I haven't taken out a single BTC loan. The reason behind that being, I trust myself to make my payments back in a timely manner or however agreed upon, but what I don't trust, is that the price of BTC wont take a 300% shift during that time screwing me out of hundreds, maybe even thousands of dollars. I think its just too easy to fall in over your head with a Bitcoin loan, because even someone with the best of intentions, may have access to the $1,000 they owe now, but in three months, will they have access to the $5,000 they now owe? That 5% interest rate may seem nice at $10/week, but what happens when it ramps up to $50/week, and keeps compounding on top of that?

TLDR: I stay the hell out of Bitcoin loans because I don't know what I'll owe the person I borrow from tomorrow.

Well, there are Silver assets for BTC, but they haven't had quite as much success, because at this point, you are sometimes better off just holding onto the BTC themselves, and riding those 25% daily value  variations. But with every good idea, there are imitators, so I'm sure people will copy this asset, but hopefully in all of the other coins, so everyone can have the same sort of service. I for one, am just not interested in those other coins at this point in time, and my mission is to raise the value and usefulness of LTC, so it can follow in the path of BTC as a useful cryptocurrency.

There is a huge market for precious metals via the Cryptocommunity, because the basic idea of mistrust of fiat systems is what backs both cryptos and precious metals. I have thought seriously about opening up a similar asset but with gold should this one be a great success, but the limitation there is the price of gold, and share value would have to be in 1 grain increments in order for it to be affordable per share.

Either way, I hope you can get a chance to support whichever coins you choose, and thanks for the question.

I also sent 36 bets of .3LTC each to help stress test the system. 31/36 came though within minutes, but something odd happened to the 5/36. Dice is fixing this, so it doesn't happen to you.  

So in the mean time, don't send incredibly small bet increments every other second, as these seem to jam the system.

This is not a dividend paying asset, as I'm not making any trades between the Silver and USD with the investors money. No weekly gains, except when the value of silver goes up, and no losses, except for when the value goes down.

This asset helps LTC by basically providing something to do with them. When you can't do anything with a coin, its not worth anything, so by being able to buy shares in Physical silver, not only are you guaranteeing you LTC will be worth something, but you are still playing the market, but instead of BTC:LTC or LTC:USD, you are playing the LTC:Silver market. If ice cream cones had a definite value, and I could resell them based on stock market prices, I suppose I could make an asset for them too.

Why aren't you free to sell them for devcoins, groupcoins, or bitcoins? Well, I suppose you can if you want, just not through the LTC-Global exchange. Just like you can't trade for devcoins, or groupcoins (what are groupcoins?) on GLBSE. I could come up with many practical uses

1. Shorting LTC, if you don't think LTC will hold its value, buy something that will. (see current silver trends)

2. Increasing the value of LTC, like I said, if you can't do anything with LTC, they are worthless

3. Buying Silver, buy the shares and cash out if you really want to, I'll send the physical silver to your house, and you can sell that physical silver for Devcoins if it floats your boat.

4. Use it as collateral as a loan, I just started seeing people using BTC collateral for loans, so I don't see why it wouldn't work for LTC. If you wanted a BTC or LTC loan, offer to let the other person hold your shares as collateral. Its the same concept if you went into a bank and listed your silver assets as collateral.

5. Just play the market, if you want to make more LTC, just buy the silver on its low days, and sell on its high days, and make yourself some LTC.

And so I ask, if someone wants devcoins or whatever other coin they want, why not just exchange your litecoins for them? If you really want, go ask GLBSE to offer BTC/LTC/DVC/NMC/SC acceptance, and I'll list my asset there. Also, I suppose the fact that I don't use any other coins besides Litecoins and Bitcoins has something to do with it, but the main point is, why should I or any exchange accept coins they don't want to? I honestly don't value Devcoins at anything. If someone wanted to transfer me 100 Million Devcoins, I don't think I would care too much, unless if I could exchange them for BTC.

The first shares of LTC-SILVER have been sold!

The LTC earnings from this have been pumped back into BTC, so I can buy more silver! Yay!

Edit* OP edited slightly, just looking for non fractional silver now. 1/2 Oz, 1 Oz, 2 Oz. I will buy 5/10 Oz bars down the road, but I need those smaller amounts first to get started.

