Bitcoin Specie Project sponsored by the makers of New Liberty Dollar

[dwdoc]

The website only shows the Liberty Dollar, not the Silver Bitcoin.

[1713979567]

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[1713979567]

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[1713979567]

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[NewLiberty]

The website only shows the Liberty Dollar, not the Silver Bitcoin.

Yes, this is true.  It was mentioned in this context because it does provide a contact form.  We are as yet a bit reluctant to offer direct retail online yet as we are in negotiations with other online retailers to provide this as a retail offering direct to consumers.  Primarily we focus on design, manufacturing, production and wholesaling because this focus allows us to create the very best, and also gives the retailers the opportunity to make the best profit at the retail market.  

This strategy has worked very well for us in keeping quality and production value high.  If it turns out that these discussions become protracted we expect that we will offer direct retail in competition to the existing retail marketers.  We feel it is in all our best interests to not compete with our market channel even knowing that those that are buying from us directly are making a LOT more per piece than we do.  (Wow, those eBay prices are unreal!)
http://www.ebay.com/sch/i.html?_nkw=silver+bitcoin+msrp

However, we expect to continue to offer retail purchasing to this bitcointalk.org community in gratitude for the support and dedication to our common mission of extending the Bitcoin economy.  Anyone buying from us and selling or trading profitably to others we consider an ally and a partner, and so are reluctant to push them out of the market by offering our pricing directly to the broader market.  We are only a little surprised that the discussions are taking as long as they are, but it is what it is.

Fundamentally, a virtual currency alone is incomplete without specie to accompany it, and our mission is to create the best complementary specie pieces for worldwide use.

Anyone here is of course welcome to enter that market place of offering these in retail channels to the markets they know best how to serve.

Now is probably a good time to announce this:

http://www.bitgild.com/ is offering Bitcoin Specie direct online retail through their excellent site, and listed prominently on their home page.  We welcome them and encourage our EU customers to get these directly through them.  This is their first offering in Silver and their first non-government produced pieces, so CONGRATULATIONS TO BITGILD for taking this positive step forward in extending the Bitcoin economy!

[kuusj98]

You know what would be awesome, to have a little hole on the top side of the coin so you could like make a thread trough it and wear it and show people you have bitcoins

[NewLiberty]

You know what would be awesome, to have a little hole on the top side of the coin so you could like make a thread trough it and wear it and show people you have bitcoins

We have available such an offering, it isn't a hole through the coin though (that would not be as nice), it is a clear holder that turns it into a pendant.
We can include these with any order for 0.02 btc each.  It is just the holder, you would still need a suitable chain.

They are kind of a nice way to give it as a gift, holiday ornament, or keepsake. 

Primarily we would like to see these used commercially, but we do love our collectors

[NewLiberty]

GOLD TEST #1 - SUCCESSFUL

We received our Gold electroplated silver quarter bitcoin test pieces back today.  The QR is readable, so that is good news, and wow... I like the look of them in gold.  If anyone is looking for something special for the holidays, a .999 fine silver quarter bitcoin specie electroplated in gold would make a nice surprise.  After seeing these, I may make some ornament for special friends and family that celebrate the winter holidays.  If anyone else has a similar notion, let me know and I will hook you up.

The 1 oz Gold piece will be a TEN BITCOIN nominal value, but of course the actual price will vary as the BTC/AG rate changes, hence the need for the QR.

The best reading I've done on a practical gold standard for a backed currency is a volume by Richard Salsman called "Gold and Liberty" published by A.I.E.R.
http://www.amazon.com/Gold-liberty-Economic-education-bulletin/dp/B0006PFFZO
In this excellent treatise, Salsman describes the history of the many different gold standards (including some detail on the 3 gold standards that have been tried in the US) and how and why each one fell, and broadly hints at how a durable, flexible, free-market gold standard along with Free Banking are the way forward for a market driven currency whose value is not dependent on a central bank or government structure.  Though it was authored in 1995, it calls out the need for a system such as we are working toward with this project.
A decentralized currency, with decentralized backing, and a flexible gold standard based on the free market valuation of the underlying precious metals. 
Salsman also, I think rightly, offers his skepticism that this sort of system will be fostered by government institutions and if it is, will fall prey to the political expediencies of the day.

It is our delight to be adhering to this model closely along with the innovative additions provided by Bitcoin that make it possible to achieve together in our lifetimes.  Bitcoin will be the best global online currency, backed and redeemable in the bimetallic standard of gold and silver, with a real-time exchange rate accessible directly from the specie itself.

[Mitchell]

Could you please provide some photos? That would be awesome, because this sounds awesome

[BitPappa]

Hope you'll show off the gold one tomorrow night!

[wtzr]

GOLD TEST #1 - SUCCESSFUL

Nice! Looking forward to some pictures as well

[Mitchell]

I really like the way it looks. Well done

[NewLiberty]

It looks like the Mulligan Mint has some trouble.
http://www.coindesk.com/capital-one-closes-bank-account-bitcoin/

Personally I think that their bitcoin coin is not the reason for the account closure and that CoinDesk not only has it wrong, but is reporting the wrong story.
http://blogs.wsj.com/bankruptcy/2013/09/20/texas-coin-maker-for-fed-estranged-files-for-bankruptcy/
Those folks talk the talk, but they don´t walk the walk.
There is nothing mutually voluntary or ¨libertarian¨about taking things that don´t belong to you, and cloaking themselves in bitcoin as if that were the reason for the banking closure is not going to help that crew, and only hurts us.  They do not give private minting a good name by doing this.  

