Neo & Bee talk (spam free thread)

[velacreations]

As for whether there was crime or not, the police will tell.  Failing is not a crime, but a manager paying himself dividends or benefits when the company is already insolvent is a crime in many countries.  It is effectively stealing from the creditors. 

Insider trading is likely also a crime, as is fraud.

[JorgeStolfi]

In the real world, if you start something new, in unexplored territory and fail, you failed.
In bitcoinland, if you actually go fully and legally public and fail, they call you a scam/

@okaynow, I see from your profile that you own or operate a bitcoin-based intenet payment method in the UK.  I was going to write "like Bee", but right now that could be construed as libel or slander.  I am sure that Moolah is NOT like Bee.  Or would you say that it is? 

(Sorry to involve your company in this, but I hope that you realize that people may draw undesirable conclusions from your strident insistence that everything is fine with Neo and Bee, in spite of all the reports and testimonials, and the total absence of any positive information.  Why are you insulting people who find fault in the actions of Mr. Brewster?)

I am completely and utterly convinced that it is not people who either have invested in this start-up or that have operated any kind of actual registered business that are doing the shouting.

Of course I did not invest.   But I do not like scammers, and I would be very glad if my "shouting", here and elsewhere,  manages to prevent one person from investing in a losing or scammy business project  Apparently in bitcoinland that makes me a very evil person.   

[Draino]

the IPO happened before the run up to $1000


that means most of the BTC raised were worth several times more than what he asked for

despite that, it still resulted in "liquidity problems" a month in from the storefront opening

he filed the change of director paperwork days before his congressional meeting, promised a financial report (already a quarter late), sent out bizarre (drunken?) tweets, then vanished

he shows up for a minute or two, used his daughter as an excuse, and claims that the reports will account for stuff, and vanishes again


this is a sociopath, clearly a 'person' with no conscience (can you imagine publicly claiming your own child is getting death threats as an excuse? even if she were, people don't do this), and he's following the wrap up text book style--delay until it fizzles out.  i wouldn't be surprised if he collaborated with ukyo for a double whammy-scammy.  ukyo is probably just the more sadistic type, and likes dangling a carrot on a stick.

[JorgeStolfi]

Sorry, it seems that I misinterpreted @okaynow's profile and got a totally wrong idea about his/her relation to the moolah.io site. 

[talktopab]

I know is all lostbut... Just saw Polemitis, funder of University of Nicosia, also manages Ledra capital http://ledracapital.com/team/, will it make sense for them to take over Neo and built from the it? More from the idea and the work done already, since the name is completely denigrated now.

[talktopab]

George Papageorgiou in the Faculty Profiles of the Master in Digital Currency of the university of Nicosia http://digitalcurrency.unic.ac.cy/about-the-program/faculty-profiles (end of the page), may he be the appropriate one to talk about the chaos and look for fair solutions for the shareholders? Interested shareholders, find a way together to reach him? Sounds like a plausible idea?

[Musk]

I wonder how many realised that the http://www.lmb-holdings.com/ seems to be down since yesterday.

[Swordsoffreedom]

I wonder how many realised that the http://www.lmb-holdings.com/ seems to be down since yesterday.

Did not notice before but I certainly noticed it now

[Djao]

I wonder how many realised that the http://www.lmb-holdings.com/ seems to be down since yesterday.

Did not notice before but I certainly noticed it now

could be relavant for some, contains link to image of the shares list on LMB http://www.reddit.com/r/neobee/comments/22i8jz/lmbholdingscom_down/

[sporket]

I know is all lostbut... Just saw Polemitis, funder of University of Nicosia, also manages Ledra capital http://ledracapital.com/team/, will it make sense for them to take over Neo and built from the it? More from the idea and the work done already, since the name is completely denigrated now.

The hype about University of Nicosia partnering with Neo was just that, hype.  Here's a recent tweet from Polemitis:


https://twitter.com/georgiemark/status/453525694388391936

[thekekk]

 
Tuur Demeester
‏@tuurdemeester
@chilin_dude I've refrained from comment so as not to endanger salvage possibilities. News should come out soon, then I'll comment too.

https://twitter.com/tuurdemeester/status/454236929194995712

[Stelios]

 
Tuur Demeester
‏@tuurdemeester
@chilin_dude I've refrained from comment so as not to endanger salvage possibilities. News should come out soon, then I'll comment too.

https://twitter.com/tuurdemeester/status/454236929194995712

Any news from A. Antonopoulos as well?

[minerpart]

Or simply that they did not have yet authorization to function as a bank? Did they? Usually one needs such a thing, a posh store and "opening" party is not enough.  Operating a bank without authorization would probably have put him and his staff in jail right away.

It seems not, remember this is a digital currency, not currently regulated or within a regulatory framework in Cyprus - something Danny was desperately seeking. So it would have been banking in a grey-area and completely possible. That was the whole aim of the company afterall and they hadn't been shut down or told they would be as far as we know.

