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

[ThickAsThieves]

NEOBEE Offering Schedule

The XBOND Pre-IPVO Offering will open next week on Tuesday, September 17th at 1PM EDT / 5PM UTC and end upon the start of the IPVO.

The official IPVO will begin next week on Friday, September 20th at 1PM EDT / 5PM UTC.

Please do not send XBONDs for share exchange redemption before September 17th at 1PM EDT / 5PM UTC, or they will be sent back to you. Any bonds sent after the deadline, or after the XBOND offering is sold out, will be sent back as well. Please make sure to follow all instructions, including giving the account name of your BitFunder account via email. First come, first served. Please review the prospectus for additional details.

Next week's IPVO on Friday will go live on all 3 exchanges (BitFunder, Havelock, BTCT) at pretty much the same time.

Since it will be listed on the 3 exchanges, can we opt to have the shares on Havelock or BTCT instead?  I am an XBOND holder and would prefer to keep my NEOBEE shares on Havelock. 

TAT said they will offer share transfering services for a fee of 1 BTC

This is correct, the XBOND redemptions are strictly for shares on BF, the underlying asset. If you would like to xfer to another exchange afterward, you can take advantage of the xfer services offered.

[1715199981]

1715199981

[mgio]

NEOBEE Offering Schedule

The XBOND Pre-IPVO Offering will open next week on Tuesday, September 17th at 1PM EDT / 5PM UTC and end upon the start of the IPVO.

The official IPVO will begin next week on Friday, September 20th at 1PM EDT / 5PM UTC.

Please do not send XBONDs for share exchange redemption before September 17th at 1PM EDT / 5PM UTC, or they will be sent back to you. Any bonds sent after the deadline, or after the XBOND offering is sold out, will be sent back as well. Please make sure to follow all instructions, including giving the account name of your BitFunder account via email. First come, first served. Please review the prospectus for additional details.

Next week's IPVO on Friday will go live on all 3 exchanges (BitFunder, Havelock, BTCT) at pretty much the same time.

Since it will be listed on the 3 exchanges, can we opt to have the shares on Havelock or BTCT instead?  I am an XBOND holder and would prefer to keep my NEOBEE shares on Havelock. 

XBond is Havelock only, correct? So you exchange Havelock XBond shares for Bitfunder NEOBEE shares only even though NEOBEE is also listed on Havelock?

I don't mind so much because I use both Havelock and Bitfunder but I was wondering why it was done this way.

TAT said they will offer share transfering services for a fee of 1 BTC

This is correct, the XBOND redemptions are strictly for shares on BF, the underlying asset. If you would like to xfer to another exchange afterward, you can take advantage of the xfer services offered.

[N_S]

NEOBEE Offering Schedule

The XBOND Pre-IPVO Offering will open next week on Tuesday, September 17th at 1PM EDT / 5PM UTC and end upon the start of the IPVO.

The official IPVO will begin next week on Friday, September 20th at 1PM EDT / 5PM UTC.

Please do not send XBONDs for share exchange redemption before September 17th at 1PM EDT / 5PM UTC, or they will be sent back to you. Any bonds sent after the deadline, or after the XBOND offering is sold out, will be sent back as well. Please make sure to follow all instructions, including giving the account name of your BitFunder account via email. First come, first served. Please review the prospectus for additional details.

Next week's IPVO on Friday will go live on all 3 exchanges (BitFunder, Havelock, BTCT) at pretty much the same time.

Fantastic news! Thanks guys! 

[pedrog]

What happens in the event of a buy out?

Firstly we would only entertain the idea, if we were not essentially selling our soul to the devil, we would also be subjected to regulations by this point in relation to public disclosure, so we would act in the best interests of all of our customers and shareholders.

What's stopping you from selling the company to yourselves for $1?

Why not BTC1? 

[canth]

You mentioned a few pages back

"1. We will implement a hedging strategy utilizing our own reserves, this strategy will be constantly changing, we will also be setting the price locally to ensure that sudden falls in price are not realized on the front line immediately. This gives us an opportunity to increase trading activities to strengthen our positions. A good trader(s) will make gains under volatile conditions, irrespective of the direction of the movement. Sorry I cannot provide the exact strategies for different scenarios but doing so would be like playing poker with see through cards."

How much of your revenue do you expect to generate via trading?

What are your primary sources of Alpha in your trading strategies?  (You don't have to give the secrets away just a high level idea.)

Who is in charge of currency exposure risk and how is that going to be handled?

What happens in the event you fail to properly hedge?

This remains the largest problem I see with this.

On the one hand they project having millions of euros deposited with them - and trading well enough to be handle a crash in the price of BTC.  But on ther other hand they project zero profit from their trading.

