Titan Bitcoin - Silver 1 oz coin is now available

[TitanBTC]

The Titan One Silver coins are now available. Production is limited to only 1,000 coins for the 2013 edition. These are "proof-grade" in their quality, and have a mirror finish in the polished areas.  They're minted from 1 troy ounce of .999 pure silver (31.1 grams). 

Read more at https://www.titanbtc.com/product/titan-one-silver/


Just a reminder, these are available in 2 versions:

"2-factor Authenticated" (Each coin is registered to an email address, which can be changed at anytime.  Access to the email is required to redeem)

-OR-

"Private Key included" (Just like Casascius coins, the only copy of the 30-digit private key is included underneath the hologram)









We limited production for this coin to just 1,000 pieces and they're selling quickly.  Credit card payments will be available next week on our site.

Lastly, Thanks for the warm welcome in Vegas this week, guys.  The 1 oz gold versions of this coin will be available soon.  If anyone wants to PM with pre-orders for the gold coins, that will help us gauge how much bullion to buy for the full production run.

[BitAddict]

Nice coins!

Where are you shipping from?

[TitanBTC]

Nice coins!

Where are you shipping from?

We're shipping from La Habra, California, near Los Angeles.  First Class shipping is included in the cost.  For whatever reason, South America is having trouble delivering our packages, so I'd recommend paying extra for DHL or FedEX if we're shipping south of Mexico.

[BitAddict]

Nice coins!

Where are you shipping from?

We're shipping from La Habra, California, near Los Angeles.  First Class shipping is included in the cost.  For whatever reason, South America is having trouble delivering our packages, so I'd recommend paying extra for DHL or FedEX if we're shipping south of Mexico.

I'm from Spain. It won't be problems with shipping? I read about what happened to Casascius...

[TitanBTC]

Nice coins!

Where are you shipping from?

We're shipping from La Habra, California, near Los Angeles.  First Class shipping is included in the cost.  For whatever reason, South America is having trouble delivering our packages, so I'd recommend paying extra for DHL or FedEX if we're shipping south of Mexico.

I'm from Spain. It won't be problems with shipping? I read about what happened to Casascius...

Spain shouldn't be a problem, but I'd recommend opting for the $15 shipping upgrade at checkout so that you get the package faster.

The Titan Mint is well aware of the legal environment in which we operate.  Our products are perfectly legal to sell in the U.S. for companies that have the appropriate license.  We intend to comply with whatever regulations are required of us in order to continue to sell our products both domestically and abroad.  Casascius's decision to cease operations in order to avoid compliance with FinCEN is a legitimate one.  Compliance can be very expensive and while we're saddened, we respect Mr. Caldwell's business decisions in the face of the current regulatory environment.

[empoweoqwj]

"Our products are perfectly legal to sell in the U.S. for companies that have the appropriate license.  We intend to comply with whatever regulations are required of us in order to continue to sell our products both domestically and abroad.  "

That sounds like waffle speak to me. You are the guys selling the products. Either you have the appropriate licenses or you don't. What licenses do you currently have?

As you say, compliance is very expensive ..... if the biggest player just shuts down instantly, I have to wonder about other US producers of physical bitcoins.

[TitanBTC]

"Our products are perfectly legal to sell in the U.S. for companies that have the appropriate license.  We intend to comply with whatever regulations are required of us in order to continue to sell our products both domestically and abroad.  "

That sounds like waffle speak to me. You are the guys selling the products. Either you have the appropriate licenses or you don't. What licenses do you currently have?

As you say, compliance is very expensive ..... if the biggest player just shuts down instantly, I have to wonder about other US producers of physical bitcoins.

Not waffle speak...its just a complex area in which the laws are currently evolving.  

Money Service Businesses fall under a few different categories, including currency exchanges and money transmitters.  The FinCEN definition of "money transmitter" is vague enough to cover sending pretty much anything of value from person A to person B.   When the regulations were drafted, it wasn't a big deal because everyone knew what money was and it was very clear who was and was not a money transmitter.

Bitcoins represent peer-to-peer money transmission, and the regulations just weren't designed to accommodate such a radical departure from the previous way money has been thought of.  We expect these regulations to change in the next 6-12 months.  

In the meantime, we are federally registered as an MSB.  Our original conversations with FinCEN led us to register as a currency exchange but we have since submitted an updated registration as a money transmitter.  Registering state by state is also technically required in 48 out of the 50 states, and that is a process that requires review of the each state's policies. We're working through the review of state policies and planning where registration will likely be required.  Typically the application to become an MSB in a particular state is preempted by sending a request for ruling letter to determine whether or not the state wants you to register at all.  Most states laws are simply not equipped to address businesses that deal with bitcoins, and many state lawmakers do not understand how regulations should be applied or whether they should be applied at all.  If registration is required, it usually means that a surety bond has to be provided in an amount meant to protect the consumer from fraudulent money transmitters.  This bond can cost as much as 2% of annual gross transmission volume when required.

Mike was the first, and he did an amazing job at bringing Casascius coins to this community in the best way possible.  I personally think that Mike could adapt the business to comply with FinCEN's request, but it's not my decision.  

The U.S. government did not shut down Casascius.  Mr. Caldwell has chosen to shut down for now because of the uncertainty in the regulatory requirements.

[empoweoqwj]

"Our products are perfectly legal to sell in the U.S. for companies that have the appropriate license.  We intend to comply with whatever regulations are required of us in order to continue to sell our products both domestically and abroad.  "

That sounds like waffle speak to me. You are the guys selling the products. Either you have the appropriate licenses or you don't. What licenses do you currently have?

As you say, compliance is very expensive ..... if the biggest player just shuts down instantly, I have to wonder about other US producers of physical bitcoins.

