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Author Topic: [CRYPTOSTOCKS] SILVER - A Silver ETF - Trading Resumed  (Read 1732 times)
Camoretti
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November 06, 2013, 02:57:04 AM
 #1

Hello everyone,

First off I would like to introduce myself. I am Camoretti and I represent an entity that has purchased SILVER on cryptostocks. We have identified an opportunity to provide trading in a silver backed asset that will benefit everyone. At the moment we have halted trading until we receive the physical silver that represents the shares that are currently trading on cryptostocks.  

We reserve the right to make changes to the current prospectus and these changes will be as follows.


1. We will only honor redemption's of SILVER stock for physical silver for the follow 48 hours. All current shareholders must email me at bitcoin2silver@gmail.com if they want to receive their silver. anyone who holds less then the required shares to claim physical silver, I will buy back the shares at spot price (kitco silver spot price in USD converted to bitcoin mtgox 24 hour average).

2. After 48 hours all shares on SILVER will still represent physical silver at 1 share = 1 gram .999 silver, however we will no longer allow share holders to redeem shares for physical silver.

3. We will inject liquidity into the market by issuing new shares of SILVER that will represent physical silver we hold in our possession.

The reason we are doing this is as follows:

- we are not a retail bullion store. logistically its not feasible to handle and ship 1 ounce coins whenever we get a redemption. Shipping is expensive and insurance sometimes is not available. If you follow the biggest silver etfs, redemption's are only allowed for institutional buyers (for example 3000 oz minimum redemption) and you have to arrange armored car pick up from the depository. If you want to buy physical silver with bitcoin, we recommend amagimetals.com

- We plan on keeping the physical asset in a depository. This depository will be located in Canada. We will provide audits from the depository on a regular bases and from a third party auditor at least once a year.

- we want to maintain liquidity within the asset. price discovery will only occur when buyers and sellers can interact on the order book. The reason most bitcoin silver etfs fail is because of the lack of liquidity from people who buy shares to hoard and then redeem them for physical silver. we have an aggressive plan to add liquidity to SILVER by buying physical silver and issuing shares.

The only time shareholders will be able to redeem SILVER shares for physical silver will be the follow:


1. Regulations change and we are no longer able to operate legally. We will allow shareholders to redeem shares of SILVER for physical silver. Shareholders will be responsible for all shipping/handling/admin fees. Anyone holding shares that are equal to less then 1 ounce of silver, we will liquidate the silver and send you the value in bitcoins.

2. In the event of my death, my benefactor, if s/he is not able to continue to operate SILVER, will allow redemptions of SILVER shares for physical silver. Shareholders will be responsible for all shipping/handling/admin fees. Anyone holding shares that are equal to less then 1 ounce of silver, we will liquidate the silver and send you the value in bitcoins.

3. In Person. We will not ship out physical silver. If you wish to redeem SILVER for physical silver, you will have to meet one of our representative in Canada to redeem your shares and pick up your silver. There will be an admin/handling fee to be determined at the time of redemption plus a minting fee to produce the physical coin. The minting fee is basically the premium that is added to physical bullion at the time of redemption.


What type of silver will SILVER represent?

We will only purchase silver from trusted sources. The two main types silver that SILVER will represent will be Canadian Silver Maples (1 ounce) and Royal Canadian Mint 100 Ounce bars. The reason for this is to ensure that every share represented is backed by REAL BULLION. We will not run the risk of buying counterfeit silver or silver from unknown sources. We may need to buy other types of silver depending on availability, we will try our best to keep it mostly to RCM silver.

Why should we trust you?

I can't answer that question for you, I can only prove myself to be trust worthy. clearly if I fail to do what I set out to do, you shouldn't trust me. however, if I do what I set out to do, then you should trust me more that your own government.

How do you plan to make money from this?


The only source of income that the fund will generate at the moment will be from the .02% fee on cryptostocks. as you can see, we need to add and maintain liquidity on cryptostocks in order recover the premiums we pay on acquiring physical silver and storage/admin fees. We may in the future provide a dividend to shareholders but this will not be the case at the moment.

Market Making


We reserve the right to act as market makers on the order book. This is to ensure liquidity and fair bids/offers for all our traders. We will, through a third party account, buy and sell shares on the open order book. This will be done through standing bids/offers or through market orders. This third party market maker will also hold the right to redeem shares for physical bullion at any time, in exchange for providing market making services.

The Shares and their value could decrease if unanticipated operational or trading problems arise.

WE RESERVE THE RIGHT TO MAKE CHANGES TO THE PROSPECTUS AT ANYTIME.

Any questions please ask.
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Camoretti
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November 06, 2013, 03:04:53 AM
 #2

The liquidity of the shares may be affected by the withdrawal from participation of one or more
participants.