The profit projections also don't seem to include any cost for hedging.  Hedging costs to do.  When you hedge you aren't looking to make a profit - you're intentionally giving up some profit in order to protect against potential loss.

The other strategy mentioned is the Ostrich approach - use an internal rate to pretend the rate hasn't changed.  That's flawed horribly in a few ways - doubly so when they also allow euros to be deposited but stored as BTC.  There are rather huge problems if you use a trailing rate but then allow people to perform transactions in both directions and withdraw BTC.  Short of having a massive spread between their buy/sell rates (by massive I mean that if BTC doubles or halves you get a 100% spread) it leaves them wide open to massive arbitrage making the problem they're trying to pretend doesn't exist become even worse.

There are also problems I can see with the marketting of it to the public.  Remember their projectiosn are that nearly all customers will be depositing euros and keeping their account denominated in euros.  And remember they're selling in Cyprus where bank users just lost a load of cash due to banks speculating badly with their funds.  Here's what seems to be the honest sales pitch to depositors:

We're not a bank - we buy BTC with your euros and use those to ensure you can get your euros back at any time.
If BTC rise vs euros then we keep the profit.
If BTC falls vs euros then you have to hope we make enough profit from undisclosed trading/hedging by undisclosed experts using our own funds which are a lot less than what we hold on deposit.  This is backed up by us pretending the rate hadn't changed and hoping that it rises again before people notice and start doing mass withdrawals to be safe.

It's not a sales pitch that would fill me with confidence that I'd be better off than just shoving the euros under my mattress.

A lot of what they're trying to do is great - but the whole revenue model seems to revolve around a belief that BTC will steadily rise vs Euros (if they're using a 30-day average or whatever as is claimed in this thread then even short-term spikes/dips will be exploitable by people arbitraging vs their own rate).  If they really are going to use an internal rate and a credible spread (like 5%) then there'll be some serious cash to be made from them until they wake up and realise you can't use a pretend price when you allow trades both ways and have to buy/sell from the market yourself if there's significant net trade in one direction.

Apologies for the long quote, but I agree that this is an important question for which I don't recall seeing an answer. Will there be an explanation of the hedging strategy at play to cover deposits in the case of massive BTC/EUR fluctations?

[cryptocyprus]

Canth - Yes there will be, we have brought some of our plans forward also to demonstrate that we will have the platforms to execute our strategies.  Because of the insufficient trading platforms available, we have been forced to pursue existing platforms getting them to integrate Bitcoin, this has been happening prior to the release of our prospectus, but we are now dedicating more time to it so we can give more beneficial announcements ahead of schedule to ease any of these understandable concerns.

[joele]

What happens in the event of a buy out?

Firstly we would only entertain the idea, if we were not essentially selling our soul to the devil, we would also be subjected to regulations by this point in relation to public disclosure, so we would act in the best interests of all of our customers and shareholders.

What's stopping you from selling the company to yourselves for $1?

Why not BTC1?  

I just noticed the fee is $1 and not BTC1

[BitCsByBit]

What happens in the event of a buy out?

Firstly we would only entertain the idea, if we were not essentially selling our soul to the devil, we would also be subjected to regulations by this point in relation to public disclosure, so we would act in the best interests of all of our customers and shareholders.

What's stopping you from selling the company to yourselves for $1?

Why not BTC1?  

I just noticed the fee is $1 and not BTC1

From the OP:

Transfer of Shares
Shares of the underlying asset on BitFunder may be imported or exported into any TAT.NEOBEE passthrough, or the underlying asset on Bitfunder.

There is no minimum quantity for transfers, but any transfer order must pay a 1.0 Bitcoin service fee.

[joele]

What happens in the event of a buy out?

Firstly we would only entertain the idea, if we were not essentially selling our soul to the devil, we would also be subjected to regulations by this point in relation to public disclosure, so we would act in the best interests of all of our customers and shareholders.

What's stopping you from selling the company to yourselves for $1?

Why not BTC1? 

I just noticed the fee is $1 and not BTC1

From the OP:

Transfer of Shares
Shares of the underlying asset on BitFunder may be imported or exported into any TAT.NEOBEE passthrough, or the underlying asset on Bitfunder.

There is no minimum quantity for transfers, but any transfer order must pay a 1.0 Bitcoin service fee.

Oh okay, that's the problem if you skipped to read the whole message.

[cryptocyprus]

The BTC1.0 service fee is for the transfer between BitFunder, Havelock & BTCT

The mention of $1 was a question in relation to me selling the company to myself for $1

[N_S]

Just a friendly reminder of how much PR and honesty/transparency mean to the success of your operation.

