[LTC] [ANN] Physical Litecoins by CryptoVest (Project on hold)

[TsuyokuNaritai]

I want some too. 

[hdclover]

great job can't waitttt.

[sinner]

i am interested in buying physical litecoins.



this simpler one is better.

not interested in buying a physical litecoin that says "CoinHoarder" on the front.

[CoinHoarder]

Hello everyone,

I thought I would update you all on my status. I have not been sure if I was going to complete this project or not over the past week or so. Someone contacted me when I posted the OP that they are also working on a physical Litecoin. Due to the high cost of minting and making the holograms, I wasn't sure if I wanted to risk this much money (considering if everyone likes their physical Litecoins better, this could leave me deep in the hole and out a lot of money.) After mulling it over for a while, I have decided to continue on with the project anyways despite this.

Several designers contacted me wanting to collaborate with me on this project. I was put in an unfortunate situation where I did not really know who I should chose, as I wasn't completely sure who would do the best job on the design, provide a healthy business partnership, and what percentage of the company to give them while still make this worth my time. Also, I kind of felt like the team captain in high school dodge ball picking teams and did not want to leave anyone out. Another thing, the costs of making these coins is so large and the profit margins so small, that I am going to have to sell a lot of them just to break even. This doesn't leave me much wiggle room to give up a percentage of the company or even pay a designer. Even designing them myself it will take me selling many coins (maybe about a 1000) just to break even. It is because of these reasons that I have decided to do everything that I can possibly do myself, from design to assembly.

I came up with a simplified design that I hope most people will like using the KISS method (keep it simple stupid  .) I think one of the resounding opinions most people said ITT are that they want a simple coin design. So, I have listened to you guys and tried to come up with a simple design that still looks good. I hope you guys like it... please note that this is just a rough draft, also it is in black and white because I just do not have 3d capabilities, so this 2d rough draft will have to suffice. The coin itself will be 3d and all shiny and pretty like the other coins you have guys have posted.  



I will only be making a One and Ten Litecoin model at launch. If this first phase of the project is successful, my future goals are expanding the selection of physical Litecoins in multiple denominations and also one ounce silver bullion coins. It takes about 3 weeks just to make the hologram, so a possible release date is at least a month away, I'd say 2 months is more likely.

As always, I am interested in your opinions.

Thanks,

Ch

[Gazylion]

In my opinion ok. Only thing I would change is number font.

[CoinHoarder]

In my opinion ok. Only thing I would change is number font.

Ah, you reminded me of another problem with the project.

I've had a hard time with posting these designs for peer review... everyone seems to think they should be made a little bit differently.

At some point (very soon if I am to ever go into production) I am just going to have to choose a design and go with it, because it is impossible to please everyone.

Please keep in mind these are just rough drafts, the spacing/layout is not centered/straight, edges are rough, etc.

Thank you for your opinion though, I want as many people as possible to like them, and represent and promote the Litecoin community well.

[Eb0la]

I got this on my watch list.  Would love to buy some when you have them completed and forsale!

[CoinHoarder]

I got this on my watch list.  Would love to buy some when you have them completed and forsale!

Awesome   

Any other opinions? 

[odolvlobo]

I got this on my watch list.  Would love to buy some when you have them completed and forsale!

Awesome   

Any other opinions? 

I look forward to buying some physical litecoins. Perhaps it would be less risky for you to start with the 1 LTC coins and see what the demand is. Suppose the demand is for 1000 LTC worth of coins. Would you rather sell 1000 coins or 100 coins?

[zulzedd]

Wonderful! I'm waiting too!

[bitcoiners]

Any other opinions? 

Yes.  If it's the initial seed money to get this off the ground and into pockets that's the issue at hand, I would love to pre-order.

[crazyearner]

The problem that you might run into is the Ł as it is already used for another currency and could cause legal problems. I seen somewhere that tried to use the Ł and they got stopped from using it and trying to find the info to post on here about tit. Just giving a heads up if you do start to produce them

[CoinHoarder]

I look forward to buying some physical litecoins. Perhaps it would be less risky for you to start with the 1 LTC coins and see what the demand is. Suppose the demand is for 1000 LTC worth of coins. Would you rather sell 1000 coins or 100 coins?

First of all, to make a secure enough hologram, I will need to spend about $5000-$6000 to have them made. To have them designed and set up for printing is $5000 alone, not even counting the quantity I end up ordering. After this initial $5000 expense, I can have about 10,000 printed for $600. So, judging by those numbers, each hologram will cost about 56 cents. The coins will be much more expensive per unit. I am expecting to spend about $3.50 each for 1000 coins. This includes a nice clear protective plastic case for each coin.

So.. total cost of minting each coin and adding a hologram might be about $4.06. That is not including loading it with the Litecoins. When taking into account the current price of a Litecoin ($2.50), each coin will cost me 1.624 Litecoins to make. Add the 1 LTC that needs to be loaded on the coin and we are left with a total minimum cost of 2.624 LTC just to make one physical Litecoin. I was thinking about maybe putting a 100% mark up on the coins and including free shipping. This may seem like a really high mark up, but I need to recoup the $7000-$8000 investment it will take me just to make the first batch of 1000 coins and also pay myself for the time it takes to design, create, assemble, and load each coin. This would enable me to expand my offerings to other denominations of coins and also silver bullion in the future. This would make each physical Litecoin cost about 5.248 LTC.