In the event that one or more participants having substantial interests in shares or
otherwise responsible for a significant portion of the shares’ daily trading volume on the Exchange
withdraw from participation, the liquidity of the shares will likely decrease which could adversely
affect the market price of the shares and result in your incurring a loss on your investment.

SILVER may be required to terminate and liquidate at a time that is disadvantageous to
Shareholders.


If SILVER is required to terminate and liquidate, such termination and liquidation could occur
at a time which is disadvantageous to shareholders, such as when silver prices are lower than the
silver prices at the time when shareholders purchased their shares. In such a case, when SILVERs
silver is sold as part of SILVERs liquidation, the resulting proceeds distributed to shareholders will
be less than if silver prices were higher at the time of sale.


The lack of an active trading market for the shares may result in losses on investment at the time
of disposition of the shares.


Although shares are listed for trading on Cryptostocks, it cannot be assumed that an active
trading market for the shares will develop or be maintained. If an investor needs to sell shares at a
time when no active market for shares exists, such lack of an active market will most likely
adversely affect the price the investor receives for the shares (assuming the investor is able to sell
them).

An investment in SILVER may be adversely affected by competition from other methods of
investing in silver.


Several factors may have the effect of causing a decline in the prices of silver and a corresponding
decline in the price of shares.


SILVERs silver may be subject to loss, damage, theft or restriction on access.


There is a risk that part or all of SILVERs silver could be lost, damaged or stolen. Access to
the silver could also be restricted by natural events (such as an earthquake) or human
actions (such as a terrorist attack). Any of these events may adversely affect the operations of SILVER and, consequently, an investment in the shares.

SILVER and its owners may not have adequate sources of recovery if its silver is lost, damaged, stolen or
destroyed.


The value of the shares may be adversely affected if SILVER is required to make changes to this agreement. SILVER reserves the right to make changes to this agreement at anytime.
Camoretti
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November 06, 2013, 03:21:34 AM
 #3

Here is 10 ounces of silver that will be converted into SILVER shares . 2011 Canadian Silver Maples. Beautiful Milk spots on them so I know they are 100% authentic. I have more silver that will be converted into shares, but they are in storage right now.

http://i43.tinypic.com/nx9pao.jpg
bkc888
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November 06, 2013, 10:22:35 AM
 #4

What are milk spots?
Camoretti
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November 06, 2013, 12:37:29 PM
 #5

What are milk spots?

The white stains (or "milk spots") result from the planchet (flan) cleaning and preparation process. Some Silver Maple Leaf coins have them (SMLs), some do not.

This is the Mint's official position: The coins are bullion coins. They are not collector coins. They are sold as one ounce of silver. The Mint knows that there is a problem. The problem has existed since 1988, when the SML coin was first introduced. The Mint says that there is nothing that they can do about the problem.

Some people hate them because they want pretty shiny silver. I don't mind milkspots and in fact its a another way of determining if the silver is from the Royal Canadian Mint. There is a way to clean the milkspots but this silver will not be cleaned at all.
Camoretti
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November 08, 2013, 01:14:51 AM
 #6

Less than two hours left for physical silver redemption from current shareholders. After that, the new agreement will go into force and trading will resume on cryptostocks.
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November 08, 2013, 03:02:46 AM
 #7

Sounds like a healthy takeover.   I have lots of silver mining shares, I'll put you on my watchlist



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Camoretti
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November 08, 2013, 03:46:30 AM
 #8

SILVER on cryptostocks has resumed trading. I have issued 311 shares representing the 10 ounces of silver maples you see photographed above. I will adjust the price of the shares as the price of SLV/BTC moves.  any questions, comments of concerns please don't hesitate to ask them here, or contact me via PM or email bitcoin2silver@gmail.com
Camoretti
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November 10, 2013, 02:27:56 AM
 #9

We have executed our first trades on SILVER since it has resumed trading.

Using https://ounce.me/ we see that current spot price of SLV/BTC is .065 BTC/Oz

This sets price per gram/share at .0021 BTC.

Bitcoins current volatility should make for some interesting price swings.
Camoretti
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November 10, 2013, 11:35:28 PM
 #10

We are excited for the scheduled update that cryptostocks is implementing. Enhanced trading engine and 6 decimal quotes should ensure better trades and tighter spreads.

However, since there might be some downtime, we will not be adjusting our quotes for shares. Basically that means that if the price of BTC plummets and the price of silver stays stable, the current quotes will still stand which should result in a discount for anyone who buys shares.
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November 15, 2013, 04:10:20 AM
 #11

The price per ounce of silver is .05 BTC. This puts the price per gram at .001600 BTC. I have adjusted the price of shares accordingly.
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