Topic: [IPVO] [Multiple Exchanges] Neo & Bee - LMB Holdings - page 79. (Read 658701 times)

The .68% figure seems unreasonable to you?  Why?  Because the FDIC has often failed to make whole the users of collapsed banks?  
It is not just the FDIC, though.  The entire financial might of the US of A that is threatened when banks fail.
With NeoBee Danny?  Not so much

Anyhow, bitcoin financial institutions had a less-then-stellar track record, starting with the awesome Pirateat40's Bitcoin Savings and Trust and recently punctuated by Tradefortress and Ukyo.
But this time it's different.

But we've gotten pretty far off-topic.  Danny *wants* to buy into a fiat bank.  So you'll take on the risks of *that* bank, too

Obviously the question is one of reserve ratios. The FDIC you put your unfounded faith in has reserves to cover 0.68% of deposits.

The issue with fiat is not that there isn't enough - it's that too much is printed and faith in it is lost as a crack up boom ensues and the mass of people suddenly realise their mass produced currency is headed into a downward spiral and dump it in favour of unprintable assets.

http://www.paulnathan.biz/commentaries/18-the-crack-up-boom.html

The company that insures my car would also fail if every car it insured killed a pedestrian and got sued.
It's frightening that i have to explain the basics of life to the budding financiers on this thread.

Anyhow, the tinfoil hatters here think that more fiat gets printed by teh bankers whenever shit hits the fan.  So how is it possible for the bankers to not have enough fiat?  They borked the presses?

"Yes, the Federal Government (via the FDIC) insures deposits in most institutions up to $250,000. But there is a problem with this insurance. The FDIC currently has far less money in its fund than it has insured deposits: as of Sept. 1, about $41 billion in reserve against $6 trillion in insured deposits."

http://www.zerohedge.com/news/2014-01-31/why-harvard-economist-pulling-all-his-money-bank-america

Question:

Answer:

^^This thread in a nutshell.

Don't worry - I already have Mainline on ignore from his raving bullshit in another thread.

Also, it just underlines the lack of intelligence on his part - 'why did banks in Cyprus collapse in the first place' should be his main question.

Danny is from Cyprus?

Why do everyday people like you and me use banks? The main reason I use a bank is that my wages go into one and I can then conveniently draw down on my savings for everyday expenses. It saves me the risk keeping lots of cash at home. So if NB can replicate that service that's a fine idea. If we expect BTC to go mainstream we should expect wages to be paid in BTC and the BTC-wage-paid  will want to link their wages to a bank account not just for the convenience of the chip and pin at the counter tech but also because it's through banks that we get loans, mortgages and finance. I don't know a lot about NB but if they are offering the full plethora of banking services then they are supplying a demand, a huge demand. BTC doesn't change the needs of people in their lives, we all need loans, mortgages, finance to buy a car etc. And overdrafts and 'high interest' savings accounts and direct debit options from our main bank account. BTC is a disruptive tech for central banks and money transfer scammers but the practicalities of peoples everyday use of their savings will not change.

Then there is the generational issue. Many people over 60 would have a lot of trouble running their own BTC savings or general expenditure portfolio with no guidance. A lot of pensioners and older people have regular income and savings. They would use a traditional banking setup so again NB has the opportunity to fill that market - should BTC go mainstream. And ofcourse BTC is more likely to go mainstream if there is a high profile, high street BTC bank - this is a positive loop feedback effect and it looks like it's just about to take off. Sorry for the mixed metaphors, best I could do.

I live in the states.  FDIC.  Trust my bank just a smidgen more than some d00d from Cyprus - the home of secure banking
But you go right ahead and invest.
*Danny's also buying into a plain old fiat bank, so if you're worried about real banks going tits up, you've bet on the wrong horse

Unlike those awesome chartered banks which never go up in a puff of smoke with everyone's money...

A an unchartered bank run by a d00d from Cyprus, funded by selling unregistered shares on an unlicenced Canadian exchange that's just been "sold" to a Panamanian shelf co?  What could possibly go wrong?
Teh FUDsters ain't got nothin'.

A few printed materials and stickers and a quick look around some vacant office space would net you photos like these. Just saying it before the FUDsters say it.

Good work Danny and team.

You can tell by the pixels and stuff...

Yes, its all been obviously photoshopped.  The lengths these scammers go to

I'm looking forward to reading more. All the best!

We are expecting a large amount of media attention as the first customer passes through the doors of the branch. If anyone camps outside then I am sure we can help sort them a little reward 

Excellent. Can we please have an interview with the first customer through the door? Maybe even a couple BTC reward for them?

Very nice photos. Congratulations to Danny and team.

Do we think we'll have claims this is all CGI? 

OP delivered!

https://twitter.com/BtcDanny

Well, at least the building is in its place!

http://www.bing.com/maps/?v=2&cp=35.157205~33.313858&lvl=20&dir=0&sty=h&sp=Point.pvskd7ks8jf1_Building_