Quote from: minerpart on April 10, 2014, 07:25:15 PM

Quote from: JorgeStolfi on April 09, 2014, 10:47:41 PM

Or simply that they did not have yet authorization to function as a bank? Did they? Usually one needs such a thing, a posh store and "opening" party is not enough. Operating a bank without authorization would probably have put him and his staff in jail right away.

It seems not, remember this is a digital currency, not currently regulated or within a regulatory framework in Cyprus - something Danny was desperately seeking. So it would have been banking in a grey-area and completely possible. That was the whole aim of the company afterall and they hadn't been shut down or told they would be as far as we know.

Antonis Polemitis:

@georgiemark @seotiras Cypriot employees kept it from being worse. He wanted to launch retail, they knew platform not ready so prevented it

https://twitter.com/polemitis/status/453534367579914240

It was ultimately Danny's call. Software platform needed bit more work. It was probably still beta and required more work.

Cyprus university used Bitpay eventually but Bitpay had plenty of time to grow and mature.