Quote from: kakobrekla on September 08, 2013, 02:55:58 AM

Something here reminds me of Garr255 scamzor. Maybe its the smell.

We are taking extra verification steps with all parties involved to demonstrate we are who we say we are coupled with evidence of our strategic partnerships.

I was shocked too that it took 5 pages for the first mention of a scam.

Quote from: hasher87 on September 08, 2013, 04:18:08 AM

Question is, why Cyprus?

This is where we live, also to spark mass changes you need a "big bang event" the theft of peoples life savings was this event. Cyprus is also not too big to gain widespread adoption, but not too small for it to go unnoticed on a global scale.

Quote from: snowdropfore on September 08, 2013, 03:50:13 AM

when will be ipo on BF?? i am in !!

The dates will be announced shortly.

Quote from: jedunnigan on September 08, 2013, 04:32:32 AM

Hmmm, the risks section seems dangerously sparse. I am specifically concerned with the "Regulatory Risks" section. As you dutifully mention on the third page of the prospectus the following restriction has been placed on Cypriots:

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● Overseas transactions may not exceed 5,000 per month per person, and only if the transaction is sending money to a student or completing payment of an invoice related to a business.

Bitcoin subverts this unequivocally. How will you explain to regulators that once the user has withdrawn their Bitcoins there is no way to manage where they are sent? You can't. This disproves one of your points in the regulatory risk section:

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By holding assets in Bitcoin outside of the legacy banking system, there is no current legal framework or technical means for the Central Bank of Cyprus or the European Central Bank to seize Neos customer deposits.

The law that would allow them to freeze (or maybe even seize) would [in this case] be that they couldn't be sure where funds are actually being sent once the coins are in the wild.

From that perspective it would not be a far to leap to think that Cyprus wouldn't necessarily make Bitcoins illegal, but they could put a temporary ban on any Cyprus-based Bitcoin business. On the flip side you say

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Neo will work closely with regulators and the government to ensure the impact of our operations shall be a benefit to the economy of Cyprus, thus preventing the need to declare the use of Bitcoin as illegal.

So do you have any actual relationships with these regulators? Wouldn't it be sensible, given the enormity of your business and the source of funding, to be absolutely sure that one day xyz agency doesn't coming knocking on your doors and shut you down without notice? At least have some measure of govoernment sentiment before you dive head first into such an ambitious operation.

Initially the possibility of people withdrawing Bitcoin to the wild is slim because that would entail them understanding how to use Bitcoin in its raw format, we expect that until we open up the possibility for opening accounts from within the wider European Union direct Bitcoin withdrawals will be almost non existent.

The capital controls are under review in the September meeting of the Troika however this is of no concern because we are signing off on a partnership shortly that will enable the physical notes to remain in Cyprus whilst providing us with those funds electronically outside of the traditional Cypriot banking infrastructure. This ensures that we have zero exposure with our "competitors", ensuring they cannot try and complicate matters with frozen accounts, temporary holds etc.

We have spent the last 12 months making the necessary contacts with both regulators, government officials and key influential groups such as those now challenging the EU over the bail-ins. The initial lobbying efforts have been very promising, the president himself has spoken about the need for a "Plan B". One of the joys of Cyprus being small is the 2 degrees of separation, in larger countries this would have been a much drawn out process after speaking with personal assistants for months just to ensure a letter is passed onto the relevant person. Here we don't have that problem.

Quote from: astutiumRob on September 08, 2013, 05:00:50 AM

Quote from: cryptocyprus on September 07, 2013, 06:15:29 PM

We currently do not require a Banking License

You'll be taking deposits off people, you absolutely will need a banking licence unless your retirement plans include 'free room and board in jail' Wink

Quote from: cryptocyprus on September 07, 2013, 06:15:29 PM

We are still determining the AML/KYC solution that we shall proceed with.

Will drop you a PM

We are taking deposits from people in exchange for Bitcoin, current regulations entails this is no different from buying a loaf of bread from the bakery and the bakery providing storage of the bread. In Cyprus Bitcoin isn't "money" yet, however we are the ones lobbying to change this. All of our policies, procedures and systems are planned to be compliant with existing regulations. We want that legal framework to adhere too because from a PR perspective we will not be operating within grey areas of the law.

I will answer your PM once I have caught up on the questions here in this thread.

Quote from: BugSpirit on September 08, 2013, 06:37:22 AM

1. How exactly do you intend to cover losses (and make profits) in case of dramatically falling of BTC--EUR exchange rate? Please explain it in a simple way like I'm 10 years old.

2. Why do you choose to relate on third-party company (TAT Investments) for managing your IPO? Is it too difficult for you to cope with such a simple task for yourselves?

3. Exactly what services will you provide for you customers?

1. We will implement a hedging strategy utilizing our own reserves, this strategy will be constantly changing, we will also be setting the price locally to ensure that sudden falls in price are not realized on the front line immediately. This gives us an opportunity to increase trading activities to strengthen our positions. A good trader(s) will make gains under volatile conditions, irrespective of the direction of the movement. Sorry I cannot provide the exact strategies for different scenarios but doing so would be like playing poker with see through cards.

2. It is not a case of difficulty, it is based on time demands. As I am certain any potential investor wants me and the team to concentrate on the business and not handling asset transfers all day. My time is extremely limited as it is, I had to move 5 meetings today (Sunday) to ensure I could have some time to answer questions.

3. We provide the opportunity for our customers to buy Bitcoin and store them in a user friendly and secure wallet, some of our products remove the risk of volatility away from the customer and onto ourselves, we will also be providing a method for merchants to accept Bitcoin payments. In the near future we plan to offer insurance products, lending services and other financial related products.