On his page he calls himself the CEO.
Then that shows how little he knows Virginia LLC's. He's the owner of the company, the registered agent of the same. And/or he just tosses the acronym to make unsuspecting folk think more highly of him. LLC = Limited Liability Company (not Corporation as some places note it).
You can't base the price on the crappy exchange it's on now. Half of the people on this forum has probably never heard of bittrex or whatever it is, let alone be willing to deposit BTC's in there and I don't think it'll make it to a big exchange before the store opens. But you never know.
Actually he would still--eventually--have to cash out his own coin to BTC, in order to gain fiat or purchase supplies with it. So yes, he has to base it on exchange (edit: he can help influence the value by setting price, but he by no means actually controls it). He can hoarde up some coins of course, but in the end he has to exchange it just like the rest of us. This is why the coin is nothing more than a transport mechanism with varying capacity. This will work until the coin hits 1 satoshi, at which point there is no margin.
This isn't a new concept, several coins do this already. Why do people not understand how this works?
