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Author Topic: Silver and Gold SAVINGS PLAN (aka GOLD IRA)  (Read 1350 times)
BTCcommodities
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November 17, 2011, 07:20:45 AM
 #1

Hi,

one certain pool operator has asked his members if they would like to be paid out in Silver or Gold, rather than BTC.
Only a few people have voted so far.
However, as a Silver and Gold dealer I am of course interested in the idea, and I am currently thinking this through very thoroughly.

There's half a gazillion things to consider - most and bevore all: Is there enough interest to make this viable?

I got about this far:

The whole process would have to be initiated manually for now - if this picks up, there will be a way to automate it.

I would propose that those who are interested in saving up to gold or silver contact me via PM, this is how I envision it for the time being:

you contact me with the following info:
  • name / adress / email
  • what you want to save up to  
  • your savings interval

I will provide you with a payment adress you can send the BTC to. These are stored with my payment provider.

The savings interval is of importance only if you're saving for, say, Gold - and you don't want to by gram by grmm, but only every 10 or 20 grams. Else, I will check every working day if one of the desired objects is in range and "buy" it for you. I advise harmonies, since they're most easy to buy and liquidate - they also sport the lowest premium, but feel free to chose whatever you want.
Also, if you're, say, a big miner and are pointing a large amount of GH/s (or dividends from glbse.com) my way in terms of BTC, we can also arrange that I only buy every 1st of the month or so.

The prices on my website are updated every minute. I am not yet able to set an alarm for buying, so for now, we will have to to with me checking the price against your balance once a day (I will probably check more often than that, just for the fun of it).

I will then transfer BTC according to the price of the item(s) from "your" wallet adress to mine, so you can watch the process on blockexplorer. I will set aside the item(s) physically and store them seperately from the rest of my inventory.

Should you decide to cash out, contact me and I will provide you with shipping and insurance information (it might be that you may have to buy insurance and additional shipping, depending on the value of the objects and your location). If you have a larger load to deliver, I will custom tailor shipping for you, as well.

Tax and customs are, as always, entirely your concern :-D


If you are in the US or CA, I am in neegotiations with a partner in crime over there to minimize shipping cost, but it's gonna be a while for that to be set up.

Please do not hesitate to ask any questions!

Cheers

Dennis of BitCoinCommodities.com


So that's me bouncing this right into the community. Anyone interested?

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BTCcommodities
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November 18, 2011, 06:20:34 PM
 #2

slight bump for the weekend.
if the response stays this way, it probably won't happen.

BitcoinMint.US
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November 18, 2011, 07:46:04 PM
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It's a good idea, but should be implemented by the pool. Otherwise, you're basically operating a bitcoin bank and we all know how that story ends. I know I personally have no interest in holding onto other people's bitcoins. I'd rather they just paid me when they had the funds and were ready to order to avoid all the headaches of running a bank.
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November 18, 2011, 08:27:38 PM
 #4

It's a good idea, but should be implemented by the pool. Otherwise, you're basically operating a bitcoin bank and we all know how that story ends. I know I personally have no interest in holding onto other people's bitcoins. I'd rather they just paid me when they had the funds and were ready to order to avoid all the headaches of running a bank.

Hi, and thanks for your input.

The amount of BTC I am holding at each given time is minimal - as soon as a coin/bar can be bought by the savings plan, the BTC will be transferred from to my own personal (the store's) wallet, the metals are from that point on property of the customer.

Each customer will get their own adress and wallet, even if my payment processor gets hacked, the intruders will have to rob every wallet individually.

The reason I  am posting this plan is to gauge interest in providing this. If a pool were to set this up via the two of us, fine - but I'd rather be in control of most of the process. If I cannot tell the users' balances, I am not able to get them their stuff at the moment the price is right. I cannot estimate what kind of inventory needs to be restocked beforehand, etc etc.




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November 19, 2011, 02:18:45 AM
 #5

A problem with this that I see (as a BTC->silver person) is that it doesn't, and can't really, take into account the BTC->$currency ratio.  By which I mean, today, the low in BTC->USD is 1BTC->2USD, and that's not within what I'm willing to trade on.

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November 21, 2011, 10:40:03 AM
 #6

A problem with this that I see (as a BTC->silver person) is that it doesn't, and can't really, take into account the BTC->$currency ratio.  By which I mean, today, the low in BTC->USD is 1BTC->2USD, and that's not within what I'm willing to trade on.

Well, I had customers from where the BTC was 10$ and they said "the BTC will rise, and gold will fall".
The other way around! What I mean: You never know. Feel free to hold on to your BTC and come by my shop at 20$ :-D

I understand your concern. However, noone that buys metals can predict the USD/Metals ratio^^

Really, if you have a reasonable amount of BTC to save up from and do so over a period of time, the average price effect SHOULD work out in your favor.

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November 21, 2011, 07:46:23 PM
 #7

I'd throw 5GH/s at a pool that paid out in silver/gold/commodities. Frankly, I find the entire process of buying commodities via Bitcoin to be awkward and weird, and would much rather just be sent a silver coin or a gold coin every X amount of BTC.

