Topic: [IPVO] [Multiple Exchanges] Neo & Bee - LMB Holdings - page 203. (Read 658701 times)
That TAT XBOND (and you assume that everybody knows what are these obscurs bonds) is really fishy. Why do I have to bother to put my money first into something I don't care about ? I don't get it.
I am very interested in investing, is there any pre ipvo investment options?
TAT have an offering with the XBOND that is detailed in the prospectus.
I am very interested in investing, is there any pre ipvo investment options?
Pardon my ignorance, but doesn't a Bitcoin bank completely go against the concept of Bitcoin? Centralizing something that wants to be decentralized.
We are addressing the issues faced by Bitcoin for adoption by the masses, for large numbers of people to use Bitcoin there are certain hurdles to overcome such as the complexity of cryptography, if everyone you talk to about doesn't emotionally switch off from the conversation once it becomes "technical", then you only have technical minded friends. Can everyone be responsible for the security of their private keys? Does everyone have a smartphone and will merchants go out and buy a tablet/computer to integrate with Bitcoin payments?
We are addressing these issues.
I agree completely. Things have to be enormously simplified for Bitcoin to succeed, especially regarding security issues. I wish you good luck and can't wait to buy a few shares.
Sounds very interesting indeed. Good luck!
Thank you.
Sounds very interesting indeed. Good luck!
Pardon my ignorance, but doesn't a Bitcoin bank completely go against the concept of Bitcoin? Centralizing something that wants to be decentralized.
We are addressing the issues faced by Bitcoin for adoption by the masses, for large numbers of people to use Bitcoin there are certain hurdles to overcome such as the complexity of cryptography, if everyone you talk to about Bitcoin doesn't emotionally switch off from the conversation once it becomes "technical", then you only have technical minded friends. Can everyone be responsible for the security of their private keys? Does everyone have a smartphone and will merchants go out and buy a tablet/computer to integrate with Bitcoin payments?
We are addressing these issues.
Looks good, definetly will watching it closely.
Can any bitcoin user around the world open accounts with you?
Initially we are restricting it to Cypriot residents, because of a few contributing factors, The amount of man hours required to process account openings, we do not want to create a large back log of applications, thus impacting on the initial customer experience and the legalities outside of the European Union.
We are planning on allowing the online registration for accounts within the EU from May onwards, this exact date will be determined by the local rate of sign-ups and the amount of man hours that we can apply to the opening up of additional new accounts.
The rest of the world will have to wait for an alternative to us or for us to reach their location, or they can move to Cyprus, the weather is always good.
How are you planning to hedge against a heavy fall in the BTC/EUR rate? I'm not aware of any cheap high-volume means to do so (other than converting into fiat which would be rather pointless).
Your plan pretty much relies on BTC rising vs EUR. Whilst I'd tend to agree that long-term that seems likely it's also likely that any such rise won't be a steady one but will have the occasional large bubble + collapse.
If BTC happens to be at the top of a bubble when you launch it could be rather a problem for you. Whilst you may hope your own purchases could extend the bubble you can't really base a whole business plan on hoping BTC doesn't have a collapse shortly after you start taking deposits (if it happens later then it isn't such a big problem - after a while only a total collapse of BTC would be a major issue for you).
It's certainly an interesting business model - borrow money denominated in EUR then bet it all on BTC rising. And rather than paying interest for the loans to speculate with, charge them fees for the privilege.
Your plan pretty much relies on BTC rising vs EUR. Whilst I'd tend to agree that long-term that seems likely it's also likely that any such rise won't be a steady one but will have the occasional large bubble + collapse.
If BTC happens to be at the top of a bubble when you launch it could be rather a problem for you. Whilst you may hope your own purchases could extend the bubble you can't really base a whole business plan on hoping BTC doesn't have a collapse shortly after you start taking deposits (if it happens later then it isn't such a big problem - after a while only a total collapse of BTC would be a major issue for you).
It's certainly an interesting business model - borrow money denominated in EUR then bet it all on BTC rising. And rather than paying interest for the loans to speculate with, charge them fees for the privilege.
We shall be operating our own local index based on several determining factors to prevent bubbles having a detrimental effect on our operations, these bubbles will also provide us with the opportunity to strengthen our own position.