Not waffle speak...its just a complex area in which the laws are currently evolving. 

Money Service Businesses fall under a few different categories, including currency exchanges and money transmitters.  The FinCEN definition of "money transmitter" is vague enough to cover sending pretty much anything of value from person A to person B.   When the regulations were drafted, it wasn't a big deal because everyone knew what money was and it was very clear who was and was not a money transmitter.

Bitcoins represent peer-to-peer money transmission, and the regulations just weren't designed to accommodate the such a radical departure from the previous way money has been thought of.  We expect them to change in the next 6-12 months. 

In the mean we are federally registered as an MSB.  Our original conversations with FinCEN led us to register as a currency exchange but we have since submitted an updated registration as a money transmitter.  Registering state by state is also technically required in 48 out of the 50 states, and that is a process that requires review of the each state's policies. We're working through the review state and planning where registration will likely be required.  Typically the application to become an MSB in a particular state is pre-empted by sending a request for ruling letter to determine whether or no the state wants you to register at all.  Most states laws are simply not equipped to address businesses that deal with bitcoins, and many state lawmakers do not understand how regulations should be applied or whether they should be applied at all.  If registration is required, it usually means that a surety bond has to be provided in amount meant to protect the consumer from fraudulent money transmitters.  This bond can cost as much as 2% of annual gross transmission volume when required.

Mike was the first, and he did an amazing job at bringing Casascius coins to this community in the best way possible.  I personally think that Mike could adapt the business to comply with FinCEN's request, but it's not my decision. 

The U.S. government did not shut down Casascius.  Mr. Caldwell has chosen to shut down for now because of the uncertainty in the regulatory requirements.

Thank you very much for your full and clear answer. Much appreciated

[geoffreyqp]

which has more resale value? on ebay for example..

the 2 factor with email? or the private key only?

[TitanBTC]

which has more resale value? on ebay for example..

the 2 factor with email? or the private key only?

That's a great question.  It brings up a point that I don't talk much about (publicly at least) on purpose.

Private Key only coins are relatively easy to counterfeit.  We don't recommend that you buy private key coins from un-trusted individuals and this is one of the biggest reasons why.  I've already seen counterfeit Casascius coins and unfortunately there's not much stopping the activity (except traditional law enforcement of course).  As a result, its likely that the resale value of 2-factor coins will be higher, as the trust in private key coins diminishes.

However, for people that don't want to rely on our company being involved in the redemption of 2-factor coins, private keys make sense.  We're working on a custom client that will allow our future 2-factor coins to be redeemed without the need of our company's involvement, so future coins will have the best of both worlds. 

For now though, 2-factor probably makes sense if you're looking to resell a handful on ebay or through classified ads.  We find that those newer to the bitcoin community prefer 2-factor coins.  However, if you have relationships built up with customers and they will trust your products' authenticity, private keys probably still have a broader appeal. 

[Junkey]

I am happy with the first coin you sold.  Any chance of a price update for the new ones after the crash today?   Or how often do you update the site's prices?

[nobbynobbynoob]

I've looked forward to this! I'd be interested in buying one (silver coin in the private-key version). Would love a PM with your latest updated price for this, quoted in BTC.

[BitcoinFr34k]

I've looked forward to this! I'd be interested in buying one (silver coin in the private-key version). Would love a PM with your latest updated price for this, quoted in BTC.

Would like to know this as well.

[klondike_bar]

I've looked forward to this! I'd be interested in buying one (silver coin in the private-key version). Would love a PM with your latest updated price for this, quoted in BTC.

Would like to know this as well.

titanBTC.com guys, come on....

prices are in fluctuating USD, and are roughly 1.12-1.18 BTC for a brass coin depending on the exact bitpay rate when you buy

[dj6230]

I bought one yesterday and paid the price that was given on their site.
A couple of minutes after I paid, they contacted me and asked for my address so they could refund the BTC I paid to much when they checked the live value.

Excellent service, I must say!

[BitcoinFr34k]

I bought one yesterday and paid the price that was given on their site.
A couple of minutes after I paid, they contacted me and asked for my address so they could refund the BTC I paid to much when they checked the live value.

Excellent service, I must say!

That is how you get new customers. Great service!

[klondike_bar]

I bought one yesterday and paid the price that was given on their site.
A couple of minutes after I paid, they contacted me and asked for my address so they could refund the BTC I paid to much when they checked the live value.

Excellent service, I must say!

thats the dilemna of selling in USD via bitpay rather than direct BTC prices. Im curious, what is the price *supposed* to be? 1.15BTC for brass?

[TitanBTC]

I bought one yesterday and paid the price that was given on their site.
A couple of minutes after I paid, they contacted me and asked for my address so they could refund the BTC I paid to much when they checked the live value.

Excellent service, I must say!

thats the dilemna of selling in USD via bitpay rather than direct BTC prices. Im curious, what is the price *supposed* to be? 1.15BTC for brass?

I'm sorry for the unreliable pricing.  We've been working on coding out an automated pricing script that updates product pricing and buys on the exchanges in real-time when orders are placed, but its a manual process at the moment as that code still needs more work.
 
It's tricky to price things in BTC because we have both fixed costs in USD and fixed costs in BTC for each product.  The official price is $85 over spot for the brass coins and $226 over spot for the silver.  If BTC doubles, then the markup over spot BTC is cut in half (I mean the pirce in BTC drops...does that makes sense?).

If anyone has had problems with price or feels like they got a bad deal, just reach out to sales@titanbtc.com and we'll make it right.  

[nobbynobbynoob]

Order placed and payment made to 1PEsVxSS27aLgM25wwWwhTTfWZT9EjR7ca

Thanks!

[jonanon]

Coins look awesome, I'll have to get saving my BTC for one!