Antonis Polemitis:

@georgiemark @seotiras Cypriot employees kept it from being worse.  He wanted to launch retail, they knew platform not ready so prevented it

https://twitter.com/polemitis/status/453534367579914240

[JorgeStolfi]

It seems not, remember this is a digital currency, not currently regulated or within a regulatory framework in Cyprus - something Danny was desperately seeking. So it would have been banking in a grey-area and completely possible. That was the whole aim of the company afterall and they hadn't been shut down or told they would be as far as we know.

Maybe I am wrong, but I recall that their plan was to offer bank-like savings accounts combining euros and bitcoins in some way.

If they were planning to take euros from clients, shouldn't they fall in the scope of the bank regulations?  One cannot evade regulations simply by using a different name for the business....

[awrelll]

So... what's up with Neo&Bee these days? Lmb-holdings? Everyone just dissapeared? Any investors around?

[Luttinen]

Or simply that they did not have yet authorization to function as a bank? Did they? Usually one needs such a thing, a posh store and "opening" party is not enough.  Operating a bank without authorization would probably have put him and his staff in jail right away.

It seems not, remember this is a digital currency, not currently regulated or within a regulatory framework in Cyprus - something Danny was desperately seeking. So it would have been banking in a grey-area and completely possible. That was the whole aim of the company afterall and they hadn't been shut down or told they would be as far as we know.

Antonis Polemitis:

@georgiemark @seotiras Cypriot employees kept it from being worse.  He wanted to launch retail, they knew platform not ready so prevented it

https://twitter.com/polemitis/status/453534367579914240

It was ultimately Danny's call. Software platform needed bit more work. It was probably still beta and required more work.

Cyprus university used Bitpay eventually but Bitpay had plenty of time to grow and mature.

[minerpart]

If they were planning to take euros from clients, shouldn't they fall in the scope of the bank regulations?

Not necessarily as they would be providing a service for the euro that they took and holding BTC would be that service. Euro would not be held in customer accounts or lent out, an operation which would indeed require a licence. Holding BTC in personalised accounts and having those accounts accessible from retail payment points would not fall under current Cypriot banking regulations as far as I'm aware.

That's the type of business they could have run in the current grey area.

[Skoutz]

I was one of the very early supporters of Danny and Neo Bee.

Even though I was very angry at Danny when I learned what he did (by talking to some of his employees), and I might have even written a nasty post in my anger during the first couple of days (I cannot recall and I do not even want to go back and check) I decided to remain silent for several days in order to calm down, and think rationally about the Neo Bee events so as to come to some conclusion.

I do not believe that the whole thing started as a scam, fraud etc.

I believe Danny was honest and invested a lot of money in Cyprus. He would not have invested so much money and, according to reliable sources, even pay 35K for the tax of his car a couple of days before he disappeared + prepay a full year's rents for his Nicosia house in which he moved in in 1-2 months ago.

Something else must have happened that we do not know such as:

1. He did lose coins in Mt.Cox and Bitfunder and kept it a secret.

2. For whatever reason he got involved with the underworld and when they realized that he was a holder of a lot of bitcoins he received threats.

3. He decided overnight that he'll cut his losses/investments.

4. Mismanagement of funds due to inexperience, sudden loss of coins for whatever reason, panicking and running away.

I am 100% sure that he initially was very honest and didn't have the intention to run away with people's money and coins.

Since the last press reports on April 3rd, the Neo Bee issue has never been raised again by any one in Cyprus and people have already forgotten it. It has not been mentioned a single time any where in the media, press or wherever. The reason for this is because no one from the public has lost any money. It was very wise and very responsible from Danny and/or his managers not to open the branch for business and not do any transactions with the public until everything was 100% safe. I credit them for this.

The only people that have been left with a pain, and some of them lost a lot of money, are his unpaid employees and creditors including PVS.

The honest thing for him to do is to pay his outstanding debts to his employees and his creditors and I am sure that he and his family, and we, can put this behind us and carry on with our lives.

Danny if you are reading me I am sure you will understand and appreciate what I am saying. I apologise for not responding to your messages but I saw them AFTER you disappeared. I was never a sophisticated user of the forum and didn't notice them.

As for his shareholders, including myself who bought some shares at Havelock for a couple of thousand $s, well guys I am very sorry about our losses but at the end of the day we invested in a BTC start-up. 95% of start ups in such a new and risky area fail. Yes it is painful, we lost money, but we must try to forget it and carry on with our lives as well. If we all stay in bitcoin, a bright future with handsome dividends awaits all of us.

All the best.

[sporket]

... It was very wise and very responsible from Danny and/or his managers not to open the branch for business and not do any transactions with the public until everything was 100% safe. I credit them for this...

"Don't burn the locals" is to scamming as "don't run stop signs" is to moving dope.
Basic.

[Skoutz]

Locals were burned too. Employees, creditors and a couple of investors who bought coins from Danny personally (not from Neo Bee/branch) or share from Havelock.