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Author Topic: [LTC-GLOBAL] Litecoin Silver [Shutting Down]  (Read 8544 times)
Necroscope
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March 10, 2013, 02:28:24 AM
 #41

Just wanted to finally give Salty his due. I successfully made a withdraw from the fund and the entire process was smooth and professionally handled. Thanks Salty, and sorry for the extremely late reply. Newbie rules suck in this case.
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March 10, 2013, 07:47:58 AM
 #42

Just wanted to finally give Salty his due. I successfully made a withdraw from the fund and the entire process was smooth and professionally handled. Thanks Salty, and sorry for the extremely late reply. Newbie rules suck in this case.

I never gave him his props here either.. mine went quite smoothly... also ... nice name awesome set of books by Lumley!


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March 10, 2013, 03:48:06 PM
 #43

Its no problem. Happy everything went through smoothly  Grin
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March 11, 2013, 03:28:54 AM
 #44

So you still have silver? and what is current shares costing for another coin sir? Or what are the number of shares needed for a coin?!?!?!

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April 18, 2013, 02:48:38 AM
 #45

Dead?

XRP- rJZrZTkMYrqe94c1V6KS1gbYpcaJRQqcd8
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September 08, 2013, 05:35:41 AM
 #46

Alright everybody, I do apologize for the length of time that has passed since my last updates, however the asset has mostly been laying dormant since the proposed transfer to Usagi. I will be providing tons of updates, as to the contract, operations, and just general what is going on at this point in this thread, so please bare with me, as I get more information ready.


I will be modifying the Original Post, so I will quote it in its entirety here, so that I and others will be able to look back on it, as I make changes.

The Official thread will be on the Litecointalk thread that I have listed, but I will try to keep both the BTC and LTCtalk posts up to date  http://forum.litecoin.net/index.php/topic,616.0.html
http://i.imgur.com/w6Xrx.png

I also registered the domain www.litecoinsilver.com which I will be using as the Asset site, but I am still in the process of setting that up.

Anyway, below is the official Asset Statement, if you don't want to read it right now, you can scroll down to my next bolded message where I will give a briefer version.


My Goal is to increase the liquidity of Litecoins, by allowing the free and
simple trade between Litecoins and Physical Silver without all of the hassle and
added cost of continuous shipping.

OVERVIEW:

By investing in LTC-SILVER you are investing your Litecoins into Physical
Silver. Various forms of Silver Bullion will be obtained by the operator
(myself) ranging in brand, size, and form, but all silver is guaranteed to be at
least .999 Fine silver. The amount of shares in circulation at any time will
only reflect the amount of silver I have held physically in grams at any given
moment. One share is and will always be equal to one gram of physical silver.

WITHDRAW OPTION AND SHIPPING:

With the option to trade your silver shares back and forth for LTC, I will also
have a withdraw option, should you decide you want your shares of physical
silver mailed to you. To do this, please send me a message and I will give
further instruction. How this will work, is after you request your silver to be
mailed, I will ask that you transfer the share equivalent of how much you want
mailed back to the Asset Account. I will require that you pay the amount of
shares you want to receive in silver plus one additional share for handling. I
will also require that you pay the shipping expense, which we will calculate
upon request, but I should be able to give a generic rate for inside of the U.S
after a few shipments. Payment for shipping will be accepted in Silver Shares,
Litecoins, Bitcoins, BTC-E Code, and Paypal.
You will be responsible for the cost of all shipping features you desire, be it
insurance, or the use of another shipping company. (ie UPS or Fedex)

EDIT 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, and you may withdraw in any 1 Oz increments. 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.

SHIPPING CONT.:

I will guarantee that all silver withdraws requested will ship out on my end,
and I will provide tracking via USPS at no additional cost, with paid cost of
shipping. However, although rare, the postal service can lose your packages. I
am not liable for post office mistakes, and it is your responsibility to request
appropriate insurance if you feel necessary. It is also your responsibility to
check all of your country's laws about silver importation. I will be shipping
from the U.S, so please look into local laws, and be prepared to pay any
applicable taxes or fees imposed by your country at customs should they decide fit.

THE (not so small print):

If for any reason I am unable to continue my obligations here, I reserve the
right to shut down operation. In that case, the first option available will be
to receive your Physical Silver via the mail. The above shipping terms still
apply, but the 1 share handling fee will be waived in this case. For those that
do not want to receive their Physical Silver, I will liquidate the remaining
silver on the LTC/BTC forums and pay out your share value at current Silver
market value.

