k i posted in your thread about it. thanks for letting me know. |
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If you are in the US an MSB is not needed for a bullion company however there are still rules regarding AML and KYC under the Patriot Act. Basically if you accept a certain amount of cash for bullion or buy certain types of PM from customers then you have to report it. It is certainly up for interpretation if crypto-currency is like cash or not. You are supposed to have AML and KYC policies in place for that.
Also if you intend to not fully sell but issue some sort of on demand precious metals certificate you are subject to SEC/ Futures regulations. You don't want that. The less regulation way is to provide storage for customers that purchase your bullion but don't take delivery. Don't call it anything that can remotely be considered a financial instrument.
Good Luck.
I cant just not let people take delivery. My service would be meaningless if I did that. Also if you intend to not fully sell but issue some sort of on demand precious metals certificate you are subject to SEC/ Futures regulations. but thats exactly how nxt decentralized asset exchange works. same with ripple also for that matter. There is no way around it. So every single person who offers a good or service through the decentralized asset exchange will be subject to SEC/Futures regulations. I can call it a colored token if i want, but the fact is that nxt decentralized asset exchange is a system for exchanging securities. |
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I'm going to be offering a silver bullion gateway in the nxt decentralized asset exchange system. Shipping and profit will be built into the price of the asset when i first issue it so then it will be able to circulate through the economy freely until someone decided to redeem it. Since shipping and profit will be built into the issue price, the process for acquiring silver with nxt will be as simple as going onto the market in your client, buying the cheapest unit available at the time and then send the token to my nxt address along with a message specifying where they would like the silver to be shipped. To the end user there will be no complications with paying for shipping or anything, or going to a website and filling out information and placing order, it will be totally seamless.
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maybe ill do the best of both worlds. maybe ill make my own brand of silver bars. ill just buy shot and build my own foundry and make my own bars out of it. i always wanted to get into that anyway and my rep here combined with my business idea may make my bars actually marketable. i could keep cost down and have an inexhaustible supply of perfectly fungible product.
but would the landlords let me build a foundry in the back yard.... hmm i could always ask i guess.
I hope this project doesn't eat all your energy because you are one of the most important people for Nxt. The way i see it this project it's self will add a lot to next. I'll probably try to expand also and run a BTC gateway. If it really takes off than ill get a MSB license and do a fiat gateway also. All very important things for the long term prospects of nxt. |
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maybe ill do the best of both worlds. maybe ill make my own brand of silver bars. ill just buy shot and build my own foundry and make my own bars out of it. i always wanted to get into that anyway and my rep here combined with my business idea may make my bars actually marketable. i could keep cost down and have an inexhaustible supply of perfectly fungible product.
but would the landlords let me build a foundry in the back yard.... hmm i could always ask i guess.
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Hi Anon,
I like the idea very much. There are a view things that I like more than Nxt, one of them is silver. One of the most undervalued assets right now.
I donīt like silver shot, I would prefer off brand silver.
So great idea Anon, I hope this getīs an sucessfull rollout! Would be very interested.
Why? Anon, what do you think are the cons of shots? Its less liquid, less portable, a scale is required to determine its value and im not entirely sure how to determine its authenticity. I'm going to have to search around on that last point. The advantages are that its perfectly fungible, highly dividable, and ill know for sure that its authentic because ill buy it directly from a refinery. http://www.howtobuysilver.com/types/silver-shot/Silver shot would probably not be a great way to invest in silver. It wouldnt be great for people who actually wanted to take delivery. But it would be a really good way to denominate a financial instrument. It would be great for the people who wanted to speculate on price without actually taking delivery or find the current price of silver without wanting to take delivery on anything. |
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Anon,
I buy pamp suisse all the time.
And a big +1 on promoting your gateway on the main thread... it will show people Nxt has traction and momentum (and you're a cool guy that deserves [and has earned] the promotion!)
Thankyou for the words of support and encouragement  |
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Shipping costs are almost identical between eu countries and eu countries <-> usa, about 30% difference. For something as dense as gold the difference doesn't matter at all.
If I could prepare customs forums before hand, like by printing them off for example, rather than having to sit there and fill them out by hand at the post office than I would probably change my position on international shipping. |
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Gold would be much more popular than silver for EU countries because there's no VAT on it (no custom duties also). There's VAT on silver (up to 25% in some countries) which kills any profitability and most of the interest.
Its probably better that specialists arise to fill the niche in each region. It doesn't make a lot of sense for you to pay international shipping to have me ship my gold to europe when someone else trustworthy located in europe could issue his own instruments and you could buy his and redeem his instead. I have this idea of maybe making a federation with members in different parts of the world but that would be a project for the future. |
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I sent a message to general fuzz offering to compensate him for the work we have used.
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Has lets talk bitcoin always uses general fuzz? If not than I can only assume that adam he liked our advertisement  |
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Wow! This sounds awesome!
Hey 2kool, do you mind if I advertise my business twice per day in your "NXT :: descendant of Bitcoin - Updated Information" thread? |
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Great idea Anon. Will this be mostly for trading or can we take delivery?
