Neo & Bee talk (spam free thread)

[WhaleInc]

Too bad the trolls failed to drop the price any further, loading the boat up now.

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[thekekk]

Guys sorry to say so but the NEO guy at 60 minutes now is quite rubbish (he just said that now you can buy nothing with bitcoin)

Guess depends on the context. You can certainly buy lots of things with Bitcoin, especially online. He probably meant that you can't buy stuff from physical stores in Cyprus with Bitcoin, though you should be able to do that with a NeoBee card at merchants that have Neobee pos devices.

Correct, I think this guy went there unprepared (if i get it correctly the official representative of NEO was going to be there but for some reason did not make it so the second in command took his place at the last moment).

EDIT: The Old guy is really informed though, I am impressed, way to go Cyprus!

Is the older guy against it or for it? He mentioned MtGox at some point.

the old guy fully supports it as a form of payment but not as an investment because prices not steady

Do you know who the old guy is? He was almost on-board with the idea and was basically the "opponent" the Neobee rep had to face. This was apparently set up as some kinda` showdown between Neobee rep and this older guy, moderated by the talk show host.

Theodore Panayotou Cyprus International Institute of Management
http://www.financialmirror.com/author.php?nid=21

[Stelios]

Guys sorry to say so but the NEO guy at 60 minutes now is quite rubbish (he just said that now you can buy nothing with bitcoin)

Guess depends on the context. You can certainly buy lots of things with Bitcoin, especially online. He probably meant that you can't buy stuff from physical stores in Cyprus with Bitcoin, though you should be able to do that with a NeoBee card at merchants that have Neobee pos devices.

Correct, I think this guy went there unprepared (if i get it correctly the official representative of NEO was going to be there but for some reason did not make it so the second in command took his place at the last moment).

EDIT: The Old guy is really informed though, I am impressed, way to go Cyprus!

Is the older guy against it or for it? He mentioned MtGox at some point.

the old guy fully supports it as a form of payment but not as an investment because prices not steady

Do you know who the old guy is? He was almost on-board with the idea and was basically the "opponent" the Neobee rep had to face. This was apparently set up as some kinda` showdown between Neobee rep and this older guy, moderated by the talk show host.

Theodore Panayotou Cyprus International Institute of Management
http://www.financialmirror.com/author.php?nid=21

Thanks for the info thekekk. In my mind he is not against, he is just a bit conservative (not on the political sense) which is normal in Cyprus. If he is considered the opposition in Cyprus then I see very good things in the near future both for bitcoin, NEO and Cyprus itself!

[thekekk]

harvard uni
http://www.ciim.ac.cy/resident-faculty/theodore-panayotou.html

[Herp]

Guys sorry to say so but the NEO guy at 60 minutes now is quite rubbish (he just said that now you can buy nothing with bitcoin)

Apparently this is what he said, as would be a shame to quote out of context and leave people with the wrong impression:

Michael is a great guy, perhaps he should have been a little bit more on the offence, seemed like the old guy was hogging all the time. And he didn't say "Now you can buy nothing with bitcoin" he said "Now you can buy nothing with Bitcoin in Cyprus.....we want to make sure that our services are 100% secure..." and then he basically he suggested that he doesn't want to make NEO the next Mt Gox in the department of security

[Stelios]

Guys sorry to say so but the NEO guy at 60 minutes now is quite rubbish (he just said that now you can buy nothing with bitcoin)

Apparently this is what he said as would be a shame to quote out of context and leave people with the wrong impression:

Michael is a great guy, perhaps he should have been a little bit more on the offence, seemed like the old guy was hogging all the time. And he didn't say "Now you can buy nothing with bitcoin" he said "Now you can buy nothing with Bitcoin in Cyprus.....we want to make sure that our services are 100% secure..." and then he basically he suggested that he doesn't want to make NEO the next Mt Gox in the department of security

I stand corrected

[creekbore]

...snip..

Thanks for the coherent and rational post, not just the analysis but also the insight into current affairs at Neo.

[michaelGedi]

Thank you for the new thread Herp, long time lurker to the boards.

NEOBEE is exactly the type of startup I want to invest in and have (287 shares to date, average buy in @.0035).

The shares are pushed down and just wait for the first financial report to come out, share goes up and the trolls dump.

 I'd have gotten concern if it wasn't for you guys 'anti-trolling', thanks again!

it's now got to the stage where I don't trust a single post on here anymore

[ffssixtynine]

Mods: Please leave this post up.

That's the final straw for me. Well done crumbs, destruction won. I'm scrambling my password.

My posts are up for all to see. I've always tried to posted level headed content and asked people to make up their own minds, to understand the risks themselves. I was critical of ActiveMining before trying to help fix things (for a whole 4 weeks), and I've been heavily critical since.