All of that being said, just remember, your stock value does not have some
arbitrary value determined by LTC difficulty, how lucky you are to find blocks,
or how long you can profit from a ponzi before it collapses. Your investment is
100% backed by Silver. In theory, your stock value should never be worth less
than its weight in Silver. Of course, silver has its own price fluctuation up
and down, but it is your duty to make your own informed decision as to whether
or not this is an investment that suits your needs. I recommend you do some
research into Silver economics, look at the price trends, and decide for
yourself whether Silver is the best choice for you right now.


Condensed version it is  Grin

Ok, so the asset that I have just submitted for approval via https://www.litecoinglobal.com/ is LTC-SILVER

This is a silver mutual fund, operated and managed by myself, in which anyone who wishes to invest may buy shares in a Silver fund that I will be establishing, with each share being worth 1 Physical gram of silver. I will buy .999 Silver bullion, mostly coming from the BTC/LTC forums, and will first take pictures to prove the total asset amount, and will then release an equal amount of shares to how many total grams of silver are in the fund. The silver will then be placed in a very large and secure gun vault, and locked away until updates are needed. I have already talked to a few members of the Bitcoin and Litecoin communities that have been known to sell a bit of silver, and I am currently in the process of buying up a few troy ounces of silver to get this investment started! Another feature that this investment has, is the choice to physically withdraw from the Silver asset. In this case, I will send you your physical silver in the mail, of course I will require that you pay shipping, and there is a small fee, but that is listed in the shipping terms above. The best part being, since there will never be more or less shares owned and on the market than I currently have in the vault, everyone could withdraw at once if they really wanted, and no one would have to wait, and there would be no ponzi collapse. Although, I will mention, your best deal is to just own the silver shares, and not have them physically shipped. The whole idea of this asset is to give a liquid Silver:LTC asset, where you don't have to deal with your own country's taxes (VAT to be specific) and you don't have to deal with the shipping cost.

Anyway, if anyone has any questions, please feel free to ask.



IMPORTANT ANNOUNCEMENT!
the LTC-SILVER Asset has just been given the most coveted award known to Crypto kind! It is Franky1 Approved!!! For any of you that don't know, franky1 is the Crypto user with the most suspicions about any any business or asset, whether it be someone selling cars for BTC, or someone selling American Candies in the UK, they are all scams in Franky's book. Well, LTC-SILVER is the first asset/business to receive the thumbs up from Franky1 himself!!! YAY



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September 09, 2013, 01:14:56 AM
 #47

Alright, the 1st draft of new terms have been set, if anyone has the time and is interested, I'd appreciate any feedback you could give. The entire set of terms are listed here: https://www.litecoinglobal.com/security/LTC-SILVER

I'm also proof reading and spell checking, as I started going crosseyed writing all of that towards the end. I appreciate any questions that people may have, or any feedback they wish to give.
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September 09, 2013, 10:24:02 PM
 #48

The option of changing the share amount to 1/100th of an oz, or 1/50th of an oz, rather than 1/31 in gram increments has been brought up. Anyone have any thoughts on the matter?

What having each share at 1/100th of an oz or 1/50th of an oz would do, is make it a little bit easier to calculate how many OZ's you own, rather than having to know the Troy Oz to gram converision, as well as dealing with non even numbers. If you own 10 shares, you own 1/10th of an oz with 100 shares per oz, rather than having to figure out what 4/31 or however many shares you have with the current gram increment per share system. Not that its difficult, but its a slight convience that people may appreciate.

What it would also do, is make each share cheaper, but with more shares available. Essentially the only difference is, would people rather have their shares more consolidated or more fluid, as in owning 1 troy ounce in 31 shares, 50 shares, or 100 shares. The pricing would come out even, however with 50 or 100 shares per ounce, it would allow people to buy in smaller increments if they wished.

When I first invisioned offering shares in 1 gram increments, it was because I had intended to actually have 1 gram bars/rounds, however people were not interested in paying the rediculous premium that comes with 1 gram bars, so I eventually decided to only purchase 1 oz or larger increments.

Let me know what you think, as it will help me decide which direction I should go with the asset.
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September 09, 2013, 11:06:48 PM
 #49

I would offer shares in any size. You could chop each bar up in random lots or designate this bar as having 100 shares.. this one with 1000 ... ect..

Even if its just one Satoshi. Wink

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September 09, 2013, 11:26:35 PM
 #50

I would offer shares in any size. You could chop each bar up in random lots or designate this bar as having 100 shares.. this one with 1000 ... ect..

