Imagine a 'physical bitcoin wallet', bitcoins if you prefer, a bank that keeps your money safe and neo transactions simple imagine! Danny Brewster last posted on cyprus Bitcoin forum saying that he left Cyprus because threats were made against cyprus daughter. Whois Cyprus, by far too many persons, get blinded by neo hope of a quick bitcoins. Bee whois technically a separate business entity but operates under the same umbrella as Neo. They have stolen their bank deposits and lifetime savings.
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Any plans to produce an android app that can be used instead of the card reader? Have a breaking story? Nicola Roberts teases Cheryl's highly-awaited comeback album in fun-filled selfie alongside producer Naughty Boy in the studio Date night! Providing that advice would be something we wouldn't do without providing the risks involved. How Do Bitcoin Transactions Work?
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For the company, there's an advantage if the price rises instead. An Bitcoins UK customer is relieved after finally receiving a refund for an Antminer S9 which he paid for but never received. Neo Meghan wears the trousers: Currently bitcoin adoption is sparse to say the least. It claims he had enough bitcoins in Mt. Obviously it will be a short while before cyprus are operating. Become a Redditor and subscribe to one of thousands whois communities.
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Danny Brewster last posted on a Bitcoin forum saying that he left Cyprus because threats were made against his daughter. Notify me of follow-up comments by email. Notify me of new posts by email. Enter your email address to subscribe to CoinReport and receive latest news notifications in email.
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FitPay, Cascade FinTech to build platform for connecting digital currencies to payment ecosystem. Posted On 19 Apr We expect terminals to be available in Nicosia upon the opening of our first two branches. We are in talks with some large brands that will promote the adoption of Bee just through their name being linked to Bee. Merchants are also a target group for the adoption of Neo because of the instant settlement and vastly lower transaction fees.
We are going to be ensuring they prefer Bee payments over Visa and Mastercard settlements. What will a reader cost? In the prospectus the number 1. If I can do online payments I might get an account just to use it and support the network. Thank you for your extensive answers.
You say 'ensuring they prefer Bee', does that mean customers get a discount or that merchants get much more favourable conditions? Google the Barclays pinsentry and that will give you a clear indication as to what we will be providing our customers. You will have to wait for us to allow accounts from within the EU, we are restricting the process to Cypriots because we don't want to create a back log from the initial rush to open accounts with ourselves, thus causing customer service problems Something we are working hard to ensure doesn't happen.
I this may also be interesting for people outside the Bitcoin community. It will help to promote Bitcoin and of course your company. Would you outline the planned approximate dates of the various milestones such as when the opening of the first branch will happen, when the first merchant will receive their POS terminal, when the advertising will start, and any other notable ones?
The flagship branch will open in January , this is a soft opening to allow customers the chance to sign-up early for their wallets, so we can reduce the risk of creating a backlog that would lead to poor customer service. The first merchant terminals will be installed prior to the 1st February to ensure the merchants are ready to accept Bitcoin payments.
The below the line marketing will commence mid November, with the mass media commencing at the start of December. The part about the September "Start of Software Development" and then in December "Start testing the software" - seems amazingly quick. That part worries me, what can they possibly build in 3 or 4 months that works reliably?
How critical is it? Our developers have already started the development process, the plans in the full prospectus all start in September, so the September month was used to demonstrate that it would be started. As in the software that will run the entire system? This is impossible unless i am missing something.
It is a team of developers working on the systems, the "core" systems are already available, modifying them to our requirements and to integrate Bitcoin is not as time consuming as writing everything from scratch. Our natural progression points towards Greece, the majority of the Cypriot community are Greek Cypriots, this provides the opportunity to transfer some of the trust in the brand into that market. They also have their own well documented financial issues.
If someone wants to emulate us in another part of the world, we will give as much help and advice as is possible. I love Reddit so always checking back on here whenever I get a chance so message me on here, I am cryptocyprus on bitcointalk. What's to prevent the government of Cyprus simply demanding your Bitcoins in the case of another banking crisis?
Because that is not how the bail ins worked. It wasn't just a demand from the Government saying "all that money is now ours" the bail ins only happened at the banks that needed the money to remain in business. Their customers are classed as unsecured creditors so they were contractually allowed to take those funds and not return them when they were essentially bankrupt.
We operate on a full reserve basis so our customers are not unsecured creditors to us. Sorry if this doesn't make sense I am on my phone whilst travelling, so I will edit any errors when I get back to my computer. Does the fact that you are operating on a full reserve basis mean that depositors are not classed as unsecured creditors?
