[LTC-GLOBAL] Litecoin Silver [Shutting Down]

[SaltySpitoon]

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-

Well, litecoin will never be as valuable as Bitcoins, no one thinks it will, because that's not how it was designed. Bitcoins are supposed to be the dollars in transactions, and Litecoins the quarters. Now I'm not saying that Silver is 100% the best investment, hell if Litecoin does well, you would probably be best off taking 10,000 LTC, and just holding them until they are worth something. Imagine if you had done that with Bitcoins, and if you don't have to imagine, well feel free to share some of the $100K you rich bastard 1Bqj9TndxJKiHJVf98vyoaQ9uEeWQuSJMw .The problem there lies, will they be worth something if you don't use them? If Litecoin turns out to outpace silver, so be it. My asset will die, people will get their silver, and that will be the end of it. But, I still accomplished my goal of helping to create a stable market for LTC, so no matter what, its a win win situation.

I'm not so much worried about the regulations that will be places on Silver. It has been a while since it has been accepted as a currency (in the U.S anyway) so at this point and time, it is a commodity. There are already regulations on precious metals, there are regulations on trading salt I'm sure, but Precious metals are tied a lot closer to Cryptocurrencies than fiat. Before Cryptocurrencies, Silver, Gold, Platinum, and Paladium where how people that were paranoid that the fiat monetary system would fail would invest. They still do. And there are still the people that are hoarding Precious metals for the Apocalypse, because what good will Bitcoins be without any electricity?

Anyone here that says they avoid fiat is full of carp, I'm assuming the majority of the people on these forums work a regular job, they have a house payment, car payment, whatever. And until you can pay off your house in Bitcoins, Cryptocurrency users will still use fiat currencies. When you go to a store, and buy something, do you just stare at the $20 bill you pulled out of your pocket, and stare at it loathingly? I sure hope not. What I'm trying to say is, there's nothing wrong with fiat currency, its just an opinion that many of us hold is that investing in non fiat measures is a good idea.

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[markm]

Hmm evidently it was not clear that it is in the context of running an accounting/inventory system (server) that I want to avoid having anything to do with fiat. Killing people* to loot their corpses for coins the local magic-shop will sell you magic wands for just seems a whole lot less fraught with regulations than does killing people* to loot their fiat currency.

(* By "people", I of course here mean "people's characters/avatars in the virtual environment presented by their computer".)

Similarly, playing poker with a bunch of ogres and goblins to win coins to buy magic wands with seems also less fraught with regulations.

Being a magic-wand transmitter or even a coupons for buying magic wands transmitter seems to have less regulations around it than being a "money transmitter" in a context where what is meant by "money" is "fiat money".

Even merely offering any player who manages to accumulate a certain number of wand-tokens an ounce of real physical silver delivered to them via snail-mail might have regulations around it in some jurisdictions on the planet known as Earth...

-MarkM-

[SaltySpitoon]

Hmm evidently it was not clear that it is in the context of running an accounting/inventory system (server) that I want to avoid having anything to do with fiat. Killing people* to loot their corpses for coins the local magic-shop will sell you magic wands for just seems a whole lot less fraught with regulations than does killing people* to loot their fiat currency.

(* By "people", I of course here mean "people's characters/avatars in the virtual environment presented by their computer".)

Similarly, playing poker with a bunch of ogres and goblins to win coins to buy magic wands with seems also less fraught with regulations.

Being a magic-wand transmitter or even a coupons for buying magic wands transmitter seems to have less regulations around it than being a "money transmitter" in a context where what is meant by "money" is "fiat money".

Even merely offering any player who manages to accumulate a certain number of wand-tokens an ounce of real physical silver delivered to them via snail-mail might have regulations around it in some jurisdictions on the planet known as Earth...

-MarkM-

I'm actually pretty lost by what you are talking about, but I think I have an idea? I mention in my contract, and I quote " 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." Under the Shipping Cont. section. I believe most of the people that use the bitcoin forums are responsible enough to know how to do a Google search to make sure they wont be getting someone knocking at the door because they claimed something illegally. And in case they aren't, that's why I put that into the contract as a liability waiver. I don't really want to just save my ass, I want to remind people to act responsibly. Cryptocurrencies are about freedom, but keep in mind, your 100,000 BTC won't do you much good in prison. (Although I highly doubt you could go to prison for receiving an ounce or two of silver in the mail)

[SaltySpitoon]

It was brought to my attention, by a lovely fellow by the name of Walruscode, that in my asset terms, I have specified that during withdrawal from the fund, I will charge a 1 Share fee, which will cover the cost of the Mailer to mail it + my time (at current rate, my time is worth $.25). What I had not thought about, is, for example, should Silver value go up to $310/Oz in the next few years, I would be charging $10 in order to withdraw from the asset. That is entirely too much, and something that I had not thought of when setting the flat fee, which comes out to approximately 3% for a 1 Oz withdraw, 1.5% for a 2 Oz withdraw, and so on. Although the 3% maximum fee does sound very reasonable, if Silver decided to follow in Gold's footsteps and drastically increase in value, this 3% fee would be entirely too much.