How does having your own local index protect against exchange-rate movement?
Customer deposits Euro and wants a Euro-denominated account. You can't use a local index to change how many Euros he deposits.
You then purchase BTC. It doesn't matter what your index says, you have to buy them at market rate from someone selling them.
BTC then crashes vs Euro.
How does your index protect against that?
I can see your own index helping you when people deposit Euros and want a BTC-denominated account, but by your own estimates 98% of accounts will be Euro-denominated. The 2% that are BTC-denominated can't provide useful hedging for the other 98% of customers no matter what your index says.
Our local index will determine the price the Bitcoins flowing between our customers when depositing and withdrawing, this will be determined on long averages, our purchase price, how efficiently we can liquidate our own positions to ensure sufficient cash flow to cover larger withdrawals, customer behavioral trends.
If the price drops considerably quickly it will take time to filter through the averages until it reaches the front line, this additional time will enable us to take advantage of trading conditions to strengthen our position.
I see a lot of words there but no real meaning.
When someone withdraws their euros there's no "flowing between customers" - you have to sell Bitcoins to recover their euros.
You can pretend on paper that you still have enough BTC to cover euro-denominated deposits (by using an internal exchange-rate that isn't in track with the market) but you can't actually sell your BTC onto the open market at that internal index price.
The scenario I'm looking at is the typical bubble one - think of what happened earlier this year. BTC rose up to $250+ vs USD then collapsed down to $100 very rapidly and stayed there for months (dipping even lower on occasions). If you had 5 million euros on deposit with you and 1 million euros float and BTC halved vs the euro then at best you'd only have 3.5 million euros worth of realisable fiat. i.e. you'd be insolvent.
Pretending BTC was still worth $250 doesn't solve that. And as soon as customers notice and start withdrawing the deficit grows as every withdrawal has to be covered by selling BTC at the real price not some pretend index.
And what does "this additional time will enable us to take advantage of trading conditions to strengthen our position" mean? You claim you'd be unable to even move the BTC around without customers signing transactions - so how can you trade with them?
We shall operate our own reserves for trading both EUR & BTC and not deposits, our strategy will be constantly monitored and adjusted. Not every BTC and Euro will be derived from the public markets and we also have several options on futures. Our strategies will be kept private because we do not want to buy off the back of our own hype, this will be partly unavoidable but we will be doing everything we can to mitigate that risk.
If someone withdraws €5m and other withdrawals that day alone make the total €7m, we will also take deposits that day at the same price point, even if the deposits that day total €5m we will already be in a strong position because we would have the trading benefits of adding that €7m to the market prior to the decrease, increasing the strength of our own reserves.
In relation to the tax status in the UK, that was a strong factor in choosing the UK.
Can any bitcoin user around the world open accounts with you?
When does it start? Do you plan to release shares on the different exchanges at the same time?
Yes TAT are coordinating the release across multiple platforms.
It looks interesting, but I'm torn by the decision of using BitFunder. I'm not sure it's worth the risk of using that terrible platform.
Nevertheless I created an account again, let's hope WeExchange does not decide to lock me out again (as they clearly don't care and ignore support requests). At least I have a satisfying username: ukyo-sucks-cocks.
Nevertheless I created an account again, let's hope WeExchange does not decide to lock me out again (as they clearly don't care and ignore support requests). At least I have a satisfying username: ukyo-sucks-cocks.
TAT are coordinating the offering across multiple exchanges. So that cater better to your personal preferences.
The UK has set taxation guidelines on Bitcoin operations.
Yeah - and they're very convenient ones as well : effectively Bitcoin profits don't have to be declared for tax until they're converted to fiat. Which allows payment of dividends to virtual shareholders pre-tax.
Pardon my ignorance, but doesn't a Bitcoin bank completely go against the concept of Bitcoin? Centralizing something that wants to be decentralized.
How are you planning to hedge against a heavy fall in the BTC/EUR rate? I'm not aware of any cheap high-volume means to do so (other than converting into fiat which would be rather pointless).
Your plan pretty much relies on BTC rising vs EUR. Whilst I'd tend to agree that long-term that seems likely it's also likely that any such rise won't be a steady one but will have the occasional large bubble + collapse.