I almost feel like this is too expensive, but due to the costs of making these coins there may be no other option. So, I ask you guys... is this too much? Would you be willing to spend this much for a physical Litecoin? Maybe it would be better to only have higher denominations so the mark up would not have to be so high? The higher denomination sold would further decrease the markup I need to charge. What are your opinions on prices of the coins?

It is a tough situation on which denomination to sell, what price would make this very time consuming project worth my time, and what would be worth it for people to buy. I really need some opinions on this as well.

[CoinHoarder]

The problem that you might run into is the Ł as it is already used for another currency and could cause legal problems. I seen somewhere that tried to use the Ł and they got stopped from using it and trying to find the info to post on here about tit. Just giving a heads up if you do start to produce them

I hadn't thought about this, thanks for the heads up!

[TsuyokuNaritai]

I look forward to buying some physical litecoins. Perhaps it would be less risky for you to start with the 1 LTC coins and see what the demand is. Suppose the demand is for 1000 LTC worth of coins. Would you rather sell 1000 coins or 100 coins?

First of all, to make a secure enough hologram, I will need to spend about $5000-$6000 to have them made. To have them designed and set up for printing is $5000 alone, not even counting the quantity I end up ordering. After this initial $5000 expense, I can have about 10,000 printed for $600. So, judging by those numbers, each hologram will cost about 56 cents. The coins will be much more expensive per unit. I am expecting to spend about $3.50 each for 1000 coins. This includes a nice clear protective plastic case for each coin.

So.. total cost of minting each coin and adding a hologram might be about $4.06. That is not including loading it with the Litecoins. When taking into account the current price of a Litecoin ($2.50), each coin will cost me 1.624 Litecoins to make. Add the 1 LTC that needs to be loaded on the coin and we are left with a total minimum cost of 2.624 LTC just to make one physical Litecoin. I was thinking about maybe putting a 100% mark up on the coins and including free shipping. This may seem like a really high mark up, but I need to recoup the $7000-$8000 investment it will take me just to make the first batch of 1000 coins and also pay myself for the time it takes to design, create, assemble, and load each coin. This would enable me to expand my offerings to other denominations of coins and also silver bullion in the future. This would make each physical Litecoin cost about 5.248 LTC.

I almost feel like this is too expensive, but due to the costs of making these coins there may be no other option. So, I ask you guys... is this too much? Would you be willing to spend this much for a physical Litecoin? Maybe it would be better to only have higher denominations so the mark up would not have to be so high? The higher denomination sold would further decrease the markup I need to charge. What are your opinions on prices of the coins?

It is a tough situation on which denomination to sell, what price would make this very time consuming project worth my time, and what would be worth it for people to buy. I really need some opinions on this as well.

I'd suggest selling in higher denominations, unless the USD price of LTC goes up by 5x by then, which is a fair possibility.

[bitcoiners]

The problem that you might run into is the Ł as it is already used for another currency and could cause legal problems. I seen somewhere that tried to use the Ł and they got stopped from using it and trying to find the info to post on here about tit. Just giving a heads up if you do start to produce them

Um, it's a letter not a denomination IRL.  And if it was "legal" issues stopping it, physical BTC wouldn't exist as it is an actual currency symbol, i.e. Thailand.

So, I ask you guys... is this too much? Would you be willing to spend this much for a physical Litecoin? Maybe it would be better to only have higher denominations so the mark up would not have to be so high? The higher denomination sold would further decrease the markup I need to charge. What are your opinions on prices of the coins?

Read my post above.  No, No, No.... I'm willing to preorder a bunch of coins at almost any denomination, same as many have posted before me.  If it's the money that's not getting this off the ground then accept pre-orders.  Simple, problem solved and this gets going NOW.

[jasinlee]

I would preorder some of these. Do you plan to go "public" like cassicus to avoid accusations of "Zomg he knows my private key" ?

[CoinHoarder]

I'd suggest selling in higher denominations, unless the USD price of LTC goes up by 5x by then, which is a fair possibility.

This is a very likely possibility that the value of LTC goes up a lot by the time they are actually made, allowing me to lower the mark up. The numbers I posted are in no way exact.  

But yes, I am leaning towards selling higher denominations than just a 1 LTC coin so that the mark up can be lowered and it can be made more affordable to customers.

[CoinHoarder]

Read my post above.  No, No, No.... I'm willing to preorder a bunch of coins at almost any denomination, same as many have posted before me.  If it's the money that's not getting this off the ground then accept pre-orders.  Simple, problem solved and this gets going NOW.

Yes, it is the cost of making them that is somewhat holding this project back. I will consider offering pre-orders to speed up the process, but this was something I was trying to avoid.

[CoinHoarder]

I would preorder some of these. Do you plan to go "public" like cassicus to avoid accusations of "Zomg he knows my private key" ?

I am going to try and be as transparent as possible, similar to casascius, in the manufacturing of the coins, generating addresses, and private keys. An exact procedure has not yet been determined, but I assure you I will do everything in my power to make this very transparent.

Although, at the end of the day I will still need the community to trust me and know that I have the best intentions for Litecoin on my mind. My ultimate goal for this project is wanting to increase the value of Litecoins by making a novelty such as a physical Litecoin, and making a worthwhile contribution to the Litecoin community.