So, as soon as the feature is added, I will be proposing a vote to change the contract about this subject only, and will change the fee to something lower should the value of Silver skyrocket.

[markm]

I wonder how much dollars will be worth when silver is $310 and ounce... Postage might skyrocket too...

-MarkM-

[SaltySpitoon]

OK! I just received another Oz of silver, so I will be releasing 31 shares in 18 minutes! I'm trying to give everyone a chance to buy, so I will be releasing shares 1 at a time, so hopefully multiple people get a hold of some. In the mean time, I'll be getting pics of it .

[bitcool]

I wonder how much dollars will be worth when silver is $310 and ounce... Postage might skyrocket too...

-MarkM-

+1.
$10 shipping may not be that far off by then.

[SaltySpitoon]

Mayhaps, I may never need to bring this issue to the vote.

Anyway, the next 31 shares were released, and sold instantly. 62 Shares total on the market, and the community seems to responding well, seeing as I'm getting about 20 PMs per day, asking about pre orders, and the shares don't stay on the market for longer than 5 seconds. We should start picking up pretty quickly, I've got another 5 Oz arriving in the next few days. Thanks for sticking with me, and hopefully I'll have enough silver to go around shortly.

[Carnth]

Great job with the fund.
I am picking up a few shares myself.

Would you mind if I created a Gold fund (mostly) copied from your idea?

[SaltySpitoon]

Great job with the fund.
I am picking up a few shares myself.

Would you mind if I created a Gold fund (mostly) copied from your idea?

I formally give you permission to practically take my silver fund idea, and use it with gold. Good luck with the asset, lets make LTC healthy!

[Carnth]

Would you mind if I created a Gold fund (mostly) copied from your idea?

I formally give you permission to practically take my silver fund idea, and use it with gold. Good luck with the asset, lets make LTC healthy!

Thanks SaltySpitoon, you're awesome!

[Bitcoin Oz]

Excellent. I bought a silver coin with litecoin awhile ago 

[smoothie]

Excellent. I bought a silver coin with litecoin awhile ago 

oh yeah

[SaltySpitoon]

Well, I'd just like to apologize for the delay. I ordered a bit of Silver last Friday with the delivery estimate date being today, and the guy hasn't shipped it yet... So more shares for the asset are coming, just not nearly as quickly as I would have liked.

[SaltySpitoon]

Alright it finally arrived! 8 more Oz will be added to the fund today, I'll try and give a better timeline when I figure it out, but I'm trying to make sure as many people are available as possible, because I have been getting a little bit of grief from people that wanted to buy, and I sold while they were offline. Anyway, the fund is growing, and pretty soon the market should have a nice liquidity. I'll update with all of the pics in a few minutes.

[Naelr]

Alright it finally arrived! 8 more Oz will be added to the fund today, I'll try and give a better timeline when I figure it out, but I'm trying to make sure as many people are available as possible, because I have been getting a little bit of grief from people that wanted to buy, and I sold while they were offline. Anyway, the fund is growing, and pretty soon the market should have a nice liquidity. I'll update with all of the pics in a few minutes.

I can't wait!!!!!!!!! gimme  This is right up my alley ... I have been looking for something to do with my LTC

[markm]

I can't wait!!!!!!!!! gimme  This is right up my alley ... I have been looking for something to do with my LTC

A bunch of assets have been available for litecoin for quite some time actually, take a look at http://galaxies.mygamesonline.org/digitalisassets.html for recent figures I started archiving a while ago, but those listings don't date back as far as the actual asset offerings themselves do.

Take a look at https://bitcointalk.org/index.php?topic=53329.0 for info about the trading platform they are on...

-MarkM-

[SaltySpitoon]

I will be releasing the shares in 1 hour and 14 minutes from this post, it comes to 5:30PM my time, but whatever 1 hour and 14 minutes from this post is in your time, I will be releasing more shares. I've got a few issues to work out share release wise (the best way to do it), but I'll try and resolve them by the release time.

[bitcool]

This will be the update / Current status post

There are currently 341 Shares circulating

Pics to back up the current shares:
https://i.imgur.com/NSIoU.jpg

better to repost the link for easier read.

[SaltySpitoon]

This will be the update / Current status post

There are currently 341 Shares circulating

Pics to back up the current shares:
https://i.imgur.com/NSIoU.jpg

better to repost the link for easier read.

I will do that as well, but the 1st Post that I subbed will be where I post current status as well.