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Topic: [IPVO] [Multiple Exchanges] Neo & Bee - LMB Holdings - page 70. (Read 658701 times)

full member
Activity: 210
Merit: 100
Lazy, cynical and insolent since 1968
Aussie Technologists Plan To Open The World's First Bitcoin-Based Bank This Year

http://www.businessinsider.com.au/aussie-technologists-are-opening-the-worlds-first-bitcoin-based-bank-this-year-2014-2

Well, that's a false claim isn't it.

I have posted a rebuttal (awaiting moderation I'm told).

EDIT: They pulled my post (presumably because I said they should do some research rather than just reprint press releases)...pretty lame.
member
Activity: 82
Merit: 10
sr. member
Activity: 294
Merit: 250
Coopers do not advise us....

This man is a machine, 2:28 am.
sr. member
Activity: 686
Merit: 250
Coopers do not advise us, BTC is not a currency in Europe so it is currently treated as an asset, when reporting annual accounts. We are pushing for it to be considered a financial instrument as per the BaFIN clarifications.

We are somewhat writing the handbook for Cypriot accounting when it comes to Bitcoin and accounting.
sr. member
Activity: 298
Merit: 250

Neo/Bee should be accounting in two currencies i.e. BTC and Euros. For all statutory reporting you will have to convert to Euros (unless you will simply ignore the law). You could easily therefore issue shares and denominate them in Euros. A fixed percentage of the company is the same irrespective of the currency the share is theoretically denominated in. What people pay for those shares will be fixed in BTC, but vary in Euros.

How will the current 'profit shares' be accounted for in the Euro reported statutory balance sheets. I assume your advisers (PwC?) will have provided written opinions on this that you can share........?
newbie
Activity: 23
Merit: 0
until we can pay share capital in Bitcoin and we start offering equity then there is nothing to debate regarding legality, however we do have a proposal with regards to paying share capital in Bitcoin.

Danny, the above remark has certainly piqued my curiosity.
Could it mean, that if/when required regulations are met, you might consider converting the current "profit shares" into the fully-fledged equity shares?
member
Activity: 78
Merit: 10
Standard Bank tests current account-linked bitcoin wallet
http://www.finextra.com/news/fullstory.aspx?newsitemid=25714&topic=payments
sr. member
Activity: 252
Merit: 250

Yes dividends will be paid in BTC.

Share capital is what you pay when you incorporate the company and shows on the balance sheet that way, it cannot officially be paid or registered with the Registrar of Companies if it is denominated in BTC.

Thank you very much for your prompt answers. Looking forward to the 23rd!

-Nano.
newbie
Activity: 56
Merit: 0
...
Share capital is what you pay when you incorporate the company and shows on the balance sheet that way, it cannot officially be paid or registered with the Registrar of Companies if it is denominated in BTC.

"Share capital or capital stock (US English)[1] refers to the portion of a company's equity that has been obtained (or will be obtained) by trading stock to a shareholder for cash or an equivalent item of capital value. For example, a company can issue shares in exchange for computer servers, instead of purchasing the servers with cash."

http://en.wikipedia.org/wiki/Share_capital

Again, wut?

sr. member
Activity: 686
Merit: 250
It is currently impossible anywhere on the planet to pay up share capital denominated in Bitcoin.

What does that mean in layman terms? I've no idea what you mean by share capital. Is share capital something different to dividends?

Will dividends be paid in bitcoins? Yes or No?



Yes dividends will be paid in BTC.

Share capital is what you pay when you incorporate the company and shows on the balance sheet that way, it cannot officially be paid or registered with the Registrar of Companies if it is denominated in BTC.
legendary
Activity: 826
Merit: 1004
It is currently impossible anywhere on the planet to pay up share capital denominated in Bitcoin.

What does that mean in layman terms? I've no idea what you mean by share capital. Is share capital something different to dividends?

Will dividends be paid in bitcoins? Yes or No?

sr. member
Activity: 364
Merit: 250
1 share is 1/16,000,000 of the profits from the entire group of companies. Your shares are bound by a contract that we deliver said profits to everyone who owns those profit shares.

Is that still true with the removal of the other shares (when it happens) or will that number change permanently? Subject to future share re-issuance...
newbie
Activity: 56
Merit: 0
...
It is currently impossible anywhere on the planet to pay up share capital denominated in Bitcoin.

We are covered in what we do in relation to offering profit shares denominated in Bitcoin

wut?

So you're not gonna pay divs? Cheesy 
sr. member
Activity: 686
Merit: 250
Bitcoin profit shares are not a muddy area, trading an unregulated financial instrument (ie options/futures) is a muddy area, until we can pay share capital in Bitcoin and we start offering equity then there is nothing to debate regarding legality, however we do have a proposal with regards to paying share capital in Bitcoin.

Hi Danny,

Timing's not too great an issue for me, but could I ask for some clarification regarding this final paragraph of yours?

- "until we can pay share capital in Bitcoin"

I was under the assumption that dividends would be paid out in bitcoin on each IVPO share held. Is this still the case?