At every turn I see two particular people twist those posts and I'm tired of them being abusive from their anonymous positions. There are more important things to be doing.

As for Neo & Bee, you must make up your own mind. I think they are doing interesting things, think they've maybe hit similar regulatory issues or warnings hitting other start-ups, and it remains to be seen if they will succeed. I completely support what they are trying to do but no one can say what the end result will be. I wish them good luck, and all of you too! Almost all

And an edit because it's only fair I return to this: What a fucking scam. Everything about this was legit except the CEO who pulled the wool over some high profile people, who he used to get this legitimacy. Impossible to say whether this was intended or stupidity but it doesn't matter because the end result is the same.

None of this makes the trolls any better than anyone else because they kept getting in the way of proper discussion. Trader had fair points although I disagreed in that I felt there was sufficient other activity to deal with problems in the initial concept (exchange rate risk), and I mistakenly trusted that the money spent on ads was limited - clearly it wasn't, or something worse happened.

Anyway, this is me holding my hands up. Caught out in this one. I didn't know if it would work but I did think they would survive until June at least, fuck! At least I didn't scramble my pwd because I couldn't remove my avatar yet!

[Herp]

Mods: Please leave this post up.

That's the final straw for me. Well done crumbs, destruction won. I'm scrambling my password.

My posts are up for all to see. I've always tried to posted level headed content and asked people to make up their own minds, to understand the risks themselves. I was critical of ActiveMining before trying to help fix things (for a whole 4 weeks), and I've been heavily critical since.

At every turn I see two particular people twist those posts and I'm tired of them being abusive from their anonymous positions. There are more important things to be doing.

As for Neo & Bee, you must make up your own mind. I think they are doing interesting things, think they've hit the same regulatory issues hitting other start-ups, and it remains to be seen if they will succeed. I completely support what they are trying to do but no one can say what the end result will be.

What do you mean final straw? What did I miss?

edit: He managed to get one through but it's gone now

[Herp]

As for Neo & Bee, you must make up your own mind. I think they are doing interesting things, think they've maybe hit similar regulatory issues or warnings hitting other start-ups, and it remains to be seen if they will succeed. I completely support what they are trying to do but no one can say what the end result will be. I wish them good luck, and all of you too! Almost all

Regulatory issues is something all Bitcoin businesses are facing not just Neo. Neo is paving the way, being a pioneer in this space so it's only natural there will be challenges and obstacles but this was priced in since the early days, it's nothing new.

It's amazing how far they've come in such a short time, how many friends they've managed to make in Cyprus and the Bitcoin awareness they've brought to this place.

[WhaleInc]

Just panic sell so we can fill the trolls orders already.

[velacreations]

Too bad the trolls failed to drop the price any further

Wish granted

[SZZT]

actually mr Panayotou seems to be quite informed on Bitcoin & crypto in general and he made a very good presentation of it at his opening comment,
where he actually said that satoshi managed to solve the biggest issue of electronic payment systems, double spending attacks.

The objections he posed show that he has a good understanding of it and are more like precautions rather than objections.

[jakedeez]

It's amazing how far they've come in such a short time, how many friends they've managed to make in Cyprus and the Bitcoin awareness they've brought to this place.

That is one thing I know for sure Danny is proud of, as he should be.  They are one of the few new firms actively spending money in Cyprus.  I haven't been to the Turkish side of the island, but from Nicosia, to Larnaca, to Pafos - there are Neo&Bee billboards everywhere. 

I'll admit, I still don't really understand their revenue model, and I personally believe they are missing an opportunity to trade more actively (they don't even have a ticker in their branch because they want to discourage speculation).  That said, if their play is really to become the most established brick and mortar bitcoin operation, they are off to a good start.  I think they believe that the price of bitcoin will come into some sort of equilibrium, at which point they will be able to act more like a normal money transmission company and collect fee income.  Like I said, I think there are revenue opportunities that they are missing out on, but, you can't doubt the marketing and awareness effort they have made.  The offices are slick and impressive, and there is a general feel of excitement there.   

There are three reasons I am not buying their shares:

First and foremost, I don't think I can.  I have a series 7, 3, and 63 licence.  I work for a major US broker dealer, and I have to disclose outside investments.  I think if I listed shares that I bought on a non-US compliant exchange in Panama I would get a lot of grief, if not actually in trouble.

As I said twice in this post, I don't really understand their revenue model.  I've read the prospectus, and I've actually gone to their offices and met with Danny and George, but I still don't really understand a simple path to profitability.  I am sure the stock will pop when they get regulatory approval from CySEC, but I don't understand their business model well enough.

