcoin can remain here in Cyprus. Once others follow our lead it will present more opportunities to establish a new global infrastructure to allow frictionless cross border transactions between our own institutions. This would also allow the migration of customers deposits to others offering the same user friendly services should for any reason one of the businesses fail.

   Step 3: Buy / Sell Bitcoins on the free market to make your Bitcoin holdings correspond to the Fiat your clients have deposited (at a much smaller Volume then Step 1)

Yes but also including other platforms that we shall trade on, we do not trade the funds held in our customers wallets, once the rate changes locally we shall automatically balance their Bitcoin from our own reserves, will will never be illiquid unless we cannot acquire enough BTC to complete the adjustments required following a drop in price, to our depositors wallets, as previously mentioned in the thread I shall be providing an updated prospectus either Monday or Tuesday that includes scenarios that include the worst possible case scenarios and their effects on our reserves and the strength of our business.

   Step 4: Profit / Loss depending largely on the difference between the Fiat holdings of your clients and the Bitcoin backing required.

We will be introducing other financial related products to increase the amount of revenue streams we have, these include; insurance products, lending, international money transfer services and many others.

Is this correct or did I miss something?

b) What figures are you basing your estimated numbers of accounts on (eg. 3100 accounts in February)? Your expected reach in advertising, number of current account holders of traditional banks, number of people closing accounts with traditional banks... ?

We have a strategic partnership with Telia & Pavla BBDO who will be responsible for our marketing and PR activities, they have worked with some of the largest brands in the world and achieved great success when launching new innovative products to the Cypriot market. The figures in relation to our marketing reach for television advertisements are included in the prospectus, the reach is forecast at 85%, whilst targeted at those between the ages of 25-54. We also have radio, print media, online media and out of home campaigns (Billboards both inner city and along the motorways) happening alongside our below the line campaigns.

Sorry in case any of this has been answered before. I very much appreciate your transparency and responsiveness so far.

We want to be transparent with everyone and thank you.

[cryptocyprus]

What is the total amount that will be raised?

The maximum income from the IPVO following a complete sell out of the public offerings would be BTC25,250 the required sales to get to market as planned is BTC14,097 by the start of February 2014. (Depending on the exchange rate) However the more we sell the stronger our starting position is.

Please also note that the majority of our strategic partners are being compensated in BTC at their request, so these will not just be dumped onto the markets following completion of the IPVO.

The prospectus will be updated (Monday/Tuesday) to reflect these figures, as some last minute changes had occurred.

[Skoutz]

Thanks, cryptocyprus, keep up the good work!

[cryptocyprus]

I failed to answer one part of the questions from HeRetik

number of current account holders of traditional banks, number of people closing accounts with traditional banks... ?

We know from the statistical figures released by the Central Bank every month as to what deposits are held by Monetary Financial Institutions, the Bank of Cyprus being the largest MFI has been losing vast sums despite the €300 per day withdrawal limit. I will provide a monthly breakdown of figures when I get a chance (maybe later this evening or early hours tomorrow morning). Sorry I don't have the time to do it right now.

[HeRetiK]

I'm impressed

Thank you for your answers, this cleared up a lot.

Issues of centrality aside, I do think an easy to use service layer of Fiat => Bitcoin => Fiat could very well help both mainstream propagation and closing the loop.

Looking forward to see your updated prospectus. I'm especially interested in your planned ratio of Bitcoin reserves to Fiat accounts holding (eg. for every EUR 100,- in a Fiat account you hold EUR 200,- worth of Bitcoins at free market price)

[cryptocyprus]

I'm impressed

Thank you for your answers, this cleared up a lot.

Issues of centrality aside, I do think an easy to use service layer of Fiat => Bitcoin => Fiat could very well help both mainstream propagation and closing the loop.

Looking forward to see your updated prospectus. I'm especially interested in your planned ratio of Bitcoin reserves to Fiat accounts holding (eg. for every EUR 100,- in a Fiat account you hold EUR 200,- worth of Bitcoins at free market price)

It will be a constantly changing reserve and ratio, because there are so many contributing factors. The updates to the prospectus will demonstrate this much better than words alone.

[N_S]

This will end my sockpuppeting, but I'm most confident and optimistic about N&B out of all my current investments.

[ThickAsThieves]

This will end my sockpuppeting, but I'm most confident and optimistic about N&B out of all my current investments.

Who are you really then?

(I ask because you use the term sockpuppet, and I want people to be clear that I do not involve myself in sock-puppeting, nor does cryptocyprus).

[cryptocyprus]

This will end my sockpuppeting, but I'm most confident and optimistic about N&B out of all my current investments.

Who are you really then?

(I ask because you use the term sockpuppet, and I want people to be clear that I do not involve myself in sock-puppeting, nor does cryptocyprus).

It is certainly not me. I have PM'd N_S to see if he was one of the early investors on the private round that sold out.

[N_S]

I'm not in any way affiliated with Neo&Bee. I did get involved during the private round, but I suppose I was loosely using the term. Usually you'll be accused as such if you're overly positive regarding any of these securities.

[kripto]

Hi,

I must say your endeavour seems very bold and if sincere worth fighting for.

Politicians around the world are practically always serfs of the banking elite which does not like competition to say the least. Why do you think Cypriot political cast is willing to talk to you? Do you anticipate any repercussions from banksters/politicians in case of a success with Cypriot populous?

Btw, is it already ok to place buy orders for TAT.NEOBEE at BTCT as it is absolutely possible or should we wait for official IPVO on Friday?

Thanks and best regards

[cryptocyprus]

Hi,

I must say your endeavour seems very bold and if sincere worth fighting for.

Politicians around the world are practically always serfs of the banking elite which does not like competition to say the least. Why do you think Cypriot political cast is willing to talk to you? Do you anticipate any repercussions from banksters/politicians in case of a success with Cypriot populous?

Btw, is it already ok to place buy orders for TAT.NEOBEE at BTCT as it is absolutely possible or should we wait for official IPVO on Friday?

Thanks and best regards

We have already established these contacts, they are willing to talk to us because we have been recommended to them by influential individuals. The "banksters" have destroyed their credibility with the populous here already and the recent appointments to the Bank of Cyprus board were not well received either, by the time we start making a dent in their businesses, for them to notice we will already be a huge success, we would have proven to be a solid alternative to the existing banks.

You can place early orders, I do believe the assets are being publicly listed on the other two exchanges today, to allow for early bids to be placed. The first orders will get filled first once the shares are released.

[klee]

Hi,

I must say your endeavour seems very bold and if sincere worth fighting for.

Politicians around the world are practically always serfs of the banking elite which does not like competition to say the least. Why do you think Cypriot political cast is willing to talk to you? Do you anticipate any repercussions from banksters/politicians in case of a success with Cypriot populous?

Btw, is it already ok to place buy orders for TAT.NEOBEE at BTCT as it is absolutely possible or should we wait for official IPVO on Friday?

Thanks and best regards

We have already established these contacts, they are willing to talk to us because we have been recommended to them by influential individuals. The "banksters" have destroyed their credibility with the populous here already and the recent appointments to the Bank of Cyprus board were not well received either, by the time we start making a dent in their businesses, for them to notice we will already be a huge success, we would have proven to be a solid alternative to the existing banks.

You can place early orders, I do believe the assets are being publicly listed on the other two exchanges today, to allow for early bids to be placed. The first orders will get filled first once the shares are released.

You can place your bids @ BTCT...

[btceic]

Maybe I missed it, but how do I invest in the xbonds?