The classification of depositors as unsecured creditors and of the bank as "full reserve" are not mutually exclusive. Our customers are not depositors. They use our service to buy Bitcoins and store them in a hosted wallet, or their own wallet if they wish to do so. It sounds like it has the advantages of a bank without the potential drawbacks of allowing another organization "root" access to deposited money.
However, if the offer to Skype with us still stands, would Wednesday, October 9, at 1: I have been contacted by someone else in relation to a Skype call with the Silicon Valley Meeting, but I am happy to be a part of any Bitcoin related events.
Yes that is what the pegged wallets offer, we are adding stability for those wallets, so they can use the benefits of Bitcoin as a medium of exchange without anyone else having root access to their funds. For commerce to happen you need a stable platform. We also have other wallets where people can use Bitcoin as a speculative asset at their own risk, we also have the pegged time based wallets where the customer will receive a percentage of any growth without exposure to downwards movements in the rate, the cost for the customer being that they agree to hoard those Bitcoin for a predetermined period of time.
So you do not have any access to the bitcoins of your customers? It seems very much like a bank to me. The theory of the bitcoin is anonymity, decentralization. You centralize it and you have the right to keep all the records about your customers and pass it on to whomever you want.
What kind of business is this? Banks seem safer to me. Yes the branding was only completed 2 days prior to the prospectus being released. Thanks for the input, it is geared towards the Bee side, the Bee side also carries a subliminal message. The President of Cyprus spoke of a "Plan B" that he never had at the time of the bail-ins. So we are that Plan B. There was also the idea of calling Neo, NUBA a word that would have been created specifically for us, you can make anything you want with those letters, one suggestion was 'Never Use Banks Again'.
We decided to use Neo because it translates as 'New' which is what we want to promote, a new economy that is focused on and controlled by the people. I receive calls daily in relation to what we are going to be providing from journalists and yesterday I met with the founder and business development manager of Stockwatch The biggest and most influential online financial news platform in Cyprus the founder has now gotten the Bitcoin bug.
Hi Danny, I'm wondering about dividends and how they'll pay after fulfillment of the 0. Is it just a decreased percentage? Also, for those who got in during the very first round of investing k share allocation , when will those shares reach the accounts on the various exchanges?
I shall be passing the details onto TAT for those that need to be issued onto the exchanges later today. EDIT - the dividends following the completion of 0. In the prospectus this line is on page The company is a medium sized business the directors have just returned to Cyprus They are Cypriots but US educated from San Fransisco where they were developers for several of the large American banking institutions.
Most content Google provides for me, surrounding them is in Greek. Because of other parts of our development I have brought other targets forward, so I had to move that meeting backwards, for when I return from Amsterdam. Wont hold me back from investing as I think this adventure you're on is important and exciting, more curious then anything else. I will get online as much as I can, I am speaking on the Thursday of the conference and I believe they are trying to find a solution to live streaming the event, even with a lack of streaming it is being recorded.
The trip to Amsterdam is going to be hectic, so many people to meet already but I will always make time to provide updates as to our progress. Yes but I shall be away from the computer at a business event, at the time of the opening, luckily TAT is handling the roll out of shares across the exchanges.
You are using a card reader. Any plans to produce an android app that can be used instead of the card reader? Similar to what barclays bank have done. Smartphone penetration is not as high here in Cyprus as other places around the world The old Nokia standard ringtone is the most common, cringe worthy sound I hear every day so we have not added an app to the list of start up functionality, but it is certainly something we will be producing in the future.
The app is calls Barclay's mobile banking. It allows you to generate codes that can be used instead of the card reader. I would prefer it, but Barclay's will not allow the app to run on my rooted Phone CyanogenMod.
I can get it to work but it's a pain. As the debit card uses EMV chip and pin, does this mean the card can be used anywhere where visa and MasterCard is accepted or does the card only work with the bee pos terminal? It will only work on Bee terminals, the EMV Chip is just a method to store and access the encrypted data. As a UK resident, can I open an account? There isn't really an easy route to convert bitcoins to GBP. I'm thinking that with a neo account I could send bitcoins to this account and then sepa transfer to my uk account.
Yes once we have ensured that we can complete all of our admin requirements sufficiently ensuring our local customers receive a high level of customer service, only then will anyone from within the EU have the ability to sign up online.
It was my daughter that ensured my future was to be here in Cyprus. But the weather is the icing on the cake: You said you would revise and release immediately - does "immediately" mean "after the IPO"? Anyway, what I really want to know is how you plan on getting 7. No, "advertising" is not sufficient And the banks haven't fucked me recently.