Third, and finally, I don't have clarity to their pricing model.  Rather then mark BTC values to an exchange, they mark them to an internal model.  While I both like and trust Danny and George, I don't feel totally comfortable with the idea that they do this.  Not so much because I think they are doing anything wrong, I don't; but rather because it makes me afraid they will face much a more difficult regulatory reality while pricing to a model.  That being said, I do understand why they would do this... How do you price to an exchange level where your size is larger then the liquidity at the price?  You are almost forced to develop your own model of what kind of liquidity you actually have.  You have to build in slippage, commission if you are using private brokers for large transactions, market speed, and how your trades will push prices.  I get it, and I get why they can't publish their model either as it could lead to predatory trading against them.  It is however too much of a problem for me to wrap my head around because, frankly, I think that regulators are going to have a problem with mark to model. 

Anyway, my opinion doesn't really matter here, as, what matters is buyers and sellers.  Reason one pretty much precludes me from being involved anyway for now... but, two and three are things I wonder about.

[WhaleInc]

As far as revenue goes, all they need to do is setup NeoXchange and that'll start bringing in serious funds. This shouldn't be all that difficult. It would be one of the first things on my list to setup actually.

Honestly, I'd hire a team pronto and then use AMANTONOP to make sure it functions properly.

That'll bring in constant money via trading fees, which will support basic operations and give them a firm footing in the rest of the bitcoin space. (people will see this exchange pop up and bring more credibility to neo & bee branding)

This would also allow them to start paying dividends to shareholders, on a model like this:

I'll use BTC-e as an example.

Each trade has a 0.2% fee attached to it, for each party. (In total, the exchange makes 0.4% on each trade)

If I'm buying BTC I pay a 0.2% fee of the total.
If I'm buying EUR I pay a 0.2% fee of the total.

So keep the euro's to pay for employee wages and electricity and all that junk.
The BTC balance, or some of it, can then be paid as a dividend.

Please respond if you think I'm incorrect, or there's something you'd add to my strategy.

Thanks!

[bitcoinbboyce]

As far as revenue goes, all they need to do is setup NeoXchange and that'll start bringing in serious funds. This shouldn't be all that difficult. It would be one of the first things on my list to setup actually.

Honestly, I'd hire a team pronto and then use AMANTONOP to make sure it functions properly.

That'll bring in constant money via trading fees, which will support basic operations and give them a firm footing in the rest of the bitcoin space. (people will see this exchange pop up and bring more credibility to neo & bee branding)

This would also allow them to start paying dividends to shareholders, on a model like this:

I'll use BTC-e as an example.

Each trade has a 0.2% fee attached to it, for each party. (In total, the exchange makes 0.4% on each trade)

If I'm buying BTC I pay a 0.2% fee of the total.
If I'm buying EUR I pay a 0.2% fee of the total.

So keep the euro's to pay for employee wages and electricity and all that junk.
The BTC balance, or some of it, can then be paid as a dividend.

Please respond if you think I'm incorrect, or there's something you'd add to my strategy.

Thanks!

Hey great minds, this is exactly what I have been thinking. Neo & Bee should be pushing to get this done asap its an all round win/win.

[WhaleInc]

Further thoughts,

Shares of NEOBEE could also be traded on this exchange, the profit model on this would be purely bitcoin denominated, so the value of each share in bitcoin at 0.2% per trade.

This would conceivably bring more awareness to NEO & BEE payment system from otherwise oblivious investors in the bitcoin space.

I dunno, I'm just pumping ideas in here and hoping to generate real discussion instead of all of this trolling.

To Danny: go get em tiger!

[Stelios]

UBS noted that even those who used bitcoin the currency for transactions would likely require banking services such as deposits and lending from traditional outlets. It predicted that in the face of this pressure, either bitcoin would fail, or a bitcoin bank would emerge....
Hmmm interesting https://neo.ubs.com/share/research/uea58805/index.html?t=BEF4E367584C4B8FC9BFE1332E43FE326BCA19BABBB3B37A37232E43B7485E30B874CF1BC7459C5F2737CF2CD6E3802CBE8592EC3759CAE2232D1492C16D0A5FE0D26D1C819EF1F413D79970B8F3BD738A58D0C9A40B20995A4E6F8DE6247063BE7BA299B5760A87D13BAEDA01D447C038FC7AF5ED30527A700B9380B3D8C57276EF18BAE28BFDA2D63B0CE3FA8725C21A8D48DDE5F77F24B5CC08E3B26053ED8E3BD5CF86EA5D60312824AD7C3DCB3D38313D73EDC251793817F441E6516701

[PeterHarrisonCY]

I took the liberty of translating the first half of the NEO interview on 60 minutes on Sigma. The second half is more or less a debate over Bitcoin itself. Sorrz for translation errors!
https://www.youtube.com/watch?v=yYnrWN-_En4&feature=youtu.be