I did manage to acquire one of the ¨bitcoin coins¨before they were shut down, and was a bit disappointed with it, but nevertheless encouraged to redouble the effort to provide the best specie pieces we can produce in order to be worthy of the elegant monetary architecture into which they are integral.

In other coining news, it seems even the Vatican is not infallible when it comes to minting.
http://www.telegraph.co.uk/news/worldnews/europe/italy/10370809/Vatican-pulls-medals-bearing-name-of-Lesus.html

Attention to quality is of critical importance.   Metals are an unforgiving medium in which to work one´s art and every tiny aspect interrelates to make the whole.

[NewLiberty]

In the last few weeks we have had an outpouring of support.  It has been very heartwarming.  As Bitcoin grows as an international currency, the need for off-chain transactions using real-value bitcoin-denominated specie pieces will become increasingly important, and we are honored to put forward this project to serve that purpose.

One of the challenges we have currently is one where YOU CAN HELP, and by helping, you can make money, do good, and have fun!

We have been receiving many small quantity orders from folks all over the world, and although this is very encouraging, it does not provide the best service to the wide world of bitcoiners.  Since this physical currency has to be shipped, small quantity long distance orders are not the best bargain or best distribution model.  These transactions are perfect for bitcoin but not for bitcoin specie, which is best for local.

We have started to reach out to regional distributors who can purchase in quantity and distribute locally.  The great benefit to these distributors is that they get a much lower price per piece than any individual buyer can get.  This allows them to profit by the difference of what it would cost to have a single bitcoin specie shipped and insured overseas (high), and the cost of a local transaction (low).

So if you know someone in a position to serve such a role, or you yourself are one of these rare and special people.  Please do not hesitate to contact us.  It will be good for your own bitcoin wallet, and good for Bitcoin in that it will help spread the Bitcoin economy in your local community.

Be a Bitcoin ambassador, use bitcoin, and bitcoin specie in transactions.  Use Bitcoin Specie to educate and bolster your outreach efforts.  Be the local distribution hub and give yourself a Bitcoin job.

When you do this, we will encourage people local to you to buy from you, instead of from us.

[NewLiberty]

I really like the way it looks. Well done :3

Hey, did you get any of these before I left the country?  I ran out while I was there, but I have plenty now.

[Mitchell]

I really like the way it looks. Well done :3

Hey, did you get any of these before I left the country?  I ran out while I was there, but I have plenty now.

I got one of the special ones, yes. I am still very happy with it

[OgNasty]

It looks like the Mulligan Mint has some trouble.
http://www.coindesk.com/capital-one-closes-bank-account-bitcoin/

Personally I think that their bitcoin coin is not the reason for the account closure and that CoinDesk not only has it wrong, but is reporting the wrong story.
http://blogs.wsj.com/bankruptcy/2013/09/20/texas-coin-maker-for-fed-estranged-files-for-bankruptcy/
Those folks talk the talk, but they don´t walk the walk.
There is nothing mutually voluntary or ¨libertarian¨about taking things that don´t belong to you, and cloaking themselves in bitcoin as if that were the reason for the banking closure is not going to help that crew, and only hurts us.  They do not give private minting a good name by doing this.  

You aren't the only one warning about Mulligan Mint.  Looks like they've been reselling MJBmonetarymetals' designs and refusing to pay him royalties... 

https://bitcointalk.org/index.php?topic=23256.msg3362455#msg3362455

[NewLiberty]

It looks like the Mulligan Mint has some trouble.
http://www.coindesk.com/capital-one-closes-bank-account-bitcoin/

Personally I think that their bitcoin coin is not the reason for the account closure and that CoinDesk not only has it wrong, but is reporting the wrong story.
http://blogs.wsj.com/bankruptcy/2013/09/20/texas-coin-maker-for-fed-estranged-files-for-bankruptcy/
Those folks talk the talk, but they don´t walk the walk.
There is nothing mutually voluntary or ¨libertarian¨about taking things that don´t belong to you, and cloaking themselves in bitcoin as if that were the reason for the banking closure is not going to help that crew, and only hurts us.  They do not give private minting a good name by doing this.  

You aren't the only one warning about Mulligan Mint.  Looks like they've been reselling MJBmonetarymetals' designs and refusing to pay him royalties... 

https://bitcointalk.org/index.php?topic=23256.msg3362455#msg3362455

I'd bet they spent it all.  It is going to be hard to get anything out of them.  My condolences go out to anyone that has had to deal directly with them.