There is a spreadsheet that demonstrates the effect of such scenarios within the thread on Bitcointalk, it is also linked at the top of this post, I converted the spreadsheet into USD so people can use it to determine their own scenarios, it is published with the figures from the April crash, this demonstrates that although damaging such a crash during our first week, we would still be in business. This has been occurring ever since they opened their doors again to the customers. I don't care about a crash.
That's just as much of a threat to my bitcoins if I don't invest. The possibilities are more complex than "up" or "crash". And so you assume all that scared money is just going to walk over to you? They withdrew that money because people don't trust institutions. How are you going to change that exactly? These are serious questions, by the way. I am interested, but very concerned you aren't considering things here or worse, you are misleading people intentionally.
During this period we will be adding volume to the markets, increasing demand, however should the rate continually fall it will be dependent upon our trading and financial team to ensure we stay sufficiently liquid during this period. We will have access to existing trading platforms So will others in Europe to trade options and futures. I have made a solid effort to speak directly with the partners in the companies that operate these platforms Many of these platforms operate from within Cyprus, which is beneficial in a bid to ensure they integrate Bitcoin.
Every meeting has been extremely positive, with many partners making plans on how they will allow Bitcoin to be traded on their platforms and plans for the technological integration with their existing platforms before the meeting has concluded.
But that means the company will operate at a loss and will become insolvent given a drop or sustained stagnation in Bitcoin's price level, correct? And insolvency would mean you've taken yet more money away from innocent Cypriots and simultaneously destroyed Bitcoin's reputation? I cannot see how you can simultaneously hedge all of your assets and still profit from a gain in Bitcoin, regardless of what platforms you have access to.
With all the derivatives in the traditional markets, there is STILL no way to expose yourself exclusively to upside potential or else everyone would do it. That is why we are adding more streams of income to the business within 2 months of opening we will have 3 more products that provide monthly income irregardless of the movements in the exchange rate. Considering Bee is projected to lose money all the way through to August and that is the only other product shown in the projections I am a little puzzled.
Insurance related products and international money remittance. There is a large number of individuals that reside here in Cyprus that send money to developing countries, but that side of things is still very much under development.
We are actively in talks with many people who are within Bitcoin and taking the fight to the likes of Western Union and those who have the infrastructure in these developing countries to act as a local Bitcoin exchange. When we have the exact facts and figures and the exact scope of the operations we will release them.
So these things form a material part of your business strategy, but you don't know what kind of cashflow they realistically represent, and you overlooked mentioning them in your prospectus? We didn't overlook them in the prospectus, insurance is well documented, the cash flow could be x or it could be y depending on several factors such as the model we use to execute the process and which partners we work with, if we decide to form strategic partnerships, so until that is determined we will not publish the findings, to be a long way from the projections once executed would not be the best idea.
There is much more in relation to Bee and Neo that is being actively developed, for example, a strong indication from a global brand that they will be accepting Bee payments when we launch, to name that company and claim them as a Bee merchant without a formal agreement would be both illegal and providing incorrect data to potential investors.
We would be operating on a cash only basis, however this scenario is extremely unlikely considering we are proposing new regulations that are designed specifically for Bitcoin, so we will be fully compliant in the eyes of the law.
Our partners that connect us to the banking infrastructure are part of a global operator in this space, so we have little fears of this ever happening. We are the ones putting the regulatory framework to the Attorney General and the regulators, so we will be adhering to Cypriot law.
However, you will only be holding their balances as BTC. Gambling with depositors' funds is not something a bank should do. This is pretty much the entire reason we hate the current banking system. Make your profits from fees on EUR-denominated accounts, not by gambling on the market. The BTC wallets are just like purchasing Bitcoin through an exchange and holding the coins in a hosted wallet.
If so, I misunderstood. But then what was your meaning behind:. Pegged accounts will derive income from the fluctuations in the market rate.
Initially, we will be adding large amounts of liquidity to the open markets which will drive increases in BTCEUR price level. When the price goes down, we top up the customers wallet from our reserves.
No, we do hold our own reserves in Euros, but we are securing the customers funds in Bitcoin, where no one can take them without the customers input. I think it just clicked. Thanks for walking me through it by the way. It just wasn't very clear to me on the prospectus.
Couldn't you Neo and the third party collude to steal the customers BTC? We could but we will be making the exact legally binding contract between both parties will be made public. What makes you so sure that moving to Bitcoin is "right" for Cyprians? Will it fit in with their culture? All of our insurance requirements shall be handled by the carrier we decide upon for the offering of branded insurance products to our customers. We operate on a full reserve basis Bitcoin because this is so new, it is one of the subjects being covered in the lobbying process as to enabling a Central Bank Insurance.
Sure if I am free, I will certainly Skype with the meeting. The time difference is a big one, but if you give me plenty of notice, I am more than happy to participate.