I'm unique, though, and others might not feel that way. But it'd be a unique, easy, straightforward way to "hedge my bets" with the BTC I'm churning out.
BTCcommodities
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November 21, 2011, 08:25:31 PM
 #8

I'd throw 5GH/s at a pool that paid out in silver/gold/commodities. Frankly, I find the entire process of buying commodities via Bitcoin to be awkward and weird, and would much rather just be sent a silver coin or a gold coin every X amount of BTC.

I'm unique, though, and others might not feel that way. But it'd be a unique, easy, straightforward way to "hedge my bets" with the BTC I'm churning out.

that's kind of what I am proposing.
only what I require of those who are interested, until a pool sets this up, is that the payments come directly from them.

so maybe make an account at some pool, contact me, get a distinct adress, set those GH/s sending to that...
and VOILA you'll have yourself some coins... :-D


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November 21, 2011, 08:28:15 PM
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I'd throw 5GH/s at a pool that paid out in silver/gold/commodities. Frankly, I find the entire process of buying commodities via Bitcoin to be awkward and weird, and would much rather just be sent a silver coin or a gold coin every X amount of BTC.

I'm unique, though, and others might not feel that way. But it'd be a unique, easy, straightforward way to "hedge my bets" with the BTC I'm churning out.

that's kind of what I am proposing.
only what I require of those who are interested, until a pool sets this up, is that the payments come directly from them.

so maybe make an account at some pool, contact me, get a distinct adress, set those GH/s sending to that...
and VOILA you'll have yourself some coins... :-D



Hmmm... that is an idea, yeah. We could also work something out to streamline shipping and the "best" coins; I don't want "pretty" coins, I don't want "neat" coins, I just want to maximize my silver/gold per BTC.

Let me mull that one over, I'll probably be contacting you. It'd make it simple enough to do, just divert some of my rigs over to a PPS pool, direct the coins to you, and voila.... silver/gold.
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November 21, 2011, 08:35:21 PM
 #10

I'd throw 5GH/s at a pool that paid out in silver/gold/commodities. Frankly, I find the entire process of buying commodities via Bitcoin to be awkward and weird, and would much rather just be sent a silver coin or a gold coin every X amount of BTC.

I'm unique, though, and others might not feel that way. But it'd be a unique, easy, straightforward way to "hedge my bets" with the BTC I'm churning out.

that's kind of what I am proposing.
only what I require of those who are interested, until a pool sets this up, is that the payments come directly from them.

so maybe make an account at some pool, contact me, get a distinct adress, set those GH/s sending to that...
and VOILA you'll have yourself some coins... :-D



Hmmm... that is an idea, yeah. We could also work something out to streamline shipping and the "best" coins; I don't want "pretty" coins, I don't want "neat" coins, I just want to maximize my silver/gold per BTC.

Let me mull that one over, I'll probably be contacting you. It'd make it simple enough to do, just divert some of my rigs over to a PPS pool, direct the coins to you, and voila.... silver/gold.


the cheapest i can offer is, as pointed out, austrian harmonies, mint from the press. won't get cheaper than that.
we could do shipping every 3 months or so. well, think about it. you'll be my test customer then.

:-D

BitcoinMint.US
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November 21, 2011, 11:45:34 PM
 #11

Frankly, I find the entire process of buying commodities via Bitcoin to be awkward and weird.

I don't think my checkout process could be any simpler.  But I agree that "set it and forget it" is a nice approach.
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November 22, 2011, 08:28:11 PM
 #12

i like the idea but the shipping cost can make this unprofitable ...

depends on

a) where you are
b) how much you want sent every how long :-D

so, any takers?

:-D


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November 28, 2011, 02:04:27 PM
 #13

[edited from gold being prohibited]


I can ship to the US and Canada.
However, only up to 500g and only insured up to 500€.
Customs and import taxes (if applicable) are your concern.
I will always include a shipping slip detailing the contents AND the value (in BTC).

The CPB (customs and brder protection) states that there are NO duties for importing bullion right here.

If you want to order more than 500€ worth of stuff, have it shipped to the EU somewhere and bring it over with a friend or so.


BTCcommodities
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December 02, 2011, 01:09:29 PM
 #14

The checkout problem was b0rken yesterday, fixed that.
Thanks for pointing this out.

Go back on shopping, kids!


2weiX
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December 06, 2011, 08:19:14 AM
 #15

So, time to consolidate these profiles of mine.

Hi, I'm Dennis and I run BitCoinCommodities.
I'll abandon the "BTCcommodities" account since it has become a real hassle to keep up with two accounts, both involved in different dealings.

So please, from now on, only communicate to THIS HERE account.




The first taker on my wondeful gold and silver savings plan had his first 9 Harmonies shipped on Friday.
I hope he'll spread the word :-D

If any of you might be interested - contact me via PM!

Cheers
Dennis
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December 14, 2011, 01:16:46 PM
 #16

my test customer has been shipped his next 6 austrian harmonics.


right now, with silver prices falling and the BTC steady rising, a savings plan is the ideal way to stretch expenses over time.

email or PM me if you are interested!
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