If BTC happens to be at the top of a bubble when you launch it could be rather a problem for you. Whilst you may hope your own purchases could extend the bubble you can't really base a whole business plan on hoping BTC doesn't have a collapse shortly after you start taking deposits (if it happens later then it isn't such a big problem - after a while only a total collapse of BTC would be a major issue for you).
It's certainly an interesting business model - borrow money denominated in EUR then bet it all on BTC rising. And rather than paying interest for the loans to speculate with, charge them fees for the privilege.
Your plan pretty much relies on BTC rising vs EUR. Whilst I'd tend to agree that long-term that seems likely it's also likely that any such rise won't be a steady one but will have the occasional large bubble + collapse.
If BTC happens to be at the top of a bubble when you launch it could be rather a problem for you. Whilst you may hope your own purchases could extend the bubble you can't really base a whole business plan on hoping BTC doesn't have a collapse shortly after you start taking deposits (if it happens later then it isn't such a big problem - after a while only a total collapse of BTC would be a major issue for you).
It's certainly an interesting business model - borrow money denominated in EUR then bet it all on BTC rising. And rather than paying interest for the loans to speculate with, charge them fees for the privilege.
We shall be operating our own local index based on several determining factors to prevent bubbles having a detrimental effect on our operations, these bubbles will also provide us with the opportunity to strengthen our own position.
How does having your own local index protect against exchange-rate movement?
Customer deposits Euro and wants a Euro-denominated account. You can't use a local index to change how many Euros he deposits.
You then purchase BTC. It doesn't matter what your index says, you have to buy them at market rate from someone selling them.
BTC then crashes vs Euro.
How does your index protect against that?
I can see your own index helping you when people deposit Euros and want a BTC-denominated account, but by your own estimates 98% of accounts will be Euro-denominated. The 2% that are BTC-denominated can't provide useful hedging for the other 98% of customers no matter what your index says.
Our local index will determine the price the Bitcoins flowing between our customers when depositing and withdrawing, this will be determined on long averages, our purchase price, how efficiently we can liquidate our own positions to ensure sufficient cash flow to cover larger withdrawals, customer behavioral trends.
If the price drops considerably quickly it will take time to filter through the averages until it reaches the front line, this additional time will enable us to take advantage of trading conditions to strengthen our position.
I see a lot of words there but no real meaning.
When someone withdraws their euros there's no "flowing between customers" - you have to sell Bitcoins to recover their euros.
You can pretend on paper that you still have enough BTC to cover euro-denominated deposits (by using an internal exchange-rate that isn't in track with the market) but you can't actually sell your BTC onto the open market at that internal index price.
The scenario I'm looking at is the typical bubble one - think of what happened earlier this year. BTC rose up to $250+ vs USD then collapsed down to $100 very rapidly and stayed there for months (dipping even lower on occasions). If you had 5 million euros on deposit with you and 1 million euros float and BTC halved vs the euro then at best you'd only have 3.5 million euros worth of realisable fiat. i.e. you'd be insolvent.
Pretending BTC was still worth $250 doesn't solve that. And as soon as customers notice and start withdrawing the deficit grows as every withdrawal has to be covered by selling BTC at the real price not some pretend index.
And what does "this additional time will enable us to take advantage of trading conditions to strengthen our position" mean? You claim you'd be unable to even move the BTC around without customers signing transactions - so how can you trade with them?
Announcing the upcoming public offering for LMB Holdings, which will take place in a coordinated release across multiple bitcoin securities exchanges. LMB Holdings seeks to raise capital to fund two complimentary new ventures: Neo and the Bee Payment Network.
Why have you registered the company in the UK when it's target market is Cyprus ?What are the real reasons behind the 'virtual entity' nonsense when you could be selling the real shares in the real legal entity ?
Bee looks like it will never make a profit - so why are you bothering to setup something that is expected to lose a million EUR a year ?
Where in the prospectus have you accounted for the costs and deposit requirements of your banking licences ?
IMHO it's a good 1st draft, but still needs a *lot* of detail and work:
You rely on the BTC 'price' growing too much - there is neither an expectation or g'tee this will ever happen.
There are better options for AML/KYC than a 75k licence - SaaS services from IFS for example.
