Accept DYM as well as BTC for your silver items

[TTBit]

Because I saw a lot of silver traded in the goods section, I introduced a currency on ripple called DYM (https://bitcointalk.org/index.php?topic=149533.0). In a nutshell, it is 10 cents of pre-1965 US silver. The OP has the details, but 1 DYM is 2.47g of pre 1965 US dimes, quarters and halves (my discretion).

If you send me 1 DYM via ripple, I will ship to you one pre 1965 silver dime (free *US* Shipping). If you ship me 1 silver dime, I will issue you 1 DYM (You pay shipping).

A market has developed in DYM, mostly for bitstamp USD and XRP. The markets are somewhat thin, but I have received hundreds of silver dimes by people I've never met, in return for DYM. I currently hold over $250 (face) worth of silver currency from others.

The idea: if you want to sell some silver products in the goods section, you can accept payment in DYM, which can be more marketable and less volatile than dealing with the lag in BTC payments. For example, if you are selling a random peace dollar, you may accept 11 DYM as payment which you can then convert to BTC. If you have US silver currency, you can opt to send to me for DYM, and try to convert to BTC in ripple. If it fails, you can always get your silver back with free shipping.

I will also send pictures of your DYM so you can sell them on ebay! After the auction ends, you instruct me on where to send the silver, while you get paypal in return. Conversely, you can buy US silver on ebay and have it shipped to me for DYM.

Why am I doing this? I believe in BTC and ripple. I have been surprised by the amount of "aha! this is cool!" moments in my PMs. Feel free to test it out with a dime or two.

[1714884436]

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[1714884436]

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[johnniewalker]

This is interesting. Sorry if I'm being an idiot and its posted somewhere, but whats your mailing address?

[ShireSilver]

If this kind of thing is really going to take off, then the Ripple community needs a BitPay analog. At the very least some plugins for shopping carts.

[TTBit]

This is interesting. Sorry if I'm being an idiot and its posted somewhere, but whats your mailing address?

I don't post it, but considering PO Box.

PM sent. Thanks for looking

[TTBit]

If this kind of thing is really going to take off, then the Ripple community needs a BitPay analog. At the very least some plugins for shopping carts.

ShireSilver,

I thought of you when creating DYM. Why not create something similar for ShireSilver? In addition to a shopping cart, just offer on ripple 1 gram SIL for $2.00 (your current prices). When someone redeems, you ship to them. A market may develop and wouldn't have to have a buyback program.

[btcminer021]

I think your silver is a better store of value than BTC, but nice idea

[Dalkore]

PM sent, I am in.  Let's try this out.

[rpietila]

Pointing out the relationship between AGD and DYM.

AGD is ~$1.00 face value of the U.S. silver coins. The exact definition is as follows:

"I.2 Silver Dollar (AGD)

Silver Dollar (AGD) is a unit of weight of the Coins. AGD 1 = 24.71 grams of dollar - denominated one dime, quarter dollar, half dollar and
one dollar coins minted by U.S. Mint in 90% silver in 1964 or earlier. Common trade names for AGD include "90% circulated U.S.
silver" and "junk silver". It should be noted that some U.S. One Dollar coins, such as Peace Dollar, are lawful instances of AGD based
on weight, and contain on average AGD 1.08 of silver. Anything minted in 1965 or later is never a lawful instance of AGD.

The physical measurement of the amount of AGD may not deviate from the correct weight more than 0.25% or AGD 0.05, whichever is greater.
From Customer's perspective, weighing or counting of Coins is applied only upon Pick-up.

In SIS Information System, AGD balances are recorded to AGD 0.01 precision. When executing trades, the rounding to the nearest AGD
0.01 will be to the benefit of Merchant."

It is possible for most people, to buy AGD with bank wire/SEPA from Silvervault.

Why is this interesting for bitcoin holders?

- Silvervault also trades in bitcoin. Currently the system is not integrated to bitcoin protocol, so that there is no possibility to fund account or take withdrawals in bitcoin (only Euro). But soon will. Then there will be seamless possibility for almost anyone (most notable exception: U.S. citizens or residents) to buy AGD (=10 DYM) for bitcoin for 0.25-1.00% fee.

Why is this interesting for DYM holders?

- AGD and DYM are linear representations of one another. (I would urge OP to fix DYM as exactly 2.471 grams, to achieve easiest conversion.)
- We consider to offer AGD codes, which would monetize most of our silver stock of 140,000 AGD for global trading.

[ShireSilver]

If this kind of thing is really going to take off, then the Ripple community needs a BitPay analog. At the very least some plugins for shopping carts.

ShireSilver,

I thought of you when creating DYM. Why not create something similar for ShireSilver? In addition to a shopping cart, just offer on ripple 1 gram SIL for $2.00 (your current prices). When someone redeems, you ship to them. A market may develop and wouldn't have to have a buyback program.

I've thought about becoming a "bank" before and rejected it.
https://shiresilver.com/blog/2010/jan/who_should_be_banker

Partly, its not in my core competency. I have more than enough keeping me busy just running and improving the business. And I am a big fan of competition, so it just wouldn't seem right for me to be "the" Shire Silver bank when others might want to give it a try. Essentially I'm trying to move more towards being a wholesale manufacturer of the Shire Silver model alternative currencies, with franchised retail outfits.

So if you'd like to, go ahead and create one. I'm all for that idea. I'll help when I can.

BTW, this might be of help: https://shiresilver.com/msrp_txt - I do still need to strip out the chrome, but that's pretty far down on the to-do list.

[drewdtom]

It works! Digital cash goes in and silver comes in the mail!

In TTBit.DYM I trust!