Even if its just one Satoshi. Wink

Well I can't really offer say, 30 shares in a 1 oz bar, 200 shares in another 1 oz bar, etc. It has to be according to mass in some pattern, be it 1 gram per share, 1/10th of an oz per share, 1/50th of an oz per share, 1/100ths of an oz per share, etc.
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September 09, 2013, 11:57:15 PM
 #51

I would offer shares in any size. You could chop each bar up in random lots or designate this bar as having 100 shares.. this one with 1000 ... ect..

Even if its just one Satoshi. Wink

Well I can't really offer say, 30 shares in a 1 oz bar, 200 shares in another 1 oz bar, etc. It has to be according to mass in some pattern, be it 1 gram per share, 1/10th of an oz per share, 1/50th of an oz per share, 1/100ths of an oz per share, etc.


Or how about offering some type of installment plan. Pools could add the option that would give the miners the opportunity to mine directly into their share(s) fund. A hybrid of merged mining, if you will.

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September 10, 2013, 12:01:03 AM
 #52

Or how about offering some type of installment plan. Pools could add the option that would give the miners the opportunity to mine directly into their share(s) fund. A hybrid of merged mining, if you will.

heh, I was actually trying to write the API for something like that, however I'm not entirely sure if I will be able to get that working or not.
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September 11, 2013, 07:48:18 AM
 #53

Screw the API ! Just make it into a pool and charge the investors a premium for whatever lame excuse they may have for not wanting to mine. Grin

Part or all of the premium could be used to fund incentive programs such as sign up promos and bonuses for dedicated miners.

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September 11, 2013, 09:02:33 PM
 #54

Screw the API ! Just make it into a pool and charge the investors a premium for whatever lame excuse they may have for not wanting to mine. Grin

Part or all of the premium could be used to fund incentive programs such as sign up promos and bonuses for dedicated miners.

Its an idea, but sounds beyond the scope of a task I want to take on right now.

Anyway, Major updates:

The shares are now in 1/100th of an Oz increments. All this does is makes the math convient for buying/selling/transfering shares, and allows investors with less LTC to buy shares.

The 50 Oz that I ordered for the IPO should be here on Friday, so assuming I have everything worked out in the contract ready by then, Friday or Saturday should be the day of the IPO.

The asset Details are now filled in in all applicable sections. If I'm missing anything, let me know, but I think minus the typos and spelling errors that I have to double check for, things are settled more or less.
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September 12, 2013, 08:09:05 PM
 #55

Alright, here is what I believe to be my last update before the IPO, as its the most up to date info I have. The IPO will be tomorrow, Friday the 13th at 3:00 PM EST at the earliest, possibly an hour later depending on when my mail arrives. In case it arrives before 3PM, which is quite likely, I will still release the shares at 3PM EST.

My order at Amagi was actually two orders which I had hoped I had ordered close enough apart to have them combined in the same shipping package, however I was too late, so there will be 3,000 Shares worth 30 Troy Ounces of silver available for the IPO.

If I get any more information regarding anything I'll be sure to let you know, however the above mentioned information should be the most current information that I can recieve or give.

Thanks for the support,

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September 13, 2013, 06:59:19 PM
 #56

My mail seems to be running a little bit late, but the tracking info still says out for delivery. So the IPO will be released a bit later than I intended, but it should be today.
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September 14, 2013, 06:13:26 PM
 #57

Due to shipping complications, the IPO won't be until Monday. Sorry for any inconvience this has caused.
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September 14, 2013, 06:37:57 PM
 #58

Alright, yeah so I have no idea how this even, but I saw my mail carrier zoom by, so I just chased them down about a mile and a half, and grabbed a package of 20 Oz. I also got info from them that I'd be able to stop by the post office and pick up my other 30 Oz, so the IPO WILL be today. I've just got to run back to the post office to pick up the rest of the silver, and all 50 Oz will be available.

I apologize for the craziness, I really didn't expect any of this to happen, but I guess its a happy accident. To make sure everyone has adequet time to prepare, the IPO will be at 5 PM EST, aproximately 2 and a half hours from this post.

Thanks for sticking with me, I've been more than a little stressed out about this IPO, but it looks like its coming to a happy resolution.
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September 14, 2013, 07:37:10 PM
 #59

Wow... I did not know it was possible that this many things could happen. After chasing down the mailman, they told me to go to the post office to pick up my other silver, which was the other 30 Oz. I just drove over, to find out the post office was closed... So although I'm pretty dissapointed, I do have 20 Oz that I can release as the IPO at 5 PM EST as I said above. After everything has settled down, I'm going to make a writeup of the things that have transpired against me in the last few days... Its been lovely.
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September 16, 2013, 06:37:54 PM
 #60

I have recieved an additional 30 Oz of silver, leading the fund total to 50 Oz.

http://imgur.com/3KWnteC
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