[POLL] What denomination of physical Litecoins would you like to buy?

[CoinHoarder]

Keep in mind this design is a rough draft. Edges/spacing might not be exact. The coin will look better when minted and in its 3d shape and metal shine.  

[peacefulmind]

Can you expand on "physical" litecoins?

Do you mean a silver bullion coin with the logo above?  How does that contain the Litecoins if you don't mind expanding on this?

[CoinHoarder]

Can you expand on "physical" litecoins?

Do you mean a silver bullion coin with the logo above?  How does that contain the Litecoins if you don't mind expanding on this?

The first characters of the Litecoin address will either A. be printed on the hologram or B. be under a see through window in the hologram. That way you can verify there are funds in the address of the Litecoin on any block explorer.

The private key to that address will be hidden under a tamper proof hologram. When someone wants to spend the Litecoins, they would peel off the hologram to find the private key underneath. You can use this private key to redeem your Litecoins in your wallet.

The first round of coins will not be silver bullion, as I don't have the money. I am hoping to expand into silver on later runs. The first round will be some sort of silverish metal (yet to be decided) or faux silver.

[CoinHoarder]

I added likely costs for each coin and edited the relating poll choices, also added a too expensive option even though I'm not sure I can trim costs much more.

The prices are subject to change and are only an estimate.

I am not taking preorders at this time, but maybe in the near future.

[CoinHoarder]

Bump to the top.

Thanks for the feedback everyone. It seems most people like the 50 LTC denomination. That is understandable/expected since its a better value.

I noticed a couple have said its too expensive- the price could come down a bit if the exchange rate goes up by the time I have them made. Also, the price is an estimate as I'm not sure of the complete manufacturing costs yet.

After thinking about it, I will most likely not do any preorders but it still a possibility.

[Bakemono]

I m confused

1.You create an address with lets say 50LTC
2.You create the physical coin with part of the address being visible and the remaining part as well as the private key being printed in a hidden
area of the coin.

Am i missing something about the process of making these coins?

[CoinHoarder]

I m confused

1.You create an address with lets say 50LTC
2.You create the physical coin with part of the address being visible and the remaining part as well as the private key being printed in a hidden
area of the coin.

Am i missing something about the process of making these coins?

Exactly, each physical Litecoin will have the first 7 characters of the Litecoin address printed on top of the hologram.

You can then use these first 7 characters of the address to enter into any Litecoin block explorer to get the full Litecoin address and check to make sure the value in LTC is actually held in that address.

Hidden underneath the tamper proof hologram is the private key that can be used for redeeming the LTC that was sent to that specific Litecoin address.

I think you understand it.. you are not missing anything.  

Any other opinions or questions??

PS: VOTE!!!

[BTCSylar]

I just voted too expensive on the basis that the 1 LTC denomination costs 6 times that of the LTC itself. The 50LTC version isn't so bad. But what I would really be interested in is if the actual coins are made of fine silver as well.
Somehow I think fine silver holds value better than unknown silvery metal.  That way you can still persuade someone the coin is worth its weight in silver even after someone decided to redeem the ltc.

Also, it has probably been suggested before, how about putting larger denominations on heavier coins? E.g. 10LTC on 10 Oz silver coin, 50LTC on 50 Oz, etc.

[psybits]

I think physical Litecoins is a great idea and I'm all for it.

I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!

Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.

[CoinHoarder]

I just voted too expensive on the basis that the 1 LTC denomination costs 6 times that of the LTC itself. The 50LTC version isn't so bad. But what I would really be interested in is if the actual coins are made of fine silver as well.
Somehow I think fine silver holds value better than unknown silvery metal.  That way you can still persuade someone the coin is worth its weight in silver even after someone decided to redeem the ltc.

Also, it has probably been suggested before, how about putting larger denominations on heavier coins? E.g. 10LTC on 10 Oz silver coin, 50LTC on 50 Oz, etc.

Hi, thank you for your feedback.

First of all, a 5 LTC mark up on each coin is actually lower than what Casacius himself charges for his physical Bitcoin, and I would venture to guess he is making them at much larger quantities that are most likely cheaper to make. So.. I am making less profit than he is by selling these.

People don't seem to realized that because a Bitcoin is worth over a hundred dollars, he can charge a .2 BTC mark up and it doesn't seem like much at all, but this .2 BTC mark up is bigger in USD than my 5 LTC mark up if you do the math.

Also, silver bullion and coins are something I would like to expand upon in the future if this project is successful. This is another reason to justify the 5 LTC mark up. The costs of buying a bunch of 1 oz silver coins adds up very quickly as you can imagine. I simply do not have enough money to start with silver coins right from the get go.

By buying a coin or two from the first batch metal coins, you would be helping me to reach that goal of offering more denominations and silver coins/bullion as well.