Just did some small scale testing for LTCDice, I sent 8, 1 LTC bets and 1 1.8LTC bet to the under 8000 (12%) all within a short time frame. I believe it took me a minute to have them all sent out. I received all of my transactions back within 1-2 minutes, with the exception of one, that took less than one minute to get back. I won my last bet, which just so happened to be my largest one at 1.8 LTC, and I ended up winning 14.2046. After my total spending of 10.6 LTC (including transaction fees) I'm up roughly 3.8 LTC.

The intent was to help dice test, so I didn't really send large bets, but everything worked well with the bets I did send. We were both expecting it to take a little bit longer for a response as we believed that the network gets clogged by lots of small bets, but it seems all bets were paid back as soon as the 1st confirmation from the sent bets confirmed.

The first 31 Shares has been released! 186 more shares will be released as the silver starts arriving! Thanks to the people that bought the first shares, and welcome to LTC-SILVER.

I talked to Inaba a while back, and he had said

And I quote, "December is almost 100%, I say almost because I don't want to be caught off guard by something unexpected. If it's not out by November, something went horribly wrong somewhere."

Is this considered defaulting on an auction? A final bid was made, and they haven't accepted payment nor delivered their promise.

You could say, well she never took the BTC so no, but its like if I bid 10 BTC on something on Bitmit, or the auction section of the forums, and I won, isn't that a contract that I have to buy said 10BTC item?

Ok! So I finally got a hold of some silver. I just have to wait for it to arrive via the mail. One major announcement that I will be announcing in the OP as well, is that I will be cutting the no minimum withdraw from fund amount. People are hassling me to buy 1 gram pretty bars, but don't want to pay anything over spot for them, when in reality, they are going to cost me 300% of what I'm going to be selling them for. That just doesn't work well. So instead, I will be changing the minimum withdraw from fund amount to 1 Oz. This is still a fairly small amount, but it makes it so much more convenient for both parties. All policies regarding withdrawal and everything else will remain the same, I will be attempting to have the contract edited with this revision, and then I will release shares as soon as the silver arrives. Thanks for sticking with the project, and this will 100% be up this week.

PMed

I'll buy 9 @ $11.6

So did you ever get paid Mush? See, she took a loan from me for 10 BTC, and she said she would have paid me back a long time ago, but she never got paid for some work. Now due to the terms of our loan that we set as a joke at the time, she now owes me 1.8 Million BTC, as we set the terms that 200% interest would compound daily after our initial 1 month agreement.

So... if Mush doesn't get her BTC soon, I'm going to have to break her other leg. And trust me, she doesn't need any more deformities. R, could you live with yourself knowing that you are making some poor hideous woman even more hideous as she falls deeper and deeper into debt?

BTW, Mush, it will be 3.6 Million BTC owed in 1 hour and 20 minutes, so you better hurry the hell up.


_{also, hopefully by now, people have realized that I was joking. About the money anyway. I'm serious about having to break her other leg, and the ugly part though}

I don't want to get paid to advertise, I just walk to chat 

I would definitely invest in a company that operates by jaywalking.

Thanks for the suggestion, but my investors voted no on 90%, so I will only be getting .999 bullion. I know the premium is going to hurt, but hopefully not too many people will want to pay the shipping costs to cash out on 1 gram increments. I'll be talking to my local guy to see what he has for fractional.

Thanks, I'll check it out. I found a local dealer who sells eagles for $3 over spot, so I'm going to see what other rates he can offer me. I went over today to buy a few ounces, but there was a sign on the door that said that they were closed for the day to attend a funeral. Guess I'll be checking back tomorrow.

edit* Yeah, I'm not looking for art bars. My investors want to buy silver for the silver, the picture on the front doesn't mean much to them. I'm trying to buy as close to spot as possible, so I can sell shares for as close to spot as possible.

Alright, I will be locking the thread for now until the item is recieved, and payments have been made, when we can complete the agreement.

The MNW thing was a joke about Matthew N Wright's recent 10,000 BTC bet, where he used some odd wording which allowed him to send himself money upon losing.

I agree to pay 3.1 BTC for a 1Oz sunshine mint .999 Fine Silver bullion bar to Bitcool. Bitcool has agreed to ship first, and the 3.1 BTC payment is to be sent immediately after receiving the bar.

Short, simple, and no MNW clauses in there.

I didn't get a pm, even though I asked just pm me to chat, I don't have much going on