- "until...we start offering equity"

I was also under the assumption that owning 1 share gave a person a 1/16,000,000 stake in Neo&Bee itself - equity in other words. Is this not the case? Do my shares actually mean nothing?

Many thanks,

-Nano

1 share is 1/16,000,000 of the profits from the entire group of companies. Your shares are bound by a contract that we deliver said profits to everyone who owns those profit shares.

It is currently impossible anywhere on the planet to pay up share capital denominated in Bitcoin.

We are covered in what we do in relation to offering profit shares denominated in Bitcoin
sr. member
Activity: 364
Merit: 250
I was also under the assumption that owning 1 share gave a person a 1/16,000,000 stake in Neo&Bee itself - equity in other words. Is this not the case? Do my shares actually mean nothing?

The shares are profit shares, not equity in the company. Common misconception in this securities section.

Danny will be more knowledgable than me on this but aren't they still classified as tradable securities though? And the SEC doesn't mind reaching out internationally if it really wants to.


sr. member
Activity: 252
Merit: 250
Bitcoin profit shares are not a muddy area, trading an unregulated financial instrument (ie options/futures) is a muddy area, until we can pay share capital in Bitcoin and we start offering equity then there is nothing to debate regarding legality, however we do have a proposal with regards to paying share capital in Bitcoin.

Hi Danny,

Timing's not too great an issue for me, but could I ask for some clarification regarding this final paragraph of yours?

- "until we can pay share capital in Bitcoin"

I was under the assumption that dividends would be paid out in bitcoin on each IVPO share held. Is this still the case?


- "until...we start offering equity"

I was also under the assumption that owning 1 share gave a person a 1/16,000,000 stake in Neo&Bee itself - equity in other words. Is this not the case? Do my shares actually mean nothing?

Many thanks,

-Nano
sr. member
Activity: 686
Merit: 250
The zip zap non appearance was disappointing as that was a big deal. Other aspects haven't been confirmed either and the company is several weeks late delivering anything of note, for all their hard work.

I'd like an answer to these shareholder queries -

The delayed launch will mean no dividends until Q2 financial statements, so end of July/early August. Shouldn't investors have new financial forecasts? The Bitcoin price is widely expected to rise significantly between now and the end of Q2, harmful to investors who earn dividends in BTC. Early dividends are crucial for investors.

What happened to the new prospectus? Has it been canned because the shares are being removed from sale? And thank you for removing those shares.

Can Neo & Bee confirm that the Gox problems will not occur in their software?

Can we have a fixed date for monthly reports on company progress?

With Bitcoin shares being a muddy area, what have Neo & Bee done to avoid legal problems down the line?



The delay is by a matter of days in reality, nothing has been cancelled in regards to EasyCoin, we are making it better and will have much wider coverage across the planet.

The "Gox" problem has been addressed by our developers and it will not affect any of our technical operations.

I cannot predict when dividends will be paid.

The new prospectus has one main body and 5 appendices to ensure that we detail every single operation detailed correctly, with the time demands of everything happening at the moment with getting Neo to market. There is very little resources to dedicate to the completion of the prospectus. It would be ideal to have it completed before the 23rd of February, however I may need a time machine to accomplish that feat.

There is a fixed date for quarterly updates, however I am sure we will have plenty to write about between those dates.

Bitcoin profit shares are not a muddy area, trading an unregulated financial instrument (ie options/futures) is a muddy area, until we can pay share capital in Bitcoin and we start offering equity then there is nothing to debate regarding legality, however we do have a proposal with regards to paying share capital in Bitcoin.
newbie
Activity: 38
Merit: 0
The zip zap non appearance was disappointing as that was a big deal. Other aspects haven't been confirmed either and the company is several weeks late delivering anything of note, for all their hard work.

I'd like an answer to these shareholder queries -

The delayed launch will mean no dividends until Q2 financial statements, so end of July/early August. Shouldn't investors have new financial forecasts? The Bitcoin price is widely expected to rise significantly between now and the end of Q2, harmful to investors who earn dividends in BTC. Early dividends are crucial for investors.

What happened to the new prospectus? Has it been canned because the shares are being removed from sale? And thank you for removing those shares.

Can Neo & Bee confirm that the Gox problems will not occur in their software?

Can we have a fixed date for monthly reports on company progress?

With Bitcoin shares being a muddy area, what have Neo & Bee done to avoid legal problems down the line?

full member
Activity: 210
Merit: 100
Lazy, cynical and insolent since 1968
Keep up the good work Danny.  You've got plenty of support.  Smiley

edit:  just a heads up;  crumbs = mainline = cheaptar = EduardoDeCastro  Wink

Also pankkake the French man has such a loose definition for a 'scam' that all failed businesses are a scam in his mind, or Escroquerie if you eat snails.

Ignore these trolls, do not engage with them.  They will not go away, but they will post less if you do not acknowledge them.
+1 x 4
sr. member
Activity: 454
Merit: 250
And this thread used to be so good....


Cryptocyprus, is it reasonable to expect your big merchant announcement on Feb 24 along with your branch opening?
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