Thanks,

Ch

[Gazylion]

I think physical Litecoins is a great idea and I'm all for it.

I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!

Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.

Maybe LTC will go up after Mt.Gox release and 1 LTC will be worth more than 2.5$

[CoinHoarder]

I think physical Litecoins is a great idea and I'm all for it.

I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!

Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.

Yes, it is unfortunate that a LTC is only worth about $2.50, making a 1 LTC physical Litecoin cost 600% more than a regular digital Litecoin for consumers. This number gets much more reasonable the higher the value of the coin is. I am honestly not sure if I will even make a 1 LTC coin at the start, perhaps leave that later on until LTC value is higher allowing me to charge a more reasonable cost. For instance, if Litecoin was $100, this would drastically reduce the cost for the consumer.

If LTC price goes up in the future, then this mark up can be brought down a little, but until then I will need to pay for the cost to make the coin and provide enough profit to expand my offerings to different denominations of coins, better designs, and silver coins as well.

I agree with you that I will most likely only make the larger denominations from the get go. Possibly even one higher than a 50 LTC version to further decrease the cost to the consumer.

[CoinHoarder]

I think physical Litecoins is a great idea and I'm all for it.

I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!

Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.

Maybe LTC will go up after Mt.Gox release and 1 LTC will be worth more than 2.5$

I will adjust prices accordingly as Litecoin value changes, but at this moment I am going to need to charge about 5 LTCs just to make 1 coin... no matter what denomination it is.

[psybits]

I think physical Litecoins is a great idea and I'm all for it.

I do think the 1 LTC coin is a little too expensive though - but I can understand if it costs say $8 to get a 1 LTC coin minted. But paying 6 times one LTC for an LTC coin just doesn't seem right!

Might be best to only sell the larger denominations unless you can drop the price of the 1 LTC somehow.

Yes, it is unfortunate that a LTC is only worth about $2.50, making a 1 LTC physical Litecoin cost 600% more than a regular digital Litecoin for consumers. This number gets much more reasonable the higher the value of the coin is. I am honestly not sure if I will even make a 1 LTC coin at the start, perhaps leave that later on until LTC value is higher allowing me to charge a more reasonable cost. For instance, if Litecoin was $100, this would drastically reduce the cost for the consumer.

If LTC price goes up in the future, then this mark up can be brought down a little, but until then I will need to pay for the cost to make the coin and provide enough profit to expand my offerings to different denominations of coins, better designs, and silver coins as well.

I agree with you that I will most likely only make the larger denominations from the get go. Possibly even one higher than a 50 LTC version to further decrease the cost to the consumer.

Yes, hopefully as LTC rises this can be adjusted. I would buy some 100 LTC coins no problem, and I am sure there are people out there who would buy 1000 LTC coins

[CoinHoarder]

So many people saying that they're too expensive  

I wonder if they know that I am charging less in USD per coin than Casascius... He probably gets them made at higher quantities and cheaper as well....

It is just unfortunate that a Litecoin is worth 2.50 and a Bitcoin 100+, it is easier for him to mask the mark up and it makes people seem like they're paying less than what they actually are...

Yes, hopefully as LTC rises this can be adjusted. I would buy some 100 LTC coins no problem, and I am sure there are people out there who would buy 1000 LTC coins

Definitely, after seeing the poll results it seems most people are more interested in the higher denominations... I guess because they are a better value.

So, perhaps I will do away with the smaller denominations at first.

[CoinHoarder]

I could sell these for cheaper, but this would probably make the project:

A. Not worth my time and effort of designing, manufacturing, assembling, and sales.
B. Not provide the correct risk to reward ratio for the HUGE investment this project will take to lower costs per coin to a reasonable amount. I need to get an investor (which I already have) to complete this project, he is not going to want to invest in this project if the risk/reward ratio is not reasonable.
C. Not able to afford to expand into silver bullion/coins, make the designs better, make more denominations, etc.

All of these would kill the project before it ever really got going.

For the better of the future of Litecoin itself, and Physical Litecoins (so we can live up to our Bitcoin big brother) it is a necessity that this mark up be charged.

[CoinHoarder]

Bump, need more votes and opinions.

[bitcoiners]

Bump, need more votes and opinions.

Yes please I'll take several in all denominations.

Forget the few tight asses that can't afford it.  You make less per coin then Casascius does.  And I don't see LTC staying at $2.5 anyways.  Especially since we know it's going to Gox.

Cheers!

[CoinHoarder]

Bump, need more votes and opinions.

Yes please I'll take several in all denominations.

Forget the few tight asses that can't afford it.  You make less per coin then Casascius does.  And I don't see LTC staying at $2.5 anyways.  Especially since we know it's going to Gox.

Cheers!

 

Thanks for the support 

[zulzedd]

I think i'll take several in all denominations except 50 LTC.