I don't think you're getting it.

A - Your example of the 1kg gold bar that is the size of a netbook...  This is like asking me if I'm prepared to give you 32GDC for for a 1kg Toblerone bar covered in gold colored foil.  No.  I'm not.  If you're not giving me gold, you're not getting GDC.  Testing what I'm getting would be part of the process, obviously.

B - If the name matters to you... fine.  That's because you're looking to trade in dollars and the amount of dollars someone is willing to pay for 1kg PAMP bar is different that a 1kg JM bar.  This is irrelevant because the trading that happens is not in dollars, or PAMP bars, or bags of loose silver dimes.  The trading happens in GDC and SRC, just like trade happens in BTC now.  Outside and beyond me, the issuer, the rates will float around as the markets see fit, bearing in mind of course, that anyone who comes to me looking to trade their GDC's and SRC's for metal, will be getting back pure metal only, irrespective of the mint.  Hell, if I were to amass enough of it, I'd probably be melting it down and reminting it, just for the sake of vault uniformity.

C - I would not be a bank, so any talk of getting the same particular metal out that you may have put in is nonsensical, and would be the result of luck.  You might as well ask if you can get back the same exact dollar bills from the ATM that you deposited in cash a week earlier.

It is only the metal weight that matters.  So if someone wants to withdraw 1oz of silver, they'll need to send 1SRC to some address.  How they trade it with someone other than me is up to them.  And yes, if someone trades 1oz of silver as a Canadian Maple Leaf for 1GDC, only to send it back to me asking for metal back, they may very well wind up with a bar or something other than a Canadian Maple Leaf.

I don't think I'll be taking anything other than pure silver and gold (.999+), so I have a difficult time seeing how it would be an issue to those looking purely at weight anyhow.  The picture on the coin or bar is meaningless to me.

However, as the genesis block miner entity grows, it would probably cease dealing with individuals at some point and work exclusively with large orders.  The traders with large orders will be getting appropriate amounts of GDC and SRC in return for their metal, with which they may do what they will.

This is all more or less fantasy academics until someone produces the code to do what I'm looking for and I actually start doing something with it.  I've not looked into the legal aspects of it... so it could very well be that it's not possible to do at all in the US without going to jail.

At this point, I'm most interested in having the program running on my machine.

Bounty is now 4oz of silver.

Or a negotiated amount of BTC.

Bumping before adding another ounce of silver to the bounty.

I'll be increasing the reward periodically until either someone takes up my offer or I cannot redeem SRC rewards.  If you guys don't see the potential here for the thousands of gold and silver dealers around the world, that's fine.  If you think I ought to use Ripple instead, that's fine.  If you think this will turn into a fractional reserve deal, that's fine.  If you think this is detrimental to Bitcoin, that's fine.  If you think I'll end up in jail, that's fine.

If you want to debate and discuss the above topics here, have at it.

Increasing the reward to 3 SRC.

I guess I'm a little confused how AML requirements could be involved if no dollars are ever in my hands.

This is what would ultimately happen, however, it becomes difficult to trust an entity holding your bullion if you can't periodically test it out, just like it becomes difficult to trust the Fed when they won't let anyone inspect the gold at Fort Knox.  It gets easier if there is a 20 year history of everyone, no matter how large an account holder, being able to withdraw their bullion without issue.

I'll need to look into this.

Paying the programmer in the coin is meant as a show of trust.  He is perfectly free to send them back and redeem them for the real silver.  Perhaps the price is too low?

I understand that almost no one will trust it at first.  That is fine.  I've got time.  And perhaps no one trusts it ever.  This is also fine.

Mining after the first block will produce transaction fees as people move the coins around.  Collect enough and the fees may be redeemed for the bullion.

Trust only comes with time.  There are benefits to holding GDC's and SRC's.  You can freely trade them all over the place, without shipping metal all over the world.

Not a joke.  Just an experiment.

Is there anyone out there that would be willing to create a couple alt coins for me?  GDC (Goldcoin) and SRC (Silvercoin).

I have a couple specifications.

1 - All 100 billion coins are premined in first block and go into vault wallet, accessible only by me, meaning I mine the first block.
2 - 50% of all future transaction fees go to me.
3 - 50% of all future transaction fees go to miners.
4 - Coin can be merge mined with Bitcoin.

This is the plan.  Create one coin backed by gold and another backed by silver.

Gradually, people will begin to trust me with their gold and silver, which will be kept in safety deposit boxes in various banks and available on request from people who are able to send me units of these alt coins.

1 coin will equal 1oz of metal.  If someone sends me 1GDC, they will be sent 1oz of gold bullion from my safety deposit box.  If someone sends me 1oz of gold bullion, I will send 1GDC to their GDC address.  GDC's are always redeemable by me in metal as there is a 100% reserve, but shipping costs will apply.

Various other details will be worked out in future posts.

The transaction fees going to my personal address may be sent to the vault wallet so that I may redeem the metal to sell and pay for safety deposit box rent, personal expenses, etc...

As a reward for this task, I'm offering to send 2SRC's to the programmer, which he may keep or redeem with me for 1oz coins.

This is purely an experiment to see what, if any, demand for this sort of thing is out there.

*offer increased to 3SRC's
*offer increased to 4SRC's or a negotiated amount of BTC.
*offer increased to 5SRC's or a negotiated amount of BTC.

But what I'm saying is I'm ordering from Zefir initially.  Then I message him or you or both that that particular order is mine.

I'm trying to understand all this.  So suppose I want 9 modules, which means 90 chips.  This ought to net me about 25GH, yes?

Step 1 is to buy 90 chips from Zefir, by sending 7.74BTC to 162HWpt9njiDsk5nwGixw7fDPuNy55Kh9X and signing the sending address so he knows it's me.

Step 2 is to wait for your final pricing for completed modules, which ought to be about 80 Euros per module, so 720 Euros.  When you nail down a price, I pay you somehow, and wait for you to ship my final product.

Do I have this correct?

Honestly, I've always thought such a thing could be tried.  If some entity set price targets that many people agreed to abide, it could work.  But getting people to agree is the difficult part.

Two issues.  Number one - The exchange rate wouldn't have been an issue had BFL delivered anything anywhere close to the time frames they quoted when people first ordered.

Number two, the exchange rate has gone almost exclusively up, but suppose it had gone down and people began asking for refunds.  Would BFL give back the original payment in BTC's?  Maybe.  In a world where the exchange rate gets cut in half, I could easily see them saying, "Hey, you paid 75BTC for the single and now you're getting 75 back.  What's the problem?"  Basically, it allows BFL to profit in either USD's or BTC's by simply failing to deliver; its a wonderful hedge.

Number two assumes a certain amount of dishonesty on the part of BFL... but... see number one and make your own conclusions.

Lost in 28 spins... dang.  It's fun though.

I'd like to try it out.

1b8tMrK985BgxtqGDpzu58jMdZ1U75GYt

When the exchange has lag, a little window pops up between the price and the history of trades.

This spoils the browser window because it extends the content downward, producing a vertical scroll bar.  Can you please move the lag window to the header, which would not disturb the otherwise beautiful geometry of the site.

Like this.

https://i.imgur.com/Ocd9fev.png