[NewLiberty]

I was just informed that one of our buyers has listed one of their Commemorative Hallmarked 5th anniversary Satoshi Nakamoto whitepaper peices on eBay who asked if it was OK to do that.  I let them know that it is a free market and it was theirs to do with as they please.   It looks like they used my pictures though.
http://www.ebay.com/itm/Satoshi-Nakamoto-White-Papers-5th-Anniv-COLLECTIBLE-1-ozT-Silver-BITCOIN-Specie/281191054197

I've had some inquiries from folks wanting to get these, but they have only been made available to the few who pre-ordered and those who have met one of our team at conferences or other events.  As far as I know this is the only one that has been offered for sale publicly.

[Mitchell]

I am going to keep an eye on that auction. Let's see how much he gets.
I will keep mine for a little while longer, because it's awesome :3

[Stephen Gornick]

If Bitcoin rises in value vis-a-vis silver sufficiently, these premiums may be reduced downward.

The 0.05 BTC premium is now an amount worth more than $8.

[NewLiberty]

If Bitcoin rises in value vis-a-vis silver sufficiently, these premiums may be reduced downward.

The 0.05 BTC premium is now an amount worth more than $8.

The bitcoin price of silver (rather than the dollar value) is the formula input on the calculation to reduce the premium based on the moving average of bitcoin.

For those who are familiar with the "move up" triggers for the Liberty Dollar (and mostly adopted by the now defunct AOCS) the formula may be somewhat familiar, however it is not based on Dollars, but on Silver/Bitcoin.

It is getting closer to potentially being triggered, and will track it in this post and in the OP.  
The 30 day moving average of the Silver Price in Bitcoin went under 0.175 on Oct 18th.  
If the 30 day moving average for silver stays under this for 14 days we discount the premium.
(OP updated with this)

[NewLiberty]

I've had some messages come in with requests for making these Bitcoin Specie better for holiday gifting.  Christmas is a time for family and friends to gather. So many of us are the only one of our family to be involved in Bitcoin.  Or maybe one of a few in our extended family to have discovered Bitcoin and taken the time to understand its merits. If your family is anything like mine, I am a bit of an outlier.  Not really the same as the others.  
 
As much as I would have liked my closest friends and family, those with whom I share these special days, to have been able to participate in the joys of profit, and financial protection through the rest of the year, these notions are always met with much more skepticism than I often receive from strangers. Some of my own family do not even have much use for computers, but they could still receive the benefits of Bitcoin and gain the understanding that it brings.

I don't just give gifts to family but also to friends and folks I work with or employ.  I  have a small farm that I share, (which is a great way to get exercise and fresh food) some immigrant workers that help me there have been a bit skeptical about the virtual currency talk, even though they send money to their relatives in Mexico through expensive money transfer and would benefit from this more than most people. They do not have much to send and do it out of dedication and love for their relatives, and so much of it is taken by the banks.  It wasn't until I showed them the Silver Bitcoin Specie that it seemed real.  Mexico has a long tradition of silver and it was immediately recognized as valuable.  I know my friends' sons are pretty good with the computers so I asked him to show it to them.  When I saw him next, he wanted to invest in Bitcoin.

These thoughts and experiences are a part of what drives me to be making the Bitcoin Specie pieces. The is part of what went in to designing the piece, and the website, and the QR code, which can teach the novice how to use some of the very basic tools of using Bitcoin and understanding Bitcoin that we take for granted. By making it fun, not too expensive, and easy, and tangible, and dare I say attractive, the hope is to provide a way for each of us to bring our family and friends along with us on this adventurous journey that is the world of Bitcoin.

And so after some thought and some research, we have come up with some ideas that I would like to share with you as we approach the holidays.  There should be some that will see something tangible and have their families or friends helped by it.

I have contacted the maker of some of the containers and they have provided me with some samples of cases that can be used as either holiday ornaments or jewelry pendants. The results so far is that these Bitcoin Specie are not just great gifts on their own, for their educational capability, they can also be ornaments and jewelry.  Most importantly, they can bring in new people who don't know much or anything about Bitcoin.  I also had a few pieces electroplated in gold, I wasn't sure that they would make good gifts though so I wanted to get some sampling of reactions from people that don't really care about Bitcoin at all.  When I ran in to a friend at a coffeeshop and she had her fashionista daughter with her, I saw an opportunity to try it out and as a test, I handed a necklace with one of these pendants to this young woman and she immediately lit up and started posing and taking pictures of herself wearing it. It seems to have made her feel special and attractive.  I managed to snap a quick shot with my phone while she was pre-occupied.

It was fun to make her feel so good.  This is a girl that thinks nothing of spending $200 on a T-shirt and $300 on jeans and here was this very inexpensive jewelry that costs only a little more than it's metal value and to her it was the best thing she had.  If only she knew how little it costs.  When she got around to scanning the QR code she was shocked and wanted them for all her friends.  All I had at the time was the sample, but I promised her that I would have more electroplated so that she could use them as gifts.  She not only wanted to learn about Bitcoin she wanted to get involved in this project, she offered to model for them.  (Maybe its an excuse for her to get hair and makeup, but OK I have very few pictures and need more so after clearing it with her mother, I said yes)

I would be happy to get any feedback on ideas or experiences with these if any of you would like to share.  This is the sort of information that helps guide the development of this project.