The UK has set taxation guidelines on Bitcoin operations. The subsidiaries are being registered in every European jurisdiction.
The virtual entity is to ensure current American SEC regulations are not being broken by investors from America.
Bee provides a necessary way to allow people the ability to spend their money, something that is not easily done with capital controls. Merchants will also be a driving force towards the adoption of Neo accounts, due to the added benefits of faster settlement times and lower transaction fees.
We currently do not require a Banking License, we are lobbying the Attorney General, Minister of Finance and Minister of Commerce directly to establish a legal framework for Bitcoin based businesses to operate within. Being a small enough island it is easily possible to gain access to these individuals (Something we have already done). The added benefits of the creation of this framework for both Cyprus as a country and our business will be big. Cyprus will attract more international investment fom capital being raised by Bitcoin businesses looking for a suitable jurisdiction to establish themselves within and the PR benefits to ourselves will only be positive locally.
Initially we do rely upon the price growing, but we have conservatively estimated our projected deposits. This is the big step towards achieving what most of the Bitcoin world "thought" was going to happen during the time of the bank holiday in late March, early April this year. It was never going to happen because 1) The banks were closed 2) Very few people knew what Bitcoin was 3) People just don't spend as much time on the internet here.
We are addressing number 2 directly but making it user friendly, For number 1, the people have been taking their money out of the bank at the €300 per day rate and number 3 will not need to change, although we already have made progress with increasing eCommerce which will increase the internet usage of the general population. (More on this will be released shortly).
We are still determining the AML/KYC solution that we shall proceed with.
When does it start? Do you plan to release shares on the different exchanges at the same time?
"IPVO". I like that.
How are you planning to hedge against a heavy fall in the BTC/EUR rate? I'm not aware of any cheap high-volume means to do so (other than converting into fiat which would be rather pointless).
Your plan pretty much relies on BTC rising vs EUR. Whilst I'd tend to agree that long-term that seems likely it's also likely that any such rise won't be a steady one but will have the occasional large bubble + collapse.
If BTC happens to be at the top of a bubble when you launch it could be rather a problem for you. Whilst you may hope your own purchases could extend the bubble you can't really base a whole business plan on hoping BTC doesn't have a collapse shortly after you start taking deposits (if it happens later then it isn't such a big problem - after a while only a total collapse of BTC would be a major issue for you).
It's certainly an interesting business model - borrow money denominated in EUR then bet it all on BTC rising. And rather than paying interest for the loans to speculate with, charge them fees for the privilege.
Your plan pretty much relies on BTC rising vs EUR. Whilst I'd tend to agree that long-term that seems likely it's also likely that any such rise won't be a steady one but will have the occasional large bubble + collapse.
If BTC happens to be at the top of a bubble when you launch it could be rather a problem for you. Whilst you may hope your own purchases could extend the bubble you can't really base a whole business plan on hoping BTC doesn't have a collapse shortly after you start taking deposits (if it happens later then it isn't such a big problem - after a while only a total collapse of BTC would be a major issue for you).
It's certainly an interesting business model - borrow money denominated in EUR then bet it all on BTC rising. And rather than paying interest for the loans to speculate with, charge them fees for the privilege.
We shall be operating our own local index based on several determining factors to prevent bubbles having a detrimental effect on our operations, these bubbles will also provide us with the opportunity to strengthen our own position.
How does having your own local index protect against exchange-rate movement?
Customer deposits Euro and wants a Euro-denominated account. You can't use a local index to change how many Euros he deposits.
You then purchase BTC. It doesn't matter what your index says, you have to buy them at market rate from someone selling them.
BTC then crashes vs Euro.
How does your index protect against that?
I can see your own index helping you when people deposit Euros and want a BTC-denominated account, but by your own estimates 98% of accounts will be Euro-denominated. The 2% that are BTC-denominated can't provide useful hedging for the other 98% of customers no matter what your index says.
Our local index will determine the price the Bitcoins flowing between our customers when depositing and withdrawing, this will be determined on long averages, our purchase price, how efficiently we can liquidate our own positions to ensure sufficient cash flow to cover larger withdrawals, customer behavioral trends.
If the price drops considerably quickly it will take time to filter through the averages until it reaches the front line, this additional time will enable us to take advantage of trading conditions to strengthen our position.
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