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 MakingWe 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.
