NXT Silver Bullion Gateway Gateway Updates and Information

[2Kool4Skewl]

Wow!  This sounds awesome!

[Anon136]

Great idea Anon. Will this be mostly for trading or can we take delivery?

Oh absolutely you will be able to take delivery. You wont even have to worry about paying me for shipping or anything it will be all built in. I will charge for shipping when i issue the asset so if you go onto the market and buy one of the tokens all you will have to do is send it to my nxt address with a message specifying where you would like the bullion to be delivered and I'll ship it out the next day. It will be that simple and seamless. Though i should mention that I will be shipping to the US only at least at first. Dealing with customs will make things much more difficult so it may be something that i do later but definitely not at first.

Great! When you begin to ship internationally, I'll be very keen. BTW, why limit to silver only? If you can offer gold, you'll get really high volume of trade measured in NXT.

Edit: Offering gold will help the so called whales cash out without adding selling pressure on NXT/BTC pair.

The simple answer is that I don't presently own enough gold to act as reserve. I think I own something like 1.5 troy ounces of gold total. It is something i want to do but ill have to work my way up. I'll buy a few ounces of gold to start with then issue the assets. Sell the nxt that i get for those assets for bitcoin. Then sell the bitcoin for gold and issue new assets. That will be a process and it will take time to build up sufficient reserve to have a liquid market.

[Anon136]

Wow!  This sounds awesome!

Hey 2kool, do you mind if I advertise my business twice per day in your "NXT :: descendant of Bitcoin - Updated Information" thread?

[2Kool4Skewl]

Wow!  This sounds awesome!

Hey 2kool, do you mind if I advertise my business twice per day in your "NXT :: descendant of Bitcoin - Updated Information" thread?

Be my guest.  It's not "my thread".  It's the community's thread.

[iruu]

Gold would be much more popular than silver for EU countries because there's no VAT on it (no custom duties also). There's VAT on silver (up to 25% in some countries) which kills any profitability and most of the interest.  

[Anon136]

Gold would be much more popular than silver for EU countries because there's no VAT on it (no custom duties also). There's VAT on silver (up to 25% in some countries) which kills any profitability and most of the interest.  

Its probably better that specialists arise to fill the niche in each region. It doesn't make a lot of sense for you to pay international shipping to have me ship my gold to europe when someone else trustworthy located in europe could issue his own instruments and you could buy his and redeem his instead. I have this idea of maybe making a federation with members in different parts of the world but that would be a project for the future.

[iruu]

Shipping costs are almost identical between eu countries and eu countries <-> usa, about 30% difference. For something as dense as gold the difference doesn't matter at all.  

[Anon136]

Shipping costs are almost identical between eu countries and eu countries <-> usa, about 30% difference. For something as dense as gold the difference doesn't matter at all.  

If I could prepare customs forums before hand, like by printing them off for example, rather than having to sit there and fill them out by hand at the post office than I would probably change my position on international shipping.

[swartzfeger]

Anon,

I buy pamp suisse all the time.

And a big +1 on promoting your gateway on the main thread... it will show people Nxt has traction and momentum (and you're a cool guy that deserves [and has earned] the promotion!)

[Anon136]

Anon,

I buy pamp suisse all the time.

And a big +1 on promoting your gateway on the main thread... it will show people Nxt has traction and momentum (and you're a cool guy that deserves [and has earned] the promotion!)

Thankyou for the words of support and encouragement 

[bitcoinpaul]

Hi Anon,

I like the idea very much. There are a view things that I like more than Nxt, one of them is silver. One of the most undervalued assets right now.

I don´t like silver shot, I would prefer off brand silver.

So great idea Anon, I hope this get´s an sucessfull rollout! Would be very interested.

Why?

Anon, what do you think are the cons of shots?

[Anon136]

Hi Anon,

I like the idea very much. There are a view things that I like more than Nxt, one of them is silver. One of the most undervalued assets right now.

I don´t like silver shot, I would prefer off brand silver.

So great idea Anon, I hope this get´s an sucessfull rollout! Would be very interested.

Why?

Anon, what do you think are the cons of shots?

Its less liquid, less portable, a scale is required to determine its value and im not entirely sure how to determine its authenticity. I'm going to have to search around on that last point.

The advantages are that its perfectly fungible, highly dividable, and ill know for sure that its authentic because ill buy it directly from a refinery.

http://www.howtobuysilver.com/types/silver-shot/

Silver shot would probably not be a great way to invest in silver. It wouldnt be great for people who actually wanted to take delivery. But it would be a really good way to denominate a financial instrument. It would be great for the people who wanted to speculate on price without actually taking delivery or find the current price of silver without wanting to take delivery on anything.

[Anon136]

maybe ill do the best of both worlds. maybe ill make my own brand of silver bars. ill just buy shot and build my own foundry and make my own bars out of it. i always wanted to get into that anyway and my rep here combined with my business idea may make my bars actually marketable. i could keep cost down and have an inexhaustible supply of perfectly fungible product.

but would the landlords let me build a foundry in the back yard.... hmm i could always ask i guess.

[bitcoinpaul]

maybe ill do the best of both worlds. maybe ill make my own brand of silver bars. ill just buy shot and build my own foundry and make my own bars out of it. i always wanted to get into that anyway and my rep here combined with my business idea may make my bars actually marketable. i could keep cost down and have an inexhaustible supply of perfectly fungible product.

but would the landlords let me build a foundry in the back yard.... hmm i could always ask i guess.

I hope this project doesn't eat all your energy because you are one of the most important people for Nxt.

[Anon136]

maybe ill do the best of both worlds. maybe ill make my own brand of silver bars. ill just buy shot and build my own foundry and make my own bars out of it. i always wanted to get into that anyway and my rep here combined with my business idea may make my bars actually marketable. i could keep cost down and have an inexhaustible supply of perfectly fungible product.

but would the landlords let me build a foundry in the back yard.... hmm i could always ask i guess.

I hope this project doesn't eat all your energy because you are one of the most important people for Nxt.

The way i see it this project it's self will add a lot to next. I'll probably try to expand also and run a BTC gateway. If it really takes off than ill get a MSB license and do a fiat gateway also. All very important things for the long term prospects of nxt.

[User705]

If you are in the US an MSB is not needed for a bullion company however there are still rules regarding AML and KYC under the Patriot Act.  Basically if you accept a certain amount of cash for bullion or buy certain types of PM from customers then you have to report it.  It is certainly up for interpretation if crypto-currency is like cash or not.  You are supposed to have AML and KYC policies in place for that.
Also if you intend to not fully sell but issue some sort of on demand precious metals certificate you are subject to SEC/ Futures regulations.  You don't want that.  The less regulation way is to provide storage for customers that purchase your bullion but don't take delivery.  Don't call it anything that can remotely be considered a financial instrument.
Good Luck.

[NXT]

off brand pls

[google98]

hey,

just a hint: in order to show Average Joe how this is going to work it would help to add some information on the procedure and what nxt/ colored coins/ assets have to do with it. maybe this would attract also beginners in that matter.

just my two nxts

[pinarello]

Very good idea, I vote for off brand!

[pinarello]

repost:

All,

People that have running projects other than marketing please let us know what your project is.

We want to have a view on all projects and consider bounty for them.

https://bitcointalk.org/index.php?topic=453935.new#new


for marketing projects please go here:


https://bitcointalk.org/index.php?topic=412243.msg4465984#msg4465984