Neo & Bee world first bitcoin bank about to launch in Cyprus tomorrow.

[knight22]

http://www.neo-bee.com/en/

So basically they have:

1. A perfect audience where people distrust banks
2. Made a massive national publicity campaign
3. Have lobbied the government to get a proper legal framework.
4. Have partnered with several entities like a local food chain.
5. Offering 1000 first PoS terminal for free.
6. Offering awesome financial services.
7. Have an incredible upbeat promotional video
8. They have a great brand new building.


The stars are aligned to make bitcoin mainstream out there! I hope their launch will be a great success!

[Sydboy]

I was under the impression Cyprus had no money and the government or banks basically stole money from the people.
Do I need to read the newspaper more ?

[knight22]

I was under the impression Cyprus had no money and the government or banks basically stole money from the people.
Do I need to read the newspaper more ?

All insured deposits (individuals and legal entities) up to €100.000 have, as of 26 March 2013, been transferred from Laiki Bank to the Bank of Cyprus.

Not sure what your point is

[Calhil]

I thought bitcoin was a payment framework in itself. Why would anyone entrust their coins to a bank?

[knight22]

I thought bitcoin was a payment framework in itself. Why would anyone entrust their coins to a bank?

Because they will use M of N private keys so they technically won't be able to touch your funds without your approval meaning the government and other banks won't be able neither.

[Calhil]

I thought bitcoin was a payment framework in itself. Why would anyone entrust their coins to a bank?

Because they will use M of N private keys so they technically won't be able to touch your funds without your approval meaning the government and other banks won't be able neither.

They cant touch my bitcoins in my wallet either. I still dont see any advantages in using a bank for cryptocurrencies. If they offer an interest bearing accounts that might attract some people, otherwise i just dont see a point..

[V4Vendettas]

 Good for Cyprus. Being able to buy stuff in local shops with coins this just makes me feel happy. Really hope Cyprus can forge ahead on this path. On a national level Cyprus might be taking the first steps for a very real proof of concept.


@Calhil dude surely you can see many are not confident in their own ability to protect their coins yet wish to be involved. This way we might actually see little old ladies popping out to buy some olives from the local grocer with bitcoins.

[knight22]

I thought bitcoin was a payment framework in itself. Why would anyone entrust their coins to a bank?

Because they will use M of N private keys so they technically won't be able to touch your funds without your approval meaning the government and other banks won't be able neither.

They cant touch my bitcoins in my wallet either. I still dont see any advantages in using a bank for cryptocurrencies. If they offer an interest bearing accounts that might attract some people, otherwise i just dont see a point..

They will offer plenty of bitcoin denominated financial products. As per example they are optionally removing the volatility risk for their users i.e.you can have a fixed 100$ worth of bitcoin no matter if the price goes down or up. This is absolutely needed if you want to make bitcoin mainstream for normal Joe users and merchant. It is all written on their website that you obviously didn't check.

[LiteCoinGuy]

good luck guys. nice video and nice work.

@knight22

yep, thats a cool service. lets see how this will play out.

[runam0k]

They cant touch my bitcoins in my wallet either. I still dont see any advantages in using a bank for cryptocurrencies. If they offer an interest bearing accounts that might attract some people, otherwise i just dont see a point..

Because Grandma and Grandpa Cyprus don't know WFT a "wallet" is. They don't know what Bitcoin is. What they do know is euro in regular bank accounts is not safe. Neo will offer a bona fide alternative to hiding cash under the mattress, safe from banks, safe from the government and safe from the EU.

Good luck Neo and Bee!

[FelixOliver]

This could be big news for bitcoin... hopefully it all goes as planned

The owners seem like they know what they're doing... their marketing is so / so, but that's okay i guess.

Do I predict another Boom on the horizon?

[rmines]

Seems to be very good news for bitcoin.
I hope this will play out well next week..Too bad gox isn't already gone..

[Lauda]

Accepting BTC in Cyprus
Our aim is for Cyprus to quickly become a global hub for Bitcoin acceptance and development.

Sounds good. Hopefully this will clear the dark cloud that Gox has put over us. The price has to recover.

[bananas]

Explain how can we trust Cyprus after they seized people's money that were in bank accounts?

[Lauda]

Explain how can we trust Cyprus after they seized people's money that were in bank accounts?

They can't seize your coins, you should read more about this bank.

[knight22]

Explain how can we trust Cyprus after they seized people's money that were in bank accounts?

You should listen this http://www.youtube.com/watch?v=0Ln0dwxuPcc

[Calhil]

Explain how can we trust Cyprus after they seized people's money that were in bank accounts?

You should listen this http://www.youtube.com/watch?v=0Ln0dwxuPcc

So basically they are creating a new payment network backed by bitcoin. You wont be able to use bitcoins with them, but you can deposit your bitcoins and use the network once you get that bee card.
I think the best they are trying to do is to add more btc/fiat exchanges.
Im not very optimistic about this project, but I wish them luck nevertheless

[minimalB]

This sounds huge!

Excellent video, btw!

[exstasie]

This sounds promising!  Is this going to be available to any person to join, or specifically those who live in Cyprus?

[Abdussamad]

So another online wallet service. I wonder how long before they get hacked