Oh absolutely you will be able to take delivery. You wont even have to worry about paying me for shipping or anything it will be all built in. I will charge for shipping when i issue the asset so if you go onto the market and buy one of the tokens all you will have to do is send it to my nxt address with a message specifying where you would like the bullion to be delivered and I'll ship it out the next day. It will be that simple and seamless. Though i should mention that I will be shipping to the US only at least at first. Dealing with customs will make things much more difficult so it may be something that i do later but definitely not at first. Great! When you begin to ship internationally, I'll be very keen. BTW, why limit to silver only? If you can offer gold, you'll get really high volume of trade measured in NXT. Edit: Offering gold will help the so called whales cash out without adding selling pressure on NXT/BTC pair. The simple answer is that I don't presently own enough gold to act as reserve. I think I own something like 1.5 troy ounces of gold total. It is something i want to do but ill have to work my way up. I'll buy a few ounces of gold to start with then issue the assets. Sell the nxt that i get for those assets for bitcoin. Then sell the bitcoin for gold and issue new assets. That will be a process and it will take time to build up sufficient reserve to have a liquid market. |
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Hi guys! I'm new one in crypto, but I'd like to understand in ''few words'' what difference between NXT and Noble coins and NYAN coins...  Thanks. NXT is 100% proof of stake and uses something called transparent forging instead of mining. Transparent forging allows you to predict which forgers will author upcoming blocks and if you trust those forgers than your transactions can be thought of as instantly secure. If you dont trust them than its still faster than bitcoin with 1 minute confirmations. Unlike fast coin or min coin though these 1 minute blocks actually add security similar in strength similar to bitcoins 10 minute confirmations. The fact that we dont rely on mining means that huge amounts of resources are saved in securing the blockchain. This means that transactions can still be secure at a fraction of the fee of mined coins. We also take a data driven approach to transactions rather than using scrypts which will allow visa level transaction volume when the need arises. Our devs are implementing decentralized asset exchange later this month! Stick around and keep reading and learning. There is a lot to learn about nxt and a lot that is worth learning. This is not your average copycat coin and you are very early to this party indeed. *edit* tell me your address and ill get you started Thank You very much indeed! K i sent you 200nxt. now all i ask in return is that you stick around and be a part of our awesome community  |
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Great idea Anon. Will this be mostly for trading or can we take delivery?
Oh absolutely you will be able to take delivery. You wont even have to worry about paying me for shipping or anything it will be all built in. I will charge for shipping when i issue the asset so if you go onto the market and buy one of the tokens all you will have to do is send it to my nxt address with a message specifying where you would like the bullion to be delivered and I'll ship it out the next day. It will be that simple and seamless. Though i should mention that I will be shipping to the US only at least at first. Dealing with customs will make things much more difficult so it may be something that i do later but definitely not at first. |
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Hope your gateway helps us achieve 1 NXT >= 1oz. .999 Fine Silver!  When time comes, I will have 10,000 pieces, thank you very much! lol its going to take a while to build up a pile like that. if people actually buy 10,000 instruments from me than ill probably start looking at getting a out of home location for my business. Maybe a disused bank? how cool would that be! |
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Hi guys! I'm new one in crypto, but I'd like to understand in ''few words'' what difference between NXT and Noble coins and NYAN coins... Thanks. NXT is 100% proof of stake and uses something called transparent forging instead of mining. Transparent forging allows you to predict which forgers will author upcoming blocks and if you trust those forgers than your transactions can be thought of as instantly secure. If you dont trust them than its still faster than bitcoin with 1 minute confirmations. Unlike fast coin or min coin though these 1 minute blocks actually add security similar in strength similar to bitcoins 10 minute confirmations. The fact that we dont rely on mining means that huge amounts of resources are saved in securing the blockchain. This means that transactions can still be secure at a fraction of the fee of mined coins. We also take a data driven approach to transactions rather than using scrypts which will allow visa level transaction volume when the need arises. Our devs are implementing decentralized asset exchange later this month! Stick around and keep reading and learning. There is a lot to learn about nxt and a lot that is worth learning. This is not your average copycat coin and you are very early to this party indeed. *edit* tell me your address and ill get you started |
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+1. This is nice. I wonder who will do the first IPO in Nxt AE. Next Mobile? It seems a voting system becomes urgent after the launch of AE since it is the best way for shareholders to make crucial decisions after the companies are formed in Nxt. atleast that voting question will be cut and dry . 1 share 1 vote. |
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The more I think about it the more I think that I'm just going to do both with separate instruments. The impact that this would have on the market depth seems like the smallest drawback. Additionally this will give me the option of adding pandas and eagles at some point in the future. Also this will make it so that people can send me any kind of silver in the mail and I will be able to issue instruments proportional to what they send me.
I hope silver shot becomes the deepest most liquid market if I do this because that would give us the most accurate price for an ounce of silver. This is going to be awesome guys if you help me to make a deep and liquid market here than we will be able to offer much more realistic silver prices than the manipulated NYMEX. It could even become a better resource for dealers to price their merchandise.
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