Case in point: Labcoin.

[cryptocyprus]

I have just seen the news & reaction regarding Labcoin, certainly we are lucky enough to not be waiting on hardware to bring our products to market.

Regular updates will always be available because any downtime I have is checking these forums. I will continually post (non-photoshopped) pictures demonstrating our progress, especially during our marketing campaigns because we have some exciting below the line activities planned.

[N_S]

I have just seen the news & reaction regarding Labcoin, certainly we are lucky enough to not be waiting on hardware to bring our products to market.

Regular updates will always be available because any downtime I have is checking these forums. I will continually post (non-photoshopped) pictures demonstrating our progress, especially during our marketing campaigns because we have some exciting below the line activities planned.

The stage is set

[cryptocyprus]

We have already been noted in the local media, specifically in their "Markets" section, we did not get interviewed for this piece, it just appeared in the largest Cypriot newspaper Phileleftheros in their Sunday edition (25th August), I have included a brief English translation below for those that cannot read Greek because the only words in English are my name, LMB Holdings and Bitcoin. We shall have a full page feature in the coming weeks following a media briefing.





At the final stages is the launching of a Bitcoin exchange in Cyprus, which also will offer banking services. Behind this is the company "LMB holdings".

What is a Bitcoin? The simple answer is "A Crypto-Currency".

Bitcoin is an algorithm that runs in a decentralized virtual network of computers that have downloaded the Bitcoin program, which anyone can download to participate in the network. This program allows Peer-to-peer transactions through cryptographic messages, all these transactions get verified by at least 51% of the network before it is approved and saved (in the block). All complete transactions are saved in the Block and cannot be edited.

The Bitcoin exchange in Cyprus will be within the Cypriot law, This will offer traditional bank services (savings accounts, current accounts, electronic payment with a card). But all of this without the dangers of a haircut, without transaction limits inside and outside of Cyprus and lower transaction fees for electronic purchases.

LMB Holdings has raised it's required start-up capital by Bitcoin investors worldwide with their goal for Cyprus to be first in the world to use Bitcoin as a main-stream currency.

Because the ECB and the CBC have refused to give their opinions on the matter, Danny Brewster - founder and president of LMB Holdings has stated that he will agree with any decision that the ECB and CBC will take on the issue.

Some of the information is not correct as we gave no interview for the piece. We shall be completing a press briefing within the next 3 weeks to obtain a full page feature on the business, despite some misinformation overall the article holds Bitcoin in a positive light, without the usual mud being thrown at it.

[Peter Lambert]

The Bitcoin exchange in Cyprus will be within the Cypriot law, This will offer traditional bank services (savings accounts, current accounts, electronic payment with a card). But all of this without the dangers of a haircut, without transaction limits inside and outside of Cyprus and lower transaction fees for electronic purchases.

Awesome that the local news already picked it up.

I think they give a great rundown of the best reasons Cypriots would find this valuable. They say that any publicity is good publicity, but this is great publicity!

[Skoutz]

Great news that local media have started talking about bitcoin.

From what I understand the company has not launched any PR campaign yet, is that right?

[cryptocyprus]

We haven't launched any PR campaign as of yet. People know we are coming but no mass media at this moment in time, our offices are located in a landmark building so that shall also raise our presence locally once we take delivery of them on the 23rd September.

The piece in the newspaper came as a pleasant surprise.

Monday/Tuesday an updated prospectus shall be released because the most concern in this thread has come from some misunderstandings on how we will be operating. These will all be addressed to make it much more clear as to what we are doing including the effects of a 75% flash crash over a 2 hour period without any recovery of the rate during that day. To make the scenario even worse, we shall include a run on 100% of instant access accounts during our first day of accepting deposits to demonstrate that we will still be in business should this event occur.

[N_S]

The more I click on this thread and the more I hear from its leadership, the more promising this whole pursuit becomes.

And I'm not alone.

Acquaintances of mine who don't want to get involved in mining securities are heavily looking into investing in N&B. The potential is spectacular - let's keep this up.

[StarenseN]

The more I click on this thread and the more I hear from its leadership, the more promising this whole pursuit becomes.

And I'm not alone.

Acquaintances of mine who don't want to get involved in mining securities are heavily looking into investing in N&B. The potential is spectacular - let's keep this up.

[N_S]

The more I click on this thread and the more I hear from its leadership, the more promising this whole pursuit becomes.

And I'm not alone.

Acquaintances of mine who don't want to get involved in mining securities are heavily looking into investing in N&B. The potential is spectacular - let's keep this up.

Was it unclear?