[LTC-GLOBAL] Litecoin Silver [Shutting Down]

[SaltySpitoon]

Hello everyone, in light of LTC-Global shutting down, LTC-Silver will also be down while I find another suitable exchange to restart the asset. Although it is sad to see Litecoin Global go, I'm happy to say that this is actually something LTC-Silver had very well planned for.

I will be halting trading on 9/30/2013 so current share balances will be finalized. On 10/1/2013 I will then contact all share holders with enough shares for a physical withdrawal, and see if they would like to receive their physical silver, or if they would rather that I sell the silver to the community and pay out what your shares are worth in Litecoins.

Please update your profile with a public Litecoin address, so that I may send you your Litecoins after liquidation. If you do not have a public address, then I will attempt to contact you via email. For shareholders with enough shares to withdraw, as in the contingency plan, all withdrawal fees will be waived, it will just be required that you own 500 or more shares, and pay the shipping cost.

If you have any questions, Please contact me via the Bitcointalk forums, or the Litecoin forums at SaltySpitoon. I want to thank all of the shareholders for being a part of Litecoin Silver, and I hope that you will join me again, at the next exchange we make it to.

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[SaltySpitoon]

This will be the update / Current status post

There are currently 5,000 shares circulating

Pics to back up the current shares:
http://imgur.com/3KWnteC

[smoothie]

i vote 999 ONLY. Less math involved to calculate prices.

[SaltySpitoon]

i vote 999 ONLY. Less math involved to calculate prices.

Thanks for the feedback, your opinion has been counted. I'd still like to hear everyone else's feedback too.

[SaltySpitoon]

Not much activity on this section huh?

Also, can I list this on the Assets section? Or do they have to be BTC Assets?

[SaltySpitoon]

Anyway, currently trying to get a hold of the silver. Buying with BTC/LTC doesn't seem to be working out too well. relatively high prices + Shipping charges pretty much defeat the chance of getting a good deal for BTC/LTC. Looking into $ methods now. That brings up its own problems, but I'll try and work around them by the time I reach them. Trying pretty hard to get the Silver as close to spot as possible, as no one cares about the pretty pictures on the silver when they are just trading the shares.

[bitcool]

PM'd

[SaltySpitoon]

PM'd

Replied

[smoothie]

Can someone explain to me why it would be better to invest in a mutual fund that is backed by silver as opposed to just buying physical silver and holding it myself?

[SaltySpitoon]

Can someone explain to me why it would be better to invest in a mutual fund that is backed by silver as opposed to just buying physical silver and holding it myself?

Well, the point is, if you want to trade back and forth between LTC and physical silver, by investing in a mutual fund, you can instantly trade your silver assets for LTC without having to deal with logistics of shipping and payments, as well as shipping costs. And should you decide you want to invest back, rather than finding another seller, you can just buy more shares.

edit* can't should have been can.

[smoothie]

Can someone explain to me why it would be better to invest in a mutual fund that is backed by silver as opposed to just buying physical silver and holding it myself?

Well, the point is, if you want to trade back and forth between LTC and physical silver, by investing in a mutual fund, you can't instantly trade your silver assets for LTC without having to deal with logistics of shipping and payments, as well as shipping costs. And should you decide you want to invest back, rather than finding another seller, you can just buy more shares.

I see. Okay that clears things up. Thanks.

[SaltySpitoon]

I see. Okay that clears things up. Thanks.

No problem, thanks for the question.

[SaltySpitoon]

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.

[SaltySpitoon]

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.

[markm]

Is this to be a dividend-paying asset?

If not, I do not see anything other than possibly the limitations of the trading platform that makes it anything more to do with litecoin than with any other asset, be it bitcoin or fiat or icecreamcones or packages of chewing gum or grams of gold or devcoins or groupcoins or whatever.

Once someone has some of these grams of silver, why should they not be free to sell them for devcoins, or groupcoins, or bitcoins, or anything else they would like to buy with them?

Possibly you are letting the tunnel-vision of some existing trading platforms blind you? A general purpose platform such as Open Transactions for example has no prejudice as to which two assets users can choose to trade, among all assets that the server has contracts for...

-MarkM-

[SaltySpitoon]

Is this to be a dividend-paying asset?

If not, I do not see anything other than possibly the limitations of the trading platform that makes it anything more to do with litecoin than with any other asset, be it bitcoin or fiat or icecreamcones or packages of chewing gum or grams of gold or devcoins or groupcoins or whatever.

Once someone has some of these grams of silver, why should they not be free to sell them for devcoins, or groupcoins, or bitcoins, or anything else they would like to buy with them?

Possibly you are letting the tunnel-vision of some existing trading platforms blind you? A general purpose platform such as Open Transactions for example has no prejudice as to which two assets users can choose to trade, among all assets that the server has contracts for...

-MarkM-

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.

[markm]

Understood, it just seems a pity if there is a safe reliable silver vault in the cryptocoin community to limit its usefulness to just one type of cryptocoin.

If there is in fact a lot of interest in precious metal assets in the cryptocoin community I guess I should re-evaluate whether to start stashing such metals in a safe deposit box or vault myself so I can add such assets to the repertoire of my Open Transactions server.

(I already rejected the idea of using some kind of e-gold / pecunix / liberty-reserve type service as back end for such assets, hence the need to have actual physical metal holdings of my own in order to offer such assets on my server aka exchange.)

-MarkM-

[smoothie]

Is this to be a dividend-paying asset?

If not, I do not see anything other than possibly the limitations of the trading platform that makes it anything more to do with litecoin than with any other asset, be it bitcoin or fiat or icecreamcones or packages of chewing gum or grams of gold or devcoins or groupcoins or whatever.

Once someone has some of these grams of silver, why should they not be free to sell them for devcoins, or groupcoins, or bitcoins, or anything else they would like to buy with them?

Possibly you are letting the tunnel-vision of some existing trading platforms blind you? A general purpose platform such as Open Transactions for example has no prejudice as to which two assets users can choose to trade, among all assets that the server has contracts for...

-MarkM-

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.

This +1

[SaltySpitoon]

Understood, it just seems a pity if there is a safe reliable silver vault in the cryptocoin community to limit its usefulness to just one type of cryptocoin.

If there is in fact a lot of interest in precious metal assets in the cryptocoin community I guess I should re-evaluate whether to start stashing such metals in a safe deposit box or vault myself so I can add such assets to the repertoire of my Open Transactions server.

(I already rejected the idea of using some kind of e-gold / pecunix / liberty-reserve type service as back end for such assets, hence the need to have actual physical metal holdings of my own in order to offer such assets on my server aka exchange.)

-MarkM-

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.

[markm]

Your focus seems somewhat self-defeating in a way then, because if litecoin does in fact follow in botcoin's footsteps, becoming such a reliable long term growth of value asset that it outpaces silver, it seems rreasonable to think your success in accomplishing that will also result in lack of interest in your offering.

Thus to me it makes more sense to offer a silver asset to a panoply of all the currencies aka assets that happen at the time to not yet have reached that point where they are outpacing silver.

My primary problem with holding physical silver myself is I am worried that, due to its long history as a form of money in much of the world, it might turn out to be as fraught with ghastly legal minefields/regulations as fiat, making all the effort of avoiding having anything to do with fiat moot. (I do not want to deal with the stuff if it is so close to fiat itself that dealing with it is as much of a can of worms as dealing with fiat is.)

-MarkM-